Techmeme
October 27, 2022, 1:05 PM

Top News

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
Edward Ludlow / Bloomberg:
Wall Street Journal:
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 …
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.
Nelson Wang / CoinDesk:
Joe Rossignol / MacRumors:
Following complaints from prominent developers, Apple says it has “paused ads related to gambling and a few other categories on App Store product pages”  —  Apple today rolled out new ad placements in the App Store on the iPhone, allowing developers to advertise their apps in more places …
The Verge:
Spotify updates its iOS app to remove audiobook purchasing options, saying in a message to users that “it's not ideal”, to comply with Apple's App Store rules  —  An update for Spotify's iOS app released Thursday had a big change for its audiobooks vertical — and not for the better.
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 …
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 …
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.
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.
Reuters:
Canalys: smartphone shipments in China fell 11% YoY to 70M in Q3; Vivo, Oppo, Honor fell 23%, 27%, and 16%, respectively; Apple rose 36% on iPhone 14 Pro demand  —  Smartphone shipments in China fell 11% year-on-year in Q3 2022, with privately-owned Vivo taking the top spot, research firm Canalys reported on Thursday.
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 …

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Han Chen / Axios: