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Prompted by concerns over privacy, “government investigation, a class-action lawsuit and regulatory woes,” Facebook is planning to “shut down its decade-old facial recognition system this month, deleting the face scan data of...more
Walmart’s recent move to hire away a “pair of senior Goldman Sachs bankers” to head up the retailer’s new fintech startup (a collaboration with Ribbit Capital) has tongues wagging about the company’s ambitions to shove its...more
Surging bond yields raised fears that government, consumer, and business spending could become more expensive, leading to a “tumultuous day in financial markets” that prompted some to blame the Fed for not expressing...more
Big Tech companies using facial recognition software have begun to support “’precision regulations’ that don’t allow mass surveillance.” Lawmakers in New York, Massachusetts, Hawaii, Michigan, and California are considering...more
On Tuesday, a U.S. federal tax court began hearing arguments regarding Facebook’s 2010 tax bill. The IRS valued Facebook at $13.8 billion, while Facebook reported only $6.5 billion. The final tally could potentially cost...more
Facebook has agreed to pay $550 million to resolve a class-action lawsuit claiming that Zuck & Co.’s use of facial recognition technology violated Illinois’ biometric privacy law. Though the settlement is little more than “a...more