Facebook's market value plunged by $148 billion after Zuckerberg and company were warned of a growth slowdown, read what happened on Facebook's nightmare conference call that wiped out nearly $150 billion in market value in 90 minutes, and Facebook is also set to lose a further $151 billion today.
Good morning! This is the tech news you need to know this Thursday.
1. Facebook's market value plunged by $148 billion after CEO Mark Zuckerberg warned of a growth slowdown. The company's stock plunged on Wednesday following the company's second-quarter earnings report.
2. Facebook followed up its results with a nightmare conference call that hammered its stock price. Analysts pounded Facebook executives on the call about the company's expected deterioration in its financial results.
3. Facebook could lose a further $151 billion. This could happen today if Facebook's 24% drop in stock which happened after-hours is replicated in regular market trading.
4. Qualcomm dropped its $44 billion bid for NXP as the US-China trade war delayed approval. Qualcomm will not renew its two-year bid to acquire its Dutch competitor NXP for $44 billion due to China not approving the bid.
5. The parents of the Sandy Hook victims wrote an open letter to Mark Zuckerberg over Facebook's failure to ban conspiracy theorists and hoaxers. They wrote that Facebook has failed to protect them from harassment and threats.
6. A 20-year-old Tesla intern's team won $130,000 and a private session with Microsoft CEO Satya Nadella for creating a smarter prosthetic hand. SmartARM, founded by two 20-year-old college students, won Microsoft's 2018 Imagine Cup.
7. YouTube issued a new strike against Alex Jones' channel for breaking its policies against child endangerment and hate speech. Four videos were also removed, and Jones will be unable to stream live for 90 days.
8. Twitter is locking accounts posing as Elon Musk in an effort to fight cryptocurrency scams. This is an effort to combat a recent proliferation of cryptocurrency scam-bots, which target the replies under Musk's tweets.
9. San Francisco Bay Area cities are cracking down on free food at Facebook and other tech companies. Mountain View, a city in Silicon Valley, says that a new office development — where Facebook will move to this fall — will not be allowed to have a cafeteria with free food for employees.
10. China has withdrawn approval for Facebook's new venture in the country, where it remains banned. The Chinese government has withdrawn its approval for the company's plan to launch a subsidiary in the eastern province of Zhejiang.
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