Facebook is under investigation by the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), the Justice Department and the Department of Housing and Urban Development (HUD) for numerous potential civil and criminal violations. The Silicon Valley company, which denies the charges, said it is cooperating with law enforcement. The HUD investigation, the most recent, states that Facebook allowed advertisers to restrict who they target, based on race, religion and national origin. Continue reading Federal Agencies Investigate Facebook for Legal Violations

A recently invented Chinese holiday, Singles Day, posted $1 billion in sales in 85 seconds on November 11, with a gala kickoff event headlined by singer Mariah Carey, model Miranda Kerr and basketball star Allen Iverson. For the holiday, the equivalent to our Black Friday, sales rose 27 percent, nonetheless the slowest annual increase in its 10 year history (last year sales rose 39 percent). Alibaba shares doubled in 2017 but this year are down 16 percent, the result of a slowing economy and U.S. trade tariffs. Continue reading Alibaba Breaks Singles Day Record, But Economy Is Slowing

Helios and Matheson Analytics (HMNY), parent company of MoviePass, wants to spin off the struggling movie theater subscription service as the publicly traded MoviePass Entertainment Holdings. The board has approved preliminary plans for the spin-off, which would also include other HMNY-owned film-related assets. But the company does not yet know if it is legal under Delaware law. Investors are also suing the company, which is under investigation by the New York Attorney General’s office. Continue reading Helios and Matheson Analytics Plans to Spin Off MoviePass

As part of a settlement with the Securities and Exchange Commission, Tesla CEO and co-founder Elon Musk has agreed to pay a $20 million fine and step down as chairman of the California-based electric automaker for three years. The SEC accused Musk of securities fraud after he tweeted from his personal Twitter account that he had secured enough funding to take Tesla private. Musk has admitted to no wrong-doing. In addition to Musk’s significant personal fine, Tesla has agreed to develop leadership reforms and pay $20 million for not properly vetting the CEO’s tweets. Continue reading Series of Tweets Cost Elon Musk Chair Position, Major Fine

In San Francisco’s newly opened automated, cashier-less store, Standard Market, shoppers who download the app can browse the store’s 1,900 square foot space, pick items and leave. The system is automated via cameras on the ceiling that identify the shopper and her items. It’s just one of several such stores, including Amazon’s Go stores, and in Manhattan, The Drug Store from beverage brand Dirty Lemon. Even China has opened stores without cashiers. The technology behind them is different, but all of them are dealing with theft. Continue reading Cashier-Less Stores Use AI, Cameras, Sensors, Predict Theft

Several cryptocurrency companies and their advocates have formed the Blockchain Association, the first-ever Washington, DC-based lobbying group to represent the fledgling industry and its investors and entrepreneurs. Among the companies behind the association are Coinbase, Circle and technology startup Protocol Labs, as well as investors Digital Currency Group and Polychain Capital. Kristin Smith, who lobbied on blockchain for Overstock.com when it began accepting bitcoin in 2014, will lead the group. Continue reading Cryptocurrency Industry Sets Up Washington Lobbying Group

According to Forrester Research, many blockchain-based software projects are ending this year and 90 percent of them will never be integrated into the companies’ operations. Blockchain/cryptocurrencies advocate Nasdaq stated in 2016 that it would deploy blockchain for voting in shareholder meetings, but has yet to deploy any large-scale project. The initial enthusiasm over blockchain seems to be dying down, while some traders are manipulating cryptocurrency prices to enrich them but leave investors in the cold. Continue reading Adoption of Blockchain Technology Is Slower Than Expected

The British Information Commissioner’s Office (ICO) levied the toughest fine possible — 500,000 pounds (or about $660,000) — against Facebook for allowing Cambridge Analytica to harvest the personal data of millions of people without their consent. The ICO, the agency that enforces the United Kingdom’s data protection laws, began investigating Facebook’s possible misuse of personal data in May 2017, but revelations of the Cambridge Analytica incident spurred it to complete its examination. Continue reading Facebook Faces First Fine for Cambridge Analytica Scandal

MoviePass may be embattled, but its subscription model has taken off. That is most evident with the new service debuted by AMC Theatres, the largest multiplex chain in the U.S. AMC Stubs A-List allows subscribers to see up to three movies a week for $20 per month. The Alamo Drafthouse Cinema chain also will begin testing a service to offer unlimited movies for a monthly fee. Meanwhile, Helios and Matheson Analytics, Movie Pass’ parent company, hopes to raise as much as $1.2 billion to prop up the struggling subscription service. Continue reading Companies Experiment With Cinema Subscription Services

Helios and Matheson Analytics, MoviePass’ parent company, has the exclusive option to acquire the film library and production slate of Emmett Furla Oasis (EFO) Films, which produced “Lone Survivor” and “End of Watch.” The company would use EFO Films’ assets and expertise to debut its own production company, MoviePass Films. EFO founders Randall Emmett and George Furla would be co-chief executives of the new venture. Helios and Matheson chief executive Ted Farnsworth said the deal signals MoviePass’ continued viability. Continue reading Helios and Matheson to Buy EFO Films Library, Current Slate

MoviePass chopped its prices eight months ago, bringing membership to two million people — and the company to the brink of bankruptcy. Parent company Helios and Matheson Analytics, which owns 92 percent of MoviePass, reported that it was down to just $15.5 million in cash at the end of April, with $27.9 million on deposit with merchant processors. The question now is if subscribers can slack off on movie-going before the company runs out of money. A recent SEC filing indicates that the company’s auditor has “substantial doubt.” Continue reading Skyrocketing Membership Threatens the Viability of MoviePass

In the next year, Walmart may invest $3 billion in India-based, Amazon rival Flipkart by purchasing new shares at the same price as the purchase transaction, according to a filing with the Securities and Exchange Commission. The all-cash deal is groundbreaking as the world’s largest e-commerce transaction, in which Walmart will buy $2 billion new shares and a stake worth $14 billion from Flipkart investors. Amazon, meanwhile, has invested $2 billion in June 2014 and $3 billion in June 2016 in India. Continue reading The Roadmap for Walmart’s Purchase, Planned IPO of Flipkart

Spotify has launched Line-In, a music metadata editor, and has begun collecting information from users, who are now able to add descriptions of genres, albums and songs on the platform. The move is an effort by the streaming service to better understand how listeners hear and interpret music — and to continue emphasizing the importance of data to its business. All contributed edits are treated as suggestions and are carefully reviewed before being added to the data that powers the service. The 10-year-old Swedish company is about to go public via a direct listing rather than a traditional IPO.

Continue reading Spotify Launches New Tool, Enlisting Users to Add Metadata

Citing national security concerns, President Donald Trump has put the brakes on Singapore-based Broadcom’s attempt to acquire rival chipmaker Qualcomm. The companies were ordered to abandon the $117 billion acquisition bid and dismiss any proposals for Broadcom’s candidates to run for seats on Qualcomm’s board. Had it been approved, the purchase would have marked the largest tech deal of its kind. Broadcom says it “strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.” Continue reading Broadcom’s Bid for Qualcomm Blocked Over Security Issues

Congress is considering federal rules for cryptocurrency to impose a federal oversight that has thus far been lacking. In the Senate and the House, both Democrats and Republicans — even free-market conservative Republicans — are addressing the risks highlighted by recent events involving fraud and hacking. All parties see the potential risk to the U.S. economy posed by speculative trading of the various popular virtual currencies. Lawmakers propose that the Securities and Exchange Commission lead the issues. Continue reading Bipartisan Support in Congress for Cryptocurrency Regulation