The world's top 5 tech tycoons — including Elon Musk, Jeff Bezos, and Bill Gates — have already lost about $85 billion this year after a brutal market selloff
Elon Musk — the world's richest man — has lost $27 billion year-to-date, and is now worth $243 billion after hitting a high in November of more than $300 billion.news.yahoo.com
Apple, Google raise new concerns by yanking Russian app
Apple’s and Google’s cooperation with the Russian government’s efforts to suppress an app opposed to the ruling regime is escalating concerns about whether Big Tech’s pursuit of ever-higher profits has trampled their commitment to protecting civil rights.
Google founder gets New Zealand residency, raising questions
Google co-founder Larry Page has gained New Zealand residency, officials confirmed Friday, stoking debate over whether extremely wealthy people can essentially buy access to the South Pacific country. Immigration New Zealand said Page first applied for residency in November under a special visa open to people with at least 10 million New Zealand dollars ($7 million) to invest. “Once Mr. Page entered New Zealand, his application was able to be processed and it was approved on 4 February 2021.”news.yahoo.com
Your Next Uber Could Have Wings
Courtesy KittyhawkUber, but it flies.That’s the elevator pitch behind a new start-up craze. A growing number of companies all over the world are taking an old concept—tiny airplanes—and pairing it with the much newer concepts of electric propulsion and the app-based rideshare.If the combo works, you might soon have another way of getting around the city—one that soars right over traffic and buildings and bridges. Sure, it’d cost more than a car does. But if everything goes perfectly, it’d be affnews.yahoo.com
Facebook's Mark Zuckerberg is the last founder-CEO in Big Tech as Bezos steps back
Mark Zuckerberg (R) is about to surpass Jeff Bezos as the world's fifth richest man. Getty ImagesWhen Amazon's Jeff Bezos steps down as CEO later this year, Facebook's Mark Zuckerberg will be the last founding CEO left at any of the big tech companies. Now Amazon is shifting from founder Bezos to Andy Jassy, a long-time Amazon employee who built up AWS, the company's cloud-computing business. Unlike these other leaders -- including Bezos -- Zuckerberg holds an absolute majority of voting power over Facebook shares. Tech giants have fared well after replacing foundersApple, Microsoft and Alphabet have all seen their revenues and stock price grow with their newest leaders.cnbc.com
Google's antitrust case won't go to trial until Sept. 2023
FILE - This Thursday, Jan. 3, 2013, file photo shows Google's headquarters in Mountain View, Calif. U.S. District Judge Amit Mehta on Friday, Dec. 18, 2020, set a tentative trial date of Sept. 12, 2023. U.S. District Judge Amit Mehta on Friday set a tentative trial date of Sept. 12, 2023 for the landmark case that the Justice Department filed two months ago. He estimated that once the trial begins it will last about 5 1/2 weeks in his Washington, D.C., courtroom. Another antitrust case filed Thursday is seeking to preempt Google's dominance in other still-emerging fields of technology such as voice-activated devices in the home and internet-connected cars.
Alphabet health company Verily bolsters warchest with another $700 million
Verily, the life sciences arm of Alphabet, has raised $700 million in fresh capital to expand its commercial business, including its clinical healthcare platform Baseline, which it has used for Covid-19 research. The investment comes not only from Alphabet, but from other investors outside the Google parent company who were already invested in Verily, including Temasek, OntarioTeachers' Pension Plan and Silver Lake. Verily also said it will also use the funds to "progress" several of its life sciences programs including surgery, pathology and immunology. The latest funding round comes as parent company Alphabet ramps up outside investment for its so-called "Other Bets" to position them for future independence. Verily says it's screened and tested nearly two million people across 351 testing locations throughout the pandemic, according to its Thursday funding announcement.cnbc.com
Google hires new personnel head amid rising worker tensions
This photo provided by Google shows Fiona Cicconi, right, who is leaving the biotech firm AstraZeneca to become the head of Google's people operations, effective Jan. 5, 2021. (Courtesy of Google via AP)Google has hired a top executive from pharmaceutical company AstraZeneca to oversee its personnel policies amid ongoing tensions with many employees who are upset with the company's policies. The hiring of Fiona Cicconi also comes while Google sets up plans to allow people to continue to work from home for at least eight more months. The rift incensed hundreds of Google employees who have signed a public letter of protest. Pichahi last week told employees that Google is beginning a thorough review into Gebru's exit, a process that now seems likely to involve Cicconi.
