Apple CEO Tim Cook: Technology companies need to take responsibility for chaos they create

Apple CEO Tim Cook warned that Silicon Valley companies needed to take responsibility for the “chaos” they create in a speech Sunday at Stanford University. Although Cook did not mention companies by name, his commencement speech in Silicon Valley’s backyard mentioned data breaches, privacy violations, and even made reference to Theranos, a disgraced startup. “Lately it seems this industry is becoming better known for a less noble innovation – the belief you can claim credit without accepting re


Apple CEO Tim Cook warned that Silicon Valley companies needed to take responsibility for the “chaos” they create in a speech Sunday at Stanford University. Although Cook did not mention companies by name, his commencement speech in Silicon Valley’s backyard mentioned data breaches, privacy violations, and even made reference to Theranos, a disgraced startup. “Lately it seems this industry is becoming better known for a less noble innovation – the belief you can claim credit without accepting re
Apple CEO Tim Cook: Technology companies need to take responsibility for chaos they create Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-16  Authors: kif leswing
Keywords: news, cnbc, companies, need, apple, create, responsibility, chaos, silicon, tim, cook, data, privacy, valley, ceo, stanford, companies, lose, speech, technology


Apple CEO Tim Cook: Technology companies need to take responsibility for chaos they create

Apple CEO Tim Cook warned that Silicon Valley companies needed to take responsibility for the “chaos” they create in a speech Sunday at Stanford University.

Although Cook did not mention companies by name, his commencement speech in Silicon Valley’s backyard mentioned data breaches, privacy violations, and even made reference to Theranos, a disgraced startup.

“Lately it seems this industry is becoming better known for a less noble innovation – the belief you can claim credit without accepting responsibility,” Cook said. “We see it every day now with every data breach, every privacy violation, every blind eye turned to hate speech, fake news poisoning out national conversation, the false miracles in exchange for a single drop of your blood.”

He continued: “It feels a bit crazy that anyone should have to say this, but if you built a chaos factory, you can’t dodge responsibility for the chaos.”

It’s the latest in a series of speeches from Cook in which he has has discussed his views on data security while criticizing Google, Facebook, and other technology companies for their approach to user data and privacy, usually without naming those companies. Apple advertises privacy as a key iPhone feature and recently released a privacy-focused sign-on feature that competes with Google and Facebook.

Cook told the new Stanford graduates that digital surveillance threatened innovation and would have “stopped Silicon Valley before it got started.”

“If we accept as normal and unavoidable that everything in our lives can be aggregated, sold and even leaked in the event of a hack, then we lose so much more than data. We lose the freedom to be human,” Cook said in the commencement speech.

The rest of the speech touched on themes including how to leave a legacy and advice to the students on how to follow their own paths.

In January, Cook called for a Federal Trade Commission “clearinghouse” that would enable people to track and delete the personal data held by companies.

Watch the full speech:


Company: cnbc, Activity: cnbc, Date: 2019-06-16  Authors: kif leswing
Keywords: news, cnbc, companies, need, apple, create, responsibility, chaos, silicon, tim, cook, data, privacy, valley, ceo, stanford, companies, lose, speech, technology


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US Treasury yields add to weeklong slide amid weaker economic data

Attacks from Iran’s increased presence is a risk to oil, says US…Analysts have played down fears of a huge oil price spike this year, due to the economic slowdown and trade war — but one U.S. think tank says Middle East tensions could…Oil and Gasread more


Attacks from Iran’s increased presence is a risk to oil, says US…Analysts have played down fears of a huge oil price spike this year, due to the economic slowdown and trade war — but one U.S. think tank says Middle East tensions could…Oil and Gasread more
US Treasury yields add to weeklong slide amid weaker economic data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: elliot smith
Keywords: news, cnbc, companies, data, treasury, trade, tensions, oil, slowdown, economic, risk, war, usanalysts, amid, yields, think, weaker, weeklong, spike, add, slide, tank


US Treasury yields add to weeklong slide amid weaker economic data

Attacks from Iran’s increased presence is a risk to oil, says US…

Analysts have played down fears of a huge oil price spike this year, due to the economic slowdown and trade war — but one U.S. think tank says Middle East tensions could…

Oil and Gas

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: elliot smith
Keywords: news, cnbc, companies, data, treasury, trade, tensions, oil, slowdown, economic, risk, war, usanalysts, amid, yields, think, weaker, weeklong, spike, add, slide, tank


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Facebook’s EU regulator says it ‘remains to be seen’ if Mark Zuckerberg is serious about privacy

The Irish regulator conducting nearly one dozen investigations into Facebook isn’t convinced by Mark Zuckerberg’s privacy push. In a CNBC interview Wednesday, Ireland’s Data Protection Commissioner Helen Dixon said “it’s all going to remain to be seen” whether Facebook and CEO Mark Zuckerberg are serious about a shift toward privacy and security on the platform. In the meantime, Dixon said Ireland’s Data Protection Commission (DPC) will continue its investigations into Facebook and other U.S. te


The Irish regulator conducting nearly one dozen investigations into Facebook isn’t convinced by Mark Zuckerberg’s privacy push. In a CNBC interview Wednesday, Ireland’s Data Protection Commissioner Helen Dixon said “it’s all going to remain to be seen” whether Facebook and CEO Mark Zuckerberg are serious about a shift toward privacy and security on the platform. In the meantime, Dixon said Ireland’s Data Protection Commission (DPC) will continue its investigations into Facebook and other U.S. te
Facebook’s EU regulator says it ‘remains to be seen’ if Mark Zuckerberg is serious about privacy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: elizabeth schulze
Keywords: news, cnbc, companies, dixon, mark, facebook, eu, irelands, facebooks, investigations, serious, privacy, zuckerberg, protection, giants, seen, data, remains, regulator


Facebook's EU regulator says it 'remains to be seen' if Mark Zuckerberg is serious about privacy

The Irish regulator conducting nearly one dozen investigations into Facebook isn’t convinced by Mark Zuckerberg’s privacy push.

The internet giant’s stock fell Wednesday after a report in the Wall Street Journal suggested the Facebook boss has previously been aware of potential issues with privacy, arising from the firm’s business practices.

In a CNBC interview Wednesday, Ireland’s Data Protection Commissioner Helen Dixon said “it’s all going to remain to be seen” whether Facebook and CEO Mark Zuckerberg are serious about a shift toward privacy and security on the platform.

In the meantime, Dixon said Ireland’s Data Protection Commission (DPC) will continue its investigations into Facebook and other U.S. tech giants as they face increased scrutiny by regulators around the world.

“There will certainly be some of the investigations into Facebook that will reach a conclusion in the coming months,” Dixon told CNBC. She added she has met and spoke with “a number of the senior executives at Facebook.”


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: elizabeth schulze
Keywords: news, cnbc, companies, dixon, mark, facebook, eu, irelands, facebooks, investigations, serious, privacy, zuckerberg, protection, giants, seen, data, remains, regulator


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Irish data watchdog: Some Facebook probes to conclude in coming months

Irish data watchdog: Some Facebook probes to conclude in coming months3:26 AM ET Thu, 13 June 2019Helen Dixon, Ireland’s data protection commissioner, says she has met with senior executives at the social media giant.


Irish data watchdog: Some Facebook probes to conclude in coming months3:26 AM ET Thu, 13 June 2019Helen Dixon, Ireland’s data protection commissioner, says she has met with senior executives at the social media giant.
Irish data watchdog: Some Facebook probes to conclude in coming months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13
Keywords: news, cnbc, companies, data, senior, months, watchdog, protection, social, irish, facebook, met, conclude, coming, media, probes, months326


Irish data watchdog: Some Facebook probes to conclude in coming months

Irish data watchdog: Some Facebook probes to conclude in coming months

3:26 AM ET Thu, 13 June 2019

Helen Dixon, Ireland’s data protection commissioner, says she has met with senior executives at the social media giant.


