Business Highlights: Meta oversight, Theranos sentencing
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Meta oversight board urges changes to VIP moderation system
LONDON (AP) — Facebook’s quasi-independent oversight board says an internal system that exempted high-profile users, including former U.S. President Donald Trump, from some or all of its content moderation rules needs a major overhaul. The report released Tuesday by the Oversight Board said the system “is flawed in key areas which the company must address.” The board opened its review after The Wall Street Journal reported that the system was being abused by many of its elite users, who posted material that would result in penalties for ordinary people, including for harassment and incitement of violence. Meta has agreed to respond to the report within 90 days.
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Holmes’ former partner faces sentencing in Theranos case
SAN JOSE, Calif. (AP) — A former Theranos executive learns Wednesday whether he will be punished as severely as his former lover and business partner for peddling the company’s bogus blood-testing technology that duped investors and endangered patients. Ramesh “Sunny” Balwani was convicted in July of fraud and conspiracy. He will be sentenced less than three weeks after Elizabeth Holmes, the company’s founder and CEO, received more than 11 years in prison for her role in a scandal that threw a bright light on Silicon Valley’s dark side. