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“A million dollars isn’t cool. Do you know what’s cool? A billion dollars.” So early Facebook investor Sean Parker’s character said to a young Mark Zuckerberg in the film The Social Network.
Ten years on, the founder and chief executive of Facebook may have a new answer to what’s cool: a $150bn market capitalisation, almost $8bn in revenue and personal wealth estimated at $30bn. Read more
Yahoo has lost its chief operating officer who was in charge of steering the internet company’s advertising business, as it continues to lose share in the digital ad market.
Henrique de Castro is leaving swiftly after reports he fell out with Marissa Mayer, who poached him from her former home Google as part of her turnaround plan for the purple-plastered company. Read more
Jelly is designed for users to tap the knowledge of their networks, sending photos and asking questions of their friends and friends of friends. Mr Stone, who left day-to-day operations at Twitter a couple of years ago, co-founded the company in April but until now the product had top secret. Read more
President Barack Obama will meet technology leaders on Tuesday morning for a two-hour discussion about everything from the National Security Agency’s mass surveillance programme, to how the industry can address income inequality.
Big name tech executives from the eight companies which called on the US government to stop the spy agencies collecting such vast amounts of communications data will be pressing their case home “aggressively”, according to a spokesperson for one of the companies. Read more
Apple, the world’s largest public company by market capitalisation, has a problem. The lawyer appointed to ensure it is not price-fixing e-book sales is just too expensive.
The iPhone and iPad maker complained to the New York court this week that Michael Bromwich’s $1,100 an hour fee is “excessive” and he has not justified it as either “reasonable” or customary”. Read more
Until Twitter revealed its list of principal shareholders in its initial public offering filing, few knew who actually owned the company.
But now a new book published on Tuesday reveals how three co-founders split the stock and why Evan Williams may be the only one to become a billionaire from the offering.
Pinterest – the online scrapbook which started to show adverts just this month – has been valued at whopping $3.8bn in its latest round of fundraising.
This more than 50 per cent rise in valuation in only eight months shows investors have faith the site is transforming from the home of Mid-Western wedding planners to a store front for big brand marketers. Read more
By Hannah Kuchler in San Francisco and Arash Massoudi in New York
Any worries that Alibaba, China’s largest e-commerce company, would not be able to list its shares in the US appear to have been put to rest. The company, which is preparing for an initial public offering in the coming months, has received assurances from the New York Stock and Nasdaq that the partnership structure for its expected share offering will be permitted under the rules of both exchanges. According to media reports confirmed by a person familiar with the matter, Alibaba will now be able to go public with the structure that the Hong Kong Exchange refused to accept. NYSE, Nasdaq and Alibaba declined to comment. Read more
Twitter released an updated version of its initial public offering filing on Tuesday afternoon in the US, announcing it will list on the NYSE and giving details about its last three months as a private company.
Here are five things you need to know from the messaging platform’s release:
1. Losses are mounting. Net losses widened significantly from June to September, rising from $70m in the first six months, to $134m for the first nine months as the cost of revenue increased. Read more
Lookout, a leader in mobile security, has raised $55m in a fundraising round which saw Deutsche Telekom, the German telecoms company, and Qualcomm, the chipmaker.
The money will be used for expanding into selling its software to businesses and protecting the “Internet of Things”.
The San Francisco-based company also raised money from VC firms Greylock Partners and Mithril Capital Management, on top of getting more funding from its current investors Accel Partners, Andreessen Horowitz, Index Ventures and Khosla Ventures. Before this funding round, it had raised $76.5m in total.
John Hering, co-founder and chief executive, said the company wants to become the leading security firm for the “post-PC era” and hopes to work closely with Qualcomm to develop security software for the new wave of devices which are being connected to the internet. Read more
Twitter took advantage of the new Jobs Act to file the drafts of its initial public offering document in secret, denying journalists and investors the chance to watch its rough and tumble with the SEC.
But when the registration document was published on Thursday, the SEC also revealed the draft filings Twitter had made since it filed in private way back in July. There’s no big secret hiding here but a few interesting changes that give an indication of what Twitter may have been talking to the SEC about – although of course, they could have just decided to change it themselves. Read more
Sunday night’s US finale of Emmy award-winning TV series Breaking Bad sent viewers flocking to their laptops to hear a song played on the programme, boosting downloads of the 1970s British rock band Badfinger’s hit “Baby Blue” by almost 3000 per cent this week. In the last hours of Sunday night, the track was bought 5,300 times, compared to 200 the week before.
As TV viewers got ready to wean themselves off their addiction to the Crystal Meth fest, they found comfort in being able to instantly hear the song featured on the show, as well as other Badfinger songs. Sales of those tunes increased their sales by up to 260 per cent.
But according to the data from research firm Nielsen, the real story is in the streaming. Read more
Ladies and gentleman, the moment you have all been waiting for is fast-approaching: Twitter is due to file the small print on its initial public offering, a bulky S-1 registration statement that will allow investors a peek into the messaging platform’s business.
Here is the Financial Times “Ctrl-F” guide to getting the news fast (Alternatively, please tune in to FT.com when it happens, where we’ll do the heavy lifting for you): Read more
The digital age should have killed off those familiar little yellow square notes covered in near-illegible handwriting, stuck on your desk as a reminder of something you should have done long ago.
The Post-It, originally created by 3M as a use for a low tack glue the company discovered, should have been replaced by the buzzing smartphone alerts, shared electronic calendars and cloud storage services which
rule organise our lives today.
But Evernote, the cloud company which aspires to act as a “second brain” storing the thoughts of its 75m users, is resuscitating the aide memoire by signing a deal to give “new digital life” to the tired old Post-It. Read more
Yahoo chief executive Marissa Mayer admitted on Tuesday that her biggest weakness was making too many decisions, saying that she needed to learn to pull back and focus her energy on key strategic moments.
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