Techmeme
October 27, 2022, 3:45 PM

Top News

Sofia Pitt / CNBC:
Meta's stock plummets 22%+, opening at ~$100, the lowest price since 2016, after Mark Zuckerberg reiterated his commitment to spending billions on the metaverse  —  - The parent company of Facebook reported its second straight quarterly decline.  — Meta's Reality Labs division …
Alex Barinka / Bloomberg:
Todd Spangler / Variety:
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 car 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:
Edward Ludlow / Bloomberg:
The Verge:
Spotify updates its iOS app to remove audiobook purchasing instructions, replaced with a message saying “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.
Mia Sato / The Verge:
Sohee Kim / Bloomberg:
Samsung Electronics formally names de facto leader Jay Y. Lee as executive chairman; his ascension was 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 “a member of our Meta investigation team” deceived the outlet  —  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 $24.66M, 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.
Financial Times:
Sources: TikTok plans to add a dedicated gaming tab to its app, announced as soon as November 2, featuring ad-supported mobile games and in-game purchases  —  Dedicated tab on platform's homepage is company's first venture beyond videos  —  TikTok is making a big push into gaming …
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.

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