231.31 -1.41 (-0.61%)
After hours: 7:01PM EDT
Engulfing Line (Bullish)
|Bid||231.30 x 2200|
|Ask||231.68 x 1100|
|Day's Range||226.56 - 233.00|
|52 Week Range||137.10 - 240.90|
|Beta (5Y Monthly)||1.16|
|PE Ratio (TTM)||31.93|
|Earnings Date||Jul 22, 2020 - Jul 27, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||241.81|
Rashad Robinson, President of Color of Change, joined The Final Round on Yahoo Finance to discuss the nationwide protests in response to the death of George Floyd and the phone call he and other civil rights leaders had with Mark Zuckerberg.
Facebook is introducing a new tool to help users batch-delete old posts and shrink their digital footprint on the aging social network. The feature will be available to some users on the Facebook app today and will roll out more broadly in the next few weeks. "Whether you're entering the job market after college or moving on from an old relationship, we know things change in people’s lives, and we want to make it easy for you to curate your presence on Facebook to more accurately reflect who you are today," Facebook wrote in the tool's announcement.
(Bloomberg) -- President Donald Trump’s executive order targeting social media companies was challenged in court by a non-profit group that claims the edict violates free-speech protections guaranteed by the First Amendment.Trump’s order, issued on Thursday, is intended to undermine the legal protections enjoyed by social media companies including Twitter and Facebook. He asked federal regulators to look at provisions, contained in Section 230 of the 1996 Communications Decency Act, that insulate the companies from liability for content posted by users.The order followed on the heels of Twitter’s decision to add fact-check labels to two of Trump’s tweets. Twitter also restricted a post by the president suggesting that protesters who engaged in looting would be met with violence. Legal observers have said Trump lacks the power to modify Section 230 by executive order.The Center for Democracy and Technology sued in Washington federal court Tuesday, claiming the order is an unconstitutional retaliation against Twitter and that it seeks to discourage other companies and individuals from disagreeing with the government.The group asked a Washington judge to find the order violates the First Amendment and to issue an order blocking government officials from following it.The Justice Department declined to comment, according to spokeswoman Brianna Herlihy.The case is Center for Democracy and Technology v. Trump, 20-cv-01456, U.S. District Court, District of Columbia (Washington).(Adds Justice Department no comment)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Zoom Video Communications Inc. reported quarterly sales that leapfrogged estimates, showing that a surge in demand for its video-conference service during the coronavirus pandemic has translated into more paying customers. The company also about doubled its annual revenue forecast.Revenue increased about 170% to $328.2 million in the period that ended April 30, the San Jose, California-based company said Tuesday in a statement. Analysts, on average, expected $203 million, according to data compiled by Bloomberg. Profit, excluding some items, was 20 cents a share, compared with analysts’ average projection of 9 cents.Zoom projected sales of as much as $1.8 billion in the fiscal year, from a forecast of as much as $915 million in early March. Analysts estimated $930.8 million.Chief Executive Officer Eric Yuan has tried to ensure that his virtual-meeting platform can cope with a swell of demand from people forced to remain home to prevent the spread of Covid-19. While security and privacy issues plagued the system early in the quarantine, Zoom has become an essential social network, attracting more than 300 million participants some days, up from 10 million in December. The software maker allows gatherings of as long as 40 minutes for no charge. While Zoom has attracted more buzz than corporate rivals, its ability to attract more paying customers will determine how well it’s faring against competition from Microsoft Corp., Cisco Systems Inc. and Alphabet Inc.’s Google.Shares increased 4% in extended trading after closing at a record $208.08 in New York. The stock has more than tripled this year.Zoom said it ended the quarter with about 265,400 customers with more than 10 employees, a more than fourfold increase from the same period a year earlier. The company now has 769 corporate clients that have spent more than $100,000 on Zoom’s products over the last 12 months, about double from a year earlier.The company said its expects adjusted profit in the fiscal year will be $355 million to $380 million, or $1.21 to $1.29 a share. Analysts had estimated 46 cents, just more than Zoom’s earlier forecast. The company has been spending to bolster its network capacity, including by buying cloud-computing services from Oracle Corp. during the pandemic. Zoom also continues to use Amazon.com Inc.’s cloud service.With Zoom’s popularity has come controversy over the company’s security practices. Trolls have invaded myriad meetings, religious gatherings and other events, to share pornography and shout profanity or racial epithets, in a phenomenon known as “Zoombombing.” The company highlighted or created a raft of tools users can employ to prevent the virtual attacks, including passwords and waiting rooms.There also were instances when Zoom calls were routed through servers in China even when no participant was based there and users were unwittingly sending metadata to Facebook Inc. when they signed in. Zoom put an end to both practices. The company pledged to commit to bolstering privacy over all other concerns for three months, purchasing a secure-messaging company, Keybase, to bring the highest standard of encryption to the platform, and hiring cybersecurity experts to guide safety efforts.(Updates with profit forecast in the seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg told staff at a companywide meeting that he won’t change his mind about a decision to leave up posts shared by U.S. President Donald Trump last week that many workers felt violated the company’s policies against violent rhetoric.At an all-hands meeting via video chat on Tuesday, Zuckerberg took questions from employees, many of whom have publicly voiced dismay that the Trump post, which seemed to threaten that looters would be shot, was still visible on Facebook’s service. Zuckerberg told workers that he and other members of the company’s policy team couldn’t justify saying that the message clearly incited violence, which means it didn’t break Facebook’s rules, according to two people who attended the meeting.Zuckerberg added that Facebook is exploring whether the company should change the policy or come up with other ways to flag violating posts besides taking them down entirely, one person said. The meeting lasted 90 minutes, and employees asked Zuckerberg questions via a video split screen. Many of those who spoke were upset and frustrated with the company’s position.Facebook is responding to the most intense internal protest in its history, involving public resignations and increasing outrage over Zuckerberg’s decisions. While the CEO stood his ground on the posts from last week, the company tried to assuage concerns by announcing two initiatives. Facebook will create a hub for election resources -- similar to its offering for Covid-19 -- where users can seek out vetted information, the meeting attendees said. And Fidji Simo, the head of Facebook’s flagship app, was tasked with sponsoring more proactive initiatives to advance racial justice, according to the employees, who asked not to be identified discussing an internal meeting.On May 28, Trump posted a message on Facebook with the words “when the looting starts, the shooting starts” in response to protests over the death in police custody of George Floyd, an unarmed black man, in Minneapolis. It remains on the social network.The same post was also shared to rival social network Twitter Inc., which then added a warning and filter to the message. A number of Facebook employees, including some senior figures, have criticized the company’s approach, challenging Zuckerberg’s decision to leave the post up, and on Monday some workers participated in a virtual walkout in protest.“Mark had an open discussion with employees today, as he has regularly over the years,” a Facebook spokesperson said. “He’s grateful for their feedback.”One employee, software engineer Timothy Aveni, announced his resignation on Monday, citing Facebook’s failure to step in on content such as Trump’s.“Mark always told us that he would draw the line at speech that calls for violence. He showed us on Friday that this was a lie,” Aveni posted on Facebook. “Facebook, complicit in the propagation of weaponized hatred, is on the wrong side of history.”As criticism mounted on Monday, Zuckerberg and Chief Operating Officer Sheryl Sandberg held a videoconference with U.S. civil rights leaders to discuss issues around Facebook’s policies related to race, elections and other topics. Color of Change President Rashad Robinson said participants were left disappointed with Zuckerberg’s understanding of the issues.Last week, Twitter also angered Trump when the company added a fact-checking label to a post about mail-in ballots. Trump responded by unveiling an executive order targeting the law that protects social-media companies from liability for the content posted by its users.(Updates with new initiatives in the fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Zoom is easy to use and doesn’t require integration with other software products, as Microsoft’s Skype does.
Facebook Inc. Chief Executive Mark Zuckerberg on Tuesday defended his decision to leave alone inflammatory posts by President Donald Trump on the social-networking platform despite criticism from employees and civil rights leaders. During a contentious town hall meeting with employees, initially scheduled for Thursday, Zuckerberg didn't hedge on the issue, employees told news organizations including the Wall Street Journal. A day after hundreds of employees staged a virtual walkout to protest the company's stance on Trump posts, Zuckerberg reiterated he doesn't believe private companies like Facebook should regulate political speech. While he said he personally found Trump's posts "deeply offensive," he thinks it is better for the debate over his comments to be held publicly than suppressed.
