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☆ Federal judge blocks Ohio law regulating kids’ access to social media
▼ + stars: | 2024-02-13 | by ( Brian Fung | ) edition.cnn.com time to read: +1 min

Washington CNN —A federal judge has temporarily blocked an Ohio law seeking to regulate kids’ access to social media platforms, saying that the law is likely unconstitutional. Monday’s order by District Judge Algenon Marbley reiterates what Marbley said last month when he issued an emergency order halting the Ohio law from going into effect. Ohio’s legislation would have required social media platforms to obtain parental consent before creating accounts for children under age 16. It’s the latest blow to states that have vowed a crackdown on social media in the face of mounting claims that the technology contributes to mental health harms. And it highlights the many legal hurdles facing calls to ban social media for young Americans.

Persons: Algenon Marbley, Marbley, “, ” Marbley Organizations: Washington CNN, US, Court, Southern, Southern District of, NetChoice Locations: Ohio, Southern District, Southern District of Ohio, Arkansas , California, Utah

☆ Outside the US, teens’ social media experiences are more tightly controlled
▼ + stars: | 2024-02-13 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

Here’s a closer look at how child safety is regulated on social media platforms in other parts of the world. “It will take a couple of years until the first round of the audits of social media companies mandated in the DSA are published,” he said. Can social media companies be sued in the EU? At the same time, however, China’s government also largely blocks access to social media platforms as part of its efforts to monitor and censor the internet. And in Brazil, a data protection law includes special protections for children’s data, including consent to share personal data.

Persons: Here’s, Apple –, what’s, haven’t, Fernando Hortal Foronda, ”, “, Asha Allen, Brian Fung, Clare Duffy Organizations: CNN, European, Meta, Apple, Digital Services, Companies, Big Tech, EU, European Consumer Organisation, DSA, ” Tech, European Commission, EU’s Digital Service, Centre of Democracy and Technology, Justice, European Union, Minor Protection Locations: EU, Centre of Democracy and Technology Europe, China, India, Brazil

☆ FCC votes to outlaw scam robocalls that use AI-generated voices
▼ + stars: | 2024-02-08 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

The unanimous FCC vote extends anti-robocall rules to cover unsolicited AI deepfake calls by recognizing those voices as “artificial” under a federal law governing telemarketing and robocalling. The FCC’s move gives state attorneys general more legal tools to pursue illegal robocallers that use AI-generated voices to fool Americans, the FCC said. “Bad actors are using AI-generated voices in unsolicited robocalls to extort vulnerable family members, imitate celebrities, and misinform voters,” said FCC Chairwoman Jessica Rosenworcel in a statement. In 2021, the FCC announced a $5 million proposed fine against right-wing operatives Jacob Wohl and Jack Burkman for allegedly using illegal robocalls to discourage voting in the 2020 election. As the FCC updates its interpretation of federal law, some US lawmakers have proposed revising the law directly to further deter illegal robocallers.

Persons: “, ”, Jessica Rosenworcel, “ We’re, Joe Biden, robocalls, Jacob Wohl, Jack Burkman, Andrew Schwartzman Organizations: Washington CNN, Federal Communications Commission, FCC, Protection, New, Authorities, YouMail, House Democrats, Benton Institute for Broadband & Society, ” Locations: New Hampshire, Texas

☆ DOJ antitrust case targeting Google’s ad-tech business will go to trial in September, federal judge rules
▼ + stars: | 2024-02-05 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —A blockbuster lawsuit by the US government against Google’s ad business will go to trial in September, according to a federal judge. The case regarding Google’s advertising technology is the first antitrust suit against a Big Tech company brought by the Biden administration, which has pledged to vigorously enforce the nation’s competition laws, particularly in the tech sector. It follows a multi-week trial last fall that challenged Google’s prime position as the default search engine on millions of devices. The search case was first filed by the Justice Department during the Trump administration. Closing arguments in the Google search case are expected to take place in the spring.

Persons: Washington CNN —, Leonie Brinkema, Biden, Trump Organizations: Washington CNN, Court, Eastern, of, Big Tech, DOJ, Google, Justice Department Locations: of Virginia

☆ Manipulated Biden video can remain online, Meta’s Oversight Board rules
▼ + stars: | 2024-02-05 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN —A video on Facebook manipulated to suggest that President Joe Biden behaves inappropriately toward women can remain on the platform, but only because of a problematic loophole in Meta’s “incoherent” policies, the company’s Oversight Board said Monday. The Board reviewed the case after a user who reported the video appealed Meta’s decision not to remove the content. Meta’s manipulated media policy applies only to video that has been altered by artificial intelligence and that makes it appear as if a person said something they did not. Because Biden video did the things portrayed in the video – even if it was heavily edited to create a false impression – the video was allowed to stay on the platform. Meta’s policy on manipulated media provides exemptions for parody and satire, as well as selectively edited content that omits or changes the order of words said in a video.

Persons: Joe Biden, Biden, Meta’s, Meta, ”, “, Nancy Pelosi, factchecker, Pelosi Organizations: Washington CNN, Facebook, Meta

☆ Loss, pain, harm: Grieving parents set the tone at this week’s tech CEOs hearing. It could change things
▼ + stars: | 2024-02-03 | by ( Clare Duffy | ) edition.cnn.com time to read: +6 min

New York CNN —Wednesday’s online youth safety hearing with some of the world’s leading social media CEOs was unlike the many that came before it in recent years. During the hearing, Zuckerberg and Spiegel, along with the CEOs of TikTok, Discord and X, also faced calls to meet with the families affected by their platforms. And Wednesday night, after the event, some parents said the apologies did not go far enough. X CEO Linda Yaccarino thanked the “parents, families, and young people” who attended the hearing in a post on the platform. “We just saw yesterday the extent of the damage that this has done, these platforms have done,” he said.

Persons: Mark Zuckerberg, Evan Spiegel, Zuckerberg, Spiegel, Bridget Norring, “, Joe Benarroch, Linda Yaccarino, ”, ” Clint Smith, ” Snap’s Spiegel, Charlie, Connecticut Democrat Sen, Richard Blumenthal, ” Minnesota Democrat Sen, Amy Klobuchar, they’d, New York Democrat Sen, Chuck Schumer, …, Schumer, ” Sam Chapman, Missouri Republican Sen, Josh Hawley, Dick Durbin, Hawley, we’re, –, Brian Fung, Morgan Rimmer Organizations: New, New York CNN, CNN, ”, Meta, Connecticut Democrat, ” Minnesota Democrat, New York Democrat, Missouri Republican, Democratic Locations: New York, Snapchat, Connecticut, ” Minnesota

☆ Congress hasn’t been able to make social media safer. Here’s why
▼ + stars: | 2024-02-01 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

This has been true since the early 2010s, when tech companies began realizing the benefits of influencing policymakers on issues including net neutrality and privacy. This week, Microsoft announced its support for the Kids Online Safety Act, a leading social media bill. Even when lawmakers can agree on what the problem is, they often disagree on how to solve it, creating a smorgasbord of half a dozen or more social media bills floating around Congress. That would be a huge down payment on a future social media law, said Balkam. But even that proposal is still subject to many of the same dynamics that make social media regulation hard.

Persons: Washington CNN —, ”, Danny Weiss, Ben Thompson, Adam Kovacevich, “ That’s, hasn’t, Republican stonewalling, Weiss, Kovacevich, ” Kovacevich, I’m, ” Weiss, Chuck Schumer, Mike Johnson, Schumer, Nancy Pelosi’s, “, Johnson didn’t, Evan Greer Organizations: Washington CNN, Big Tech, Tech, Sense, Microsoft, Kids, LinkedIn, of, Republican, CNN Locations: Washington, United States

Co-founder and CEO of Snap Inc. Evan Spiegel attends the Senate Judiciary Committee hearing on online child sexual exploitation at the U.S. Capitol, in Washington, on January 31. In prepared testimony reviewed by CNN, Spiegel will say that on average, most Snapchat users connect directly with their friends. "We designed Snapchat to open into the camera, instead of a content feed, to encourage creativity instead of passive consumption," Spiegel will testify. "When people share their Story with friends on Snapchat there are no public likes or comments." A California judge recently ruled that Snap must face a lawsuit over children's fentanyl purchases linked to the app.

Persons: Evan Spiegel, Nathan Howard, Spiegel, Connecticut Democratic Sen, Richard Blumenthal, Tennessee Republican Sen, Marsha Blackburn Organizations: Snap Inc, U.S . Capitol, Reuters, CNN, Connecticut Democratic, Tennessee Republican Locations: Washington, California

☆ Big Tech executives to appear at Senate hearing to defend social media’s impact on teens
▼ + stars: | 2024-01-31 | by ( Brian Fung | Clare Duffy | ) edition.cnn.com time to read: +6 min

Zuckerberg is expected to tout the company’s more than 30 safety controls, according to prepared testimony released ahead of the hearing. In recent weeks, Meta has also begun hiding more “age-inappropriate” content in teens’ feeds and restricting teens from receiving direct messages from people they don’t follow. Ideally, Clegg said, Zuckerberg would authorize as many as 124 new hires, but acknowledged that financial pressures could make it difficult. After months of radio silence from Zuckerberg, Clegg tried to follow up, this time with a slimmed-down proposal that envisioned either 25 new hires or, if even that was infeasible, just seven. “This would be the bare minimum needed to meet basic policymaker inquiries,” Clegg wrote to Zuckerberg on Nov. 10, 2021.

Persons: “ We’re, ” Connecticut Democratic Sen, Richard Blumenthal, Mark Zuckerberg, Zuckerberg, Evan Spiegel, Rosemarie Calvoni, Meta, Calvoni, ”, ” Calvoni, Arturo Béjar, ’, Tennessee Republican Sen, Marsha Blackburn, Sheryl Sandberg, Global Affairs Nick Clegg, Clegg —, —, Clegg, ” Clegg, Sandberg, “ Organizations: Washington CNN, Meta, Twitter, ” Connecticut Democratic, Facebook, Blumenthal, Tennessee Republican, Global Affairs Locations: ” Connecticut, Massachusetts

☆ Premarket stocks: Blue chips are crumbling. Here’s why
▼ + stars: | 2024-01-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Blue chip stocks have long been synonymous with stability and reliability. Named for the most valuable poker chips, these stocks supposedly represent the crème de la crème of the corporate world, companies like Disney, General Motors and Verizon. Known for their strong financial foundations, longevity, and a healthy flow of dividends, blue chip stocks have long been the go-to for investors seeking steady returns. Their values have surged so high that they’ve been buoying the broader market even as many blue chips have struggled. The problem is that despite being included in blue chip ETF indexes, companies like Nvidia and Tesla aren’t truly blue chip stocks, George Pearkes, an analyst at Bespoke, told CNN.

Persons: Tesla, ”, Henry Allen, George Pearkes, Mark Zuckerberg, Zuckerberg, Linda Yaccarino, Evan Spiegel, Jason Citron, Read, Brian Fung, Joe Biden, Frank Pallone Organizations: CNN Business, Bell, New York CNN, Disney, General Motors, Verizon, Nvidia, Apple, Microsoft, Meta, Investment, Nasdaq, Big Tech, Deutsche Bank, Tesla, Target, Pfizer, Nike, Charter Communications, CNN, Tech, —, House Democrats, New, New Hampshire voters, YouMail, House Energy, Commerce Locations: New York, DC, —, New Hampshire

☆ Kids aren’t safe on social media, lawmakers say. Tech CEOs are back in DC this week to pledge (again) that they’ll handle it
▼ + stars: | 2024-01-29 | by ( Brian Fung | Clare Duffy | ) edition.cnn.com time to read: +8 min

Until now, the social platforms have largely had the same response: We’ll help teens and families make smart decisions themselves. But now, with growing claims that social media can hurt young users, including worries that it risks driving them to depression or even suicide, online safety advocates say that response falls far short. This month Meta announced a proposed blueprint for federal legislation calling for app stores, not social media companies, to verify users’ ages and enforce an age minimum. Safety action beyond CongressAs efforts to rein in tech platforms have ground to a standstill on Capitol Hill, much of the momentum for regulating social media has picked up outside the halls of Congress. Elsewhere, state-backed and consumer lawsuits against the companies are ramping up pressure to regulate tech platforms as the litigation reveals more about their inner workings.

