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Lawyer Charles Harder is representing a client in a libel case against Techdirt. (Chris O'Meara / AP)

An eclectic group is financially backing TechDirt, a tech news site being sued for libel by the same lawyer who helped take down Gawker.

Who's involved: The Charles Koch Foundation, Craigslist Founder Craig Newmark's CraigConnects, Union Square Ventures, WordPress parent Automattic and the Freedom of the Press Foundation. The financial support is worth more than a quarter of a million dollars.

Why this matters: Their backing comes as some news organizations shy away from writing about a powerful or well-resourced person out of fear of a lawsuit — which some have called the Gawker Effect. This helps to chart a path for the types of publishers that can't survive the kind of libel suits that are becoming more common in the post-Gawker age.

The details: The parent company for Techdirt is facing a libel suit filed by a man who claims he invented email, who is represented by the same lawyer who led the case that resulted in Gawker Media's bankruptcy. The same person settled with Gawker in 2016. Techdirt's founder, Mike Masnick, has said that the lawsuit has "already taken a massive toll on us and our ability to function and report." To help the Techdirt weather the lawsuit, the group of philanthropies, companies and private individuals is funding a year of coverage on the site devoted to free speech issues.

Techdirt said in a statement that the case has highlighted ways in which there might be a lack of understanding among members of the public about free speech protections, sparking the new effort. Jesse Blumenthal, who leads tech initiatives at the Charles Koch Institute, said that "the way in which Techdirt has responded to this is by doubling down on their coverage of free speech issues, and I think that really has institutional and scalable effects."

Our thought bubble: This sends a message that there are wealthy Americans or their proxies willing to push back on a trend toward litigation over negative news stories driven by some of their peers. Venture capitalist Peter Thiel, for example, funded the lawsuit against Gawker; and VC Vinod Khosla recently said, per Recode, that he'd be open to paying for a lawsuit if a media outlet offended him.

Go deeper

3 hours ago - Technology

3D printing's next act: big metal objects

Chief Scientist Andy Bayramian makes modifications to the laser system on Seurat's 3D metal printer. Photo courtesy of Seurat Technologies.

A new metal 3D printing technology could revolutionize the way large industrial products like planes and cars are made, reducing the cost and carbon footprint of mass manufacturing.

Why it matters: 3D printing — also called additive manufacturing — has been used since the 1980s to make small plastic parts and prototypes. Metal printing is newer, and the challenge has been figuring out how to make things like large car parts faster and cheaper than traditional methods.

Rising rates may hammer the stock market

Illustration: Sarah Grillo / Axios

Stocks are much more vulnerable to interest rate swings than they used to be.

Why it matters: A sharp rise in rates in early 2022 is the key reason the stock market is off to an ugly start. And with the Federal Reserve making noise about trying to keep inflation in check, rates could go higher.

Ina Fried, author of Login
3 hours ago - Technology

Microsoft's Activision Blizzard deal complicates Big Tech regulation

Illustration: Megan Robinson/Axios

Microsoft's surprise $68 billion deal to buy Activision Blizzard is adding a fresh twist to the heated debate over which tech companies have monopolies that need to be reined in.

The big picture: The deal could force a question the company has happily ducked for a decade: whether its size and power make it just as deserving of regulatory scrutiny as its Big Tech rivals.