Amazon’s Jeff Bezos Steps Down After 26 Years at the Helm

Amazon chief executive Jeff Bezos is stepping down from the role he has held since he started the Big Tech company 26 years ago and will assume the role of executive chairman. Amazon Web Services head Andy Jassy will replace Bezos as Amazon’s new chief executive. Bezos hands over the reins during a time in which COVID-19 has helped the company achieve record-breaking sales, while it also faces regulatory and legal investigations. Personally, he vies with Tesla chief executive Elon Musk as the world’s wealthiest person. Continue reading Amazon’s Jeff Bezos Steps Down After 26 Years at the Helm

Investments in Bitcoin Increase During the COVID Pandemic

Cryptocurrency Bitcoin is on a roll, rising to a record high since the advent of the global coronavirus pandemic. In March it had skidded to below $4,000. This time, however, its growth is not being driven by the same speculative forces that led to its peak of $19,783 in 2017. Instead, American companies and other traditional investors are gravitating to Bitcoin as an alternative asset, similar to gold, that enables them to place part of their financial portfolio outside the influence of governments and the traditional financial systems. Continue reading Investments in Bitcoin Increase During the COVID Pandemic

Facebook and Twitter Execs Answer Questions on Capitol Hill

In Washington DC, as Facebook chief operating officer Sheryl Sandberg and Twitter chief executive Jack Dorsey were concluding testimony on efforts to repel foreign interference ahead of the midterm elections, Attorney General Jeff Sessions dropped a bombshell. He stated plans to convene state attorneys general on September 25 to look at what the Justice Department said is the intentional “stifling [of] the free exchange of ideas on their platforms.” Google, which had been invited to testify, did not send a representative. Continue reading Facebook and Twitter Execs Answer Questions on Capitol Hill

Amazon Is Reportedly Developing Live TV DVR to Rival TiVo

According to sources, Amazon is developing a TiVo-like device, dubbed “Frank,” that records live TV. The sources added that the DVR device, which includes physical storage, connects to the company’s Fire TV box using the same wireless technology as the Echo. The Frank DVR also has the ability to record live TV and stream the video to a smartphone for later viewing, but Amazon, said the sources, isn’t certain it will debut the DVR with that feature, which is offered by TiVo and Dish Network’s Slingbox. Continue reading Amazon Is Reportedly Developing Live TV DVR to Rival TiVo

Facebook Stock Plunge Proves Tech Firms Aren’t Bulletproof

The myth that the stock of the tech behemoths will only increase in value was shattered this last week when Facebook’s shares tumbled 19 percent, erasing about $120 billion in shareholder wealth. That loss represents among the largest one-day dip in market value that any company has suffered. Facebook’s loss began when it released disappointing Q2 earnings and warned investors of a “sharp slowdown in sales growth” in the next quarters as well as more spending for security and privacy. Continue reading Facebook Stock Plunge Proves Tech Firms Aren’t Bulletproof

Amazon, Berkshire Hathaway, JPMorgan Partner on Healthcare

Amazon, Berkshire Hathaway and JPMorgan Chase & Co. are partnering to find a way to reduce healthcare costs for their U.S. employees. The companies are motivated by rising healthcare costs in the U.S., and their joint new company will target technological solutions for a simpler and more economical healthcare solution. They did not reveal, however, how much money they have committed to the effort or whether it would expand to include employees outside the U.S., but did emphasize the effort would not be a profit-making venture. Continue reading Amazon, Berkshire Hathaway, JPMorgan Partner on Healthcare

Music Publisher Files $1.6 Billion Copyright Suit Against Spotify

Wixen Music Publishing filed a $1.6 billion copyright lawsuit in a California federal court against popular music streamer Spotify. Wixen claims that the Stockholm-based service used thousands of songs — including those by the Doors, Tom Petty and Neil Young — without a direct or compulsory license and without compensating the music publisher. According to Reuters: “Wixen also alleged that Spotify outsourced its work to a third party, licensing and royalty services provider the Harry Fox Agency, which was ‘ill-equipped to obtain all the necessary mechanical licenses.’” Spotify, which has grown in value to $19 billion, recently filed IPO documents with the SEC. Continue reading Music Publisher Files $1.6 Billion Copyright Suit Against Spotify

