Stocks dropped after Donald Trump ordered that U.S. companies find alternatives to their operations in China.US Marketsread more
Trump said he was ordering "our great American companies" to "immediately start looking for an alternative to China, including bringing your companies HOME and making your...Politicsread more
President Trump again rips into Federal Reserve Chairman Jerome Powell, comparing him to Chinese President Xi Jinping.Politicsread more
Powell repeats his pledge to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow.The Fedread more
China says the new tariffs will begin Sept. 1 and Dec. 15. That's when President Trump's latest tariffs on Chinese goods are to take effect.Marketsread more
The Koch brothers financed one of the most influential political networks in the modern era. The sprawling political empire includes conservative and libertarian nonprofits...Politicsread more
On Tuesday, Walmart filed suit against Tesla alleging its solar panels had caused fires in seven of its stores.Technologyread more
Amazon shows numerous listings for toys and medications that lack the proper health risks to children, as well as sleeping mats previously banned by the FDA, according to a...Technologyread more
The recession obsession has captivated Wall Street, and experts are seeking stocks that can shield investors from the potential pain.Trading Nationread more
Google on Friday released a new set of community guidelines that are meant to crack down on what employees can say inside the company.Technologyread more
The idea came up as the White House brainstorms on ways to avoid a preelection economic slowdown, The Washington Post reports.US Economyread more
Facebook on Tuesday rejected claims by former executive Chamath Palihapitiya that the social media site is "ripping apart the social fabric of how society works."
Palihapitiya has repeatedly criticized social media in general, saying it preys on human vulnerabilities and that he doesn't allow his children to use it. But the Social Capital founder turned his comments to his former employer specifically in recent days, including Tuesday morning on CNBC.
Facebook hit back noting Palihapitiya hasn't worked for the company for six years, and it said it has undergone changes since.
Here's the full statement:
Chamath has not been at Facebook for over six years. When Chamath was at Facebook we were focused on building new social media experiences and growing Facebook around the world. Facebook was a very different company back then and as we have grown we have realised how our responsibilities have grown too. We take our role very seriously and we are working hard to improve. We've done a lot of work and research with outside experts and academics to understand the effects of our service on well-being, and we're using it to inform our product development. We are also making significant investments more in people, technology and processes, and – as Mark Zuckerberg said on the last earnings call – we are willing to reduce our profitability to make sure the right investments are made.
While Palihapitiya didn't specifically call out Facebook by name on CNBC, he's made pointed criticism several times recently about how damaging social media has been to U.S. society — and has specifically said he feels "tremendous guilt " about what he helped bring into existence.
Social media exploits "our own natural tendencies in human beings to get and want feedback," he said on CNBC. "How do we live in a world where that is now possible?" he asked.
He also made it clear he was not attacking Facebook directly.
"I owe those guys everything," he said. "They made me."