|Bid||188.84 x 1800|
|Ask||188.98 x 1000|
|Day's range||188.36 - 191.09|
|52-week range||123.02 - 218.62|
|Beta (3Y monthly)||1.33|
|PE ratio (TTM)||28.13|
|Earnings date||23 Jul 2019 - 29 Jul 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||222.30|
Yahoo Finance Editor-in-Chief Andy Serwer sits down with Kevin Love, NBA superstar and mental health advocate.
Facebook's new Libra cryptocurrency is "designed to be a unit of purchase and a unit of daily transactions, as opposed to a speculative asset," says the Libra Association's policy head.
Since 2009, Slack (WORK) has raised $1.4 billion from investors through two seed and eight venture rounds. The company boasts a legendary investor lineup, which includes Softbank, General Atlantic, and Andreessen Horowitz. Accel is Slack’s biggest investor with a 23.8% stake followed by Andreessen Horowitz, which holds 13% in the company.
(Bloomberg) -- Facebook Inc.’s decision to create its own digital money –- with the grandiose ambition of establishing an alternative global financial system –- is jumpstarting a long simmering debate in Washington over how to regulate cryptocurrency.For years, U.S. regulators and lawmakers have bickered over how to tackle the thorny issues surrounding the emergence of cryptocurrencies, like protecting consumers and preventing crime. But the entry of a big and controversial company like Facebook could force their hand.At least six federal agencies that have some say in cryptocurrency oversight could slow, or even derail, Facebook’s plans, former regulators said. The company is already under the spotlight for a series of policy stumbles and scandals that have many lawmakers itching for a fight. Among Facebook’s missteps are major data breaches and letting Russians hijack its platform during the 2016 election to push President Donald Trump’s candidacy.“Facebook is going to get whacked a number of different ways,’’ predicted Patrick McCarty, a former Commodity Futures Trading Commission official who teaches a class on cryptocurrencies at Georgetown University’s law school and lobbies on the issue. “The company went into another area that many in Congress are very skeptical about. It’s like they are doubling down on hot button issues.”A number of Democrats on Capitol Hill swiftly criticized Facebook’s Tuesday announcement and called for additional scrutiny of the technology company. Representative Maxine Waters, the chairwoman of the House Financial Services Committee, said she would conduct hearings on the crypto plans, and demanded that Facebook hit the pause button “until Congress and regulators have the opportunity to examine these issues and take action.”The Senate Banking Committee, led by Republican Chairman Mike Crapo, plans to hold a hearing next month. In its Wednesday announcement, the panel said the hearing would focus at least partly on privacy issues, showing lawmakers’ skepticism that Facebook can protect its users’ financial information.Facebook, in a statement responding to the congressional outcry, said the company would address lawmakers’ concerns. And David Marcus, the Facebook executive leading the company’s cryptocurrency efforts, told Bloomberg last week that he has been in touch with regulators and central banks in multiple countries.Despite the Bitcoin investment craze and a series of fraudulent initial coin offerings, Congress has not moved to pass legislation setting out an approach for dealing with the industry. That has left regulators like the Securities and Exchange Commission, the Federal Reserve, the CFTC and parts of the Treasury Department to sort it out among themselves.Traditionally, Silicon Valley companies have tried to remain far below Washington’s radar until they were too large to ignore, a tactic aided by their physical distance on the West Coast as well as a lack of technological understanding by many policy makers.Facebook is now long past that point, and it has been stepping up its lobbying efforts as it faces a slew of regulatory investigations and potential antitrust scrutiny. Senators Bernie Sanders and Elizabeth Warren are among the 2020 Democratic presidential contenders who have argued that the company should be broken up because it has too much power over many aspects of people’s lives.The cryptocurrency project will likely provoke similar objections.In a 12-page white paper detailing Facebook’s plans, the company and its partners described launching “a simple global currency and financial infrastructure that empowers billions of people” by next year.The token will be called Libra and built on a new Blockchain infrastructure accessible from anywhere in the world. The companies have set up a non-profit organization in Switzerland to govern the payment network and hold a reserve of bank deposits and short-term government securities that will back the coin.Read More: Why Facebook Is Minting a Coin and How You Can Use ItThe goal is for Libra to maintain a stable value, so that consumers feel comfortable using it to buy things. Bitcoin, with its wild volatility, has never achieved that status.Indeed, Facebook took pains to describe Libra as a method of payment rather than a speculative financial instrument like most digital coins. The company said that the currency would allow people to use their mobile phones to send money cheaply anywhere in the world.What’s unclear from the paper, however, is what kind of government oversight the cryptocurrency will have.That’s been a particularly sensitive topic in Washington, where policy makers have failed to agree on an overarching policy for regulating virtual money. That grey area has allowed many coins to flourish but also has enabled fraud and other criminal activity like money laundering.Many government officials aren’t even sure how cryptocurrencies should be classified under the law and which