Civil rights groups and Facebook's own employees are leading a growing outcry over Zuckerberg's decision to leave Trump's incendiary posts intact.
Eight ViacomCBS (VIAC) networks went off the air for eight minutes and 46 seconds on Monday night in a tribute to George Floyd, the black man who was pronounced dead soon after white Minneapolis officer Derek Chauvin knelt on his neck for that long, and whose death has sparked civil unrest around the world over the past week. Most of the channels, including BET, MTV, VH1, Comedy Central and CBS Sports, aired the words “I can’t breathe” on a dark background, along with the sound of someone breathing while a clock counted down the 8 minutes and 46 seconds that Chauvin kept his knee pressed against Floyd’s neck while the man was lying facedown in the street. Nickelodeon took a more kid-friendly approach to the social justice campaign, using an orange background (the network’s signature shade) with the message: “Nickelodeon is going off the air for 8 minutes and 46 seconds in support of justice, equality, and human rights.”
Facebook <FB.O> CEO Mark Zuckerberg told employees on Tuesday that he stood by his decision not to challenge inflammatory posts by U.S. President Donald Trump, refusing to give ground a day after staff members staged a rare public protest. Zuckerberg told employees on a video chat that Facebook had conducted a thorough review and was right to leave the posts unchallenged, a company spokeswoman said. One Facebook employee, who tweeted criticism on Monday, posted again on Twitter during the all-hands meeting to express disappointment.
Dozens of Facebook Inc. employees staged a virtual walkout Monday morning to protest executives’ decision not to challenge President Donald Trump’s inflammatory posts, part of what appears to be a movement to challenge the leadership of Chief Executive Mark Zuckerberg.
(Bloomberg Opinion) -- One of the more popular sentiments expressed on Twitter over the weekend was that the astronauts who left Earth on Saturday made a good choice. After months of suffering from a global pandemic that has caused mass unemployment, school shutdowns and over 100,000 deaths, Americans are now reeling from a wave of nationwide protests following the death of a black man at the hands of Minneapolis police. What should companies say and do amid events so fraught that many people would prefer not to be on the planet?“It’s always risky for brands to weigh in on deep social unrest,” says reputation-management guru Helio Fred Garcia, president of Logos Consulting Group. Companies have learned this the hard way before — such as when Starbucks Corp. hatched an ill-advised effort to encourage people to talk about racism with their baristas in 2015 and when PepsiCo. Inc. launched a widely excoriated commercial about social activism featuring Kendall Jenner in 2017. Companies were reminded of that risk again on Saturday after National Football League Commissioner Roger Goodell received fierce backlash for expressing support for the protesters. His statement was viewed as insincere by many after the experience of Colin Kaepernick, a player who has not been signed by a team since 2017 after protesting racism and police brutality.So companies can start by taking a look in the mirror. Facebook Inc., for example, needs to do some hard thinking about its policies after choosing not to flag a Facebook version of a Twitter post by President Donald Trump threatening to shoot looters. That decision has staffers so upset that some staged a virtual walkout Monday. (Chief Executive Officer Mark Zuckerberg acknowledged in a post that his company must do more to “ensure our systems don't amplify bias.”) Companies should be prepared to answer questions — from employees, the news media and other stakeholders — about how they can do more to fight racism and promote diversity.Leaders should also communicate with employees who are on edge, seeking their feedback on how they can better promote diversity, address employee concerns, and fight unconscious bias and other forms of racism. But while every organization should be having these conversations internally, companies should proceed cautiously before publicly wading into the protests.Speaking out publicly comes with two risks. The first is that such efforts will be perceived as self-serving. Many television commercials referencing the coronavirus, for example, have been