Roku Goes Public Today, Sets its IPO Price at $14 per Share

Video streaming device maker Roku begins trading today on Nasdaq, setting its IPO price at $14 per share, which would give it a $1.3 billion stock market value. The 15-year-old company is competing with the likes of Amazon, Apple and Google that all offer streaming video boxes featuring popular apps such as Netflix and Hulu. Roku’s devices provide access to Amazon, Netflix, YouTube and dozens of online channels, but competition is a major consideration with today’s tech investors. Snap Inc., for example, the year’s biggest tech IPO, has watched its shares plummet in value as Facebook’s Instagram rolled out Snapchat-like functionality. Continue reading Roku Goes Public Today, Sets its IPO Price at $14 per Share

Startup NYIAX Partners with Nasdaq to End Digital Ad Fraud

The Nasdaq Stock Market is lending assistance to NYIAX (New York Interactive Advertising Exchange), a startup that is trying to stop phony publishers in the digital ad market. That’s because, according to ad verification company Adloox, these con artists divert one-fifth of annual ad spending, which equals an estimated $16 billion this year. With its blockchain-enabled platform, NYIAX hopes to put an end to the lack of transparency that leads to this significant loss. These scams have become a problem due to the rise of automated ad exchanges that instantly match advertisers with publishers. Continue reading Startup NYIAX Partners with Nasdaq to End Digital Ad Fraud

High Profile Snap IPO Could Push Other Startups to Go Public

Snapchat parent company Snap Inc. has confidentially filed for its IPO, according to sources familiar with the matter. The four-year old messaging app could go public as early as March 2017, in what is expected to be one of the highest-profile stock debuts in years, and one that could potentially convince other tech startups to test public markets. The Venice, California-based company is looking to raise as much as $4 billion, with a valuation in the $25 billion range, which could make it the largest U.S.-listed tech offering since Chinese e-commerce giant Alibaba went public in 2014. Continue reading High Profile Snap IPO Could Push Other Startups to Go Public

Nasdaq Launches an Entrepreneurial Center to Foster Startups

Nasdaq OMX, which owns the NASDAQ stock market, is trying to bolster its tech offerings by nurturing startups through its new Entrepreneurial Center. This 13,000-square-foot space in San Francisco is designed to help young companies grow and find a community. In the future, Nasdaq may be able to profit from some of these startups when they go public. Currently, Nasdaq faces stiff competition from the New York Stock Exchange in attracting tech companies to the stock market. Continue reading Nasdaq Launches an Entrepreneurial Center to Foster Startups

Twitter Plays it Safe with Modest IPO, Aims to Sway Investors

According to Twitter’s regulatory filing, the company is looking to raise up to $1.4 billion in its initial public offering with a share-price range of $17 to $20. That would value the social network at about $9.4 billion to $11.1 billion, considerably less than earlier estimates that placed it as high as $16 billion. The modest valuation suggests that the company hopes to avoid the backlash Facebook experienced with its aggressive IPO. The approach could help Twitter win investors who are wary of the network’s mobile business model. Continue reading Twitter Plays it Safe with Modest IPO, Aims to Sway Investors

Twitter Reveals its Financials and Plans for $1 Billion IPO

Twitter has revealed its plans to raise up to $1 billion in its long-anticipated public offering. Potential buyers finally got a glimpse at Twitter’s financials yesterday, which indicate the social platform’s revenue more than doubled to $254 million during the first half of 2013. However, while the popular messaging service continues to transform electronic communication and public conversation, the company is still losing money while facing hurdles drawing new users and advertisers. Continue reading Twitter Reveals its Financials and Plans for $1 Billion IPO

AP Twitter Account Hacked: Underlines Need for Security

The Associated Press Twitter account was hacked yesterday with a false report involving explosions at the White House. The account was quickly suspended, but not before the news had been retweeted thousands of times, resulting in a temporary yet sharp drop in the Dow and news outfits clamoring to ascertain details. Although the account is active again, the news agency has nearly 2 million less followers, which Twitter explains could take up to 24 hours to repair. Continue reading AP Twitter Account Hacked: Underlines Need for Security