|Day's Range||6.10 - 6.10|
Venture capitalist Ben Horowitz says CEOs at large tech companies don’t deserve to be villified.
He will be working on a new futuristic effort while still retaining a lesser role at the social-media giant.
Facebook Inc. pulled tens of millions of user posts that violated its terms of service in the past six months, according to its biannual transparency report on Wednesday. This has become a customary company announcement, just like a quarterly earnings report. What is new is the addition of data from Instagram for the first time that underscores the depth of content violations on the photo-sharing app.
Hudson Yards is a $25 billion complex of commercial and residential skyscrapers built on Manhattan's far west side above the rail yards. "We're excited to expand our offices there starting in 2020", said John Tenanes, vice president of Facebook's global facilities and real estate. The deal includes about 1.2 million square feet in 50 Hudson Yards, about 265,000 square feet in 30 Hudson Yards and about 57,000 square feet in 55 Hudson Yards, the statement added.
Facebook Inc signed a lease for over 1.5 million square feet of office space across 30 floors and three buildings in New York City's Hudson Yards, according to a statement by the luxury and commercial real estate development on Thursday. Hudson Yards is a $25 billion complex of commercial and residential skyscrapers built on Manhattan's far west side above the rail yards. "We're excited to expand our offices there starting in 2020", said John Tenanes, vice president of Facebook's global facilities and real estate.
Walmart has beaten Amazon. • For the period shown on the chart, Amazon stock is up 15.55%, the Dow Jones Industrial Average is up 18.8% and Walmart stock is up 27.65%. • Earlier this year, many investors were having difficulty understanding why Walmart stock was in our Model Portfolio and Amazon stock was not.
Technology giants are showing a heightened interest in the financial-services industry as they see Chinese tech companies succeeding in payments, an area that could be lucrative for data collection.
American Outdoor Brands to Split With Smith & Wesson American Outdoor Brands (NASDAQ:AOBC) will be separating its gun business, run by Smith & Wesson, from its other outdoor products and accessories business, citing a change in the political climate. The split will be completed by the second half of 2020, just before any Democratic challenger […]The post Market Morning: Smith & Wesson To Split Off, Impeachment, Trade Chatter, Facebook Lowers Grades appeared first on Market Exclusive.
You may have heard that number cited recently as the value of an asteroid called 16 Psyche . If humans ever manage to mine the asteroid, a flood of space-gold would completely crater the terrestrial market. All that extra supply would cause today’s gold price to plummet.
Retail investors who rely on publicly traded stocks are increasingly missing out on lucrative and secretive private markets.
Facebook Pay is rolling out on Messenger and Facebook in the U.S. first, with plans to expand to Instagram and WhatsApp eventually.
(Bloomberg Opinion) -- “Technological sovereignty” is one of the European Union’s buzzwords of the moment, conjuring up an image of a safe and secure space for zettabytes of home-grown data, free from interference or capture by the U.S. and China.Both France’s Emmanuel Macron and Germany’s Angela Merkel have used the phrase to kick-start all sorts of initiatives, from artificial intelligence programs to state-backed cloud computing. The new European Commission president Ursula Von der Leyen has etched the concept into her political guidelines.It’s a noble goal, if only because it acknowledges Europe is anything but technologically sovereign right now. The internet behemoths are in America and China — Alphabet Inc., Facebook Inc., Amazon.com Inc., Alibaba Group Holding Ltd — and an estimated 92% of the Western world’s data is stored in the U.S., according to the CEPS think tank. China accounts for more than one-third of global patent applications for 5G mobile technology. Amazon boasts that 80% of blue-chip German companies on the DAX exchange use its cloud services business AWS. The trigger to do something about it is the race for supremacy between Beijing and Washington, which is spilling over into the tech sector and undercutting the EU’s ability to protect its turf. President Donald Trump’s ban on Huawei Technologies Co. and his attempts to bully allies into doing the same was a wake-up call, however valid his security concerns. The U.S. “Cloud Act,” which forces American businesses to hand over data if ordered regardless of where it’s stored, was another. Both China and the U.S. see the EU as an easy mark in the global tech tussle. And they’re right. Europe’s problem is that recapturing sovereignty is neither easy nor cheap. Take cloud computing, one area where France and Germany are eyeing the building of “sovereign” domestic infrastructure for use by national and European companies. This is a $220 billion global market dominated by U.S. suppliers