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☆ Reddit shares plunge almost 25% in two days, finish the week below first day close
▼ + stars: | 2024-03-28 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Reddit shares are plummeting after experiencing a rally stemming from the social media company's IPO last week. Shares closed at $49.32, ending the week below their closing price on Reddit's first day of trading on the New York Stock Exchange. Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close. Meanwhile, Reddit Chief Operating Officer Jennifer Wong disclosed that she sold 514,000 shares and now holds 1.4 million of the company's shares. The company's shares then rose 8.8% on Tuesday to close at $65.11, even after New Street Research issued a neutral rating on the company.

Persons: Reddit, Steve Huffman, Ben Silverman, Verity, Jennifer Wong, Silverman, It's Organizations: New York Stock Exchange, Stock, Bloomberg News, CNBC, New, Research, New Street Research Locations: New York City

☆ Reddit investors shrug off hold rating, bid up stock another 15% as post-IPO rally continues
▼ + stars: | 2024-03-26 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit's post-IPO rally continues, despite the company receiving a hold rating from a prominent analyst. Investors continue to rally behind Reddit despite New Street Research issuing a neutral rating on the company "after the stock goes to the moon," analysts wrote in a note that was published Tuesday. Investors expect such a deal "to be added soon," considering OpenAI CEO Sam Altman maintains a 9% stake in Reddit. It also recently entered into an expanded partnership with Google, allowing the search giant to access more Reddit data to train its AI models. Meanwhile, some Reddit users took to the company's various finance-related subreddits on Tuesday to discuss the company's rising shares since its IPO.

Persons: Steve Huffman, Sam Altman, Altman, Condé Nast, Reddit, Reddit's, I've, I'd, Dash Organizations: New York Stock Exchange, New, Research, Investors, Advance Magazine Publishers, Google, Federal Trade Commission, FTC, GameStop, Nasdaq, Trump Media & Technology Group Locations: New York City, Reddit's, Reddit, pontificating

☆ Reddit shares rise 30% to start week after social media company's IPO
▼ + stars: | 2024-03-25 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange (NYSE) in New York on March 21, 2024. Reddit shares were up 30% to $59.80 at the market's close on Monday. The social media company's stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company brought in about $519 million. Reddit shares soared 48% when it began trading on the New York Stock Exchange under the stock ticker "RDDT," resulting in a number of moderators and users, known as Redditors, earning millions of dollars as a group. Reddit's IPO came the same week that Astera Labs shares skyrocketed 72% on the day that the data center hardware company made its public market debut on the Nasdaq.

Persons: Steve Huffman, Snoo, Sam Altman, Reddit, Lo Toney, Toney Organizations: New York Stock Exchange, Reddit's, Astera Labs, Nasdaq, Capital, CNBC Locations: New York

☆ Reddit pops 48% in NYSE debut after selling shares at top of range
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit shares jumped 48% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. Reddit and selling shareholders raised about $750 million from the offering, with the company collecting about $519 million. This year, Reddit said it plans to recognize roughly $66.4 million in revenue as part of its data licensing deals. Google has also entered into an expanded partnership with Reddit, allowing the search giant to obtain more access to Reddit data to train AI models and improve its products. "I hope they believe in Reddit and support Reddit," Huffman told CNBC in an interview on Thursday.

Persons: Steve Huffman, Lynn Martin, Reddit, Pinterest, Klaviyo, Pinterest's, it's, Alexis Ohanian, Huffman, Redditors, Sam Altman, Condé Nast, Altman's, Altman Organizations: New York Stock Exchange, Astera Labs, Nasdaq, Meta, Google, Reddit, Federal Trade Commission, FTC, Companies, CNBC, GameStop, Tencent, Advance Magazine Publishers Locations: New York, It's, Reddit

☆ Redditors bank millions of dollars as a group on stock's opening day
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Reddit power users who participated in the company's IPO made millions of dollars as a group in profits after the stock's big jump in its first day on the market. It's a model that was used by companies like Airbnb , Rivian and Doximity to reward their loyal users and customers. In a reply to LearnedButt, Reddit user friskevision wrote, "Although I didn't invest as much as you, I did make a quick $1,500. Reddit user Reepicheepee made a small investment in the shares. The Reddit user Galactic responded, "High-5, fellow DSP dumper," adding, "Never thought this site would make me money, but here we are!"