Company: cnbc, Activity: cnbc, Date: 2019-06-13
Keywords: news, cnbc, companies, data, senior, months, watchdog, protection, social, irish, facebook, met, conclude, coming, media, probes, months326


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Phil Libin: We should return to ‘simple’ business models instead of selling data

06:23 | 8:03 AM ET Tue, 28 May 2019


06:23 | 8:03 AM ET Tue, 28 May 2019
Phil Libin: We should return to ‘simple’ business models instead of selling data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12
Keywords: news, cnbc, companies, 2019, 28, simple, et, business, return, models, instead, libin, data, phil, 803, 0623, selling


Phil Libin: We should return to 'simple' business models instead of selling data

06:23 | 8:03 AM ET Tue, 28 May 2019


Company: cnbc, Activity: cnbc, Date: 2019-06-12
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Millennials who earn $100,000 or more are flocking to these 10 states

Highly paid millennials are moving out of the Northeast and heading toward the South and the West Coast. That’s according to personal-finance website SmartAsset, which conducted a study to find the total inflow and outflow of “rich” young people in all 50 U.S. states and Washington, D.C. It defined “rich” millennials as those between the ages of 18 and 35 who earn an adjusted gross income of $100,000 or more per year. All income data comes from the IRS. Here are the top 10 places millennials who


Highly paid millennials are moving out of the Northeast and heading toward the South and the West Coast. That’s according to personal-finance website SmartAsset, which conducted a study to find the total inflow and outflow of “rich” young people in all 50 U.S. states and Washington, D.C. It defined “rich” millennials as those between the ages of 18 and 35 who earn an adjusted gross income of $100,000 or more per year. All income data comes from the IRS. Here are the top 10 places millennials who
Millennials who earn $100,000 or more are flocking to these 10 states Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: shawn m carter
Keywords: news, cnbc, companies, states, flocking, south, 100000, median, migration, rich, income, data, thats, earn, young, millennials


Millennials who earn $100,000 or more are flocking to these 10 states

Highly paid millennials are moving out of the Northeast and heading toward the South and the West Coast. That’s according to personal-finance website SmartAsset, which conducted a study to find the total inflow and outflow of “rich” young people in all 50 U.S. states and Washington, D.C. It defined “rich” millennials as those between the ages of 18 and 35 who earn an adjusted gross income of $100,000 or more per year. All income data comes from the IRS. Here are the top 10 places millennials who earn $100,000 or more are going, ranked from least- to most-moved-to state.

10. New Jersey

Moved in: 6,543

Moved out: 6,197

Net migration: 346

9. Tennessee

Moved in: 2,423

Moved out: 2,033

Net migration: 390

8. South Carolina

Moved in: 1,965

Moved out: 1,392

Net migration: 573

7. North Carolina

Moved in: 4,572

Moved out: 3,786

Net migration: 786

6. Oregon

Moved in: 2,190

Moved out: 1,304

Net migration: 886

5. Florida

Moved in: 6,014

Moved out: 5,114

Net migration: 900

4. Colorado

Moved in: 4,369

Moved out: 2,863

Net migration: 1,506

3. Texas

Moved in: 10,890

Moved out: 9.012

Net migration: 1,878

2. Washington

Moved in: 5,729

Moved out: 3,809

Net migration: 1,920

1. California

Moved in: 17,245

Moved out: 13,648

Net migration: 3,597 As the data shows, California is a top destination for wealthy young people, despite its often exorbitant cost of living. The median home value there is nearly $550,000, real-estate site Zillow reports, and the median rent is $2,800. That’s compared to the national medians of about $227,000 and $1,700, respectively.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: shawn m carter
Keywords: news, cnbc, companies, states, flocking, south, 100000, median, migration, rich, income, data, thats, earn, young, millennials