panned as thinly veiled efforts to use the pandemic to promote consumer spending. The second risk is that commercials or other statements of public support will only remind the public of a company’s record of inaction (the Pepsi commercial) or dubious actions (the NFL). Indeed, a 2016 study by Weber Shandwick and KRC Research found that public activism boosts a company's reputation when it is related in some way to what a company is already doing — but it backfires when it is perceived as discordant with a company's business. If a company has a well-established record of openly fighting racism, speaking out publicly now will be perceived as credible. And if a company — or its employees or stakeholders — has been drawn into the fray, the public will expect it to say something. Garcia notes that companies whose stores have been damaged in the protests will be expected to respond. Macy’s Inc.’s flagship store in New York’s Herald Square was looted Monday night, and the company would be wise to respond compassionately. Designer Marc Jacobs offered a laudable example for other retailers to follow after one of his own stores was damaged:View this post on Instagram A post shared by Marc Jacobs (@themarcjacobs) on May 31, 2020 at 9:38am PDTOf course, many other executives will be tempted to join the bandwagon to express support for fighting systemic racism. But they should start by taking action. Companies including Verizon Communications Inc., Intel Corp., Facebook, Peloton Cycle Inc. and Levi Strauss & Co. have all announced major monetary contributions to organizations that promote social justice. Such donations — along with changes to corporate practices — are the place to start.Once an organization has firmly established a record of supporting racial equality, it can authentically join the public conversation. But without such actions, attempts to generate positive publicity by tying corporations to the cause will be more likely to be perceived as shallow and self-serving, generating backlash that may leave more chief executives wanting to leave the planet. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Kara Alaimo is an associate professor of public relations at Hofstra University and author of “Pitch, Tweet, or Engage on the Street: How to Practice Global Public Relations and Strategic Communication.” She previously served in the Obama administration. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- The coronavirus came relatively late to Yemen, but even with advance notice it has still been ravaged by the disease.With the war-torn country divided between three competing authorities, its economy and health systems shattered, and malnutrition and disease already rife, the outbreak faced few obstacles. Yemen’s most strategically important city, Aden, now has the highest Covid-19 mortality rate among confirmed cases in the world at 70%, United Nations Secretary General Antonio Guterres said May 28. Even during the harrowing last five years of conflict, Yemenis flooded Facebook through the holy month of Ramadan with greetings and photographs of fasts being broken. This year, though, their posts were often messages of condolence.“It has turned from a Facebook to a Deathbook in Yemen,” Sami Ghaleb, political analyst and founder of al-Nida newspaper, said of the outpouring on social media. “The sorrows of Yemenis are a sea without shores.”While figures released by officials put fatalities at a few hundred since Yemen’s first virus case was reported mid-April, online comments as well as accounts from medics and those preparing graves suggest the actual number is far higher, and rising rapidly. In a worse-case scenario, the World Health Organization sees at least 65,000 deaths, and about half a million hospitalizations.An outbreak on that scale would add to the unraveling of a country located on a maritime passage through which nearly four million barrels of oil are shipped daily to Europe, the U.S. and Asia, and enhance the chaos that al-Qaeda and Islamic State have been exploiting to reestablish a presence.Besides, “if we do not combat the virus everywhere, there’s a high likelihood that it will continue to circle the planet,” said Jens Laerke, spokesman for the UN Office for the Coordination of Humanitarian Affairs. Richer nations must make an investment in humanity, he said.Read More: How Yemen’s Civil Strife Became a Brutal Proxy WarThat’s why on Tuesday, the