Persons: Redditors, Drew Vollero, Axios, —, LearnedButt, friskevision, Reddit, blackberrydoughnuts, Reepicheepee, follysurfer, subreddit, Steve Huffman, Huffman, Redditor erjo5055 Organizations: New York Stock Exchange, Inc, CNBC, GameStop, AMC Entertainment, Galactic Locations: It's

Reddit mascot rings the opening bell, at the New York Stock Exchange (NYSE) in New York City, U.S., March 21, 2024. Reddit, the 19-year-old website that hosts millions of online forums, priced its IPO on Wednesday at $34 a share, the top of the expected range. The offering brought in $519 million, according to a press release, and values the company at close to $6.5 billion. Reddit had planned to price the deal at $31 to $34 a share. Reddit sold 15.28 million shares in the offering, while existing shareholders sold another 6.72 million.

Persons: Reddit Organizations: New York Stock Exchange, Reddit Locations: New York City, U.S

☆ Reddit power users balk at chance to participate in IPO as Wall Street debut nears
▼ + stars: | 2024-03-20 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +10 min

It's not just market conditions that have Reddit moderators like Gilbert forgoing the investment opportunity. Reddit has long had a rocky relationship with moderators and the site's most dedicated users, or Redditors. In total, Reddit said underwriters have reserved 1.76 million of the 8 million shares in the IPO for the DSP. Meme stocksOf all companies, Reddit knows something about stock market volatility. However, given the dearth of tech IPOs since the start of 2022, White said Reddit's offering is "probably a little more risky."

Persons: Jonathan Raa, Sarah Gilbert, she's, She's, Airbnb, Doximity, Reddit's, Klaviyo —, It's, Gilbert forgoing, Reddit, Steve Huffman, Gilbert, you've, Alexis Ohanian, Twitch, BuckRowdy, Joshua White, White, FormicaDinette33, subreddits, it's, Wrestlegirl, Maharaj, shouldn't, He's, jeering, Courtnie Swearingen, Victoria Taylor, Swearingen, San, — CNBC's Cameron Costa Organizations: Nurphoto, Getty, New York Stock Exchange, Cornell University's Citizens, Technology, Google, YouTube, Facebook, CNBC, GameStop, AMC Entertainment, Vanderbilt University Locations: New, Chicago, San Francisco

☆ FTC conducting inquiry into Reddit's AI data-licensing practices ahead of IPO
▼ + stars: | 2024-03-15 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Reddit said Friday that the Federal Trade Commission sent a letter to the company about its data-licensing business related to the training of artificial intelligence systems. "On March 14, 2024, we received a letter from the FTC advising us that the FTC's staff is conducting a non-public inquiry focused on our sale, licensing, or sharing of user-generated content with third parties to train AI models," Reddit said in an updated IPO prospectus. Reddit filed for an IPO in February, and plans to trade on the New York Stock Exchange under the ticker symbol "RDDT." Reddit said "the opportunity does not conflict with our values and the rights of our Redditors," referring to its users and forum moderators. "We do not believe that we have engaged in any unfair or deceptive trade practice," Reddit said.

Persons: Reddit, hasn't Organizations: Federal Trade Commission, New York Stock Exchange, FTC, Google Locations: Klaviyo

☆ House passes bill that could lead to a TikTok ban; fight shifts to the Senate
▼ + stars: | 2024-03-13 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +1 min

The House approved a bill Wednesday that calls for China tech giant ByteDance to divest TikTok or the popular social video app will effectively be banned in the U.S. The measure passed with a resounding 352-65 vote and with one member voting present. Two days later, House members on the Energy and Commerce Committee voted unanimously to approve the bill, which refers to TikTok as a threat to national security because it is controlled by a foreign adversary. The bill now heads to the Senate where it faces an uncertain future as senators appear divided about the legislation, and other federal and state-led efforts to ban TikTok have stalled. "This process was secret and the bill was jammed through for one reason: it's a ban," a TikTok spokesperson said after the vote was passed.