How Google evolved from 'cuddly' startup to antitrust target
That pledge is now a distant memory as Google confronts an existential threat similar to what Microsoft once faced. They focused on creating a database of everything on the internet through a search engine that almost instantaneously listed a pecking order of websites most likely to have what anyone wanted. Google's promotion of Chrome on its search engine helped the browser supplant Explorer as the market leader. Google began reining in its spending and even created a new holding company, Alphabet, to oversee some of its unprofitable projects, such as internet=beaming balloons and self-driving cars. —-Liedtke first interviewed Larry Page and Sergey Brin in 2000 when he began covering Google for the AP.
Alphabet, Google's parent company, hits trillion-dollar market cap for first time
Apple was the first to hit the market cap milestone in 2018. Google parent-company Alphabet has hit $1 trillion in market capitalization, making it the fourth U.S. company to hit the milestone. Shares of Google's parent company rose nearly 1% after Bank of America raised its price target on Alphabet's stock in January, saying it sees a healthy advertising business for Alphabet among other things. The stock dropped 7.5%, shaving more than $67 billion from its market cap. The company's stock fell as much as 4% in after hours trading, but eventually recovered at 2%.cnbc.com
Google hits an all-time high as investors shrug off antitrust investigations
The record highs come as both companies face ongoing antitrust investigations by coalitions of state attorneys general. In September, 50 attorneys general announced the launch of an investigation into Google over possible antitrust violations in its advertising business. The next month, CNBC reported that the attorneys general were preparing to expand their investigation into Google's Android and search businesses. Alphabet's record high comes nearly a month after former CEO and Google co-founder Larry Page relinquished his role to Sundar Pichai, former Google CEO. Correction: This story and headline have been updated to reflect that Facebook's stock hit a 52-week high on Monday, not an all-time high.cnbc.com
Google veterans: The company has become 'unrecognizable'
When Google co-founders Larry Page and President Sergey Brin stepped down from their roles as CEO and president of Google holding company Alphabet earlier this month, it marked the end of an era. A shift in transparencyWorkers told CNBC that 2018 was a pivotal point in the company's shift away from upfront communication. Some workers left the company altogether. "I didn't have ethical concerns with specific work, but it was more about supporting the company as a whole," Lord told CNBC. Becoming biggerLong-tenured Google employees also said the company culture changed as it scaled to more than 100,000 workers, many of whom are contractors instead of full-time employees.cnbc.com
Google execs reportedly debated getting out of cloud computing, but instead set a goal of being a top-two player by 2023
If the company fails to achieve this goal, some staffers reportedly believe that Alphabet could withdraw from the market completely. In 2018 the company lagged Amazon, Microsoft and Alibaba in that market, according to industry research firm Gartner. Alphabet doesn't break out revenue for the Google cloud business but said in July that it had reached $8 billion in annualized revenue. But eventually he, CFO Ruth Porat, and then-Google CEO Sundar Pichai decided that Alphabet should remain in the cloud business, according to the report. WATCH: Google Cloud VP of Retail Carrie Tharp: Cyber Monday is 'make or break'cnbc.com
Nearly 150 CEOs departed in November, putting 2019 on track to be record year for executive exits
Alphabet CEO, Larry Page. In November, 148 chief executives left their posts, according to business and executive coaching firm Challenger, Gray & Christmas. Only five more CEOs need to depart for 2019 to be the highest year on record, and we already know of a few CEOs out in December. Through November, 1,480 chief executives left their companies in 2019, which is the highest number on record in the first 11 months of a year. The highest total year on record was in 2008 when 1,484 CEOs departed when the economy was embroiled in the financial crisis.cnbc.com
Stocks making the biggest moves premarket: Campbell Soup, Alphabet, Salesforce & more
