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Archivo del Autor: Belen De Leon

Zuckerberg confirms Facebook is working with the Mueller investigation video – CNET

Facebook CEO Mark Zuckerberg says Facebook employees have talked to the special counsel’s office, but he hasn’t. He declined to give more information.
Source: CNET

Watch the Mark Zuckerberg Senate testimony live now – CNET

Facebook’s CEO will answer federal lawmakers’ questions in the Senate on Tuesday. You can watch it live here.
Source: CNET

Senate Dems introduce 'privacy bill of rights' – CNET

The lawmakers say the legislation would protect the personal data of American consumers in the wake of the Facebook-Cambridge Analytica scandal.
Source: CNET

‘Tens of thousands’ of Facebook accounts may be related to Russian intelligence

Facebook has previously officially noted that 470 accounts associated with Russia’s Internet Research Agency have been banned related to the 2016 election, plus 270 more in Russia just last week. But in today’s testimony Mark Zuckerberg also mentioned a much higher estimate of “tens of thousands,” though the confidence in this number would be also be much lower.

“In the IRA specifically, the ones we’ve pegged back to the IRA, we can identify 470 in the American elections, and the 270 that we went after in Russia last week,” he began in response to Senator Feinstein (D-), who had asked about the numbers of accounts associated with this type of coordinated disinformation campaign.

But then he continued:

“There are many others that our systems catch which are more difficult to attribute specifically to Russian intelligence, but the number would be in the tens of thousands of fake accounts…”

The tens of thousands number must be taken with a grain of salt, since clearly Facebook has not been able to definitively attribute more than the stated 740 or so to the IRA and Russian intel. But it is still significant; this is clearly different from the 30,000-odd accounts banned in relation to France’s election. That was a specific number and also not mentioned in connection with Russia specifically, as this estimate was.

It seems clear that Facebook is being conservative in its enumeration of Russian-linked accounts, and that very well may be the responsible thing to do. But Zuckerberg’s remarks today establish a ceiling in the tens of thousands in addition to the floor of several hundred. That’s worth keeping in mind.


Source: TechCrunch

‘Unicorn’ price tags aren’t all they’re cracked up to be

A $1 billion valuation was until recently a significant badge of honor for a technology company, marking it as an unusually successful outlier. Now, though, as membership of the club has swollen to as many as 200 globally (with an aggregate valuation in excess of $600 billion), the “unicorn” epithet given to these billion-dollar companies on account of their rarity has become less apt and attracted considerable skepticism as to whether they can justify their sky-high price tags.

I specialize in economics, corporate finance and credit risk, with a particular focus on venture capitalism. From my vantage point at Stanford, I’ve naturally become especially concerned with the goings-on of Silicon Valley. Along with my co-author Will Gornall, when preparing Squaring Venture Capital Valuations with Reality, I set out to see whether concerns about the potential overvaluation of unicorn companies was justified. What I discovered may shock you.

Overvaluation is endemic

One in 10 unicorns is overvalued by at least 100 percent, and on average a unicorn reports a valuation 50 percent above the fair value we calculated.

The problem is that companies apply an inappropriate valuation model. The standard method of calculating the market value of a publicly listed company is to multiply the number of shares outstanding by the current trading price of a single share. So pre-IPO companies typically use the amount of money raised in their latest funding round and the amount of equity they gave away in the round to arrive at their valuation. The resulting figure might be a useful shorthand for many purposes (not least juicy media headlines), but — as our research found — it can be wildly inaccurate.

Post-money valuations assume that — as would typically be the case post-IPO — all shares are created equal. They aren’t.

In order to attract funding, companies offer investors inducements and securities. They may guarantee a certain return on their investment at the time of IPO — if the company doesn’t reach a certain valuation at that point, it will issue the investor more shares until the difference between the achieved and promised valuation is made up. This can happen several times, with shares issued at each funding round having potentially very different rights. Effectively, common shareholders pay the price, in terms of both their influence and their returns.

The people most affected are employees with stock options.

This situation is not taken into account by standard post-money valuations. When it is — we scoured the relevant documentation for more than 130 unicorns to crunch the numbers — it emerges that common shares are overvalued by 58 percent on average, and for almost half of unicorns “fair valuation” dips below the billion-dollar threshold.

