The Man Who Sued Facebook Is Bullish About the Platform
*By Conor White*
Though he sued Mark Zuckerberg for stealing the idea for Facebook, Divya Narendra said he's excited about the future of the social media giant, and sees Facebook as a good investment.
"If you have a long-term mindset, this is probably one of the cheapest stocks you can own," said Narendra in an interview Thursday with Cheddar's Kristen Scholer and Brad Smith. "On a price-to-earnings basis, or on a price-to-growth basis, really versus any other stock in this sort of large cap universe."
Narendra hit Zuckerberg with an intellectual property suit for allegedly stealing the idea for Facebook while the two were students at Harvard. They settled in 2009 for around $65 million ー $20 million in cash and 1.25 million Facebook shares. Despite that antagonistic history, Narendra is bullish on Zuckerberg's company.
"You saw a 15 to 20 percent drop in the stock off of bad PR, which is I think a solvable problem," said Narendra. "I guess that's how the markets work, but clearly an overreaction."
Narendra is the chief executive of SumZero, an investment website for professional investors.
For the full interview, [click here](https://cheddar.com/videos/facebook-looks-to-future-after-beating-earnings-expectations).
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.