UN co-hosted a virtual donor conference, looking for $2.4 billion to fund programs that assist 80% of Yemen’s 28 million people. “Yemen is now on the precipice, right on the cliff edge, below which lies a tragedy of historic proportions,” Mark Lowcock, OCHA’s Under-Secretary-General and Emergency Relief Coordinator said in an opening speech. After announcing that only $1.35 billion was pledged, he said fundraising efforts would continue and called on donors to honor their promises.The event’s other sponsor was, controversially, Saudi Arabia. Since 2015, the Saudi military has led an Arab coalition seeking to restore the government ousted by Iran-aligned Houthi rebels. The fighting has killed 100,000 people, with another 131,000 dying from hunger, disease and lack of medical care, a UN-commissioned report found last year.Asked by email about the kingdom’s participation given its role in the war, Laerke said Saudi Arabia has provided “large amounts of money with no strings attached” that helped beat back a looming famine in Yemen and control a cholera epidemic. He added that the UN has called on all parties, including the Saudis, to adhere to international humanitarian law that prohibits targeting health facilities, something that’s happened on scores of occasions during the war.Saudi Arabia, which is struggling with its own coronavirus outbreak and shares a long, hard-to-control border with Yemen, pledged $500 million to the effort. Only half Yemen’s hospitals and clinics are still functioning, and medics say they have turned Covid-19 patients away because of a lack of ventilators, oxygen and personal protection equipment. Testing is almost non-existent.In the southern port city of Aden, where some of the first virus clusters erupted, residents have had to clear streets following heavy rains and flash floods in mid-April that piled up mud and garbage. In places, sewage mixes with pools of stagnant water.The city has been under the control of United Arab Emirates-backed separatists since last year after they expelled the government of President Abd Rabbuh Mansour Hadi, the leader Saudi Arabia wants to restore to power over all Yemen. The two are supposed to be allies in the fight against the northern Houthis but have turned on each other.As they battle in a nearby province, the coronavirus is spreading in Aden. Mosques remain open, while markets and shops are crowded despite orders to close, highlighting the difficulties in enforcing a lockdown when most people depend on a daily income, and electricity supply is limited to about four hours a day.“How can we observe social distancing and home isolation when we can’t keep food and vegetables fresh in the fridge?” Abeer Karim, a resident, said by phone. Ginger, lemons and oranges are scarce as people try home remedies to ward off infection, she said. Food prices are rising.Fearful of being stigmatized, relatives of virus victims are reluctant to share their stories, with most blaming “fever” or other diseases that have taken hold in the city, like dengue or chikungunya. But the evidence is mounting of a growing Covid-19 toll.Authorities in Aden are issuing far more death certificates each day than before the outbreak. The price of a grave cloth has gone up by almost 50%, costing more than 15,000 rials ($60), residents say. While in Sana’a the price of a grave has risen to 70,000 rials from 30,000.Sana’a, the capital, is run by the Houthis. They’ve announced just four cases and one death, and have been accused by the Hadi government and medics of covering up cases. Last week, they acknowledged the virus has spread to a multiple areas, including Sana’a, without providing figures. They’ve allowed mass gatherings and encouraged families and friends to attend funerals.The UN has never had so little money for aid operations in Yemen this late in the year.“If we do not get the money coming in, the programs that are keeping people alive, are very much essential to fighting back against Covid, will have to close,” the UN’s Laerke said. “And then the world will have to witness in a country what happens without a functioning health system battling Covid. And I do not think the world wants to see that.”(Adds details on amount raised in donor conference in 9th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The CNBC host and former hedge-fund manager recommends these ‘stay-at-home’ stocks and warns of ‘huge second wave.’