Persons: Mike Gallagher, Raja Krishnamoorthi, Joe Biden, Karine Jean, Pierre, Jean Organizations: U.S, Foreign, Chinese Communist Party, Energy, Commerce, White Locations: China, TikTok

☆ Reddit to raise nearly $750 million in upcoming IPO
▼ + stars: | 2024-03-11 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Reddit aims to raise up to $748 million as part of its upcoming IPO, in which the social media company is seeking a valuation of about to $6.5 billion. The company plans to sell about 22 million shares between a range of $31 to $34 per share, according to a corporate filing released Monday. Investors are closely watching Reddit's upcoming IPO, which will be this year's first major tech stock launch and the first social media IPO since Pinterest went public in 2019. Reddit's annual sales in 2023 were $804 million, which was a 20% year-over-year increase from $666.7 million, according to the company's S-1 filing. It also recorded a net loss of $90.8 million for 2023, which was narrower than the $158.6 million net loss it logged in 2022.

Persons: Reddit, Redditors, Pinterest, Sam Altman Organizations: New York Stock Exchange, Securities and Exchange Commission, Tencent, Advance Magazine Publishers Locations: Los Angeles , California

☆ Biden says he'll ban TikTok if Congress passes bill, but he's campaigning on it until then
▼ + stars: | 2024-03-08 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +10 min

Nathan Howard | ReutersSince Biden's playful intro post, his campaign's TikTok account has notched over 222,000 followers and over 2.4 million likes. The Biden campaign didn't immediately respond to a request for comment. On the app, users were greeted with a screenshot warning them that Congress was "planning a total ban of TikTok." TikTok goes to WashingtonU.S. political campaigns more broadly are trying to figure out how best to utilize TikTok. Last April, for instance, the White House said it was enlisting a squad of volunteer TikTok and Instagram influencers to help spread awareness of the Biden campaign.

Persons: Jaap Arriens, Joe Biden, TikTok, Maggie Macdonald, Biden, Kansas City Chiefs —, Macdonald, China's ByteDance, Troy Balderson, Shou Zi Chew, Nathan Howard, Donald Trump, Aaron Earls, Biden's, Karine Jean, Pierre, didn't, influencers, it's, Kennedy, Earls, Marilyn Monroe, Joe DiMaggio, Anupam Chander, —, Vivek Ramaswamy, wouldn't, We've, we'll, Anish Mohanty, Mohanty, that's Organizations: Nurphoto, Kansas City Chiefs, University of Kentucky, Washington , D.C, U.S, Chinese Communist Party, CCP, CNBC, U.S . Capitol, Reuters, Republican, Democratic, Senate, White, Biden, Washington U.S, Facebook, Democratic National Committee, Climate Power, Georgetown University Law Center, Congress, Trump, TikTok, Republican Party Locations: Australia, Singapore, Mexico, Washington ,, U.S, Ohio, Washington , U.S, Washington, China, Gaza

☆ Missed the Nvidia rally? These 10 companies are buying its chips — and their stocks are rallying
▼ + stars: | 2024-03-08 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Super Micro , Tokyo Electron Device , Meta Platforms , Tata Motors and Mitsui are among the stocks that have seen the most significant gains over the past year. According to FactSet, their share price movement correlates between 93% and 98% of the time with Nvidia's stock. Super Micro Super Micro, which makes computer servers, has benefitted directly from using Nvidia's AI chips in its products. Tokyo Electron Device Tokyo Electron Device is a distributor of Nvidia's chips in Japan. Tokyo Electron Device is a listed subsidiary of Tokyo Electron , Japan's largest chip-manufacturing equipment maker.

