Ahead of its IPO, the streaming service is offering its first-ever guidance: Revenue, subs and margins will be up, operating losses will go down
Maybe it will when the company reports Q4 earnings on Wednesday.
Facebook cares a lot about video.
It has paid publishers to broadcast live video and prioritized those videos in News Feed. It’s paying filmmakers to create TV-style, kick-back shows that have their own special section inside the app, called Watch. And it’s selling numerous types of video ads, including pre-roll and mid-roll ads. Executives and analysts mentioned video (“watch,” “live video,” etc.) more than 50 times on the company’s Q3 earnings call.
But for all the effort Facebook makes when it comes to video, there’s one key thing missing: Metrics that might help us understand if its video efforts are working.
The company used to share total video views — meaning that someone caught a video in their stream for at least three seconds, even if they didn’t intend to watch it — but stopped sharing that metric in early 2016. It said at the time that 500 million people watched video on Facebook every day, but hasn’t updated that number in two years. Facebook doesn’t break out video ad revenue, or share any other way to measure its video business from a revenue standpoint.
Put simply: We’ve never had a good way to measure Facebook video.
That’s very un-Facebook like. The company usually loves to broadcast its massive engagement numbers — like how many people use Instagram Stories, or how many business have created pages on the network. It’s surprising that an effort as major as video wouldn’t be documented publicly in the same way.
This doesn’t mean Facebook’s video efforts aren’t going well, of course. It’s tough to imagine they aren’t, considering that most digital publishers, and many traditional content creators, are still making Facebook video regularly.
But it’s worth listening for an update on Wednesday when the company releases Q4 and year-end earnings after the markets close. Video has been a big focus for the past two years, and with Facebook’s efforts around Watch and original programming, it’s not going to slow up anytime soon. It would be nice to know how it’s going.
A few things to look for:
- Speaking of video, Facebook COO Sheryl Sandberg recently stepped down from Disney’s board of directors — a decision made to avoid a conflict of interest as Facebook gets deeper and deeper into original video content and programming. Netflix CEO Reed Hastings, meanwhile, sits on Facebook’s board, and he could be a candidate to step down for the same reason Sandberg left Disney. Facebook approves board directors at its annual meeting this spring, so don’t expect Facebook to bring up Hastings’ role on the earnings call, but it will be worth listening to see if Sandberg or CEO Mark Zuckerberg discuss Facebook’s competition with more traditional media companies and how it has evolved.
- Like most tech companies, Facebook has a lot of money overseas — roughly $ 12.9 billion as of Sept. 30, and likely higher by the end of Q4. Expect that Facebook’s Q4 profits were impacted by the one-time repatriation tax on that cash, which was implemented as part of the new tax code adopted late last year. Look for Facebook to point that out on Wednesday, especially if its EPS or profit numbers come in lower than initially expected. Investors will also be listening to hear what Facebook plans to do with all that cash now that it’s more readily available.
- Don’t expect all the talk about Facebook’s News Feed changes to impact any of its key user numbers — those changes were made after the quarter had ended. But you can expect analysts to ask Facebook about them nonetheless.
- Analysts expect Facebook to report profits of $ 1.95 per share on revenue of $ 12.54 billion for the quarter, according to Yahoo Finance. RBC Capital’s Mark Mahaney believes that Facebook added 50 million new monthly users last quarter, which would bring the company’s total to 2.12 billion, up from 2.07 billion in Q3.
Intel may have been working with many tech industry players to address the Meltdown and Spectre flaws, but who it contacted and when might have been problematic. Wall Street Journal sources have claimed that Intel initially told a handful of custome…
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The companies’ comments came in response to another round of questions from Congress.
Google and Twitter told the U.S. Congress on Thursday that they did not spot any attempts by Russian agents to spread disinformation on their sites when voters headed to the polls in Virginia and New Jersey last year.
Facebook, on the other hand, sidestepped the matter entirely.
The admissions — published Thursday — came in response to another round of questions from the Senate Intelligence Committee, which grilled all three tech giants at a hearing last year to probe the extent to which Russian-aligned trolls sowed social and political unrest during the 2016 presidential race.
Specifically, Democratic Sen. Kamala Harris asked the companies if they had “seen any evidence of state-sponsored information operations associated with American elections in 2017, including the gubernatorial elections in Virginia and New Jersey.”
