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Good morning! This is the tech news you need to know this Friday. Sign up here to get this email in your inbox every morning. - Amazon invested in startups and gained proprietary information before launching competitors, often crushing the smaller companies in the process, according to the Wall Street Journal. The Journal spoke with startups who said Amazon made similar hardware and software products after purchasing stakes in the companies.
- Former Wirecard COO and fugitive Jan Marsalek appears to have deep ties to Russian intelligence, sources told Insider. "There's a million reasons [for the Russians] to get involved with Wirecard," a Dutch official told Insider. "Russian officials always need to move money to the West, and Wirecard was raising lots of money but not as much as they told investors.
- Intel's shares tanked 10% late Thursday after the chip giant announced that production problems have delayed the rollout of its next generation chips. Intel CEO Bob Swan said the company found "a defect mode" in its manufacturing process which will push back its production schedule.
- Facebook has undergone considerable internal strife, as its employees reckon with the firm's stance on refusing to remove posts from politicians containing lies or threats of violence, according to BuzzFeed. One engineer who left on July 1 posted in an internal goodbye note that he thought "Facebook is hurting people at scale."
- Trump ads on Facebook claiming 'TikTok is spying on you' reached up to 5 million Americans and targeted younger voters. In the five days between July 17 and July 21, accounts tied to Donald Trump's campaign posted 450 separate adverts on Facebook and Instagram lambasting TikTok for spying on users and siphoning data to China.
- Tesla stock rose on Thursday after the company made a profit for the fourth quarter in a row. Elon Musk's electric-car company reported $104 million in net income, a big improvement from its $408 million loss in the second quarter of 2019.
- Twitter shares spiked as much as 5.8% on Thursday after the social network reported record growth in daily active users in the second quarter. The company added 20 million users in the period, fueling a 34% year-on-year increase in its userbase to 186 million.
- The UK is hoping its next $50 billion tech success story after fintech will be law. London is home to 44% of Europe's law startups and the city has been flagged by The Law Society as one of 10 emerging "lawtech" ecosystems.
- Analytics startup Quantexa has $65 million in a Series C funding round led by Evolution Equity Partners – and backed by HSBC and Accenture. With hundreds of clients in more than 70 countries, including HSBC and Standard Chartered Bank, Quantexa uses the advancements in big data and AI to uncover hidden risk and opportunities across financial crime, credit risk, and fraud.
- Apple cofounder Steve Wozniak has filed a complaint against YouTube over an ongoing bitcoin scam using his image and likeness as well as those of other tech executives. The lawsuit comes after several high-profile executives, celebrities, and politicians had their accounts taken over as part of a bitcoin scam on Twitter.
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