Persons: FactSet, Meta, Mark Zuckerberg, Paul Meeks, Meeks, —, Jonathan Vanian, Weizhen Tan Organizations: Nvidia, CNBC Pro, Nvidia's, Tata Motors, Mitsui, Microsoft, Meta, Facebook, Super, Tech, Portfolio Management Locations: Tokyo, Japan

☆ Facebook is building a giant AI model to power all video recommendations, exec says
▼ + stars: | 2024-03-06 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Meta's hefty investment in artificial intelligence includes development of an AI system designed to power Facebook's entire video recommendation engine across all its platforms, a company executive said Wednesday. Tom Alison, the head of Facebook, said part of Meta's "technology roadmap that goes to 2026" involves developing an AI-recommendation model that can power both the company's TikTok-like Reels short video service and more traditional, longer videos. To date, Meta has typically used a separate model for each of its products, like Reels, Groups and the core Facebook Feed, Alison said onstage at Morgan Stanley's tech conference in San Francisco. As part of Meta's ambitious foray into AI, the company has been spending billions of dollars on Nvidia graphics processing units, or GPUs. They've become the primary chips used by AI researchers for training the types of large language models (LLMs) used to power OpenAI's popular ChatGPT chatbot and other generative AI models.

Persons: Tom Alison, Alison, Morgan Stanley's, They've, Meta Organizations: Facebook, Meta Locations: San Francisco, LLMs

☆ TikTok faces more heat in Washington, as House members introduce legislation demanding ByteDance divestiture
▼ + stars: | 2024-03-05 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

The bill says TikTok is controlled by a foreign adversary and poses a threat to U.S. national security. Earlier attempts to ban TikTok in the U.S. appear to have stalled, leaving some states like Montana to try and impose their own bans. The Pew Research Center released a survey in December showing that support for a U.S. government ban on TikTok is declining. The survey showed that 38% of U.S. adults support a TikTok ban as of October compared to 50% in March. WATCH: The Biden campaign joins TikTok, despite ban on app on government phones.

Persons: Mike Gallagher, Raja Krishnamoorthi, Gallagher, ByteDance, Shou Zi Chew, Joe Biden, Donald Trump, TikTok, Biden's, Z Organizations: Lawmakers, TikTok, U.S, Chinese Communist Party, Apple, Google, Pew Research Center, Biden Locations: U.S, TikTok, Washington ,, United States, Montana

☆ Facebook is getting rid of the News tab in the U.S. and Australia
▼ + stars: | 2024-03-01 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Meta said Thursday that it would remove a dedicated section for news articles in April that will affect Facebook users in the United States and Australia. "The number of people using Facebook News in Australia and the U.S. has dropped by over 80% last year." Meta's decision to remove the Facebook News tab comes after the company said in September that it would eliminate the news section for Facebook users in the U.K., France and Germany. However, Meta said that it "will not enter into new commercial deals for traditional news content in these countries and will not offer new Facebook products specifically for news publishers in the future." A year ago, Facebook represented about 50% the media outlets' social traffic.

Persons: Meta's Mark Zuckerberg, Zuckerberg, Jay Y, Lee, Meta, it's, Chartbeat, Similarweb, Mother Jones, Monika Bauerlein, Bauerlein, Sam Altman Organizations: Meta, Samsung Electronics, South Korean, Seoul Economic, Facebook, U.S, CNBC, Canadian, Nvidia Locations: South Korea, Seoul, United States, Australia, France, Germany

Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter. The Wall Street Journal was first to report on the expected range and valuation. Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook. Reddit's IPO will represent the first major tech offering of the year and the first social media IPO since Pinterest's Wall Street debut in 2019.

Persons: Reddit, Sam Altman's, he'd, Altman, Condé Nast, Alexis Ohanian, Steve Huffman, Airbnb, OpenAI's, John Tuttle Organizations: New York Stock Exchange, Tencent, Advance Magazine Publishers, Securities and Exchange Commission, Google, Reddit Locations: Los Angeles , California, Reddit

“We believe the claims in this suit may stem from Elon’s regrets about not being involved with the company today,” wrote OpenAI Chief Strategy Officer Jason Kwon in an internal memo on Friday that was viewed by CNBC. The next year, Musk gave nearly $20 million to OpenAI, which the attorneys reiterated was more than other backers. "We did not think either approach was right for the mission," Kwon wrote. Regarding OpenAI's transformation from an "open source foundation" to a multibillion-dollar for-profit company, Musk said, "I don't know, is this legal?" — CNBC's Lora Kolodny and Hayden Field contributed to this reportWATCH: Elon Musk lawsuit against OpenAI and Altman began a year ago

