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.
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.
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.
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.
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 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.
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