In response, Twitter said it is “not aware of any specific state-sponsored attempts to interfere in any American elections in 2017, including the Virginia and New Jersey gubernatorial elections.”
Google, meanwhile, said similarly it had “not specifically detected any abuse of our platforms in connection with the 2017 state elections.”
Facebook, however, answered the question — without actually answering it.
“We have learned from the 2016 election cycle and from elections worldwide this last year,” the company began in its short reply. “We have incorporated that learning into our automated systems and human review and have greatly improved in preparation for the upcoming elections. We hope to continue learning and improving through increased industry cooperation and dialogue with law enforcement moving forward.”
A spokesman for Facebook did not immediately respond to an email seeking comment Thursday.
The companies’ replies to Congress — dated earlier this month — may offer only limited consolation to lawmakers who are worried that the tech industry is unprepared for an even larger election in November 2018. That’s why lawmakers like Democratic Sen. Mark Warner, who sits on the Intelligence Committee, have sought to regulate the political ads that appear on major social media sites.
During the 2016 election, Facebook said that more than 126 million U.S. users had seen some form of Russian propaganda over the course of the 2016 election, including ads purchased by trolls tied to the Kremlin as well as organic posts, like photos and status updates, that appeared in their feeds. Similar content appeared on Instagram, affecting an additional 20 million U.S. users.
Google, meanwhile, previously informed Congress that it had discovered that Russian agents spent about $ 4,700 on ads and launched 18 channels on YouTube, posting more than 1,100 videos that had been viewed about 309,000 times.
And Twitter told lawmakers at first that it found 2,752 accounts tied to the Russia-aligned Internet Research Agency. Last week, however, the company updated that estimate, noting that Russian trolls had more than 3,000 accounts — while Russian-based bots talking about election-related issues numbered more than 50,000.
Facebook, Twitter and Google each has promised improvements in the wake of the 2016 president election. All three tech companies have committed to building new dashboards that will show information about who buys some campaign advertisements, for example. Facebook also pledged to hire 1,000 more content moderators to review ads.
Coinbase issues a statement that warns its own shareholders.
Coinbase, the bitcoin trading broker that has exploded in popularity as cryptocurrencies surge and nose dive, has encountered an unusual problem for a Silicon Valley startup: Too many investors are trying to get in.
The six-year-old company crossed $ 1 billion in revenue last year, Recode has learned from industry sources, a tremendous rise fueled by layman interest in both bitcoin and competing virtual currencies that users can buy and sell through the app.
The company’s valuation has likely at least doubled since its last valuation of $ 1.6 billion in August. Coinbase was only expected to do about $ 600 million in yearly revenue as of September 30, according to people with knowledge of the figures, but bitcoin’s run between Thanksgiving and Christmas boosted the company’s 2017 revenue to over $ 1 billion.
Bitcoin is altogether only worth about $ 175 billion in market value as of today’s trading price of about $ 10,500 — a 50 percent drop from just a month ago. And so Coinbase’s $ 1 billion in revenue suggests it has become the most-used broker for bitcoin transactions.
Coinbase makes money not on bitcoin’s price but on the volume of trades — charging both the buyer and seller usually a fee between 0.25 percent and 1 percent of the total transaction size through the site. The company serves as both an exchange and a broker of deals, though it does not serve as a market maker that holds bitcoin.
Its success has attracted overwhelming interest from outside investors in acquiring some of the company, with several shareholders telling Recode that venture capitalists and private brokers have recently begun asking them if they would consider selling their Coinbase shares.
The only problem? Coinbase doesn’t allow that.
Coinbase effectively warned its own shareholders to not engage in those conversations in a statement to Recode this weekend.
“As a private company, Coinbase does not allow trading of stock on secondary markets for a variety of reasons, including the fact that there is not full and equal information available to the market,” the company said. “We will take appropriate action if we find people have sold Coinbase shares in violation of our agreements not to do so.”
Investors are desperate to purchase shares in the company. But Coinbase already raised $ 100 million just six months ago — just before the bitcoin craze took off in earnest that fall — meaning that outside investors will have to wait for probably more than a year until the company is ready to raise another round of cash.
The problem, though, is that several company insiders expect the company to never fundraise again and that the round led by IVP in August could be the company’s last before an IPO. Investors that spoke to company leadership later this fall were told that they could not currently buy shares in the company.
So with the front door closed, investors are now trying the back door.
One investor told Recode that he was being “pinged constantly by secondary brokers” seeking a small amount of shares to the company. A second investor said venture capitalists were reaching out to him directly to gauge his interest in parting with any of his holdings. Neither said conversations progressed to specifics over pricing.
Coinbase said it was not aware of any secondary trades actually occurring; the company declined to comment when asked if it was aware of other stock sale conversations in addition to Recode’s reporting.
That hasn’t stopped people from trying. Yet multiple brokers told Recode the problem was that while so many investors are itching to buy shares, so few existing shareholders — be it employees or venture capitalists — are willing to supply them. That makes it hard to price a deal.
One solution could be a tender offer, in which Coinbase authorizes all existing shareholders to sell their stock to a new investor after the company opens its books and gives each shareholder the exact same chance to trade. Some Coinbase investors say the company could launch a tender offer later this year.
Large venture backers of Coinbase include Union Square Ventures, Andreessen Horowitz and DFJ, each of whom has a seat on its board.
The company, founded in 2012 by Brian Armstrong and Fred Ehrsam, allows both consumers and merchants to buy and sell not just bitcoin but also competing digital currencies such as litecoin and ethereum. The portal is attractive to venture capitalists, they say, because it allows them to place a bet on the broader cryptocurrency market as opposed to an investment in a specific blockchain-enabled technology or a specific currency.
The startup, which at one point was the most popular free app in the App Store, is credited with helping the currency appeal to the mainstream buyer. Coinbase now has more brokerage accounts, over 13 million, than the trading giant Charles Schwab.
In recent months, the company has moved into the business of storing digital cash for big institutions like hedge funds. But that wasn’t always a sure thing, according to one person briefed on the plan: The company entered into late-stage talks last year to acquire what’s known as a custody company to manage storage, but the deal fell through.
2017 could arguably be called the year of Elon Musk. Love him or hate him, he seemed to be everywhere, doing just about everything. From Australian megabatteries, to teasing the world by suggesting he might blast a Tesla Roadster into space, Musk has dipped his toes into every sector. From Neuralink to Tesla to SpaceX and even the Boring Company, Musk is revolutionizing the way we think about and approach transportation, space travel, and even our own brains. So let’s take a look back at 2017 through the Twitter of the man who is taking reality and shaping it for the future:
Musk’s first tweet of 2017 marked progress in the reusable Falcon 9 rockets. Within this year alone, SpaceX launched 16 Falcon 9 rockets. In the new year, they expect to launch the Falcon Heavy, which includes boosters and modified first-stages from Falcon 9 rockets. The advancement of reusable rockets will allow us to further embrace space exploration.
Hold-down firing of @SpaceX Falcon 9 at Vandenberg Air Force completed. All systems are go for launch next week.
— Elon Musk (@elonmusk) January 5, 2017
Later in January, Musk retweeted Tesla on exploring the potential of long-term battery life and charging networks for electric vehicles. These developing technologies will be a firm part of the foundation that allows us to develop EV-friendly infrastructure and break away from fossil fuels.
Building the Supercharger Network for the Future https://t.co/siR67vPd2T
— Tesla (@Tesla) January 13, 2017
— Hyperloop (@Hyperloop) January 22, 2017
Musk also made clear social commentary. He denounced the travel ban that the president signed in late January, while also asking for specific public suggestions on how to present his dissatisfaction to Donald Trump, as Musk was still on his advisory board at the time.
Please read immigration order. Lmk specific amendments. Will seek advisory council consensus & present to President. https://t.co/qLpbsP4lEk
— Elon Musk (@elonmusk) January 29, 2017
NASA announced in February that solar arrays were deployed on the SpaceX Dragon spacecraft, an announcement that Musk retweeted. This cargo craft has furthered the relationship between the government-based and private aerospace organizations.
— NASA (@NASA) February 19, 2017
When a group of scientists revisited the Drake equation in March, Musk even eloquently inquired about the current status of extraterrestrial detection. This year, many advances have been made to further our understanding of what could make life in the universe possible, as efforts made to detect habitable planets and contact potential extraterrestrial neighbors continued to move forward.
Where are the #%*> aliens? https://t.co/FDuJIdwgrN
— Elon Musk (@elonmusk) March 24, 2017
Musk also retweeted OpenAI, which he helped to found. This year saw an incredible array of advancements in artificial intelligence and in the ability of these systems to learn.
