Why Facebook Shouldn't be Allowed to Buy TBH, Stories of Instagram's Founder and More

One: Why Facebook Shouldn't be Allowed to Buy TBH

"There was one line in TechCrunch’s report about Facebook’s purchase of social app tbh [sic] that made me raise my eyebrows (emphasis mine):

"Financial terms of the deal weren’t disclosed, but TechCrunch has heard the price paid was less than $100 million and won’t require any regulatory approval."

"This isn’t quite right. I suspect TechCrunch, and whatever source they “heard” from, is referencing the Hart-Scott-Rodino Antitrust Improvements Act. In order to reduce the burden on the Fair Trade Commission and the Antitrust Division of the Department of Justice, an acquirer only needs to report acquisitions (and wait for a specified time period to give time for review) for which the total value is more than a specified threshold; for 2017, that threshold is $80.8 million. To that end, I wouldn’t be surprised if this deal is worth approximately $80.7 million; that would mean Facebook doesn’t have to submit this acquisition for review."

Ben Thompson, Stratechery


Two: Big data meets Big Brother as China moves to rate its citizens

"In June 14, 2014, the State Council of China published an ominous-sounding document called "Planning Outline for the Construction of a Social Credit System". In the way of Chinese policy documents, it was a lengthy and rather dry affair, but it contained a radical idea. What if there was a national trust score that rated the kind of citizen you were?"

Rachel Botsman, Wired


Three: Meet the Woman Who Wants to Change the Way You Buy Your iPhone

"It's 11:30 p.m. on a Thursday, and Silicon Valley has gone quiet for the night. The streets are largely empty, the corporate campuses dark. But in a sea of vacant office parks, the lights are on in a squat and entirely unnoteworthy building in Sunnyvale, California — and the parking lot is packed full.

"Inside, scores of Apple engineers are huddled around, chattering about server loads. A collection of monitors is mounted on the wall, flashing charts, numbers, and graphs. Preorders for Apple's newly announced iPhone 8 are about to begin, and this is the company's "war room" — mission control for a massive one-night retail operation that sees a deluge of sales. Everyone is dressed comfortably for an all-nighter, yellow security bands on their wrists — everyone, that is, except Angela Ahrendts, Apple’s senior vice president of retail. She’s running the show."

Nicole Nguyen, Buzzfeed News


Four: Tech Giants are Paying Huge Salaries for Scarce A.I. Talent

"Silicon Valley’s start-ups have always had a recruiting advantage over the industry’s giants: Take a chance on us and we’ll give you an ownership stake that could make you rich if the company is successful.

"Now the tech industry’s race to embrace artificial intelligence may render that advantage moot — at least for the few prospective employees who know a lot about A.I.

"Tech’s biggest companies are placing huge bets on artificial intelligence, banking on things ranging from face-scanning smartphones and conversational coffee-table gadgets to computerized health care and autonomous vehicles. As they chase this future, they are doling out salaries that are startling even in an industry that has never been shy about lavishing a fortune on its top talent."

Cade Metz, New York Times


Five: The Many Stories of Instagram's Founder

"It happens to be a landmark day at Instagram when MR PORTER visits the company’s global HQ to interview its co-founder Mr Kevin Systrom. Preparations – including the construction of a selfie booth made of balloons – are underway at its Silicon Valley offices for an all-staff party to celebrate its seventh birthday and 800 millionth monthly user.

"The company’s co-founders, Messrs Kevin Systrom and Mike Krieger, who still work together, are in a reflective mood. Each has posted images on their personal Instagram feeds from those early days and nights in October 2010 when they were working in shifts around the clock to keep their fledging app up and running. The images are grainy. “It was a terrible filter, it’s a terrible photo,” says Mr Systrom of his picture of Mr Krieger in a hoodie sitting in a small office in front of several screens. “I blame it on the phone, it was the phone’s fault.” He has since deleted the post from his carefully curated @kevin feed, though @mikeyk has left his up."

Words by Mr Dan Rookwood, US Editor, MR PORTER.
Photography by Mr Brad Torchia. 
Styling by Ms Gaelle Paul.

Five for FridayTimothy Buck