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The Chinese yuan is at its weakest level of the year

The Chinese onshore yuan weakened to a new level for 2019 on Monday, after comments from China’s central bank governor and unexpected trade data dragged on the currency. Of note for the currency: On Friday, People’s Bank of China Governor Yi Gang said there was no specific yuan level that was more important than another. A weaker yuan makes Chinese exports more attractive, giving them a competitive advantage in international markets, in addition to offsetting the costs of tariffs on Chinese good


The Chinese onshore yuan weakened to a new level for 2019 on Monday, after comments from China’s central bank governor and unexpected trade data dragged on the currency. Of note for the currency: On Friday, People’s Bank of China Governor Yi Gang said there was no specific yuan level that was more important than another. A weaker yuan makes Chinese exports more attractive, giving them a competitive advantage in international markets, in addition to offsetting the costs of tariffs on Chinese good
The Chinese yuan is at its weakest level of the year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: weizhen tan
Keywords: news, cnbc, companies, chinese, war, yuan, data, currency, china, trade, weakest, told, weak, level


The Chinese yuan is at its weakest level of the year

The Chinese onshore yuan weakened to a new level for 2019 on Monday, after comments from China’s central bank governor and unexpected trade data dragged on the currency.

The onshore yuan softened to 6.9352 to the dollar in the morning — the weakest point this year — from levels around 6.90 last week. The offshore yuan, meanwhile, was at 6.9538 against the dollar in the morning.

Although the offshore trade, which is subject to less control by Chinese authorities, was off its intra-day weak point of 6.9619 from last Friday, it was still substantially higher than its levels around 6.92 for much of last week.

Of note for the currency: On Friday, People’s Bank of China Governor Yi Gang said there was no specific yuan level that was more important than another. He had told Bloomberg News he doesn’t think “any number is more important than other numbers,” when asked if there was a red line for the yuan.

“There is obviously a link between the trade war and the movements of renminbi,” Yi told Bloomberg, adding that “a little flexibility” in the yuan was good for the economy.

A weaker yuan makes Chinese exports more attractive, giving them a competitive advantage in international markets, in addition to offsetting the costs of tariffs on Chinese goods.

Investors have been keeping a close watch on the Chinese yuan because it is seen as a key indicator amid the intensifying U.S.-China trade war. Many are focused on whether it will breach the historically significant 7-yuan-per-dollar level.

The yuan has been testing that level as the trade war between the world’s two largest economies deteriorated in recent weeks.

Since U.S. President Donald Trump raised tariffs on $200 billion worth of Chinese goods on May 6, both the offshore and onshore yuan have weakened more than 2%.

Jameel Ahmad, global head of currency strategy at FXTM, told CNBC: “The region between 6.90-7 in the Yuan has historically been seen as a sensitive level for the currency. However, some of the recent tone that has been presented to the market has suggested currency weakness is not seen as such a sensitive subject in China as we have been accustomed to in the past.”

With the yuan not rebounding from losses, he added that “speculation is increasing that the bias from Chinese authorities could change in the light of prolonged trade tensions.”

Meanwhile, China’s official trade data for May came in on Monday, showing that imports were worse than expected, but its trade surplus with the U.S. nevertheless widened from April.

China’s General Administration of Customs said that exports in May inched up 1.1% year-on-year, while imports fell 8.5% during the same period — potentially signaling weak domestic consumption.

China’s trade surplus with the U.S. rose further to $26.89 billion in May from $21.01 billion in April, Chinese customs data showed.

DBS currency strategist Philip Wee suggested that China’s trade data on Monday contributed to the yuan slide.

“Today’s weak trade data out of China was a stark reminder, not only to China but also to the rest of Asia, that Fed cut hopes could not eclipse Trump’s tariff threat, ” he told CNBC in an email.