with market values of close to $1 trillion, which invests tens of billions of dollars every year on infrastructure. Their power isn’t just technological: When Microsoft Corp. spends $7.5 billion on an acquisition such as GitHub, a forum for open-source coding, it’s bringing valuable developers into its own orbit. Likewise, Amazon’s AWS has the scale, cheap pricing and perks that lock in customers.France and Germany won’t win a head-on battle in this field. Paris is still smarting from a failed attempt years ago at building a sovereign cloud for the princely sum of 150 million euros ($165 million). Germany has Gaia-X, which looks like a common space for the sharing of data by the leading lights of the DAX , from SAP SE to Siemens AG. It’s hard to see how such initiatives will lead to true digital sovereignty, though; not just because of a lack of serious investment, but because it’s hard to avoid using U.S. cloud tech.Still, it wouldn’t be a bad thing if this trend led to France and Germany collaborating more — laying the groundwork for more ambitious spending — and to Brussels doing what it does best: setting the rules of engagement for tech companies everywhere. Digital commissioner Margrethe Vestager is already demanding tougher enforcement of data protection laws and taking a consistently muscular approach to antitrust violations by the Silicon Valley and Seattle giants. It’s not sovereignty, but it’s a start.To contact the author of this story: Lionel Laurent at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Microsoft Corp. is sending representatives to a series of meetings with Pentagon officials Wednesday to discuss how companies can contribute to the military’s work on artificial intelligence, according to a list of participants reviewed by Bloomberg. Microsoft is the only Big Tech company set to attend the event, which is likely to draw objections from employees and protesters who have broad concerns about the use of AI for military purposes.About 140 companies and organizations are on the list of attendees, which includes Boeing Co., International Business Machines Corp. and Lockheed Martin Corp. Anduril Industries Inc., a new startup from former Facebook Inc. executive Palmer Luckey, will also be there. The defense contractor began working this year on Project Maven, a technology unit of the Pentagon whose official name is the Algorithmic Warfare Cross-Functional Team.For the last two years, Maven has been at the center of a contentious public debate over the technology industry’s willingness to help build military technology. The project uses computer vision software to automatically analyze footage gathered by U.S. military drones. Google, an early participant in Maven, said last summer it would stop working on the project, following protests from employees who said the work strayed too closely to autonomous weaponry. Employees at Clarifai, a small computer vision startup, also objected to Maven, although that company continued to work on the project. It is on the list of attendees for this week’s meetings, which are co-hosted by Maven officials.Wednesday’s event is billed as an “AI Industry Day,” and the stated goal is to develop AI technology to assist soldiers in the field. The government said it is particularly interested in facial recognition, natural language processing, social media data and drone footage.Microsoft has made significant inroads with its military business over the last year. It won a contract a year ago worth as much as $480 million to build combat-ready versions of its HoloLens augmented reality headsets. Last month, it also won a $10 billion contract called Joint Enterprise Defense Infrastructure, or JEDI, to build cloud computing infrastructure for the Defense Department.Both contracts inspired criticism from Microsoft employees who said they hadn’t signed up to build weaponry. The company’s executives have consistently said they would not step back from working with the U.S. military. In a meeting with employees the week after the company won the JEDI contract, Microsoft Chief Executive Officer Satya Nadella said he respected dissenting opinions but that the company had always been unambiguous about its military work, according to a person who attended and asked not to be identified discussing a private event. A Microsoft spokesman declined to comment. Microsoft’s ties to government work have caused controversy in other areas, too. Workers at Microsoft’s GitHub unit have asked the company to cancel a contract with the U.S. Immigration and Customs Enforcement agency. On Wednesday morning, a group of protesters gathered at a GitHub conference in San Francisco to draw attention to the issue.The Defense Department has put increasing focus on AI in recent years. It sees the technology as key to geopolitical competition with China. But building it has come with challenges. U.S. officials have spoken openly about tensions in the military’s relationship with tech companies.