A neural network teaches itself to analyze sentiment after only being trained to predict the next character: https://t.co/hrITHKHM24
— OpenAI (@OpenAI) April 6, 2017
Neuralink took the world by storm as it brought to the forefront the concept of brain-computer interfaces. Musk’s work towards this “cyborg” goal became actualized this year.
— Tim Urban (@waitbutwhy) April 20, 2017
In May, as throughout the year, Musk joked about his pun-titled Boring Company while they continue to dig and make progress in building a tunnel under Los Angeles. The L.A. tunnel will be used to ferry cars and people, and eventually, the company hopes, house a working Hyperloop.
What I love about The Boring Company are the low expectations. Nowhere to go but down.
— Elon Musk (@elonmusk) May 17, 2017
After President Trump announced his intentions to withdraw the United States from the Paris Climate Agreement, Elon Musk publicly stated his departure from the President’s advisory council. He concisely expressed his feelings about the departure and the very real threats of climate change on Twitter.
Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world.
— Elon Musk (@elonmusk) June 1, 2017
Looking beyond the problems of our own planet, Musk also further legitimized plans to go to Mars. Previous inklings of future hopes to colonize the red planet became developing plans.
Mars V2 plan coming soon, which I think addresses the most fundamental flaw in V1: how to pay for development & operation of giant rockets https://t.co/yaITdVdpEc
— Elon Musk (@elonmusk) June 16, 2017
Through Tesla, Musk bet the cost of the battery that he could build the world’s largest lithium-ion battery for Southern Australia. And amazingly, he pulled it off ahead of schedule.
— HuffPost Australia (@HuffPostAU) July 7, 2017
Despite his continued investment and work in its advancement, in August Musk warned the public of the potential dangers of AI. He stressed the need for regulation of this potentially disruptive technology.
Nobody likes being regulated, but everything (cars, planes, food, drugs, etc) that’s a danger to the public is regulated. AI should be too.
— Elon Musk (@elonmusk) August 12, 2017
Musk unveiled the aptly named “BFR” rocket, which is a work in progress that is part of SpaceX’s plan to get to Mars.
— SpaceX (@SpaceX) September 29, 2017
In October, Tesla jumped into action to assist Puerto Rico and other Caribbean islands in the aftermath of Hurricane Maria, sending Powerpacks and solar panels to the island as well as discussing plans to restore its grid. Musk retweeted a series of pictures sent by Tesla from the island.
— Tesla (@Tesla) October 24, 2017
October’s Musk tweet of the month was perhaps this haunting photo, of a competed section of the Boring Company’s tunnel under L.A:
Picture of The Boring Company LA tunnel taken yesterday pic.twitter.com/TfdVKyXFsJ
— Elon Musk (@elonmusk) October 28, 2017
In November, Musk and Tesla finally revealed the Tesla semi, the electric semi truck that promises to make long-distance shipping a greener and more energy-efficient industry. Large companies have already responded to the new semi with enthusiasm.
Tesla Semi pic.twitter.com/7VLz7F46Ji
— Elon Musk (@elonmusk) November 17, 2017
He also took to Twitter to publicly confirmed rumors that the Boring company would compete for the contract to build a tunnel connecting Chicago’s airport to the city’s downtown, but clarified that the short route would not be a hyperloop.
The Boring Company will compete to fund, build & operate a high-speed Loop connecting Chicago O’Hare Airport to downtown https://t.co/bRqKpzSJjz
— Elon Musk (@elonmusk) November 30, 2017
In December, Musk managed to sneak one last success through the closing door of 2017, when the battery Tesla built for South Australia smoothly kicked in to save the region’s energy grid after a coal plant failure. Afterwards, he retweeted an article about how the battery is already re-shaping the energy market in Australia.
— Mark Nottingham (@mnot) December 19, 2017
From defying government decisions to supporting efforts against climate change, revolutionizing transportation, and making a human future on Mars seem possible, Elon Musk has had a big year. As it drew to a close, however, he did take time to appreciate the network that let him share it all with us.
I love Twitter
— Elon Musk (@elonmusk) December 21, 2017
Here’s to hoping that this pioneer will be just as busy in 2018.
Its comments to the FEC, however, don’t mention issues-focused ads, which Russian agents bought in 2016.
Facebook told the U.S. government that it would support limited new federal rules requiring companies and campaigns to disclose more information about online political ads.
