Tech companies rally in support of net neutrality
Companies like Google and Facebook, as well as Austin-based HomeAway, which is owned by Expedia, are rallying today in support of an Obama-era policy called net neutrality.
As The Verge explains, the timing is related to an upcoming deadline for comments on the U.S. Federal Communications Commission’s rollback of an Obama-era rule that offered consumer protections.
The existing policy prohibits Internet providers, such as AT&T and Comcast, from blocking or slowing down access to the web, according to The Verge.
And here’s what HomeAway had to say about it:
“As the leading consumer tech company in our hometown, we want to help put Austin on the map as a tech city that supports strong net neutrality rules,” said John Kim, HomeAway president. “Net neutrality ensures consumer choice and competition, and we want to protect those aspects of the open internet. Without choice and competition, innovation will be stifled.”
Snapchat isn’t doing so well
Fortune reports that Snap’s stock has fallen below its IPO price, closing at $16.99 yesterday. This means that everyone who still owns shares bought during their IPO has officially lost money.
(Snap is the company name behind disappearing message app Snapchat.)
There are several reasons behind the plunge in stock price. Fortune cites growing alarm over an expiring lock-up period, which will allow some of Snap’s biggest shareholders and IPO bakers to sell stock.
And there are concerns over whether the company can grow and attract advertisers, Fortune says. Also, Recode reports that a Morgan Stanley analyst downgraded the company and set a price target of $16.
Increased competition = lower cell phone bills
If your cell phone bill isn’t dropping, you’re doing something wrong.
Because the U.S. cellphone market is nearing saturation it has kicked off a price war among the four national wireless carriers, the paper reports. The consumer price index for wireless phone service dropped 12.5 percent in May from a year ago. The previous month it fell 13 percent.
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