For most companies, the 2020 COVID-19 economic shutdown has been nothing short of disastrous for business. But for a handful of disruptive tech companies, the shutdown has provided an unprecedented opportunity to shine.In DataTrek Research's Tuesday newsletter, co-founder Jessica Rabe discussed a handful of companies that are taking advantage of the shutdown to gain major visibility for their products and services.Cameo And Peloton Go MainstreamCameo was founded only about three years ago, but the company has witnessed a meteoric rise in popularity in recent months.Cameo is a platform on which users can purchase personalized, interactive video messages from celebrities, influencers and athletes. Rabe said Cameo has thrived during the lockdown, transitioning from simply a fun, novel idea to a top-performing app.Cameo has raised more than $65 million in funding, and Rabe even purchased a Cameo video for her own mom for Mother's Day. It's probably no coincidence the company turned its first monthly profit in April, Camero expects to generate more than $100 million in 2020 bookings, and the company keeps 25% of every transaction.The privately-held Cameo may not yet be on investors' radar, but Rabe said 2019 IPO Peloton Interactive Inc (NASDAQ: PTON) has also experienced explosive growth in popularity. With gyms closed and Americans stock at home, Peloton bikes have helped replicate the spin class experience.In May, Peloton set a new record for concurrent streaming viewers of a single live class at more than 23,000. Peloton has also taken advantage of the lack of live sports by partnering with athletes and ESPN to broadcast spin classes with a range of pro athletes. Rabe said the partnership was a win-win for both ESPN and Peloton because it gave ESPN much-needed competitive content to air and Peloton large-scale exposure for its products.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Facebook Embracing E-CommerceFinally, social media platforms have thrived during the shutdown due to social distancing measures forcing many social interactions online. Platforms have struggled with a sharp drop in advertising revenue, but engagement is up, and Rabe said Facebook, Inc. (NASDAQ: FB) is doing its best to take advantage of the opportunity.Facebook has recently made significant pushes into the e-commerce space, which Rabe said is a sign the social media giant is willing to take on Amazon.com, Inc. (NASDAQ: AMZN) and Walmart Inc (NYSE: WMT) head-on."The company created customizable online storefronts called Shops to make it easier for Facebook and Instagram users to find and buy products from retailers of any size straight from the app," Rabe said.In addition, Facebook is developing a dedicated shopping tab for Instagram."In sum, these are just three of many examples of how COVID sped up the influence of disruptive technology on business models that need to adapt to changing consumer behaviors post-virus," Rabe said.Benzinga's TakeWhile certain tech companies were relatively well-positioned for a shutdown prior to the outbreak, some are also doing a spectacular job of adapting on the fly to make sure they stay ahead of a dynamic economy.Adaptability and disruption have always been hallmarks of the tech industry, and the COVID-19 outbreak has created unique opportunities for tech companies that are willing to embrace the changes.Do you agree with this take? Email firstname.lastname@example.org with your thoughts.Latest Ratings for FB DateFirmActionFromTo May 2020StifelMaintainsBuy Apr 2020Canaccord GenuityMaintainsBuy Apr 2020SunTrust Robinson HumphreyMaintainsBuy View More Analyst Ratings for FB View the Latest Analyst RatingsSee more from Benzinga * Q1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios * TikTok Has Taken Over: Here Are The Big Money Players Behind The Social Media App * Warren Buffett Says There's No Bubble In FANG Stocks, But He's Still Not Buying(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Mark Zuckerberg came under fire for declining to remove any of Trump’s posts on free-speech grounds, including from his own employees, some of whom staged a virtual job walkout on Monday to protest his actions.
(Bloomberg) -- Facebook Inc.’s Instagram was flooded with images of black squares on Tuesday, when users, influencers and celebrities took to the platform to express support for the protests raging across the country to oppose police brutality. The images -- accompanied with hashtags including blacktuesday, blackouttuesday and theshowmustbepaused -- originated with a music industry display of support for the protesters, with calls for a pause in operations and blacking out stations on Tuesday, according to the Guardian. As of just after noon on Tuesday in New York, the hashtag blackouttuesday had been included in more than 16 million Instagram posts.The image became so popular that celebrities reminded users to stick to the original blackout hashtags. That’s because the use of blacklivesmatter and blm hashtag -- used for communicating with protesters -- risked drowning out needed information.As black squares took over Instagram, the hashtags and image began spreading on Facebook and Twitter as well.