“Some employees in the tech industry see no compelling reason to work with the Department of Defense,” Lieutenant General Jack Shanahan, the head of the Pentagon’s Joint Artificial Intelligence Center, said at an event last week. Their reluctance, he said, often came from the government’s inability to adapt to the pace of the private sector: “We don’t make it easy for them.”(Updates with GitHub protests in the seventh paragraph.)To contact the author of this story: Joshua Brustein in New York at email@example.comTo contact the editor responsible for this story: Mark Milian at firstname.lastname@example.org, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Facebook Inc. held talks over several months in 2016 to determine whether to buy Musical.ly, a rival app that would eventually evolve into global teen video sensation TikTok.Facebook ultimately walked away out of concern about the app’s young user base and Chinese ownership, according to a person familiar with the matter. But its interest back then may be pertinent to current government inquiries into Facebook’s history of pursuing and buying out competitors. Discussions started three years ago when Kevin Systrom, then chief executive officer of photo-sharing platform Instagram, visited Shanghai on an unrelated trip and met with Musical.ly’s founders, the person said. ByteDance Inc. -- now the world’s largest startup -- ended up acquiring the service for $800 million.The unrealized deal marked a missed opportunity to jump aboard a short-video phenomenon that’s gone viral across the U.S. and China, the world’s largest mobile market. Facebook CEO Mark Zuckerberg, who aspired to break into the world’s No. 2 economy, was hesitant when Systrom first proposed an acquisition given the app’s slowing growth at the time and popularity mostly among teens, the person said.Zuckerberg later warmed to the idea after getting introduced to the founders and seeing the app catch on on his home turf. He held talks with Musical.ly executives at Facebook’s Menlo Park headquarters in the fall of that year, according to people familiar with the matter. The talks were serious but never reached a discussion of numbers, one of the people said. That’s because Facebook realized there would be complications owning an app based in China. It also grew concerned about Musical.ly’s youthful audience, which could make it difficult to comply with U.S. laws on child internet privacy and safety, the person said.Read more: TikTok Revamps Lobbying as Washington Targets Chinese Ownership“We wanted our services in China because we believe in connecting the whole world. But we could never come to an agreement on what it would take,” a Facebook spokesperson said, declining to comment on the details of the conversations. Facebook “ultimately decided not to make an offer.” A ByteDance spokeswoman declined to comment on Facebook’s interest, which was previously reported by BuzzFeed News.Zuckerberg once prioritized getting Facebook into China, visiting president Xi Jinping and posting a picture going on a run in Beijing smog. More recently, he has rallied against China and TikTok in particular, accusing the platform of censorship that violates American values. One of his top arguments with regulators is that any breakup of Facebook may allow Chinese companies to thrive.On Wednesday, he said it is easier to espouse these principles now that Facebook’s entry into China looks impossible. ”Since we were never able to come to an agreement on a way where we would be able to operate there, we’re now in a position where we’re much more free to stand up for the things that we believe in than I think most other companies that are operating there,” Zuckerberg said during a call with reporters about content policy.TikTok ran afoul of regulators in 2019, but for different reasons than Facebook originally feared. The U.S. government has launched an investigation into whether ByteDance’s acquisition of Musical.ly two years ago to merge it with TikTok posed a national security risk, Bloomberg News has reported. Under pressure, it stepped up its efforts to enlist lobbyists in the U.S, including a policy chief for the region, according to people familiar with its plans.Ironically, the app’s growth can be in part credited to Facebook. ByteDance has long splashed money to advertise the app on platforms like Facebook and Instagram, essentially buying users away from its biggest rivals. That spending, however, has plunged since the second quarter as TikTok’s user growth slowed, according to data from Sensor Tower.Read more: Chinese-Owned Teen Sensation TikTok’s Appeal Waning (2)(Updates with Zuckerberg comment on China in seventh paragraph.)To contact the reporters on this story: Sarah Frier in San Francisco at email@example.com;Zheping Huang in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, ;Tom Giles at firstname.lastname@example.org, Alistair Barr, Jillian WardFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Nov.13 -- Jason Rosenbaum, a former digital ad director for the Hillary Clinton campaign, and Tim Cameron, Chief Executive Officer of Flexpoint Media, discuss how social media companies should handle political ads. They speak with Taylor Riggs on "Bloomberg Technology."