Good morning! Here is the tech news you need to know this Thursday.
1. Cambridge Analytica, the data firm at the center of Facebook’s data privacy scandal, is shutting down. The company announced on Wednesday that negative media coverage has “driven away virtually all of the Company’s customers and suppliers.”
2. Facebook CEO Mark Zuckerberg held a surprise briefing with news publishers at the company’s annual conference, where he discussed how the social network will tackle fake news. He said hurting the firm’s short-term profitability was the right thing to do.
3. Tesla beat analyst expectations on Wednesday with its Q1 earnings report. The electric car company reported a smaller loss than analysts had expected.
4. In its first quarter since going public, Spotify reported a bigger loss than expected. But the streaming music service still has more subscribers than Apple Music.
5. Former Facebook executive and House of Lords peer Joanna Shields has become CEO of $US2 billion drugs discovery startup BenevolentAI. Shields was previously the UK’s first minister for internet safety, but will now help the private startup in its next stage of growth.
6. Zynga founderMark Pincus is unexpectedly giving up his 70% voting control of the company. The move represents the first big reversal of the controversial dual class stock structure.
7. Chinese phone maker Xiaomi has filed to go public, according to the South China Morning Post. The “Apple of China” wants to raise $US10 billion at a $US100 billion valuation.
8. Square’s share price fell slightly after the firm posted lower guidance for the year. The company posted a Q1 net loss of $US24 million compared to a net loss of $US15.1 million last year.
9. A 21-year-old Google employee, Michael Sayman, is reportedly building a secret social gaming startup inside the search giant, according to Bloomberg. The firm, called Arcade, will release a trivia-style game later this year.
10. Elon Musk said Tesla will restructure next month so it can hit profitability goals. He didn’t go into details, but did talk about the firm’s over-reliance on third-party suppliers.
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