Check out the companies making headlines before the bell:Campbell Soup (CPB) Campbell Soup reported a better-than-expected quarterly profit, although sales were slightly below expectation as organic sales fell by 1%. Alphabet (GOOGL) The company announced that co-founder Larry Page would step down as CEO, replaced by the CEO of its Google unit, Sundar Pichai. Salesforce.com (CRM) Salesforce reported quarterly earnings of 75 cents per share, beating the consensus estimate of 66 cents a share. Workday (WDAY) Workday beat estimates by 15 cents a share, with quarterly profit of 53 cents per share. GoPro (GPRO) The high definition camera maker said its new Hero8 camera saw record sales as the holiday season kicked off.cnbc.com
Stocks making the biggest moves midday: Expedia, Salesforce, Workday, Alphabet & more
Salesforce Shares of the cloud company dropped more than 3% after reporting earnings guidance below Wall Street's expectations. For the fourth quarter, Salesforce estimates earnings between 54 and 55 cents per share, compared to the 62 cents per share estimated, according to Refinitiv. Workday Shares of Workday climbed nearly 5% after the human resources software company posted stronger-than-expected earnings. Workday earned 53 cents per share in the third quarter, beating estimates by 15 cents, according to FactSet. Campbell Soup Shares of Campbell Soup gained 1% after the food processing company reported better-than-expected quarterly profit.cnbc.com
An early Google employee filmed inside the company's garage office in 1998take a look
On Tuesday, Larry Page and Sergey Brin announced they will step down from their respective roles as CEO and president at Alphabet, Google's parent company, which today has a market cap of over $890 billion and over 100,000 employees. "We are deeply humbled to have seen a small research project develop into a source of knowledge and empowerment for billionsa bet we made as two Stanford students that led to a multitude of other technology bets," Page and Brin wrote in a blog post Tuesday, announcing the change. "We could not have imagined, back in 1998 when we moved our servers from a dorm room to a garage, the journey that would follow." Indeed, before there was Alphabet and before googling was a verb, Google was a fledgling internet search engine that Page and Brin, then Ph.D. students at Stanford University, ran out of a small, messy garage in Menlo Park, California. That year, one of the first Google employees filmed a video tour of that garage office, embedded below.cnbc.com
Larry Page steps down as CEO of Alphabet, Sundar Pichai to take over
More recently, a group of former Google employees known as the "Thanksgiving Four" have claimed their pre-holiday dismissal amounted to retaliation for their attempts to organize workers. The company is not conventional and continues to make ambitious bets on new technology, especially with our Alphabet structure. Going forward, Sundar will be the CEO of both Google and Alphabet. He's worked closely with us for 15 years, through the formation of Alphabet, as CEO of Google, and a member of the Alphabet Board of Directors. He shares our confidence in the value of the Alphabet structure, and the ability it provides us to tackle big challenges through technology.cnbc.com
Google co-founders Larry Page and Sergey Brin step down as leaders of Alphabet
San Francisco - Google co-founders Larry Page and Sergey Brin will step down as CEO and president, respectively, of Alphabet, the internet giant's parent company announced Tuesday. Google chief Sundar Pichai will also take over as CEO of Alphabet. And Alphabet and Google no longer need two CEOs and a president," the pair wrote in an open letter about the management change. Page and Brin, both 46, have been noticeably absent from Google events in the past year. Google CEO Sundar Pichai defends YouTube practices despite scandalsIn their letter, posted on Alphabet's blog, Page and Brin said the company has "evolved and matured" in the two decades since they founded it.cbsnews.com
Google restructures with new company Alphabet
Alphabet will oversee all of Google's individual businesses, and Google's core Internet operations will be separated from other ventures. Google CEO Larry Page will become Alphabet's CEO. CBS News financial contributor Mellody Hobson joins “CBS This Morning” from Chicago to discuss the shakeup.cbsnews.com