Persons: Elon Musk, Tesla, ”, Jason Kwon, Sam Altman, OpenAI, Altman, Musk, Greg Brockman, Kwon, they've, Andrej Karpathy, Karpathy, didn't, — CNBC's Lora Kolodny, Hayden Field, Elon Organizations: CNBC, Elon, Microsoft, Tesla, The New York Times, OpenAI Locations: OpenAI

☆ Snowflake shares drop 20% on CEO's retirement, weak guidance
▼ + stars: | 2024-02-29 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Snowflake said its first-quarter product revenue will total between $745 million and $750 million, compared to analysts' estimates of $759 million, per StreetAccount. The company said adjusted operation margin in the first quarter will be 3%, below the 7.2% analysts expected. mitigate C-suite uncertainty," the analysts wrote to investors in a Thursday memo. The company shut down its product and was acquired by Snowflake for $185 million last year. Before Slootman's tenure, Snowflake was helmed by former Microsoft executive Bob Muglia until his sudden ousting in April 2019.

Persons: Snowflake, Frank Slootman, Sridhar Ramaswamy, Slootman, Morgan Stanley, Ramaswamy, Bob Muglia, — CNBC's Michael Bloom, Jonathan Vanian Organizations: Google, Macquarie Equity Research, Microsoft, CNBC PRO Locations: Snowflake

☆ Snowflake says Frank Slootman is retiring as CEO; stock plunges more than 20%
▼ + stars: | 2024-02-28 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Frank Slootman, CEO of Snowflake, on the day of the company's initial public offering on Sept. 16, 2020. Snowflake said Wednesday that billionaire CEO Frank Slootman, who joined the cloud software company in 2019 and took it public the following year, is retiring and will be replaced by former Google ad chief Sridhar Ramaswamy. Slootman, 65, previously led software vendor ServiceNow into the public markets and before that led Data Domain. Operating losses for the fourth quarter were $275.5 million, up from $239.8 million during the fourth quarter of the previous year. As of Feb. 9, Slootman owned 10.6 million Snowflake shares, according to a regulatory filing.

Persons: Frank Slootman, Snowflake, Sridhar Ramaswamy, Slootman, Ramaswamy, Sridhar, Bob Muglia, Muglia, — CNBC's Jennifer Elias, Jordan Novet Organizations: Google, Data, New York Stock Exchange, Microsoft Locations: Snowflake, Neeva, Wednesday's

☆ Biden to issue executive order aimed at protecting Americans’ sensitive data from China, other 'hostile countries'
▼ + stars: | 2024-02-28 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

U.S. President Joe Biden will issue an executive order Wednesday intended to safeguard the personal data of American citizens from countries deemed hostile. The executive order centers on the business of selling people's personal information, in which companies and so-called data brokers collect and trade data. The order focusses on specific, sensitive information like genomic data, biometric data, personal health data, geolocation data, financial data and other kinds of personally identifiable information. The executive order will direct the Department of Justice to issue several regulations intended to protect sensitive data. "American privacy concerns in the data broker industry are not new, and existing laws do not sufficiently protect Americans' data from misuse," the letter said.

Persons: Joe Biden, Kamala Harris, Mitch McConnell, Mike Johnson, Chuck Schumer, Hakeem Jeffries, Biden Organizations: White, Chinese Communist Party, Department of Justice, of Homeland Security, United States Telecommunications Services, U.S, Oracle, Trump, Biden Locations: Washington , DC, U.S, China

☆ Unity shares sink on weak guidance
▼ + stars: | 2024-02-26 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Unity Software shares plummeted 17% in extended trading on Monday after the gaming software company issued weaker-than-expected guidance for the current quarter. The company said going forward, it would only provide revenue guidance for its "strategic portfolio," which includes its engine, cloud and monetization business units. The company said first-quarter guidance for its strategic portfolio would come in between $415 million and $420 million. "We are right sizing our cost structure to grow from a healthy financial position," Unity said in a shareholder letter. WATCH: Unity Software cutting 25% of workforce