Persons: Mark Zuckerberg, Zuckerberg, Linda Yaccarino, Evan Spiegel, Jason Citron, ”, Jeff Chester, TikTok, ’, Meta, ’ Instagram, Frances Haugen, Josh Golin, Zamaan Qureshi, Qureshi, Elon Musk, X, ” Golin Organizations: CNN, —, Center for Digital Democracy, Meta, Center, ” Locations: —, Arkansas , Louisiana , Ohio , Utah, Austin , Texas

☆ House Democrats propose crackdown on fake, AI-generated robocalls
▼ + stars: | 2024-01-29 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

The number of robocalls placed in the US peaked at around 58.5 billion in 2019, according to estimates by YouMail, a robocall blocking service. For all robocalls, including those Americans have authorized from their bank or doctor’s office, any use of AI would have to be disclosed under the proposed law. But even as officials have gained some ground on unwanted robocalls, those making the calls are increasingly turning to new technologies such as artificial intelligence to stay a step ahead. It would also seek to force phone providers to offer free robocall-blocking services to consumers and require the FCC to maintain a public list of the top 100 illegal robocall campaigns. Other Democratic co-sponsors of the legislation include Illinois Rep. Jan Schakowsky, California Rep. Doris Matsui, Florida Rep. Darren Soto and Illinois Rep. Eric Sorensen.

Persons: Joe Biden, Frank Pallone, Pallone, ” Pallone, Jan Schakowsky, Doris Matsui, Darren Soto, Eric Sorensen Organizations: Washington CNN, House Democrats, New, New Hampshire voters, YouMail, CNN, House Energy, Commerce, Federal Communications Commission, Regulators, Industry, FCC, Federal Trade Commission, Democratic, Illinois, California Rep Locations: New Hampshire, California, Florida

☆ Premarket stocks: The US is pulling ahead in the economic race with China
▼ + stars: | 2024-01-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It appears that a soft landing, where price rises are tamed and the economy manages to avoid recession, is possible. Before the Bell: Is it fair to say that the US is outpacing China in the race for economic supremacy? Just last year people might have said the opposite — that the US was heading towards recession and the Chinese economy was thriving. It is remarkable to see the US economy blazing ahead while the Chinese economy sputters and slips into deflation. What else should investors be aware of when they read about the Chinese economy?

Persons: Bell, Eswar Prasad, Jamie Dimon, he’s, Marianne Lake, Jennifer Piepszak, Piepszak, Troy Rohrbaugh, Rohrbaugh, Dimon, hasn’t, “, Brian Fung, Oregon Democratic Sen, Ron Wyden, Biden Organizations: CNN Business, Bell, New York CNN, Cornell University, International Monetary, JPMorgan, JPMorgan Chase, Bloomberg, NSA, National Security Agency, Oregon Democratic, Pentagon, CNN Locations: New York, China, Oregon

☆ The NSA buys Americans’ internet data, newly released documents show
▼ + stars: | 2024-01-26 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

Washington CNN —The National Security Agency has been buying Americans’ web browsing data from commercial data brokers without warrants, intelligence officials disclosed in documents made public by a US senator Thursday. The purchases involve what Nakasone described as netflow data, or the technical information generated by devices as they use the internet. Nakasone added that the NSA does not purchase cellphone location data of Americans or location data generated by automotive infotainment systems in the United States. “NSA purchases commercially available Netflow data for its cybersecurity mission, to include but not limited to inform the Agency’s collection, analysis, and dissemination of cyber threat intelligence,” an NSA official said. As part of Thursday’s announcement, Wyden wrote a letter to the Biden administration urging it to stop the warrantless surveillance of Americans through the purchases of internet data.

