The year 2024 was marked by dramatic shifts in the tech landscape, with legal showdowns, new regulations, and the continued rise of artificial intelligence. From the potential breakup of tech giants like Google to the meteoric rise of cryptocurrency, the developments have left a lasting impact on both the digital world and our daily lives.
A Legal Storm for Big Tech
In August 2024, Google faced a significant legal blow as it was officially ruled an illegal monopoly. The US government, led by antitrust authorities, moved forward with plans to break up the tech giant, which could force Google to divest from Chrome, its widely used web browser. With a market value of $2.5 trillion, the possibility of a breakup was once seen as unthinkable, but now it looms large over the company. The legal fight is far from over, but its outcome could have lasting consequences for Google’s business structure and the global tech ecosystem.
Meanwhile, TikTok faced its own existential threat in the US. A new law passed in December 2024 set the stage for either a forced sale of the app by its parent company ByteDance or an outright ban. Although ByteDance has rejected the notion of selling the app, and the Chinese government has voiced opposition, a ban now appears increasingly likely. This outcome would send shockwaves through the American digital landscape, as TikTok has become a cornerstone of modern internet culture. However, with platforms like Instagram Reels and YouTube Shorts emerging as competitors, the void may not remain for long.
A Global Debate Over Kids and Technology
2024 also saw a growing global debate about the role of technology in children’s lives. In March, social scientist Jonathan Haidt’s book The Anxious Generation sparked intense discussion about the impact of smartphones and social media on young people’s mental health. His argument, which attributes the teen mental health crisis to the rise of social media, resonated deeply with many, while others criticized it for oversimplifying the issue.
Across the globe, schools and governments are responding to concerns about children’s tech use. Los Angeles implemented a ban on smartphones in schools in June, while the UK had already enacted a nationwide ban. However, it was Australia’s extreme move in November 2024 that captured the world’s attention, as the country passed a law banning anyone under 16 from using social media. This bold regulation, set to take effect in 2025, places Australia at the forefront of the debate, though its enforceability remains uncertain.
Cryptocurrency Makes a Comeback
After a disastrous 2023, which saw the downfall of FTX and the legal troubles surrounding Binance, cryptocurrency had a remarkable resurgence in 2024. Bitcoin, the flagship digital asset, soared to unprecedented heights, reaching $100,000 by the end of the year. Much of this resurgence can be attributed to the close relationship between cryptocurrency and political figures such as Donald Trump, who accepted crypto donations during his presidential campaign and launched his own cryptocurrency venture.
The rise of prediction betting platforms such as Polymarket and Kalshi, built on blockchain technology, also helped boost the cryptocurrency industry’s fortunes. These platforms gained significant attention as they provided an alternative to traditional polling, with some claiming they offered more accurate predictions.
AI Dominates Stock Markets and Tech Growth
Artificial intelligence was arguably the biggest financial story of 2024. Nvidia, a company known for its AI chips, saw its stock price triple over the year, making it the biggest financial winner in the tech sector. Google, despite facing legal challenges, also benefitted from the AI boom, with its market capitalization more than doubling thanks to the success of its Gemini AI models. Smaller companies like OpenAI and Reddit also experienced tremendous growth, while other tech giants, including Broadcom and Taiwan Semiconductor, hit the $1 trillion market cap milestone.
Telegram’s Transformation After CEO’s Arrest
A scandal involving Telegram’s CEO, Pavel Durov, made headlines in August 2024. Durov was arrested in France and charged with facilitating criminal activity on the messaging platform, including the distribution of child abuse material. Although he denies the allegations, the incident brought attention to Telegram’s lax content moderation policies. In response, the company announced new measures to curb harmful content, including a crackdown on illegal groups and channels. With more than a billion users, these changes signal a shift in the platform’s approach to moderation.
Reflections on the Year’s Top Stories
Looking back at 2024, several standout stories encapsulated the year’s tech trends. From the rising fears over AI-generated deepfakes to the success of blockchain-based prediction markets, the year was filled with both challenges and triumphs. Notable stories included Why I Regret Using 23andMe, which explored the personal consequences of sharing genetic data, and A Predator Used Her 12-Year-Old Face to Make Porn, which highlighted the fight against AI-generated child exploitation material.
As 2025 approaches, the evolving relationship between technology and society will undoubtedly continue to raise new questions and create fresh challenges. The tech stories of 2024 are only the beginning of a larger conversation about how we navigate the digital age.