— CNBC’s Yen Nee Lee contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: weizhen tan
Keywords: news, cnbc, companies, chinese, war, yuan, data, currency, china, trade, weakest, told, weak, level


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Salesforce is paying top dollar for growth — and not just in the cloud

SaaSy, as Salesforce named the mascot, represented the evolution from traditional software to the cloud and helped distinguish Salesforce from older companies like Oracle. On Monday, the company announced the biggest deal in its 20-year history, agreeing to purchase data visualization company Tableau Software for $15.3 billion. Tableau is not a cloud company. But there’s a clear recognition at Salesforce that data is the valuable asset, and data lives all over the place. Salesforce, the cloud ev


SaaSy, as Salesforce named the mascot, represented the evolution from traditional software to the cloud and helped distinguish Salesforce from older companies like Oracle. On Monday, the company announced the biggest deal in its 20-year history, agreeing to purchase data visualization company Tableau Software for $15.3 billion. Tableau is not a cloud company. But there’s a clear recognition at Salesforce that data is the valuable asset, and data lives all over the place. Salesforce, the cloud ev
Salesforce is paying top dollar for growth — and not just in the cloud Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: jordan novet ari levy, jordan novet, ari levy
Keywords: news, cnbc, companies, billion, deal, company, mulesoft, paying, companys, cloud, dollar, tableau, software, salesforce, growth, data


Salesforce is paying top dollar for growth — and not just in the cloud

Marc Benioff, co-CEO of Salesforce, center left, and Angela Ahrendts, then CEO of Burberry Group, center right, take part in ringing the closing bell for the New York Stock Exchange during the DreamForce conference in San Francisco on Aug. 31, 2011.

When Salesforce was first seeking public attention almost two decades ago, it created a mascot that consisted of the word “software” in bold letters on a prohibition sign — surrounded by a red circle with a line through it.

SaaSy, as Salesforce named the mascot, represented the evolution from traditional software to the cloud and helped distinguish Salesforce from older companies like Oracle. That’s where co-founder and co-CEO Marc Benioff got his start selling software that businesses installed and ran in their own data centers.

But in the past 15 months, Salesforce has made two huge acquisitions, totaling $21.8 billion, that complicate its no software message. On Monday, the company announced the biggest deal in its 20-year history, agreeing to purchase data visualization company Tableau Software for $15.3 billion.

Tableau is not a cloud company. Its products run primarily in on-premises data centers, with over one-third of deployments in the cloud, CEO Adam Selipsky said on the call with analysts after the deal was announced. Similarly, in March 2018, Salesforce spent $6.5 billion on MuleSoft, whose software connects data that’s stored in all sorts of places, regardless of whether it’s running in the company’s data centers or if it’s hosted elsewhere.

It all speaks to Benioff’s big challenge. Now that Salesforce is generating over $13 billion a year in revenue, with expectations to top $16 billion in fiscal 2020 and reach up to $28 billion three years later, the company has to seek growth beyond pure cloud plays. MuleSoft and Tableau are both high-growth businesses with many customers that also use Salesforce, and because Salesforce executives spend so much time surveying the company’s client base, they know which other technologies get rave reviews.

On Monday’s call, Benioff called Tableau a “jewel in our industry” and said “our customers are looking to do a lot more in this area” in terms of integrating the software across Salesforce’s products.

“There really was no argument that said, ‘If you want to do analytics in a meaningful way, the only way you can do it is in the cloud,'” said Mike Capone, CEO of Qlik, a Tableau rival that was acquired by private equity firm Thoma Bravo in 2016. “I think Salesforce made a big admission to that today.”

SaaSy still makes the occasional appearance for Salesforce on the exhibition floor at conferences and on Twitter.

But there’s a clear recognition at Salesforce that data is the valuable asset, and data lives all over the place. MuleSoft works with companies that for a variety of reasons don’t have all their data in the cloud. They could be in highly regulated industries like finance or health care or they may be large enterprises that are slowly migrating over.

