SNAP INC
Does Snapchat cause depression, anxiety, eating disorders? A court trial that tells bold story against social media platforms
Social media companies face thousands of lawsuits in federal and state courts brought by individuals, school districts, municipalities and other government entities alleging the companies knowingly sought to addict children to their platforms.
Meta settles with teen during trial testing claims social media caused depression, eating disorders
Meta Platforms has settled with a teen plaintiff who accused the company of designing Instagram and Facebook to be addictive, causing her mental health problems
Layoffs: Microsoft, Amazon, HP among companies reducing staff due to AI push
Recent developments reveal that leading tech firms like Microsoft and Amazon are making substantial job cuts due to the rise of AI technologies. Microsoft has launched a voluntary exit program that may impact approximately 60,000 employees globally. Meanwhile, Amazon has laid off around 30,000 workers as part of a restructuring effort driven by AI advancements.
Startups will crown new champions today at 12th ET Startup Awards in Bengaluru
Union minister for commerce and industry Piyush Goyal will be the guest of honour at the event, which will bring together a strong mix of past and present ETSA winners and nominees, alongside leading voices from India’s new-economy landscape. Goyal is expected to speak about the government’s efforts to deepen and expand the country’s emerging business ecosystem.
Robinhood stock tokens turbocharge a new era of meme trading
Traders are actively engaging in memecoin and stock token swaps on Robinhood's platform, blurring traditional investment lines. The SEC has allowed temporary tokenized stock trades, reflecting a growing retail trend. Companies like AMC have expressed concerns over tokens trading without their involvement. As these trades evolve, stock prices may become detached from their underlying assets. This shift signifies a potential change in how risk is perceived by day traders.
Union minister Piyush Goyal to headline ET Startup Awards on October 9 in Bengaluru
Goyal has been leading trade negotiations with key partners, including the US, after sealing high-profile deals with the UK, which came into force in July, and the EU, which is expected to take effect early next year. His ministry is also overhauling a raft of laws and regulations to make it easier to do business and to cement India's position as a global manufacturing hub, a push that has coincided with record foreign direct investment (FDI) inflows of $94.53 billion in FY26.
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Microsoft abandons personal AI chatbot race with Copilot reboot
The result of a six-month engineering effort, the latest iteration of the assistant has absorbed the separate version for home use, adopting some of its slick design features, and casting aside the marketing that sought to position the company as a builder of personal AI.
First US trial against TikTok to test claims platform fueled teen mental health crisis
An Alabama jury will hear the state's claims that TikTok and its Chinese parent company ByteDance made the platform addictive to young users and misled consumers about its safety, in the first case against the company to reach trial in the sweeping litigation
Flipkart's new Minutes app; Anthropic employee sounds alarm
Flipkart has launched a standalone app for its quick commerce unit Minutes. This and more in today’s ETtech Top 5.
Ajit Mohan steps down as Snap's chief business officer
The company has elevated Ronan Harris, who has led its business across Europe, the Middle East and Africa for nearly four years, to the role of chief commercial officer.
The big Gen Z market taking over how India spends, saves and strategises
India's youngest generation now leads consumption spending with unique preferences. Gen Z's influence is reshaping brand strategies and investment patterns significantly. This demographic is embracing early credit access and design-led purchases. Their spending power is projected to grow substantially in the coming years. Brands must adapt to evolving consumer behaviors and wider reach.
Woman went on maternity leave as a manager returned to a find a clerk role waiting for her and her team gone; Court orders employer to pay her Rs 10 lakh
Delhi High Court has ordered HashiCorp to pay Rs 10 lakh compensation to Rakhi Bisht, a Chartered Accountant who returned from maternity leave in 2024 to find her managerial role and reporting team gone, and was instead placed in a clerical-level treasury job. The court held that maternity protection under law covers a woman's actual duties and authority, not just her salary and title, and has directed the Centre to frame a national implementation framework within six months.
Sneaker brand Comet raises Rs 100 crore led by Verlinvest
Comet has raised Rs 100 crore in a Series B round led by Verlinvest, with existing investors Elevation Capital and Nexus Venture Partners also increasing their stakes. The homegrown sneaker brand plans to use the funds to expand its retail footprint, develop new products and strengthen technology as it targets 20 stores by FY27.
