Tuesday, October 3, 2017

Jeff Immelt retires from GE's board earlier than expected

Jeff Immelt retires from GE's board earlier than expected

Jeff ImmeltJeff ImmeltVincent Kessler/Reuters
GE General Electric
 24.46 -0.16 (-0.60 %)
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Jeffrey Immelt has stepped down from General Electric's board earlier than expected, a release from the company said on Monday. 
"Jeffrey R. Immelt retired as a director and Chairman of General Electric Company’s Board of Directors (the 'GE Board') in light of Mr. Immelt’s determination that the CEO transition has proceeded smoothly and that John L. Flannery, Chief Executive Officer, director and Chair-Elect, was ready to succeed Mr. Immelt as Chairman of the Board," the release said.
"The Board concurred and elected Mr. Flannery as Chairman of the Board effective October 2, 2017."
Immelt announced his retirement as GE's CEO in June, but at the time said he was going to remain as the chairman through December 31. 
GE shares gained more than 300% during Immelt's tenure as CEO from March 9, 2009 through June 12, 2017. 
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Facebook says 10 million people saw Russia-linked ads

Facebook says 10 million people saw Russia-linked ads

Mark ZuckerbergFacebook CEO Mark Zuckerberg. Getty
Facebook revealed on Monday that 10 million of its users saw ads placed by Russia-linked groups designed to stir division in the US before and after the 2016 presidential election.
The admission came after Facebook representatives met with US lawmakers on Monday, and it provides important new details about the scope and impact of a shadowy campaign to use the 2-billion-member social network as a propaganda tool.
Elliot Schrage, Facebook's VP of policy and communications, said in a blog post on Monday that the Russia-linked ads were largely focused on the contentious topics that defined last year's presidential election between Donald Trump and Hillary Clinton.
"Most of the ads appear to focus on divisive social and political messages across the ideological spectrum, touching on topics from LGBT matters to race issues to immigration to gun rights," Schrage said. "A number of them appear to encourage people to follow Pages on these issues."

Paid in Rubles

Some of the problem ads were bought using Russian currency, often for very small amounts of money, Schrage said. Half of the ads cost less than $3, and 99% cost less than $1,000.
But in an indication of the power of social media, and the challenge in controlling it, Facebook described how the 3,000 ads it had previously identified as being linked to Russia were seen by 10 million of its users — a number roughly the size of Michigan's population.
About 44% of the ads were seen before the 2016 US presidential election and 56% were seen after the election, Schrage said. 
And while Schrage outlined the steps Facebook is taking to prevent abuse of its largely self-service advertising platform in the future, he seemed to suggest that the problem was unlikely to be solved easily.
"Many of these ads did not violate our content policies. That means that for most of them, if they had been run by authentic individuals, anywhere, they could have remained on the platform," Schrage said in the post.

A platform "for all ideas"

Donald Trump and Hillary ClintonReuters
Facebook, along with Twitter and Google, has come under fire for not doing enough to protect its platform from being misused to spread fake news and other misinformation. 
On Sunday, Facebook said it would hand over the ads and information about how they were targeted to government investigators responsible for probing Russia's interference with US elections. The company said on Monday that it planned to hire 1,000 more ad reviewers to help keep politically subversive and divisive ads off its platform.
The spread of fake news has caused something akin to a moral quandary for social media entities like Facebook and Twitter that have long boasted about being harbors of free speech.
"We are dedicated to being an open platform for all ideas — and that may sometimes mean allowing people to express views we — or others — find objectionable," Schrage said on Monday.
Facebook CEO Mark Zuckerberg expressed a similar frustration in post on Saturday marking the end of the Jewish Yom Kippur holiday. 
"For the ways my work was used to divide people rather than bring us together, I ask forgiveness and I will work to do better," Zuckerberg wrote.
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Tesla completely missed its goal for Model 3 production in September

Tesla completely missed its goal for Model 3 production in September

Tesla Model 3Tesla Model 3.Timothy Artman/Tesla
TSLA Tesla
 339.46 -1.50 (-0.40 %)
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Tesla produced just 260 of its Model 3 sedans in the third quarter, widely missing its target for the much-anticipated new car, because of production bottlenecks.
Tesla CEO Elon Musk said in August that the company planned to produce 1,500 Model 3 cars in September alone and ramp up to 20,000 cars per month in December.
"Model 3 production was less than anticipated due to production bottlenecks," Tesla wrote in its investor letter Monday. "Although the vast majority of manufacturing subsystems at both our California car plant and our Nevada Gigafactory are able to operate at a high rate, a handful have taken longer to activate than expected."
Tesla added that there are "no fundamental issues with the Model 3 production or supply chain" and is aware of what needs to be fixed.
It's a big miss for the most highly-anticipated car of the year, but doesn't come as a complete shock. Musk had said that the first six months of Model 3 production would be "hell." Tesla also missed its targets when it first started producing the Model S and Model X.
The Model 3 is Tesla's first mass-market vehicle starting at $35,000. Tesla secured 455,000 orders for the vehicle as of August. Those who order a Model 3 today will have to wait until at least mid-2018 for delivery of the vehicle.
Tesla said it produced 25,336 vehicles total in the third-quarter, with 260 being Model 3 sedans.
The electric car maker delivered 26,150 vehicles in the third quarter — 14,065 Model S sedans, 11,865 Model X SUVs, and 220 Model 3 sedans. Tesla said it was its best delivery quarter in company history, representing a 4.5% increase over the third-quarter of 2016.
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