Let’s take a look at some examples.

Payments technology company Square went public in 2015 at a $2.9 billion valuation, less than half the $6 billion headlines following its 2014 Series E round. But Series E investors didn’t lose out. Having been guaranteed $18.56 per share, they were issued additional equity at IPO to make up the difference from the $9 float price. A last private valuation reflecting those special conditions would have been $2.2 billion, making much more sense of the subsequent IPO price.

Elon Musk’s SpaceX, meanwhile, actually saw its fair valuation fall in 2008, while its reported valuation climbed. Investors in that round had been promised twice their money back should the company list, with seniority over all other shareholders.

Is overvaluation a deliberate tactic?

Former SEC chairman Mary Jo White highlighted this issue in March 2016, expressing concern about “whether the prestige associated with reaching a sky-high valuation fast drives companies to try to appear more valuable than they actually are.”

It’s impossible to say for sure whether companies are striking these deals with investors in a deliberate attempt to drive their valuations higher. But it’s not difficult to see how they benefit from those higher valuations. Aside from massaging egos and signaling success and attractiveness to future investors, they create a buzz that helps with marketing and, especially, hiring in a fiercely competitive talent market.

When we circulated an early version of our paper, plenty of companies’ general counsels got in touch, and we invited them to correct any factual errors or other mistakes in our working. We’ve not heard back from them.

Implications of overvaluation

The biggest effect of overvaluation is to drive up the value of shares issued in later funding rounds, as they come with greater control over the direction of the company and the return on the investment. Specifically, we found that 31 percent of unicorns give their most recent investors seniority over all previous backers, 20 percent empower them to block IPOs that don’t return a certain percentage of their investment and 14 percent provide guarantees of returns at IPO — all benefits for which investors will pay a premium.

The people most affected are employees with stock options. Many don’t understand that these options are disconnected from headline-grabbing post-money valuations and that their value falls as investors come on board with preferential deals. This further complicates employees’ decisions about how long to stick around to realize their options — especially considering that the longer they stay, the longer they take a hit on the salary they could earn elsewhere, where part of their compensation wouldn’t be tied up in stock.

The market is undoubtedly overheated, despite nine out of 10 VCs believing unicorn companies are overvalued (as I found in previous research). This is partly a result of non-traditional investors in Silicon Valley, such as Saudi Arabia and China, taking more of an interest in the area as low interest rates globally increase appetites for risk.

At some point, the market will demand either profitability or exits (both of which are becoming less common among unicorns), or valuations will start to fall. It’s hard to predict exactly when, though, as this depends on external macroeconomic trends.

Whether or not we will see a crash on anything like the scale of the bursting of the Dot Com bubble is similarly difficult to say with certainty, depending as it does on which dominoes fall first and how hard investor confidence is hit. But suffice it to say, there will be some major casualties.


Source: TechCrunch

Mark Zuckerberg: “There will always be a version of Facebook that is free”

Today during Mark Zuckerberg’s testimony before the Senate, the Facebook CEO reiterated that “there will always be a version of Facebook that is free.”

In the midst of the Cambridge Analytica scandal, in which the user data of up to 87 million people was sold by a third-party developer to Trump Campaign-linked firm Cambridge Analytica, there has been talk of Facebook potentially adding a subscription layer.

The scandal has brought to light the heart of a problem that many have been well aware of: if you’re not buying a product, you are the product.

Last week, when asked if there might be a way for users to opt out of being targeted for ads, Sandberg responded saying they’d have to pay for it.

“We have different forms of opt-out,” Sandberg replied. “We don’t have an opt-out at the highest level. That would be a paid product.”

Our own Josh Constine made an argument that ad-free subscriptions could save Facebook. And while there’s no word on an ad-free subscription, Zuckerberg did at least leave room for it in the future, noting that there will always be a version of Facebook that is free.

“How do you sustain a business model in which users don’t pay for your service?” Senator Orrin Hatch asked Zuckerberg.

“Senator, we run ads.”


