Eric Newcomer
Bloomberg
Lathrop, CA, United States
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Past articles by Eric:
New York Calls for Social Media Oversight After Twitter Hack
The New York State Department of Financial Services is calling for top social media companies to be regulated similarly to banks with a “systematically important” designation, following an investigation of a high-profile Twitter hack in July. → Read More
Tech Execs Rally Behind Harris as Known Quantity for VP Pick
Senator Kamala Harris and former Vice President Joe Biden. Photographer: Stefani Reynolds/Bloomberg Photographer: Stefani Reynolds/Bloomberg Many people in Silicon Valley sighed a breath of relief when Democratic presidential nominee Joe Biden selected California Senator Kamala Harris as his running mate. After a primary season in which hostility towards the tech industry ran hot, Biden tapped a… → Read More
Kodak’s $765 Million Government Loan on Hold Pending Probe
The federal agency that announced a $765 million loan to Eastman Kodak Co. less than two weeks ago said the offer is on hold pending probes into allegations of wrongdoing. → Read More
Kodak’s $765 Million Government Loan on Hold Pending Probe
(Bloomberg) -- The federal agency that announced a $765 million loan to Eastman Kodak Co. less than two weeks ago said the offer is on hold pending probes into allegations of wrongdoing.“Recent allegations of wrongdoing raise serious concerns,” the U.S. International Development Finance Corporation said → Read More
Uber, Postmates Agree on $2.65 Billion All-Stock Deal
(Bloomberg) -- Uber Technologies Inc. has agreed to acquire Postmates Inc. in a $2.65 billion all-stock takeover expected to be announced as soon as Monday morning in the U.S., according to people familiar with the matter.Uber Eats head Pierre-Dimitri Gore-Coty is expected to continue to run Uber’s combined → Read More
Uber, Postmates agree on $2.65 billion all-stock deal
Uber Technologies's board of directors has approved a $2.65 billion acquisition of food delivery rival Postmates in an all-stock deal, expected to be announced as soon as Monday morning in the U.S., according to people familiar with the matter. Uber's head of food delivery, Pierre-Dimitri Gore-Coty, is expected to continue to run Uber's combined delivery business, according to a person who asked… → Read More
Racism is rampant on Reddit, and its editors are in open revolt
The volunteer moderators of Reddit's r/blackladies community -- an online message board that currently has over 40,000 members -- wrote an open letter outlining their frustrations with the popular website in August 2014. They had pitched their message board, known as a subreddit, as a safe space for Black women, but were being deluged with hateful comments and links to racist content from… → Read More
Peloton attracts a record 23,000 people to single workout class
The home-fitness cycling company Peloton Interactive Inc. said it set a record Wednesday for the most people streaming a single live class, with 23,000 participating. The coronavirus pandemic has hit gyms and real-world cycling classes hard, but it's been an opportunity for Peloton to sign up new customers as millions around the globe shelter in place. Just as Netflix Inc. is setting records for… → Read More
Airbnb Is Banking on a Post-Pandemic Travel Boom
The home-rental company defined the travel industry after the last cataclysm, but may be less suited for what’s next. → Read More
Airbnb’s Loss Nearly Doubles in Fourth Quarter, Before Virus
(Bloomberg) -- Airbnb Inc.’s losses almost doubled in the fourth quarter of last year, even before the coronavirus pandemic caused global travel to nearly grind to a halt.The world’s biggest home-sharing company reported a loss of $276.4 million excluding interest, taxes, depreciation and amortization → Read More
California Will Be Key Battleground in Tech Privacy Fight in 2020
With Congress stalled, other states may also press ahead with their own laws → Read More
Uber CEO Says It ‘Sure Looked Like’ Levandowski Took Google's Files
(Bloomberg) -- Uber Technologies Inc. Chief Executive Officer Dara Khosrowshahi said Thursday that "it sure looked like" former executive Anthony Levandowski took information on self-driving cars from his former employer, Google.Prosecutors charged Levandowski this week with 33 counts of stealing → Read More
Uber Created a $6.1 Billion Dutch Weapon to Avoid Paying Taxes
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Uber Technologies Inc., responding to a European crackdown on offshore tax havens, created a $6.1 billion Dutch tax deduction that will help the company reduce a chunk of its global tax bill for → Read More
Uber to Cut About 400 Employees, Citing Worry of Slowing Growth
(Bloomberg) -- Uber Technologies Inc. is cutting a third of its marketing department globally, said a person familiar with the matter, as the chief executive officer seeks to address perceptions that the business is slowing down.The ride-hailing company will dismiss about 400 employees, said the person → Read More
Uber to Cut About 400 Employees, Citing ‘Mediocre Results’
Uber Technologies Inc. is cutting a third of its marketing department globally, as it scales back a team of 1,200, said a person familiar with the matter. → Read More
Two Uber Board Members, Huffington and Cohler, to Depart
(Bloomberg) -- Two Uber Technologies Inc. directors, who were central figures in the most turbulent period of the company’s life, stepped down from the board Wednesday.The outgoing directors, Arianna Huffington and Matt Cohler, played key roles in the board’s response to a series of crises plaguing the → Read More
Slack Revenue Up 67% as It Prepares Stock Listing
Slack lost $31.9 million in the three months ended April 30, up 28% from the year prior, according to its revised filing Friday with the U.S. Securities and Exchange Commission. On Thursday, Uber Technologies Inc., whose $8.1 billion IPO is the largest of the year, reported a quarterly loss of $1.01 → Read More
Uber Inventor’s Stake Worth $3.7 Billion Ahead of IPO
How much is a great idea worth? In the case of Uber Technologies Inc., the answer is $3.7 billion. That’s the value of the stake held by Garrett Camp, the How much is a great idea worth? In the case of Uber Technologies Inc., the answer is $3.7 billion. That’s the value of the stake held by Garrett Camp, the inventor of Uber, ahead of the company’s first day of stock trading on Friday. It’s an… → Read More
Uber Has Enough Demand for All the Stock Offered in Its IPO
The initial investor feedback comes after Uber kicked off its IPO roadshow with meetings in London on Monday, the people said, asking not to be identified because the discussions were private. Uber met potential buyers in New York Tuesday an will head to cities including Boston and San Francisco as → Read More
Uber Secures $1 Billion Funding for Self-Driving Unit Ahead of IPO
Uber Technologies secured a $1 billion investment from three Japanese companies, ahead of an initial public offering expected next month. Denso, Toyota Uber secures $1 billion funding for self-drive unit ahead of IPO. → Read More