Get ready for major changes coming to your Facebook Newsfeed. The social media giant said it will favor posts shared by friends over what's published by businesses or news organizations. In an effort to fight the spread of 'fake news,' the company will consider prioritizing media outlets based on credibility and polling data.
Dropbox is going public. The file-sharing company confidentially filed for an IPO, with Goldman Sachs and JP Morgan reportedly leading the offering. The San Francisco-based company was valued at $10 billion three years ago.
President Trump denied reports he referred to some nations as "shithole countries." The president reportedly made the comments during a bipartisan meeting on a potential DACA deal. Trump also blamed President Obama for his own decision to skip an upcoming visit to the United Kingdom.
Body-care brand Busy Beauty wants over-taxed women to spend less time on primping. "We developed a full line of products that let women completely skip the shower if they either don't feel like it or don't have the time," said Jamie Steenbakkers, the company's co-founder and COO.
The chief strategist of Bubba Trading is casting doubt on the demand for Tesla's Model 3. "I don't know that I necessarily agree with there's demand there," Bubba Trading's Todd Horwiz told Cheddar Wednesday. "I think it's a great car. I think it's a great concept. I think it's an extremely overvalued company, and I think the CEO has got some issues that he's got to deal with."
Roughly five years ago, Detroit made history as the largest city to ever file for municipal bankruptcy. But in 2018, the Motor City is teaching itself how to transform from America's factory into an engine for innovation. According to start-up incubator TechTown CEO and president Ned Staebler, adjustments to the city's economy and the value of its labor supply could begin a tech-based rebirth, a future when automobiles are not just considered vessels of transportation, but rather as pieces of the revolution.
In 2019, 10 minutes out of every hour of media engagement will be spent streaming video on mobile, app market data provider App Annie told Cheddar. In 2018, app downloads hit 113 billion, Levitas said, while spending on Google ($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.
Fair Financial is riding high on its recent $385 million round of funding. Founder and CEO Scott Painter is even willing to bet the used-car-subscription startup will go public down the line. "In most cases, I think it is really foolish to set a target that says, 'we are going to be a public company,' but in Fair's case, there is quite literally just so much money involved," Painter told Cheddar on Friday. "It will have to be a public company sooner than later."
These are the headlines you Need 2 Know for Friday, Dec. 21, 2018.
AppOnboard is looking to reinvent the app store by letting users instantly experience an app or game without having to download it. The company just raised $15 million in funding, bringing its total to $30 million this year. “We’re really excited to really re-invent the way that users consume apps,” Bryan Buskas, AppOnboard's chief operating officer told Cheddar on Thursday.
As Cheddar reflects on 2018, we are profiling the most innovative, flamboyant, and often-controversial entrepreneurs and corporate leaders who delivered the year's most memorable moments in business. Of the CEO Class of 2018, who was crowned Biggest Flirt? Class Clown? Cheddar's Most Outspoken Award Goes to Tim Cook.