Source: TechCrunch

Facebook did not inform the FTC about initial Cambridge Analytica leak

In testimony before the Senate Judiciary and Commerce, Science, and Transportation committees, Facebook chief executive Mark Zuckerberg said that his company did not notify the Federal Trade Commission about the initial user data leak that triggered its most recent privacy scandal.

“They considered it a ‘closed case’,”Zuckerberg said in response to a question over whether Facebook’s staff notified anyone at the FTC about the leak of consumer data in 2015 when Facebook claimed it learned about the data leak.

Cambridge Analytica’s access to Facebook user data, which it acquired improperly through a third party quiz app, is at the heart of Facebook’s latest scandal — and Facebook’s failure to notify the FTC of the data leak could have triggered the commission’s recent probe.

In a statement issued at the time about Facebook’s privacy controls, Tom Pahl, acting director of the Federal Trade Commission’s Bureau of Consumer Protection, said:

The FTC is firmly and fully committed to using all of its tools to protect the privacy of consumers. Foremost among these tools is enforcement action against companies that fail to honor their privacy promises, including to comply with Privacy Shield, or that engage in unfair acts that cause substantial injury to consumers in violation of the FTC Act. Companies who have settled previous FTC actions must also comply with FTC order provisions imposing privacy and data security requirements. Accordingly, the FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices.

The terms of the initial settlement deal that Facebook inked with the SEC in 2011 barred the company from making misrepresentations about the privacy or security of consumers’ personal information; and required the company to get the express consent before changing privacy preferences.

The agreement also included the following commitment from Facebook:

that it “establish and maintain a comprehensive privacy program designed to address privacy risks associated with the development and management of new and existing products and services, and to protect the privacy and confidentiality of consumers’ information; and required, within 180 days, and every two years after that for the next 20 years, to obtain independent, third-party audits certifying that it has a privacy program in place that meets or exceeds the requirements of the FTC order, and to ensure that the privacy of consumers’ information is protected.”

 


Source: TechCrunch

Zuckerberg confirms Facebook has been interviewed by Mueller’s special counsel

Special Counsel Robert Mueller’s investigation into interference in to 2016 election interference has interviewed at least one employee of Facebook, CEO Mark Zuckerberg confirmed today during his testimony before the Senate. Zuckerberg confirmed that he himself had not been interviewed, then declined to elaborate, citing the confidentiality of the investigation.

Senator Leahy asked “I assume Facebook has been served with subpoenas from the special counsel’s office?” Zuckerberg replied “yes”.

Leahy then asked if Zuckerberg or anyone at Facebook had been contacted by the special counsel, and Zuckerberg responded “Yes”. When asked if he specifically had been interviewed, the CEO replied “I have not”. Leahy followed up, asking “Others have?” Zuckerberg responded “I believe so.”

Zuckerberg then got cagey, explaining that “I want to be careful here because our work with the special counsel is confidential and I want to make sure that in an open session I’m not revealing something that’s confidential.” Leahy asked again to confirm Facebook had been contacted and received subpoenas, to which Zuckerberg responded, “Actually let me clarify. I actually am not aware of a subpoena. I believe that there may be. But I know that we’re working with them.”

You can watch this part of the testimony below:

Wired reported in January that at least one Facebook staffer employee had been interviewed by Mueller, and that they were associated with the Trump campaign. Facebook provided assistance to both the Trump and Clinton campaigns in using Facebook’s tools.

Now, given information that’s come to light about the Trump campaign working with Cambridge Analytica to optimize its campaigns, and about how Cambridge Analytica attained that data improperly from a Facebook app built by researcher Dr. Aleksandr Kogan, Mueller’s investigation may have been interested to know if the Facebook staffer was aware of the improperly-attained data. Alternatively, Mueller may have simply been interested in whether the Facebook staffer knew of any Russian connection to the campaign.

You can follow TechCrunch’s coverage of the Zuckerberg testimony here:


Source: TechCrunch

Enter the Intense World of Competitive Yo-Yoing

For these players, yo-yos are much more than just toys.
Source: Wired

Cambridge Analytica Could Also Access Private Facebook Messages

A Facebook permission allowed an app to read messages between 1,500 Facebook users and their friends until October 2015—data that Cambridge Analytica could have accessed.
Source: Wired

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