Persons: Oregon Democratic Sen, Ron Wyden, Biden, ”, Paul Nakasone, Wyden, Nakasone, “, Ronald Moultrie, Allison Nixon, ” Nixon, Timothy Haugh, ” Wyden, Avril Haines, Haines, Lina Khan, CNN’s Sean Lyngaas Organizations: Washington CNN, National Security Agency, Oregon Democratic, Pentagon, CNN, The New York Times, NSA, Defense Department, cyberattacks, Defense Intelligence Agency, Federal Trade Commission, InMarket Media, FTC Locations: Oregon, United States, U.S

☆ Apple announces sweeping changes for apps in Europe, including allowing third-party app stores for the first time
▼ + stars: | 2024-01-25 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

CNN —Apple announced sweeping new changes to its handling of apps in Europe on Thursday, including plans to allow third-party app stores on iPhones and iPads for the first time in company history and significant cuts to Apple’s app store fees. The unprecedented updates, which are a response to new European regulations set to take effect in March, reflect some of the most consequential changes to Apple’s app business since the debut of its proprietary app store 15 years ago, which forms the bedrock of its walled garden ecosystem. And for developers, other changes to Apple’s terms may give them more flexibility in how they market themselves to users. Under the changes, Apple said it will allow users to download third-party app stores onto their devices from websites outside of Apple’s own ecosystem. The app stores, Apple said, will exist as standalone apps on an iOS device with the authority to install other apps offered by those third-party marketplaces.

Persons: CNN —, Apple Organizations: CNN, CNN — Apple, Union, Apple Locations: Europe, Union, Apple’s

☆ 5 huge challenges facing Apple this year
▼ + stars: | 2024-01-25 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +9 min

Behind in generative AI. A recent Reuters report noted iPhone sales in China dropped 30% in the first week of the year amid pressure from rival Huawei. Still, Barclays downgraded Apple stock earlier this month citing disappointing iPhone 15 sales in China and softening demand for the latest iPhone. Apple also faces challenges around the upcoming rollout of the Vision Pro headset, which will be its riskiest product launch in years. Tim Cook, chief executive officer of Apple Inc., speaks during a launch event for the new Apple iPhone 15 at Apple Park in Cupertino, California, on September 12, 2023.

Persons: ”, David McQueen, ALY, Dan Ives, Apple, Justin Sullivan, Jitesh, IDC –, that’s, It’s, Siri, McQueen, “, Ming Yeung, Tim Cook, Nic Coury, hasn’t, Brian Fung, Clare Duffy Organizations: CNN, Microsoft, Apple, ABI Research, Huawei, Reuters, Apple Watch, International Trade Commission, IDC, Meta, Google, Samsung, Mac, Barclays, Apple Inc, Getty, EU, Markets, Epic Locations: China, Shanghai, Cupertino , California, Milan, Italy, AFP

☆ Amazon’s Ring to shutter video-sharing program popular with police
▼ + stars: | 2024-01-24 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Authorities seeking Ring surveillance videos must now submit a formal legal request to the company, rather than soliciting footage directly from users through the app, Ring said in a blog post Wednesday. Hundreds of law enforcement agencies have struck up partnerships with Ring, according to a tracker maintained by the consumer advocacy group Fight for the Future. But, he warned, it would not necessarily stop police from continuing to persuade Ring users to voluntarily give up their rights. Police are able to contact Ring users off the app. And Ring users can still decide if they want to voluntarily send video, sounds or images from their Ring devices to law enforcement.

