The Facebook whistleblower is taking her case abroad. Frances Haugen, who testified at a Senate hearing on Tuesday, also spoke with policymakers in Brussels, London and Paris about the need for increased oversight of the social media giant. Facebook is slowing product upgrades amid scrutiny, while limiting the amount of information shared across the company.
Tesla faces a challenge on the board of directors at its annual meeting of shareholders. At today’s rally of electric vehicle makers, which comes shortly after reporting record deliveries, some investors are trying to oust two directors: former Fox executive James Murdoch; and Kimbal Musk, the brother of Tesla chief Elon Musk.
Moderna plans to build a vaccine factory in Africa. The pharmaceutical company said it would invest $ 500 million in the plant, in a location not yet decided, where it would manufacture up to 500 million doses per year of mRNA vaccines, including its coronavirus vaccine. Separately, Asian countries have joined with the United States in making deals with Merck for the supply of the antiviral pill that the company says lowers the risk of hospitalization and death from Covid.
GM thinks big
General Motors yesterday announced an ambitious plan to more than double its revenue by 2030. The target is based on GM’s investments in electric vehicles and autonomous driving technology, as well as its surge in services, such as auto insurance. It also reflects CEO Mary Barra’s grand ambition to transform GM and defend her company from tech companies that have tried to thwart her.
“Think of the vehicle not only as an electric vehicle, but as a software platform”, Barra said, looking a lot more like Steve Jobs than GM legend Alfred Sloan. To this end, the plan of the automakers includes:
30 models of electric vehicles by 2025, including a $ 30,000 SUV; a glass-roofed, all-wheel-drive Chevrolet Silverado pickup; and a Hummer plug-in.
An expansion of services, including an electric van delivery service called Brightdrop; Cruise, an Uber rival that uses autonomous driving; and in-car subscription services, like OnStar, which are expected to bring in tens of billions of dollars by the end of the decade.
In numbers : Barra’s time at the top of GM has generally been viewed as a success. She took over in 2013, led the company through an ignition scandal, and nearly doubled profits in her first four years at the helm – although that growth was due to cost containment, not to increased income. Shares of the company have risen more than 30% this year, nearly double the gain of the S&P 500, but about half the rise in Ford shares during the same period.