Tableau was founded in 2003, three years before Amazon introduced its cloud infrastructure offering. Even before that, the founders were working on data visualization at Stanford. Last year, Tableau introduced a new set of subscription offerings, recognizing the transition in how software is being consumed, and announced that the products would be available on premises or in clouds run by Amazon, Google or Microsoft.

Salesforce, the cloud evangelist, is showing a willingness to accept hybrid companies that have access to critical business data.

“Getting the data, integrating the data and analyzing the data is what’s going to win the war,” said Ted Smith, a partner at tech investment bank Union Square Advisors in San Francisco. Salesforce is saying, “If I have to reach down and take assets that today are not exclusively in the cloud in order to win that part of the critical war, on balance I’ll do that,” he said.

Benioff said on Monday’s call that the company’s strategy related to organic and inorganic growth hasn’t changed.

“To be honest with you, we’re excited to go to get a deal done when we can get a deal done,” he told analysts.


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: jordan novet ari levy, jordan novet, ari levy
Keywords: news, cnbc, companies, billion, deal, company, mulesoft, paying, companys, cloud, dollar, tableau, software, salesforce, growth, data


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Roger McNamee: Facebook and Google, like China, use data to manipulate behavior and it needs to stop

Tech giants Facebook and Alphabet’s Google are essentially using the behavioral manipulation strategies he’s seen from the Chinese government, early Facebook investor Roger McNamee told CNBC on Monday. “They’re doing the same thing that the Chinese are doing, ” added the “Zucked: Waking Up to the Facebook Catastrophe” author. Google and Facebook were not immediately available to respond to CNBC’s requests for comment on McNamee’s statements. “I don’t think we should be competing against China in


Tech giants Facebook and Alphabet’s Google are essentially using the behavioral manipulation strategies he’s seen from the Chinese government, early Facebook investor Roger McNamee told CNBC on Monday. “They’re doing the same thing that the Chinese are doing, ” added the “Zucked: Waking Up to the Facebook Catastrophe” author. Google and Facebook were not immediately available to respond to CNBC’s requests for comment on McNamee’s statements. “I don’t think we should be competing against China in
Roger McNamee: Facebook and Google, like China, use data to manipulate behavior and it needs to stop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, giants, using, china, manipulation, roger, facebook, tech, behavioral, manipulate, mcnamee, google, stop, needs, behavior, chinese, data


Roger McNamee: Facebook and Google, like China, use data to manipulate behavior and it needs to stop

Tech giants Facebook and Alphabet’s Google are essentially using the behavioral manipulation strategies he’s seen from the Chinese government, early Facebook investor Roger McNamee told CNBC on Monday.

“They’re doing the same thing that the Chinese are doing, ” added the “Zucked: Waking Up to the Facebook Catastrophe” author. “The Chinese have a very focused strategy in technology. They’re really focused on what they call social credit, which is a behavioral manipulation strategy designed to get them [Chinese citizens] to do what the government wants them to do. ”

McNamee, a venture capitalist turned Silicon Valley critic, said companies are starting to know consumers better than they know themselves, often placing very specific and relevant advertisements.

Facebook and Google “are essentially gathering data about everybody, creating these data voodoo dolls and using that to manipulate the choices available to people do desired things,” McNamee said in an interview on “Squawk on the Street. ”

Google and Facebook were not immediately available to respond to CNBC’s requests for comment on McNamee’s statements.

McNamee, who has been critical of the tech giants for some time now, said the U.S. needs to limit companies’ possession of user data and focus on getting antitrust laws in place.

“I don’t think we should be competing against China in behavioral manipulation,” he argued. “I would much rather see us spread the opportunities and do what the U.S. does really well, which is have millions of different startups.” He said startups don’t have an even playing field because the Facebooks and the Googles of the world are too big and too powerful.

But proving an antitrust case against Big Tech may be difficult, Facebook’s first general counsel Chris Kelly told CNBC earlier Monday.

