Facebook stock plunged by as much as 24 percent in after-hours trading on Wednesday, due to alarm over the social media giant's quarterly report. The company has faced stiff criticism over the Cambridge Analytica data scandal, and executives warned that its revenue growth would slow and its expenses would rise.
The company had said it would face higher costs as it addressed concerns over the handling of user data. Total expenses jumped to $7.4 billion, a 50 percent increase over a year earlier. The diving share price reduced Facebook's market capitalization by about $150 billion in less than two hours, Quartz reports. Harold Maass
European Union regulators on Wednesday hit Google with a record €4.3 billion ($5 billion) fine for antitrust violations, BBC reports. The European Commission said Google abused its Android market dominance by inserting its own search engine and Chrome apps into the widely used operating system for smartphones and tablets. The regulators also said Google did other things to block competition, such as paying "certain large manufacturers and mobile network operators" to exclusively bundle its search app on handheld devices.
The fine far surpassed Google's previous $2.7 billion record-breaking fine, The Verge reports, which the EU imposed last year, saying Google had manipulated search results. Google parent Alphabet has 90 days to change its business practices or face further penalties. Harold Maass
New York Gov. Andrew Cuomo (D) likes to cast himself as a fierce opponent of President Trump.
Cynthia Nixon isn't so sure.
The progressive gubernatorial challenger launched a calculated attack on Cuomo Thursday, pointing out that he received campaign donations from Donald Trump as recently as 2009. Nixon revealed the findings in a Facebook ad and fundraising email, both demanding Cuomo return $64,000 of President Trump's contributions.
Things only got worse for Cuomo. When asked if he'd return Trump's money, Cuomo oddly said he "will be deeply critical of him and keep the contributions." So Nixon proceeded to tear him apart.
On Friday, Nixon's campaign released this savage response to Cuomo's statement. The ad brings up Trump's assertion in a 2015 Republican debate that Democrats he's donated to "are there for me" whenever he calls, and features audio of Cuomo on the verge of praising the president.
Donald Trump hasn’t been shy about saying what we all know: his large campaign donations buy him access to the political establishment.
When he donated to Gov. Cuomo, Trump wanted policies that benefited billionaire real estate developers like himself and that’s what he got. pic.twitter.com/5kQigUuPbf
— Cynthia Nixon (@CynthiaNixon) July 6, 2018
Almost as quickly as she gave Donald Trump a compliment, Sen. Kelly Ayotte (R-N.H.) took it away, saying she "misspoke" when she said he is "absolutely" a role model for children.
Ayotte is up for reelection, and on Monday she participated in a debate against her opponent, New Hampshire Gov. Maggie Hassan (D). Ayotte was asked if she sees the Republican presidential nominee as a role model, and responded, "Well, I think that certainly there are many role models that we have, and I believe he can serve as president and so absolutely I would do that." Ayotte has said previously she does support Trump in his quest for the presidency, but revealed on Monday she won't officially endorse him because she has had "some disagreements" with him.
Not long after the debate ended, Ayotte's campaign released a statement saying: "I misspoke tonight. While I would hope all of our children would aspire to be president, neither Donald Trump nor Hillary Clinton have set a good example and I wouldn't hold up either of them as role models for my kids." Ouch. Catherine Garcia