Facebook doesn’t like Lina Khan as well
Plus, Netflix hires Facebook Gaming exec & Burger King staff walks out
Hello there,
Facebook (FB) has petitioned for Federal Trade Commission Chair, Lina Khan, to recuse herself from involvement in the stalled antitrust case against the company.
Why this matters: The company made the request, just weeks after Amazon (AMZN) asked for Khan to recuse herself from its pending acquisition of MGM Holdings. Facebook said in their petition that Khan has already concluded Facebook violated antitrust laws based on years of journal articles, public statements, now-deleted Twitter posts, and her work on the 16-month congressional investigation into tech companies. Will the FTC agree? (Barrons)
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Netflix hires Facebook Gaming exec
Netflix (NFLX) has hired video-game executive, Mike Verdu, from Facebook (FB), where he was vice president of augmented reality and virtual reality content.
Why this matters: The move reflects Netflix’s ambition to go deeper into entertainment and move beyond television shows and movies. The company has been making moves in the gaming industry; they announced in 2019 that they will be releasing a mobile game based on the popular “Stranger Things” series. Like the streaming business, online gaming is getting more competitive, and Netflix is interested in playing the game. (CNBC)
Burger King staff walks out
Restaurants Brands International (QSR) owned Burger King is dealing with staff shortages as an entire store staff walked out, quitting.
Why this matters: Americans are quitting at record rates — almost 1 million people voluntarily left their jobs in June. Many establishments and industries that don’t offer the luxury of working from home, such as fast food, have had staffing issues throughout the COVID-19 pandemic. The labor shortage for such jobs could be contributed to many factors such as lack of strong wages, COVID fears, childcare uncertainty, and substantial federal unemployment benefits. (MarketWatch)
Didi’s stock plunged 20% and took down two other recently IPO’d Chinese companies with it. What is your perspective on Didi?
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