Big Data Leak
After volatility for most of the day, the stock market boosted as the Fed disclosed its last meeting discussions. — More on that in the “Overall Market” section.
Beyond the overall market, a new social networking segment is leading to significant investments in audio-chat platforms. Meanwhile, the semiconductor shortage hit another EV company. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, have you checked if your data is among this massive data leak? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended mixed on Wednesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin‘s price declined to $56K per coin.
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The stock market ended mixed on Wednesday.
After volatility during the session opening, all the three indices ended the day with near-zero changes. However, the S&P 500 index’s small gain was enough to hit a record closing high. Traders also paid attention to the Federal Reserve’s last meeting minute. The meeting indicated the Fed is still committed to its loosened inflation control policy. The Fed guaranteed its accommodative policy would support a full economic recovery, with expectations for a substantial economic rebound as the economy reopens in 2021.
Investing In New Trends
So, what happened?
Shares of Twitter (Ticker: TWTR) were up by almost 3% on Wednesday. The spike came after reports unveiled that Twitter held talks in the past few months to acquire the audio-chat social networking platform Clubhouse. Although the conversations stalled, Twitter guaranteed it would not stop investing in the audio-chat business. Its CEO Jack Dorsey stated that the company is bullish toward developing its audio-chat platform called Spaces. It seems that Twitter is confident that audio-chat networking is the next big thing, declaring it is already considering ways to monetize Spaces.
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So what happened?
Shares of Nio (Ticker: NIO) were down by almost 7% on Wednesday. Although the Chinese EV company announced its 100,000th produced EV, the company stated it would limit its maximum production capacity to 75% due to the semiconductor shortage. Along with the shortage, the company also blamed the battery cell supply shortage for the cut. Following the announcement, Nio indicated that it expects the semiconductor shortage to be a short-term issue. However, investors sell off the shares due to a possible effect that the production cut could cause on Nio’s current quarter earnings.
Big Data Leak
So what happened?
Although the company was aware of the leak since September 2019, it only publicly commented about the subject on Tuesday. As the world’s largest social network company, Facebook harvests tons of data every day. Therefore, there are multiple concerns over how Facebook protects the collected data. On the disclosed leak, Facebook stated that it believes the data was scraped from Facebook’s profiles by malicious actors using the platform’s contact importer. After the company became aware of the breach, Facebook updated the feature to prevent the scalping from continuing. Although it fixed the security breach, more than 530 million users’ phone numbers, names, and addresses ended in hacking forums across the internet. However, Facebook guaranteed that the leak did not include any financial information, health, or passwords. Moreover, the company stated that Facebook is working hard to improve its security measures daily to avoid future data leakages.
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