Nam Y. Huh / AP

Facebook is reportedly getting ready to launch a standalone group video chat app that may resemble Houseparty, according to The Verge. The new app would be called Bonfire and is reportedly aimed for a fall release. Facebook said it had nothing to share at this time.

Two years ago the group video chat app, Houseparty, took off with teenagers — by November 2016 it had 1.2 million users, each spending a whopping 20 minutes a day on it. Houseparty is in the top 200 apps on Apple's U.S. App Store, marking it prime meat for Facebook's next move, which has been on the hunt to buy or mimic other products that do well among young clientele (think its buyout of Instagram or its attempts to mimic Snapchat's features).

Why it matters: Facebook has made strategic investments in digital features, services and apps that eat at the user growth and success of competing apps or digital companies, like Snapchat, GoFundMe, Periscope, and Apple. Some have argued that the practice raises anti-trust concerns. Migrating users over to Facebook's network and keeping users engaged for longer on its platform helps Facebook amass more user data, which it uses to sell advertising revenue against.

Go deeper

Fund managers start to board the stock bandwagon

Illustration: Aïda Amer/Axios

Asset managers at major U.S. investment firms are starting to get bullish with their clients, encouraging stock buying and trying not to get left behind right as the metrics on tech stocks rise back to highs not seen since the dot-com crash of 2000.

What's happening: Appetite for stocks is starting to return, but slowly as institutional money managers were overwhelmingly sitting on the sidelines in cash during April and May.

1 hour ago - World

China bans Cruz and Rubio over Xinjiang criticism

Photos: Graeme Jennings/Pool/Getty Images; Al Drago/Pool/Getty Images

China said Monday that it will ban entry to Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas) over their criticisms of human rights abuses in Xinjiang, the AP reports.

The big picture: The move seems to be retaliatory after the U.S. announced sanctions on four Chinese officials for human rights abuses against Uighur Muslims and other ethnic minorities in the region last week.

Roger Stone says he plans to campaign for Trump

Roger Stone appears yesterday outside his home in Fort Lauderdale. Photo: Johnny Louis/Getty Images

Roger Stone told Axios in a phone interview that he plans to write and speak for President Trump's re-election now that Stone "won't die in a squalid hellhole of corona-19 virus."

"I'm asthmatic," said Stone, 67. "Sending me to a prison where I could not be socially distanced ... would, I think, be a death sentence."