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg hosted a nearly hour-long video call with U.S. civil rights leaders to discuss ongoing issues around his company’s policies as they relate to race, elections and other topics. But participants were left disappointed, according to Color of Change President Rashad Robinson, who concluded that Zuckerberg can’t fully grasp the change they seek.In an interview with Bloomberg News immediately after the call, Robinson said that “the problem with my ongoing conversations with Mark, is that I feel like I spent a lot of time, and my colleagues spent a lot of time, explaining to him why these things are a problem, and I think he just very much lacks the ability to understand it.”These comments come at a time when the U.S. is roiled by daily protests for racial justice triggered by the death of George Floyd, an African-American man, while in police custody in Minneapolis. Facebook has come in for criticism from within its own ranks, with an upswell of dismay among employees after the CEO adopted a hands-off approach to messages posted by President Donald Trump that seemed to threaten violence with the words “when the looting starts, the shooting starts.”Read more: Facebook Worker Unrest Rises With Walkout, Criticism of CEORobinson said he wanted Zuckerberg to take concrete action against the post; ideally to take it off the site, but at a minimum, to mark or flag it in some way, as Twitter did, and at least make an effort to adjudicate the internet.“The problem with Facebook is they have a policy problem,” Robinson said. “You can’t have a conversation with Donald Trump, and leave up his Tweet on Facebook platforms talking about shooting protesters.”Robinson said some Facebook employees have reached out, “saying Black Lives Matter, saying I’m going to give money, but having your policies actually hurt black people, people will know the difference.” Some of the company’s senior staff have taken to Twitter to make their discontent public and some employees -- working from home because of the pandemic -- held a virtual walkout, deciding not to log in to work on Monday in protest. Zuckerberg defended his position to leave Trump’s post up without commentary by saying on Friday, “We think people need to know if the government is planning to deploy force.”Facebook didn’t immediately respond to requests for comment on the call with civil rights leaders. In a statement sent to Axios, Facebook said it was “grateful that leaders in the civil rights community took the time to share candid, honest feedback.” The company added that “it is an important moment to listen, and we look forward to continuing these conversations.”Robinson also recently spoke up at a Facebook shareholder meeting and said he’s had dinner at Zuckerberg’s home and been on other calls with the CEO to talk about similar topics. Joining the Monday call was Facebook Chief Operating Officer Sheryl Sandberg. All of this effort from Facebook’s executive team suggests the company is serious at least about bringing civil rights leaders on its side, however Robinson expressed more frustration than hope.“He continues to do things and make decisions that hurt communities and put people in harm’s way and is not accountable for it,” said Robinson. (Updates with background on employee virtual walkout in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Click here to read the full article. Facebook is making it easier for users to wipe out embarrassing or otherwise personally painful posts.The social-media giant announced Manage Activity, a new feature to make it easier for users to delete or hide many posts at once."Whether you’re entering the job market after college or moving on from an old relationship, we know things change in people’s lives, and we want to make it easy for you to curate your presence on Facebook to more accurately reflect who you are today," the company said in announcing the tool.The Manage Activity feature will launch first on Facebook's mobile apps, and will be available on desktop and Facebook Lite in the future.With the tool, users can archive content they don't want others to see on Facebook but still want to keep for their own reference. For example, the company suggested, "you could archive a post you made when you were in high school that you still find amusing but that you’d rather not be seen by anyone else on Facebook."Manage Activity also allows Facebook users to move posts they no longer want to the trash and then delete them entirely. Posts users send to the trash will stay there for 30 days before being deleted unless they choose to manually delete or restore them before then.The feature includes filters to sort posts, such as those that include specific people or posts from a specific date range.Facebook's Manage Activity tool comes after the company last year finally launched a way for users to clear their browsing history with third-party apps and websites as well as block Facebook from sharing that info.
Jim Cramer shares stock market news including Facebook employees challenge Mark Zuckerberg, betting on Regeneron and Goldman Sachs shorting the US Dollar.
In terms of social engagement, Nike’s statement on George Floyd has turned out to be its most successful social justice campaign to date, according to Data Analytics firm Thinknum.
A hint of optimism is wafting through an M&A market desperately in need of some good news. “The market is starting to open up,” one banker said. In a market devastated by coronavirus, that counts as progress.
The “unloved but welcome” stock market rally over the past two months is unlikely to persist, according to Goldman Sachs analysts. After opening lower on Monday amid civil unrest and U.S.-China trade tensions the Dow Jones Industrial Average (DJIA) reversed losses as investors focused on hopes of an economic recovery, closing 91.91 points higher. Optimism over the economic recovery from coronavirus, with all 50 states taking steps to reopen, has sent stocks higher in recent weeks.
Jun.02 -- Oren Frank, chief executive officer at Talkspace , discusses the decision he took to end the partnership between the text therapy company and Facebook. He speaks on "Bloomberg Technology."
One of my favorite songs of all time is Don McClean’s 1971 hit, 'American Pie.' He tells the story of the aftermath of the plane-crash loss of his favorite music makers Continue reading...