10 things in tech you need to know today, July 26

Facebook took a huge blow
on Wednesday.
Getty

Good morning! This is the tech news you need to know this
Thursday.

1.
Facebook’s market value plunged by $148 billion after CEO Mark
Zuckerberg warned of a growth slowdown. The
company’s stock plunged on Wednesday following the company’s
second-quarter earnings report.

2.Facebook followed up its results with a nightmare
conference call that hammered its stock
price. Analysts pounded Facebook
executives on the call about the company’s expected deterioration
in its financial results.

3.
Facebook could lose a further $151 billion. This
could happen today if Facebook’s 24% drop in stock which happened
after-hours is replicated in regular market trading.

4.
Qualcomm dropped its $44 billion bid for NXP as the US-China
trade war delayed approval. Qualcomm will not renew
its two-year bid to acquire its Dutch competitor NXP for $44
billion due to China not approving the bid.

5.
The parents of the Sandy Hook victims wrote an open letter to
Mark Zuckerberg over Facebook’s failure to ban conspiracy
theorists and hoaxers. They wrote that Facebook has
failed to protect them from harassment and threats.

6.
A 20-year-old Tesla intern’s team won $130,000 and a private
session with Microsoft CEO Satya Nadella for creating a smarter
prosthetic hand. SmartARM, founded by two
20-year-old college students, won Microsoft’s 2018 Imagine Cup.

7.
YouTube issued a new strike against Alex Jones’ channel for
breaking its policies against child endangerment and hate
speech. Four videos were also removed, and Jones
will be unable to stream live for 90 days.

8.
Twitter is locking accounts posing as Elon Musk in an effort to
fight cryptocurrency scams. This is an effort
to combat a recent proliferation of cryptocurrency scam-bots,
which target the replies under Musk’s tweets.

9.
San Francisco Bay Area cities are cracking down on free food at
Facebook and other tech companies. Mountain View, a
city in Silicon Valley, says that a new office development —
where Facebook will move to this fall — will not be allowed to
have a cafeteria with free food for employees.

10.
China has withdrawn approval for Facebook’s new venture in the
country, where it remains banned. The Chinese
government has withdrawn its approval for the company’s plan to
launch a subsidiary in the eastern province of Zhejiang.

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