Persons: ”, Evan Greer, Matthew Guariglia, Guariglia, didn’t, Ring, Massachusetts Democratic Sen, Ed Markey, “, enforcement’s Organizations: CNN, “, Electronic Frontier Foundation, Police, Fraternal, of Police, EFF, Massachusetts Democratic Locations: Massachusetts

☆ Texas man sues Macy’s and Sunglass Hut parent over wrongful arrest linked to facial recognition
▼ + stars: | 2024-01-23 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

CNN —A Texas man is suing Macy’s and the parent company of Sunglass Hut after the two companies allegedly relied on error-prone facial recognition technology to falsely accuse him of armed robbery. “They were misled by Sunglass Hut and Macy’s and the reason why Murphy was jailed is because of the actions of these companies. In 2020, the American Civil Liberties Union challenged Detroit’s police department over what the group described as the first known wrongful arrest involving facial recognition. Facial recognition concernsFor years, civil liberties and privacy experts have warned of the risks of overly casual facial recognition use or an overreliance on the technology, and the possibility that algorithmic bias could lead to misidentification, racial discrimination or other unintended consequences. The FTC has similarly moved to restrict Instagram-parent Meta from using facial recognition technology, which Meta has challenged in court.

Persons: CNN —, Macy’s, Harvey Murphy Jr, Murphy’s, Murphy, ”, Daniel Dutko, “, EssilorLuxottica didn’t, EssilorLuxottica, Dutko, ” Dutko, Sunglass, “ We’re, they’re, ‘ We’ve, Meta Organizations: CNN, The Washington Post, Houston police, Department of Motor Vehicles, Houston, American Civil Liberties Union, Office, Federal Trade Commission, Aid, FTC Locations: Texas, Sunglass, Harris County, Houston, Sacramento , California, Harris, EssilorLuxottica, Michigan, Detroit

☆ eBay is laying off 1,000 employees, about 9% of its staff
▼ + stars: | 2024-01-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —eBay is cutting 1,000 roles, about 9% of its full-time employees, the company’s CEO announced online Tuesday. CEO Jamie Iannone cited the “challenging macroeconomic environment” as an external pressure but added that there are factors the company can control. “We’re committed to treating everyone with respect and empathy through this transition and providing impacted employees with support and resources,” Iannone said. The eBay action is the latest round of layoffs to hit the tech industry in the first month of 2024, after an already difficult 2023 for the sector. Almost 11,000 tech employees have been laid off at 63 companies so far in 2024, according to data from layoffs.fyi.

Persons: Jamie Iannone, Iannone, ”, “ We’re, ” Iannone, Sundar Pichai, ” Duolingo, Brian Fung, Jennifer Korn, Clare Duffy, Catherine Thorbecke Organizations: New, New York CNN, eBay, Google Locations: New York, layoffs.fyi

☆ Republican AGs back Texas and Florida social media regulations at US Supreme Court
▼ + stars: | 2024-01-22 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —Social media companies should be treated as utilities such as telephone or telegraph companies, a group of states led by Republican attorneys general told the US Supreme Court on Monday. Contested state laws forcing social media companies to carry all online speech are constitutional because tech platforms enjoy “hyperconcentration” of economic power, the group argued. The high-stakes case could determine the future of social media moderation and online political speech and is expected to go to oral argument next month. The case could have implications on the posts that people and institutions make on social media during this presidential election cycle. In their brief, the states noted “striking similarities between social media companies and telegraph and telephones,” and that those similarities justify tough new rules barring discrimination on the basis of political viewpoint.

Organizations: Washington CNN — Social, Republican, US, Meta, Facebook, ” Tech Locations: Arizona, Texas, Florida

☆ Feds crack down hard on selling of personal data without consent
▼ + stars: | 2024-01-19 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

CNN —The US government is coming down hard on a data broker accused of selling consumers’ detailed location histories without their consent, highlighting privacy regulators’ growing focus on a sensitive and revealing form of personal information. But InMarket never got those people’s informed consent before using that data for advertising, according to the FTC. In addition to banning InMarket from selling or licensing the data, it also forced the company to either delete all of its previously collected location data or to take steps to anonymize it. Policy experts have highlighted the potential for location data to reveal whether a person has sought certain medical care. “All too often, Americans are tracked by serial data hoarders that endlessly vacuum up and use personal information,” FTC Chair Lina Khan said in a statement on the InMarket settlement.