“Defining this from a true monopoly perspective is one of the most difficult things,” argued Kelly, who had also served as chief privacy chief at Facebook. “What are the harms that you’re trying to address?” He added there could be “massive problems and unintended consequences from the wrong type of breakup.”

The debate comes as politicians and government organizations are increasingly looking into possibly breaking up tech giants and dismantling what some have deemed to be a monopoly of data. Later this week, state attorneys general will meet with Federal Trade Commission officials in Omaha, Neb., to talk about consumer protection issues and competition matters.


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, giants, using, china, manipulation, roger, facebook, tech, behavioral, manipulate, mcnamee, google, stop, needs, behavior, chinese, data


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Salesforce to buy Tableau Software in an all-stock deal

Salesforce.com on Monday decided to buy big data firm Tableau Software for $15.3 billion, marking the biggest acquisition in the company’s history as it looks to offer more data insights to its clients. As part of the all-stock deal, Tableau shareholders will get 1.103 Salesforce shares, valuing the offer at $177.88 per share, representing a premium of 42% to Tableau’s Friday closing price. Salesforce’s deal comes days after Alphabet’s Google big-data analytics company Looker for $2.6 billion an


Salesforce.com on Monday decided to buy big data firm Tableau Software for $15.3 billion, marking the biggest acquisition in the company’s history as it looks to offer more data insights to its clients. As part of the all-stock deal, Tableau shareholders will get 1.103 Salesforce shares, valuing the offer at $177.88 per share, representing a premium of 42% to Tableau’s Friday closing price. Salesforce’s deal comes days after Alphabet’s Google big-data analytics company Looker for $2.6 billion an
Salesforce to buy Tableau Software in an all-stock deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: kate rogers
Keywords: news, cnbc, companies, billion, deal, share, buy, company, allstock, helps, tableau, software, salesforce, data, customers


Salesforce to buy Tableau Software in an all-stock deal

Salesforce.com on Monday decided to buy big data firm Tableau Software for $15.3 billion, marking the biggest acquisition in the company’s history as it looks to offer more data insights to its clients.

Seattle-based Tableau has more than 86,000 customers, including tech heavyweights such as Verizon Communications and Netflix.

As part of the all-stock deal, Tableau shareholders will get 1.103 Salesforce shares, valuing the offer at $177.88 per share, representing a premium of 42% to Tableau’s Friday closing price.

Salesforce’s deal comes days after Alphabet’s Google big-data analytics company Looker for $2.6 billion and surpasses the $5.9 billion that the cloud-based software company paid to buy U.S. software maker MuleSoft in 2018.

“The acquisition accelerates Salesforce’s roadmap for their Customer 360 initiative, which helps companies gain a complete view of their customers, and more broadly their analytics initiative,” Wedbush Securities analyst Steve Koenig said.

Big data analytics is a complex process used to uncover hidden patterns, unknown correlations, market trends and customer preferences that often help companies make better business decisions.

The deal is expected to close in the third quarter, after which Tableau will operate independently, led by Chief Executive Officer Adam Selipsky and its current leadership team.

“Tableau helps people see and understand data, and Salesforce helps people engage and understand customers,” Salesforce co-CEO Marc Benioff said. The San Francisco-based company said the deal is likely to add up to $400 million in its 2020 revenue, but would decrease adjusted profit by about 37 cents to 39 cents per share.

The company said it now expects 2020 adjusted profit in the range of $2.51 per share to $2.53 per share. Analysts were expecting $2.90 per share, according to IBES data from Refinitiv.

Shares of Tableau jumped 35% to $169.50, while those of Salesforce fell 5% to $156.43 in premarket trading.

“Salesforce shares are trading down, may be out of fears that the company is buying growth because organic growth is slowing. It’s a natural question to ask,” Koenig said.

Bank of America/Merrill Lynch was the financial adviser to Salesforce and Goldman Sachs advised Tableau.


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: kate rogers
Keywords: news, cnbc, companies, billion, deal, share, buy, company, allstock, helps, tableau, software, salesforce, data, customers


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