agency might be responsible for them. Are they securities? Are they commodities? Are they just a newfangled form of cash?Read More: Why Facebook Chose Stablecoins as Its Path to CryptoSome have argued that digital coins should be monitored by the SEC because they often trade on exchange-like platforms and in some ways act like stocks. Others have pushed for the CFTC to oversee the products because they resemble currencies that underlie some futures products. Much of that jurisdiction would be in cases of fraud or manipulation rather than actually regulating the markets.The Federal Trade Commission, which has some oversight of tech companies, could make the argument that it should regulate cryptocurrencies, lawyers who work on the issue said. The Federal Bureau of Investigation and the Internal Revenue Service also claim some jurisdiction.Bank regulators, while not a primary cryptocurrency watchdog, have been involved in digital currency policy talks. Fed Chairman Jerome Powell told reporters on Wednesday that the central bank was one of a number of regulators that Facebook consulted before revealing its plans for Libra. Powell, speaking at a press conference, said because digital currencies are in their infancy, they don’t yet pose monetary policy implications for the Fed. Still, he added that the central bank would want to ensure that there aren’t “safety and soundness” issues for the financial system should Facebook go forward with Libra. Some cryptocurrency trading platforms operate as money services businesses, like PayPal or Western Union. Those firms have to register with the Financial Crimes Enforcement Network, an arm of the Treasury Department that combats money laundering, and also in the states where they operate.Still, with a behemoth like Facebook getting in the game, former regulators said the federal government may have to come up with a better system than the current patchwork of oversight.“Those issues might be really put to the test,” said Gary Goldsholle, a partner at Steptoe & Johnson in Washington who previously worked on digital token issues at the SEC.(Adds comment from Powell in 22nd paragraph.)\--With assistance from Julie Verhage and Austin Weinstein.To contact the reporters on this story: Robert Schmidt in Washington at email@example.com;Ben Bain in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jesse Westbrook at email@example.com, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Facebook and Amazon Studios are among the backers of a new website that will help businesses and producers find female photographers, ad and movie directors and editors in an effort to balance up male-dominated creative industries.
Facebook Inc. and Apple Inc. are most at risk if government regulators are serious about pursuing antitrust actions against Big Tech.
Central bankers around the world say Facebook should expect regulatory questions over its new cryptocurrency.
If you’re an office worker, you’re increasingly likely to have heard of Slack Technologies—or to use its tools yourself. Starting Thursday, you’ll be able to invest in it, too.
Using put options to cost-effectively build a position in the social-networking giant in anticipation that it ultimately will be broken up by government regulators.
Since Slack, the red-hot provider of cloud-based communications and collaboration software, isn’t selling any shares, we’re not going to get the usual round of prospectus updates with potential IPO prices.
(Bloomberg Opinion) -- It's one thing for academics in Asia to rant against the tyranny of the dollar, or to make cheery forecasts about its impending eclipse by the Chinese yuan. But now that Facebook Inc. wants to spawn a new global currency – one that could meet the “daily financial needs of billions of people” and perhaps rival the greenback one day – central banks in Beijing, Jakarta, Manila or Mumbai won't exactly be ecstatic.To them, the prospect of being at the mercy of a cabal of tech czars and venture capitalists sitting in Switzerland could well mean swapping the yoke of the U.S. Federal Reserve for a less predictable and potentially more sinister dependence.What if Facebook's crypto, backed by fiat-currency assets and offering stable value, starts out by paying for coffee but over time becomes people's preferred store of wealth? What will it mean for monetary sovereignty? Suppose users of Libra, as the currency will be called, manage to set aside their outsize privacy concerns with Facebook. Were the tokens to take off and – against all regulatory odds at home and abroad – gain global acceptance, there will be several implications for governments around the world.Some of them will be of particular concern in Asia, where most of the larger economies, starting with China, yearn for a growing role for their currencies in international commerce and as a store of value. Americans enjoy everything a little cheaper because the world – including money launderers, drug dealers and terrorists – wants the U.S. currency, which only the Fed can manufacture. China wants the same privilege for itself; and in a decade or two, India and Indonesia will, too. However, the long, patient game of internationalizing the yuan would get complicated if the Chinese on the mainland themselves take to Libra to bypass the country’s increasingly invasive social scoring system.Shielded by capital controls, Asian central banks at times seek weaker currencies to stimulate their export-led economies. But if people can move their wealth with one scan of a QR code to a digital coin backed by a reserve of low-risk assets – including bank deposits in various currencies and U.S. Treasuries – such stratagems won’t work any more. The People's Bank of China could then respond with its own digital currency, and unlike Facebook, pay interest on it.