Good morning, Austin! We have scoured the internet to bring you the latest in technology news. Here’s what’s happening:
Snap makes its IPO debut today
It’s finally happening: Snap makes its trading debut this morning, a day after it priced its public offering at $17 a share.
Market makers at the New York Stock Exchange indicated the stock was set to open from $22 to $24 a share.
At 200 million shares, Snap will have raised $3.4 billion and will be valued at nearly $24 billion as of its pricing. That puts its valuation at least twice as expensive as Facebook Inc., and four times more costly than Twitter Inc.
The IPO is 12 times oversubscribed, sources said Thursday morning, meaning that there were 12 times more orders for than there were shares offered. Some managers told CNBC they as little as 2 percent of what they were asking for.
Oculus cuts prices of its virtual reality gear
Oculus has dropped the price of a package featuring its Rift headset and Touch controllers, which allow players to use their hands inside virtual reality, by 25 percent to $598 from $798.
The company will also reduce the individual price of the Rift to $499 from $599 and Touch controllers to $99 from $199.
In a phone interview, with the New York Times, Brendan Iribe, the leader of the Oculus group developing virtual reality products for personal computers, said the company had long intended to reduce prices on products as Oculus’s own manufacturing costs came down.
Iribe, who declined to give sales figures for Oculus Rift, said that so far the system had been purchased by early adopters and that making it less expensive would begin the process of taking it beyond an enthusiast audience. “We certainly think this will help,” said Mr. Iribe, a co-founder of Oculus before it was acquired by Facebook for $2 billion.
Yahoo CEO Marissa Mayer won’t get a bonus this year
Yahoo CEO Marissa Mayer will not be paid her 2016 bonus, worth as much as $2 million, following the results of an internal investigation into the company's handling of massive hack attacks that affected more than one billion of its users.
Yahoo General Counsel Ronald Bell is also resigning, and won’t not be paid any severance.
Yahoo, which is due to be acquired by Verizon in a $4.48 billion deal later this year, said it had concluded that "certain senior executives did not properly comprehend or investigate" major security breaches suffered in 2014.
The company determined back then that a state-sponsored actor had accessed certain user accounts, making off with user names, dates of birth, email addresses and other information. Yahoo didn’t publicly reveal the breaches until the fall of 2016.
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