European lawmakers aggressively questioned Mark Zuckerberg on Tuesday in Brussels about whether his company's social networking empire poses a competitive problem, but Facebook's CEO got out unscathed.
The bigger picture: Lawmakers scolded and needled Zuckerberg. But the meeting's format — which allowed him to address most of the questions in one big statement at the end — meant he didn't really have to give them answers.
Why it matters: This is a 10% jump from last year, which could be attributed to two fatal crashes involving a self-driving Uber and a Tesla Model X. Per AAA's survey, millennials were "the most impacted by these incidents," with a 15% jump (from 49% to 64%) in how many fear riding in autonomous vehicles — more than any other generation surveyed.
The winner of the in-store mobile payments race may surprise you: While Apple, Google and Samsung are all seen posting healthy growth over the next few years, eMarketer predicts that Starbucks will maintain its lead in terms of number of users through 2022.
Why it matters: An increasing share of in-store spending will be done using mobile payments. The question is whose mobile payment technology will win the day.
Explorers disclosed new details on Monday about the "Holy Grail of Shipwrecks," known as the San José. The vessel is a large 62-gun, three-masted Spanish galleon ship sank in 1708 while carrying cargo from Spain thought to be worth billions.
Why it matters: : Explorers located the ship off the coast of Cartagena on Nov. 27, 2015. The find was announced at the time, but now explorers are disclosing more information about the wreck site, how they found it, and what Colombia plans to do with the ship's contents. According to the AP, the shipwreck may contain riches that are worth as much as $17 billion in today's dollars.
Mark Zuckerberg is expected to dish out another mea culpa on Tuesday when he meets with members of the European Parliament on Tuesday about the Cambridge Analytica scandal, the New York Times reports.
Why it matters: Zuckerberg's testimony will come days before Europe rolls out the General Data Protection Regulation, which is intended to give users more control of how their personal data is used and streamline data processes across the EU. The measure gives European regulators the power to fine companies up to 4% of their global revenue for violations, which, per The Times, would equal $1.6 billion for Facebook.
Tech companies that don't have storytelling at their core are recruiting their way into the future of television, poaching high-end names from TV networks or household names that they know will lure viewers.
The latest: Netflix announced Monday after months of speculation that Barack and Michelle Obama have entered into a multi-year agreement to produce films and series for Netflix.
Stories, the tap-and-swipe vertical format for sharing pictures and videos, are poised to dominate the social web's next era — and Facebook now has the lead, even though it was Snapchat that invented and popularized them.
Why it matters: Each generation of digital media brings new voices and firms to the fore. But right now, Facebook appears to have surmounted the Snapchat challenge — thanks to smart acquisitions, speedy product development, and the power of incumbency with billions of users.
Lu Qi, an AI expert and former Microsoft executive, stepped down as COO of Chinese search company Baidu, Caixin reports (subscription required). Shares in Baidu fell 9.5% after the announcement, the sharpest drop in 3 years.
Why it matters: Lu had been responsible for "Baidu’s transition to becoming an ‘All in AI’ company,” Credit Suisse analyst Thomas Chong wrote in a note cited by Caixin. The market reaction reflects the centrality of AI expertise in the valuation of global big tech companies, often concentrated in a single star scientist at the top.
Adobe said Monday it is paying $1.6 billion to acquire e-commerce software company Magento Commerce from private equity firm Permira. The deal is expected to close in Adobe's third fiscal quarter.
Why it matters: Though best known for its graphics software, Adobe has expanded significantly into the digital business and commerce area in recent years. In 2009, it agreed to pay $1.9 billion to acquire Omniture.
Following it's policy change around sexual harassment claims, Uber is facing its first test: a lawsuit from a female former engineer filed on Monday in San Francisco Superior Court, alleging she was harassed by male colleagues with little response from the company's human resources department.
Why it matters: Uber made the bold (but cautious) move last week of exempting employees, drivers, and riders from its arbitration agreements for individual sexual harassment and assault claims.
Treasury Secretary Steve Mnuchin said Monday that the Justice Department should look at the increasing dominance of major tech companies.
Why it matters: Though the Justice Department’s investigations are supposed to be separate from the administration’s political priorities — and aren‘t an area Mnuchin has a say over — it comes as more say antitrust action is needed to tackle big tech companies like Google, Facebook and Amazon.
Key players in the Microsoft antitrust fight — which the Justice Department brought to court 20 years ago this month — have one piece of advice for tech companies facing criticism now: Engage with your critics before it’s too late.
Why it matters: A whole new generation of powerful companies is in the spotlight in Washington now. The issues today are different but the dynamics are similar.