(2) Other central banks may join the battle for continued relevance. This competition, and not devaluation, could end up becoming the real currency war of the 21st century.None of us has experienced a central bank-sponsored digital currency yet: Our online payments are mediated by commercial banks or fintech. But it’s not a far-fetched idea. Seventy percent of the monetary authorities surveyed by the Bank for International Settlements last year said they’re working on the concept. So far they’ve had no reason to take the leap. Central banks already make digital cash available to financial institutions. Those are called bank reserves. Presumably, the Switzerland-based Libra Association, which will also include Visa Inc., Uber Technologies Inc., venture capitalist Andreessen Horowitz and other founders apart from Facebook, will also rely on a “geographically distributed network of custodians” to tap this closed user group for reserves.Nothing stops a central bank from providing its own digital tokens via commercial banks to compete with Facebook. If that doesn’t do the trick, the monetary authority can pull the ultimate stunt: It can open up its balance sheet to the public. Groups like the U.K.-based Positive Money, which is advocating for “Britcoin” to be held by individuals directly with the Bank of England, see it as the ultimate antidote to “extractive middlemen like banks and now tech companies.” Such a step would carry risks. In normal times, commercial banks can retain customer deposits by paying higher interest. But when panic strikes, deposits might flee to the central bank, even if the latter imposes a negative interest rate. Monetary authorities don’t want a funding shock to their banking systems. However, were Facebook to pose an existential threat, they may be compelled to walk an untrodden path.New purchasing power will increasingly come from Asia and Africa where the demographics are still favorable for high income growth. To the extent that global tech avoids paying national taxes when this purchasing power turns into digital consumption, it’s already a headache. Were Libra or another such project backed by the technology industry to take over where the dollar leaves off, concerns around a fair share of taxes could multiply. For that reason alone, Libra may not end up going anywhere in Asia. (1) The Libra Association will use its income to pay operating expenses, and then to compensate early investors in the consortium.To contact the author of this story: Andy Mukherjee at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Line Corp., Japan’s largest messaging app, is close to getting a license to launch a cryptocurrency exchange in its home nation, according to people familiar with the matter.Japan’s Financial Services Agency could issue the license as early as this month, with exchange operations starting a few weeks after that, said the people, asking not to be identified discussing private matters. The service, which will be called BitMax, will allow Line’s 80 million users in Japan to buy and sell cryptocurrencies including Bitcoin and Line’s own token Link, one of the people said. Shares rose as much as 4.6%, the most intraday in two weeks.Line joins a crowded field of tech companies racing to roll out cryptocurrency products, including a move from Facebook Inc. earlier this week to create its own financial system with Visa Inc. and Uber Technologies Inc. For Line, the pressure to succeed is particularly acute as stagnant user growth has pushed shares to their lowest since listing in 2016. The Japanese company booked a loss last fiscal year as it stepped up investments into new businesses to reduce its reliance on advertising revenue.Line spokeswoman Icho Saito declined to comment.BitMax will use the same back-end technology as BitBox, a Singapore-based crypto exchange that Line launched last year for global users, according to one person. BitBox is off limits to users in Japan because of the licensing issue and so far hasn’t delivered a big boost to the company’s earnings. Exchange volume over the past 24 hours was about $2 million, according to its website.Line is still awaiting a separate banking license in Japan that will allow deeper integration of cryptocurrencies with its other services like online shopping. That license is unlikely to be issued until next year, according to one person. Line aims to debut stock brokerage operations this year with Nomura Holdings Inc. and banking services next year with Mizuho Financial Group Inc., co-Chief Executive Officer Shin Jung-ho said this month.Facebook this week announced its new crypto project Libra, a so-called stablecoin that is expected to let users send and receive money, shop online and invest through the social media platform. In Japan, tech companies including Rakuten Inc. and Yahoo Japan Corp. have launched their own crypto exchanges this year after receiving licenses from the FSA.Crypto’s growing adoption by large companies is contributing to a rebound in prices this year, with Bitcoin more than doubling over the past three months. Line’s own token Link has almost doubled in June alone, giving it a market valuation of about $30 million. It’s one of the few cryptocurrencies in the world that is issued by a large listed company.(Updates with shares in fourth paragraph.)To contact the reporters on this story: Yuji Nakamura in Tokyo at firstname.lastname@example.org;Yuki Hagiwara in Tokyo at email@example.com;Pavel Alpeyev in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Peter ElstromFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The government want to scrutinize the upcoming Libra currency, among other things. Meanwhile, the database king keeps its crown.
With the launch of the Libra cryptocurrency, Mark Zuckerberg reveals his dreams of building a new virtual country, perhaps inspired by the Roman Empire.