Business

Former Deputy UK Leader Nick Clegg to Lead Facebook’s Global Policy Team

Facebook has hired former U.K. deputy prime minister Nick Clegg to head its global policy and communications teams, enlisting a veteran of European Union politics to help it with increased regulatory scrutiny in the region. Clegg, 51, will become a vice president of the social media giant, and report to Chief Operating Officer Sheryl Sandberg. Clegg will be called upon to help Facebook and other Silicon Valley stalwarts grapple with a changing regulatory landscape globally. European Union regulators are interested in reining in mostly American tech giants who they blame for avoiding tax, stifling competition and encroaching on privacy rights. Clegg led the Liberal Democrats from 2007 to 2015, including five years in the coalition government with the Conservatives. He lost his Sheffield Hal...

Pussy Riot Member Files Complaint to Human Rights Court Over Paper Airplane Punishment

Pussy Riot member Maria Alyokhina has filed a complaint with the European Court of Human Rights over her sentencing earlier this year to community service for a rally in support of messaging service Telegram. On April 18, a Moscow court ordered Alyokhina to carry out 140 hours of community service for the street rally in support of Telegram. Two days earlier, Alyokhina and 11 other activists were detained in front of the building of Russia’s secret service FSB in Moscow’s Lybyanka Square for throwing paper airplanes of various colors at the building’s door. The move was meant to support Telegram, whose logo is a paper airplane. Earlier that month, the messaging service was banned in Russia for refusing to allow FSB to decipher messages sent by its users. The participants ...

Jane VC, a new fund for female entrepreneurs, wants founders to cold email them

Want to pitch a venture capitalist? You’ll need a “warm introduction” first. At least that’s what most in the business will advise. Find a person, typically a man, who made the VC you’re interested in pitching a whole bunch of money at some point and have them introduce you. Why? Because VCs love people who’ve made them money; naturally, they’ll be willing to hear you out if you’ve got at least one money maker on your side. There’s a big problem with that cycle. Not all entrepreneurs are friendly with millionaires and not all entrepreneurs, especially those based outside Silicon Valley or from underrepresented backgrounds, have anyone in their network to provide them that coveted intro. Jane VC, a new venture fund based out of Cleveland and London wants entrepreneurs to cold email them. Se...

MoviePass under investigation for misleading investors: Source

The New York attorney general’s office has launched an investigation into whether the parent company of MoviePass, Helios and Matheson, misled investors about their finances, a source familiar with the investigation confirmed to ABC News. Attorney General Barbara Underwood opened the investigation under her authority to protect investors in companies that are publicly traded on the exchanges located in New York. CNBC, which first reported the investigation, reported that the probe falls under New York’s Martin Act, an anti-fraud law. Helios and Matheson, which purchased a majority stake in MoviePass in August 2017, announced it would be lowering its price to $10 per month. Subscribers were allowed to see one standard 2D movie per calendar day at any participating theater, including major c...

Building a great startup requires more than genius and a great invention

Shahin Farshchi Contributor More posts by this contributor Investing in frontier technology is (and isn’t) cleantech all over again The dos and don’ts of crafting frontier-tech companies Many entrepreneurs assume that an invention carries intrinsic value, but that assumption is a fallacy. Here, the examples of the 19th and 20th century inventors Thomas Edison and Nikola Tesla are instructive. Even as aspiring entrepreneurs and inventors lionize Edison for his myriad inventions and business acumen, they conveniently fail to recognize Tesla, despite having far greater contributions to how we generate, move and harness power. Edison is the exception, with the legendary penniless Tesla as the norm. Universities are the epicenter of pure innovation research. But the reality is that academic res...

Music Canada Touts ‘Another Year of Unprecedented Growth’ at Playback 2018 Kickoff

Music Canada Executive Vice President Amy Terrill recapped the trade organization’s main accomplishments and initiatives of the past year on Tuesday at Toronto’s The Great Hall, kicking off the non-profit’s Playback 2018 annual industry dialogue and celebration. Music Canada represents the three major labels and works with leading indie labels and distributors, studios, venues, promoters, managers and artists, claiming its work is “in the promotion and development of the music cluster.” About 90 members of the music industry from those sectors and further government representatives were in attendance for the afternoon event that included a keynote from author Debora Spar, a panel on copyright reform and the value gap, fireside chat with RIAA chairman and CEO C...

SESAC Elevates Kelli Turner to President and COO

Kelli Turner has been promoted to president and chief operating officer of SESAC Holdings, it was announced on Wednesday. Turner will oversee day-to-day operations, including financial matters, and continue setting strategic direction in her elevated role at the music rights organization. Turner previously served as executive vp of operations, corporate development and chief financial officer at the Nashville-based company. In that role, she led the 2015 acquisition of mechanical rights org Harry Fox Agency, a move that solidified the firm’s transition into a multi-rights organization. She also led last year’s sale of SESAC to private equity firm Blackstone. SESAC chairman and CEO John Josephson said in a statement that Turner’s promotion was “well-deserved recognit...

Spotify Enlists DistroKid to Help Enhance Its Direct Upload Feature

A workaround is in the works that will allow artists to upload directly to Spotify, plus distribute “seamlessly” to other platforms as well. When Spotify announced it was letting artists upload music directly onto its service last month, many in the music industry asked whether it would be worth the trouble, given the need to get their tunes onto other services as well. Now, Spotify has a solution. The music streaming behemoth announced on Wednesday that it is working with digital distributor DistroKid to help artists choosing to upload directly via its Spotify for Artists site to “seamlessly distribute” their music to other platforms as well. “[DistroKid] has been a trusted and reliable partner to Spotify, which is why they’re a natural choice to enhance the ...

Tesla secures land for Shanghai factory, first outside US

Electric auto brand Tesla Inc. said it signed an agreement Wednesday to secure land in Shanghai for its first factory outside the United States, pushing ahead with development despite mounting U.S.-Chinese trade tensions. Tesla, based on Palo Alto, California, announced plans for the Shanghai factory in July after the Chinese government said it would end restrictions on full foreign ownership of electric vehicle makers to speed up industry development. Those plans have gone ahead despite tariff hikes by Washington and Beijing on billions of dollars of each other’s goods in a dispute over Chinese technology policy. U.S. imports targeted by Beijing’s penalties include electric cars. China is the biggest global electric vehicle market and Tesla’s second-largest after the Uni...

What to know if you win the $868M lottery jackpot

One lucky lottery winner could take home more than $800 million this week, one of the largest jackpots in Mega Millions history. The jackpot has reached a new record high of $868 million, the largest in the game’s history, with a cash option of $494 million. The numbers drawn for the Mega Millions on Tuesday were 3-45-49-61-69 and a Mega Ball of 9. No one matched all five numbers and the Mega Ball, pushing the total to the second-highest payout in U.S. lottery history. Only a Powerball payout of $1.59 billion in January 2016 was larger. The Powerball drawing of $345 million ($199 million cash option) will be drawn Wednesday night. ABC News spoke to several financial advisers about how winners can keep their heads and their winnings. The best thing a winner can do is lay low and remai...

What to know if you win the $667M lottery jackpot

One lucky lottery winner could take home more than $660 million this week, one of the largest jackpots in Mega Millions history. Tuesday’s jackpot has reached a new record high of $667 million, the largest in the game’s history, with a cash option of $380 million. The combined Mega Millions and Powerball jackpot value has hit $1.012 billion. ABC News spoke to several financial advisers about how winners can keep their heads and their winnings. The best thing a winner can do is lay low and remain anonymous for as long as possible, financial adviser and certified public accountant Kurt Panouses, who helped a Florida couple that won a portion of the largest jackpot ever, told ABC News earlier this year. “The initial concern of the ticket is probably the most important part o...

Microsoft co-founder Paul Allen dead at 65

Paul G. Allen, co-founder of Microsoft, died on Monday afternoon in Seattle from complications of non-Hodgkin’s lymphoma, a statement from his family said. He was 65. Allen’s sister, Jody Allen, released a statement on behalf of her family. “My brother was a remarkable individual on every level. While most knew Paul Allen as a technologist and philanthropist, for us he was a much loved brother and uncle, and an exceptional friend,” she wrote in the statement. “Paul’s family and friends were blessed to experience his wit, warmth, his generosity and deep concern. For all the demands on his schedule, there was always time for family and friends. At this time of loss and grief for us – and so many others – we are profoundly grateful for the care and concern he demonstrated ev...