There's a spotlight on Facebook as the social media giant reports earnings Wednesday. The company faces increasing scrutiny over fake news on its platform. Flipboard CEO Mike McCue explains the lessons he thinks Facebook needs to learn from journalism.
"When you are building algorithms that are responsible for informing entire populations, the whole society of people you want to make sure you are applying basic journalistic principles, " said McCue. The five lessons McCue says algorithms must learn from journalism include truth and accuracy, independence, fairness and impartiality, humanity, and accountability.
Facebook recently updated its algorithm to prioritize friends and family over media publishers. McCue says Facebook's algorithms should be controlled by journalists.
With oil prices nearing 18-month lows, John Hofmeister, former president of Shell Oil, is worried about the negative impact of lower prices. In fact, he says, if prices drop below
$40 a barrel, the cost of production will exceed the revenue it brings. That said, Hofmeister noted that lower oil prices are having a big impact on the consumer. People are driving more, and the impact hits everything from plastics to clothing and air fares.
These are the headlines you Need 2 Know for Friday, Dec. 28, 2018.
Instagram accidentally released an update to its app on Thursday, enraging users and igniting a firestorm on social media. The social media platform, which hit 1 billion users in June, modified how users view their main feeds ー switching from a vertical scroll to a horizontal swipe, à la popular dating app, Tinder.
When U.S. Attorney General Jeff Sessions moved to undermine Obama-era marijuana industry protections in January, there was little indication how pivotal 2018 would prove to be for the cannabis industry. As 2019 approaches, Cheddar is now looking ahead to next year and forecasting what's in store for the U.S. marijuana industry.
Body-care brand Busy Beauty wants over-taxed women to spend less time on primping. "We developed a full line of products that let women completely skip the shower if they either don't feel like it or don't have the time," said Jamie Steenbakkers, the company's co-founder and COO.
The chief strategist of Bubba Trading is casting doubt on the demand for Tesla's Model 3. "I don't know that I necessarily agree with there's demand there," Bubba Trading's Todd Horwiz told Cheddar Wednesday. "I think it's a great car. I think it's a great concept. I think it's an extremely overvalued company, and I think the CEO has got some issues that he's got to deal with."
Roughly five years ago, Detroit made history as the largest city to ever file for municipal bankruptcy. But in 2018, the Motor City is teaching itself how to transform from America's factory into an engine for innovation. According to start-up incubator TechTown CEO and president Ned Staebler, adjustments to the city's economy and the value of its labor supply could begin a tech-based rebirth, a future when automobiles are not just considered vessels of transportation, but rather as pieces of the revolution.
In 2019, 10 minutes out of every hour of media engagement will be spent streaming video on mobile, app market data provider App Annie told Cheddar. In 2018, app downloads hit 113 billion, Levitas said, while spending on Google ($GOOGL) Play and the Apple ($AAPL) app store hit $76 billion. On average, Americans spent three hours per day on apps.
New video-sharing platform Portal wants to help online video creators cash in on their content, says company founder Jonathan Swerdlin. "Portal is the first video sharing platform that everyone can use that completely skips the ad model and introduces really easy ways for users to pay each other," Swerdlin said in an interview on Cheddar. "Everyone can be their own mini HBO."
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
