Good morning! Here is the tech news you need to know this Tuesday.
1. Snap Inc. had its first down day in the stock market since going public on Thursday. Shares of the parent company of Snapchat fell 12% in trading on Monday to as low as $US23.79 (£19.44). They were about 16% lower than their high after the initial public offering.
2. Wall Street analysts are warning people not to buy stock in Snap. It has zero buy recommendations.
3. The Nintendo Switch is Nintendo’s fastest-selling console ever. It’s unclear exactly how many units have been sold but we know that the Nintendo Wii sold 600,000 units during its first eight days on the market.
4. Google promoted a fake conspiracy theory that Obama was planning a secret communist coup to overthrow the United States government. The Californian search giant is being criticised because of how it promotes fake news.
5. Airbnb cofounder Nathan Blecharczyk had his door bell ripped off by a guest who was somewhat surprised when the he turned up to inspect the damage. Blecharczyk said he rents out a building on his property 300 nights of the year.
6. Deliveroo is facing a tribunal on whether its riders are actually workers. The case will likely have ramifications for other gig-economy firms.
7. Programmers in the Valley are pressuring their friends to quit working at Uber. The taxi giant’s “toxic culture” is a hot topic at the moment.
8. Shazam’s CEO said the company could be an acquisition target now that it’s profitable. The company’s music identification app has 1 billion downloads on iOS and Android so far.
9. Jay Z’s Roc Nation is launching a venture fund to invest in early-stage startups. The “startup platform” will be called Arrive.
10. Salesforce CEO Marc Benioff said the “roaring” market has ended Salesforce’s $US5 billion (£4 billion) buying binge.“The acquisition window has really narrowed. And I just don’t see any big acquisitions in the short term,” he said in an interview with CNBC.
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