But the social giant — in comments filed with the Federal Election Commission on Monday — did not appear to wade into what should be done about issues-related political ads, the kinds of ads purchased by Russian agents in an attempt to sow social unrest around the 2016 presidential election.
Specifically, Facebook said it supported the FEC’s efforts to clarify when tech companies must disclose the origin of political ads, and what those disclosures must include.
Facebook also endorsed rules requiring greater transparency around candidate-focused ads that run in the weeks around Election Day, a move that would subject tech platforms to similar guidelines that currently apply to broadcasters and newspapers.
And Facebook asked the FEC to be open-minded about how those disclosures should look. The tech company recently announced that it would place an icon on political ads about federal candidates to help users learn more about them — and it touted that plan as it urged the agency to consider similarly flexible rules.
Taken together, Facebook’s comments appear to amount to a marked departure from 2011, when the company actually sought an exemption from FEC advertising regulations. At the time, Facebook said its ads were too small for the feds to require it to include text explaining who paid for it in the first place. In the end, the FEC never adopted any rules.
“Ad formats available on Facebook have expanded dramatically since that time,” Facebook said Monday. “Today, some of Facebook’s ads continue to be limited in size, with text limitations or truncations based on format and placement of the ad. But other formats allow for additional creative flexibility. Ads can now include videos, can include scrolling carousels of images, and can even cover the entire screen of a mobile device.”
But Facebook’s comments omitted a key element: A reference to issue-focused ads, or the kinds of ads that don’t mention a specific candidate or campaign, but push a viewpoint on a specific social issue, like gun control.
Many of the ads purchased by Russian accounts during last year’s presidential election were issue-based ads intended to stoke unrest around issues like immigration, gun control or Black Lives Matter. Those ads do not currently require any kind of disclosure, and Facebook is not interested in regulating them, its comments appeared to suggest.
Doing so could require the company to regularly make editorial decisions about what counts as an issues-focused ad and what doesn’t, and Facebook has long argued that it provides a neutral platform for all ideas. In contrast, Google was less shy about pointing out the troublesome issues ads — and asking the FEC for clarity as to how they should be handled, particularly when they are purchased by foreign entities.
For now, the FEC does not yet have a proposal. It is only seeking initial public comment, the deadline for which is today. All three tech giants — Facebook, Google and Twitter — have asked for clarity as part of that process, even if they disagree on what those rules should cover.
The FEC could ultimately decide to stand down in 2017, adopting no regulations now, much as it did in 2011. In the meantime, it’s why lawmakers on Capitol Hill have pursued a bill of their own. So far, though, Facebook, Google and Twitter each has declined to endorse the measure, called the Honest Ads Act, which would require them to make copies of political ads available for public inspection.
The company met with House and Senate investigators who are probing Russian interference in the 2016 election.
Twitter has found roughly 200 accounts believed to be tied to some of the same Russian-linked sources that purchased ads on Facebook in an attempt to provoke political tensions during the 2016 presidential election.
Twitter informed congressional investigators of its findings in a series of briefings in Washington, D.C., on Thursday — and the revelations are sure to stoke further speculation on Capitol Hill that Kremlin agents sought to co-opt social media platforms to stir social and political unrest in the U.S.
The company’s inquiry appears to have started in earnest earlier this month, after Facebook said roughly 470 Russian-linked accounts had purchased 3,000 advertisements, some of which sought to stoke racial or religious discord.
Twitter checked its own database for any information related to the 470 profiles and found 22 Twitter accounts that matched. Additionally, those 22 accounts had ties to 179 other Twitter accounts, and those found in violation of Twitter rules have been suspended.
“Neither the original accounts shared by Facebook, nor the additional related accounts we identified, were registered as advertisers on Twitter,” the company said in a blog post. “However, we continue to investigate these issues, and will take action on anything that violates our Terms of Service.”
The company confirmed the details after meeting with staff on the House and Senate Intelligence Committees. The two panels are investigating Russian meddling in the 2016 presidential election.
Twitter’s representatives — led by Colin Crowell, its vice president of global public policy — also handed over copies of all sponsored tweets purchased by the news outlet Russia Today. Twitter said that RT spent $ 274,100 on U.S. ads in 2016. The U.S. government has previously identified that network, known as RT, as a Kremlin-backed partner along with WikiLeaks. At the same time, RT and its associated Twitter accounts were not part of the 200 suspended profiles.
In some cases, though, congressional aides appeared disappointed with the information Twitter provided. Some on the Senate Intelligence Committee, for example, fretted Twitter had not done more, and sooner, to patrol its website for Russian misinformation, according to a source familiar with its work. Afterwards, the panel’s top Democrat, Sen. Mark Warner, thrashed the social giant’s presentation as “frankly inadequate.”
That scrutiny presages a much more grueling grilling awaiting Twitter, along with its peers at two public congressional hearings on the horizon. The House Intelligence Committee expects to invite Facebook, Google and Twitter to testify in an open session in October, aides have said, while the Senate Intelligence Committee has officially invited all three companies to appear for a Nov. 1 hearing, sources previously told Recode.
With Facebook, meanwhile, lawmakers are focused on roughly 3,000 ads purchased by Russian sources in the months before Election Day. Some of the advertisements focused on racial, religious and other social issues, and at times they even played on both sides of an issue — advancing and opposing causes including Black Lives Matter and gun control, for example — in a bid to stir potential political unrest
In response, Facebook has pledged to adopt a number of new transparency requirements for political ads. It has pledged to turn over copies to congressional investigators. And the company’s chief executive, Mark Zuckerberg, has admitted that misinformation did affect discussion on Facebook.
“Calling that crazy was dismissive and I regret it,” Zuckerberg wrote in a Facebook post this week. “This is too important an issue to be dismissive.”
Google, meanwhile, has faced similar questions about the ads it sells, and to whom it sells them, as well as content posted on YouTube. It briefed Senate investigators in the spring, sources previously said, and is expected to return to the Hill.
For its part, Twitter entered its meeting Thursday under pressure from the likes of Sen. Mark Warner, the top Democrat on the Senate Intelligence Committee, who had raised concerns that bots helped spread misinformation on its site. In response, Twitter highlighted in its blog post ways that it seeks to tackle these and other spam accounts, but the company noted it’s also contending with human-directed networks that spread falsehoods and fake news.
Going forward, Twitter also said it would make a number of changes to its platform, including “introducing new and escalating enforcements for suspicious logins, Tweets, and engagements, and shortening the amount of time suspicious accounts remain visible on Twitter while pending confirmation.”
But others, like Warner, want to subject Twitter and other social media sites to more political ad transparency requirements. The company did not comment specifically on his legislation, but added: “We welcome the opportunity to work with the FEC and leaders in Congress to review and strengthen guidelines for political advertising on social media.”
Philippe Starck is a world-renowned designer who has worked on anything from luxury hotels to Steve Jobs’ yacht. In smartphone circles, he’s known as the man behind the Xiaomi Mi Mix – the phone that kicked off the bezel-less craze (Sharp has been making Aquos Crystals since 2014, but those never went viral like the Mix did). Anyway, Starck also designed the sequel – Mi Mix 2. Listen to him and Xiaomi CEO Lei Jun talk about the Mix 2. Starck focuses on the creative inspirations, Jun prefers to talk about the tech side of things. What these two have in common is that both are born…
It always comes back to emails.
Reed Hastings, the CEO of Netflix, told venture capitalist Peter Thiel in an email during the 2016 presidential election that Thiel had displayed “catastrophically bad judgment” for his support of Donald Trump. The two Facebook board members’ previously unreported spat shows just how isolated Thiel’s politics have made him in Silicon Valley.
That’s via the New York Times, which reported Tuesday that Hastings, the chair of Facebook’s Board of Directors committee that evaluates other board members, told Thiel that he could suffer professionally for his politics.
“I see our board being about great judgment, particularly in unlikely disaster where we have to pick new leaders,” Hastings wrote in an email dated August 14 obtained by the Times. “I’m so mystified by your endorsement of Trump for our President, that for me it moves from ‘different judgment’ to ‘bad judgment.’ Some diversity in views is healthy, but catastrophically bad judgment (in my view) is not what anyone wants in a fellow board member.”
Thiel, a proudly contrarian investor, gave millions to super PACs that supported Trump and spoke on his behalf at the Republican National Convention just a few weeks before Hastings sent his note. The email seems to complicate what Thiel said in the final days before the election — that despite his advocacy for Trump, his “close working business relationships, I think all those are very well intact.”
Thiel said at the National Press Club in October that his “company,” at least, had not “in any meaningful way” experienced blowback from consumers or vendors.