Persons: InMarket, ”, ” InMarket, “, Roe, Wade, Thursday’s, —, Lina Khan, “ We’ll Organizations: CNN, Federal Trade Commission, InMarket Media, FTC, Google Locations: Texas

☆ Premarket stocks: Buybacks could rebound this earnings season
▼ + stars: | 2024-01-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Stock buybacks struggled to recover last year after taking a hit in 2022, even as corporate earnings began to rebound. Investors view buybacks as an indication that a company’s leadership believes its own shares are undervalued and are confident about its future performance. Buybacks also tend to push up share prices due to the added demand. ONEOK, a natural gas company, on Wednesday unveiled a $2 billion share repurchase program. The week’s total for initial claims landed far below economists’ projections for 205,000 initial claims, according to FactSet estimates.

Persons: Stock buybacks, Buybacks, buybacks, “, ”, Howard Silverblatt, Dow, Sundar Pichai, Brian Fung, Pichai, ” Pichai, Read, —, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, Deutsche Bank, Wednesday, Deutsche, Federal Deposit Insurance Corporation, Dow Jones, Google, CNN, of Labor Locations: New York, Lennar, buybacks

☆ Google CEO’s internal memo warns of further layoffs ahead
▼ + stars: | 2024-01-18 | by ( Brian Fung | ) edition.cnn.com time to read: +1 min

Some parts of Google’s business will not be hit by this year’s changes, he said. “The reality is that to create the capacity for this investment, we have to make tough choices …. The memo came as The New York Times reported Wednesday that Google-subsidiary YouTube was laying off 100 workers. CNN has not independently verified the YouTube layoffs. A Google spokesperson confirmed to CNN the existence of Pichai’s memo as well as the YouTube layoffs, which affect roughly 100 roles in the company’s partnerships organization that handles outreach to YouTube content creators.

Persons: Sundar Pichai, Pichai, “, ” Pichai Organizations: CNN, ”, Google, New York Times, YouTube

☆ Sheryl Sandberg to leave Meta board
▼ + stars: | 2024-01-17 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Former longtime Meta chief operating officer Sheryl Sandberg will not remain on the company’s board of directors after her term ends in May, she said in a Facebook post Wednesday. “With a heart filled with gratitude and a mind filled with memories, I let the Meta board know that I will not stand for reelection this May,” Sandberg said in the post. Meta did not immediately respond to a request for comment about Sandberg’s decision to leave the board. In partnership with Zuckerberg, Sandberg helped grow Facebook’s revenue from roughly $150 million in 2007 to more than $3.7 billion in 2011, the year before it went public. In 2022, the year Sandberg stepped down as COO, Meta posted total annual revenue of $116.6 billion.

Persons: Sheryl Sandberg, ” Sandberg, Sandberg, Mark Zuckerberg “, Sheryl, ” Zuckerberg, ”, Meta, Bill Clinton, Zuckerberg, “ Sheryl architected, Riley Gutiérrez McDermid, Brian Fung, Rishi Iyengar Organizations: New, New York CNN, Meta, Facebook, Lean, Google, World Bank, Treasury Department Locations: New York, reorient

☆ OpenAI sets rules to combat election misinformation. It’s been tried before
▼ + stars: | 2024-01-16 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Under its policies, OpenAI said in a blog post, users may not create chatbots posing as political candidates or government agencies and officials, such as the secretaries of state who administer US elections. But even social media firms that are much bigger than OpenAI, and that dedicate massive teams to election integrity and content moderation, have often shown that they struggle to enforce their own rules. OpenAI is likely to be no different — and a lack of federal regulation is forcing the public to simply take the companies at their word. Meta said last year it would bar political campaigns from using generative AI tools in their advertising and require politicians to disclose the use of any AI in their ads. In Congress, some lawmakers have proposed a national ban on the deceptive use of AI in all political campaigns, but that legislation has not advanced.

Persons: OpenAI, Meta, “, Chuck Schumer, deepfakes, Joe Biden’s, Arpit Garg, Biden Organizations: CNN, Big Tech, YouTube, Commission

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