Persons: Unity, John Riccitiello, James Whitehurst, Riccitiello's Organizations: Unity Software, Luna, Red Hat, Unity, Software

☆ Reddit files to list IPO on NYSE under the ticker RDDT
▼ + stars: | 2024-02-22 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +6 min

Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol "RDDT." The social networking company's core business is reliant on online advertising sales stemming from its website and mobile app. Reddit said the current addressable advertising market is $1.0 trillion, sans China and Russia. Reddit said that its non-employed moderators, known as Redditors, can participate in the company's IPO offering through its "directed share program."

Persons: Reddit, Pinterest, Alexis Ohanian, Steve Huffman, It's, DAUq, Condé Nast Organizations: Securities and Exchange Commission, New York Stock Exchange, P Global Market Intelligence, Google, eBay, . Publishing, Condé Locations: U.S, Reddit's U.S, China, Russia, Ukraine

☆ Nvidia's Data Center business is booming, up more than 400% since last year to $18.4 billion in fourth-quarter sales
▼ + stars: | 2024-02-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Nvidia's Data Center business just logged $18.4 billion in fourth-quarter sales, underscoring how the computer chip giant continues to benefit from the current boom in artificial intelligence. Analysts were expecting Nvidia's data center unit to record $17.06 billion in sales for its fiscal fourth quarter. Investors are closely watching Nvidia's Data Center business, which includes the company's H100 graphics cards that are widely used to power generative AI apps such as OpenAI's ChatGPT. Nvidia's data center unit has blossomed, particularly over the past three quarters. Fiscal Q3 2023 – data center revenue was $3.83 billion, up 31% from the year prior.

Persons: OpenAI, Mark Zuckerberg Organizations: Data Center, Meta Locations: Nvidia's

☆ Trade Desk shares soar on revenue beat and strong guidance
▼ + stars: | 2024-02-15 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Shares of The Trade Desk jumped over 18% on Thursday after the advertising technology company issued strong first-quarter guidance and beat on revenue. Here's what analysts were expecting:Earnings per share: 41 cents, adjusted vs. 43 cents expected by LSEG, formerly known as Refinitiv41 cents, adjusted vs. 43 cents expected by LSEG, formerly known as Refinitiv Revenue: $606 million vs. $582 million expected by LSEGFourth-quarter sales jumped 23% from $491 million a year ago. Net income rose 37% to $97 million, or 19 cents a share, from $71 million, or 14 cents, in the same quarter a year earlier. The Trade Desk said first-quarter sales will be at least $478 million, topping analyst estimates of $452 million, according to LSEG. WATCH: Connected TV is the most effective advertising in the world right now.

Persons: Jeff Green, that's Organizations: LSEG, CTV, Meta

☆ Meta says Broadcom CEO Hock Tan is joining board of directors
▼ + stars: | 2024-02-14 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +1 min

Meta said Wednesday that Broadcom CEO president Hock Tan and philanthropist and former Enron executive John Arnold are joining the company's board of directors. Tan has been leading the semiconductor giant since 2006, giving him extensive international experience working in computing infrastructure technology. "As we focus on building AGI, having directors with deep expertise in silicon and energy infrastructure will help us execute our long term vision," Meta CEO Mark Zuckerberg said in a statement. The technical backgrounds of the incomers contrast with former Meta operating chief Sheryl Sandberg, who recently said she would step down from the company's board. Tan and Arnold join a board that includes former PayPal Executive Vice President Peggy Alford, venture capitalist Marc Andreessen, Dropbox CEO Drew Houston, former U.S. deputy secretary of the treasury Robert M. Kimmitt and DoorDash CEO Tony Xu.

Persons: Meta, Hock Tan, John Arnold, Tan, Mark Zuckerberg, Sheryl Sandberg, Sandberg, Zuckerberg, Arnold, Peggy Alford, Marc Andreessen, Drew Houston, Robert M, Tony Xu, Meta's Ray Organizations: Broadcom, Enron, Meta, Google, Arnold Ventures, Grid United Locations: Houston, U.S

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