Kylie Jenner wiped out $1.3 billion of Snap’s market value with a single tweet. Or so the story goes. The social media influencer, model and famous sister has 24.5 million followers, and when she tweeted yesterday that she hasn’t been using the Snapchat app lately, Snap shares sank as much as 6.1 percent. Meanwhile, Wall Street analysts are noticing a downtrend in user engagement following increasingly negative reviews of the app’s recent redesign. [Justina Vasquez / Bloomberg]
Recode Daily: Kylie Jenner shaded Snapchat and Snap shares sank $1.3 billion
Plus, new AirPods are coming, Uncle Sam’s secret bitcoin hoard, how China became a tech superpower and an iPod time capsule.
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Angry Birds game maker Rovio Entertainment lost up to 50 percent of its stock value yesterday after warning that profitability would fall short of forecasts. The Finnish company blamed increased marketing costs and other investments for the gloomier outlook. [Jussi Rosendahl and Tuomas Forsell / Reuters]
Apple is working on the next iteration of its successful AirPod wireless earbuds, which may be available as soon as this year. The new model will let users summon Siri by voice and will include an upgraded Apple-designed wireless chip, which will improve Bluetooth connections. Wearables, including Apple Watch, were the second-largest contributor to the company’s first-quarter revenue growth after the iPhone. [Mark Gurman / Bloomberg]
Inside Uncle Sam’s secret bitcoin hoard: Bitcoin’s enduring popularity among online wrongdoers and its growing presence in criminal busts has led to digital currency seizures and sales by the government. At least $1 billion worth of digital coins, and possibly much more, has spent time in the custody of U.S. law enforcement. [Jeff John Roberts / Fortune]
The FCC published an order yesterday officially repealing net neutrality rules, effective April 23. The order — called “Restoring Internet Freedom” — completes the Trump administration’s reversal of Obama-era open-internet regulations. But some opponents have just begun to fight. [Devin Coldewey / TechCrunch]
Here’s a deep look into how China moved from imitation to innovation and became a tech superpower. Another long read finds that ambitious Chinese investment is paying off with serious advances in biotech computing and space — is China edging ahead of the West? [Christina Larson / Wired UK]
Top stories from Recode
Airbnb is rolling out things like hotel bookings and loyalty programs that make it look more like the industry it is trying to disrupt.
New futuristic convenience stores could appear in Seattle and Los Angeles.
The New York City-based startup has now raised nearly $90 million in venture funding.
On the latest episode of Too Embarrassed to Ask, Catherine Price talks with Kara Swisher, Lauren Goode and Kara’s son Louie about her latest book, “How to Break Up With Your Phone.”
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This article originally appeared on Recode.net.
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