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Data: Money.net; Chart: Andrew Witherspoon / Axios

Facebook shares plunged 5% this morning after Mark Zuckerberg announced changes to his platform's newsfeed that will prioritize engagement over time spent.

Why this matters: Wall Street analysts have grown accustomed to measuring success of tech platforms by how much time users spend on them. Facebook's user base is becoming more and more saturated and now that it expects people to spend less time, it has made investors nervous.

But, but, but: If anyone can manage this challenge, it's Facebook, which defined the concept of a "monthly active user" as a metric for success early on — which has since been adopted by Wall Street and other platforms. 

Go deeper: The full story on Facebook choosing friends over publishers.

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When U.S. politicians exploit foreign disinformation

Illustration: Aïda Amer/Axios

U.S. political actors will keep weaponizing the impact of widespread foreign disinformation campaigns on American elections, making these operations that much more effective and attractive to Russia, China, Iran or other countries backing them.

Why it matters: Hostile powers’ disinformation campaigns aim to destabilize the U.S., and each time a domestic politician embraces them, it demonstrates that they work.

33 mins ago - Technology

Samsung debuts Note 20, new foldable smartphone

The Galaxy Note 20 Ultra

Samsung unveiled its crop of new mobile devices Wednesday, including two versions of the Note 20 smartphone, an updated foldable device, two tablets and a watch.

Why it matters: The new devices aim to give Samsung an early start at the second half of the year, with products aimed at parents buying fresh gear for the back-to-homeschool season.

Joe Biden will no longer travel to Milwaukee for Democratic convention

Photo: Mark Makela/Getty Images

Joe Biden will no longer be traveling to Milwaukee the week of Aug. 17 to accept his nomination in person at the Democratic National Convention due to COVID-19 concerns, the DNC announced Wednesday.

Why it matters: No planned speakers will travel to Milwaukee, meaning that the convention will be entirely virtual — unlike the hybrid event that the party had previously been planning. Biden will accept the nomination from his home state of Delaware.