Comet, the homegrown sneaker brand, raises Rs 100 crore in Series B round led by Verlinvest
Homegrown sneaker brand Comet secured Rs 100 crore in Series B funding. This investment was led by Verlinvest and included existing investors. The capital will fuel retail expansion and product development initiatives. Comet plans to double its footwear models and reach twenty stores. This funding will significantly scale the brand's national presence.
Semicon 2.0 takes shape; Zomato’s Hyderabad layoffs
The government has notified Semicon 2.0 to boost India’s semiconductor ecosystem. This and more in today's ETtech Top 5.
Snap sees opportunity as Indian advertisers look beyond Google, Meta: CBO Ajit Mohan
Advertisers are looking beyond Google and Meta as concerns over dependence on the two platforms grow, Snap’s Ajit Mohan told ET. Snapchat has crossed 250 million users in India, while domestic advertisers have grown 10x in two years. Snap is also expanding its advertising and subscription businesses to diversify revenue.
Fifty shades of Nifty growth: ETSA jury spots next giants
The elite jury was chaired by one of India’s brightest next-generation leaders Rishad Premji, executive chairman, Wipro. Members of the jury included Sachin Bansal, cofounder, Flipkart and Navi; Vijay Shekhar Sharma, founder and CEO, Paytm; Mukesh Bansal, cofounder, Myntra; Mithun Sacheti, cofounder, CaratLane; Nandita Sinha, CEO, Swiggy Instamart; Ajit Mohan, chief business officer, Snap Inc; Irina Ghose, MD, Anthropic India; Paras Chopra, founder, Wingify, Lossfunk; Abhiraj Singh Bhal, cofounder and CEO, Urban Company; and Aryaman Birla, director, Aditya Birla Group.
Snap Inc acquires social calendar app Saturn to deepen Gen Z engagement
The move is expected to help Snap incorporate social planning and time-management features more seamlessly into Snapchat, reinforcing its efforts to stay relevant with younger audiences.
Snap lays off 170 employees, shuts augmented reality division for enterprises
Social media company Snap Inc said on Wednesday it was closing its division focused on making augmented reality services for businesses.
Meta stuns Street with lower costs, big buyback, upbeat sales
Meta stock surged nearly 19% in after-hours trade. If gains hold on Thursday, it would set up the shares for their biggest intraday surge in a decade and added more than $75.5 billion to its existing $401 billion market capitalization.
Snap's slowing ad growth sends inflation fears through tech sector
The company said its internal forecast estimates that revenue for the fourth quarter, which includes the holiday season when advertisers ramp up activity, will be flat from the previous year. The ability to forecast future quarters remains challenging, Snap said.
Social media stocks lose over $160 billion
The owner of the Snapchat app, which sends disappearing messages and adds special effects to videos, reported quarterly user growth in April that topped estimates. But with the company saying just a month later that it won't meet prior forecasts for revenue and profit, analysts noted a rapid deterioration of the economic environment.
Tatas plan UPI play; Snap to port India playbook elsewhere
Amazon India also has its own UPI service for payments and cashbacks, which the Tatas may be looking to emulate for their super app.
Snap India's daily user base grew 100% YoY for the past 5 quarters: Evan Spiegel
Spiegel said the app now reaches over 500 million monthly active users across the world, with roughly 40% of the company's userbase located outside of North America and Europe.
Snap Inc beats user growth and revenue estimates as improved app takes hold
Snap has increasingly invested in augmented reality technology, betting that it can help brands market products like clothes and makeup to tech-savvy young users.
Snap Inc to debut made-for-India series on March 27
Called 'Phone Swap India', the 12-episode, mobile-first show is a Hindi version of Snap Inc's longstanding dating reality original series Phone Swap, which is in its 12th season in the US.
Snapchat parent debuts short video offering Spotlight in India
Snap’s Spotlight features 60-second videos in a dedicated TikTok-style vertical layout within the Snapchat app, but the feed is moderated for content.
Snap plans to take its India localisation strategy to the world
After ignoring the country in its early years, Snapchat’s parent is doubling down on the Indian market by rolling out localised versions of its offerings.
WPP to work with clients on how to reduce single use plastic
At the Cannes Lions Festival of Creativity, the WPP beach was buzzing with activity that included “candid” chats with executives from Facebook and Snap Inc.
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