THE NEWS WRAP: Reddit CEO resigns, replaced by site’s founder

After a tumultuous fortnight, Reddit’s interim CEO Ellen Pao resigned on Saturday, with co-founder and original CEO Steve Huffman immediately replacing her.

The move was announced in a post to the site by Reddit board member and Y Combinator president Sam Altman, who says it was a “mutual agreement”.

“We are thankful for Ellen’s many contributions to Reddit and the technology industry generally,” Altman says. “She brought a face to Reddit that changed perceptions, and is a pioneer for women in the tech industry.”

Apple investigated for treatment of other streaming services

US antitrust regulators are investigating whether Apple’s treatment of rival music streaming services, which includes taking a 30% cut of their purchases, is illegal.

As Venture Beat reports, Apple is now competing with the likes of Spotify and Jango after recently launching its own service, Apple Music.

Their competitors have complained that they are forced to charge more in the App Store or lose profits due to Apple’s cut.

Troll patent lawsuits to reach new highs

Nearly 90% of high-tech patent lawsuits are filed by “non-practicing entities”, with patent litigation set to reach a new high in 2015.

As Ars Technica reports, patent trolls are on the rise, especially in the high-tech sector.

The amount of troll patent suits has risen by nearly 8% in the past year.

The Dow Jones Industrial Average is up 211.79, rising 1.21% to 17,760.41. The Australian dollar is currently trading at US74 cents.

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