Techmeme
October 27, 2022, 10:35 AM

Top News

Edward Ludlow / Bloomberg:
Todd Spangler / Variety:
Elon Musk seeks to reassure Twitter advertisers, arguing his goal is not “to make more money” and the service “cannot become a free-for-all hellscape”  —  Mega-billionaire Elon Musk, nearing the finish line in his rocky takeover of Twitter, posted an open letter …
Wall Street Journal:
Sources: ahead of Elon Musk's takeover, advertisers on Twitter are concerned about looser content moderation and potential conflicts of interest for auto ads  —  Marketers worry about the Tesla CEO's stance on content moderation, potential conflicts in auto advertising if the Twitter deal completes
Wall Street Journal:
Meta - Investor Relations:
Meta reports Q3 revenue down 4% YoY to $27.7B, net income down 52% YoY to $4.4B, family daily active people up 4% YoY to 2.93B, and headcount up 28% YoY  —  MENLO PARK, Calif. - October 26, 2022 - Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2022.
Sofia Pitt / CNBC:
Meta's stock plummets 22%+, opening around $100, the lowest price since 2016, as investors are spooked by excessive investment into the metaverse  —  - The parent company of Facebook reported its second straight quarterly decline.  — Meta's Reality Labs division, which houses its VR headsets …
Nelson Wang / CoinDesk:
Meta reports Reality Labs had a $3.67B loss in Q3 on $285M in revenue, vs. $406M est., and says the unit's operating loss will grow “significantly” in 2023  —  Meta's revenues for the division came in at $285 million, down from $452 million in the second quarter.
Sohee Kim / Bloomberg:
Samsung Electronics formally names de facto leader Jay Y. Lee executive chairman; his ascension had been delayed by graft investigations and two stints in jail  —  Samsung Electronics Co. named Jay Y. Lee executive chairman of South Korea's largest company, finalizing a long-anticipated elevation …
Tom Warren / The Verge:
Microsoft says Xbox Game Pass is profitable and accounts for ~15% of Xbox's content and services revenue, after sharing PC Game Pass subscriptions rose 159% YoY  —  Microsoft Gaming CEO Phil Spencer has revealed that the company's Xbox Game Pass subscription service is already profitable.
Kirsten Korosec / TechCrunch:
Autonomous vehicle startup Argo AI, which raised $2.6B+, is shutting down; sources say parts of the company and some employees would be absorbed by Ford and VW  —  Argo AI, an autonomous vehicle startup that burst on the scene in 2017 stacked with a $1 billion investment, is shutting down …
David Gutman / The Seattle Times:
A Washington judge fines Meta ~$24.7M, the maximum possible amount, after finding the company intentionally violated campaign finance disclosure laws 822 times  —  Meta, Facebook's parent company, was fined nearly $25 million Wednesday for intentionally and repeatedly violating Washington's campaign finance laws.
The Wire:
The Wire apologizes, saying technical evidence should have been independently verified and that it was deceived “by a member of our Meta investigation team”  —  Last week, The Wire formally retracted its Meta stories after conducting an internal review of the technical source material used …
Reuters:
Sources: the US DOJ launched a criminal probe into Tesla in 2021 that is still underway, following over a dozen crashes, some fatal, with Autopilot activated  —  Tesla Inc (TSLA.O) is under criminal investigation in the United States over claims that the company's electric vehicles can drive themselves …
Han Chen / Axios:
Report: US state and local governments kept buying Chinese telecom equipment despite a federal-level ban; only five states have rules to limit such purchases  —  Despite federal efforts to block Chinese telecom equipment from U.S. supply chains, state and local governments across …
Mia Sato / The Verge:
Snap rolls out Director Mode for Snapchat, offering users more powerful video tools, including a green screen and a BeReal-style dual camera mode  —  Snapchat is giving users more powerful video tools through a new feature called Director Mode.  It's available starting today globally for iOS and Android.
Mack DeGeurin / Gizmodo:
The UK's ICO warns organizations about the risks of using “emotional analysis” tech, and plans to publish its biometric guidance in spring 2023  —  The watchdog's deputy commissioner warned the tech wasn't backed by science and that any benefits were outweighed by the risks.  —  Alerts
Rest of World:
Didi, Kuaishou, Huawei, TikTok, and other Chinese tech companies are expanding in Latin America and poaching talent from each other, as competition intensifies  —  These young employees are so coveted that Chinese tech companies are quick to poach each other's talent.  —  • MEXICO CITY, MEXICO

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Wayne Ma / The Information: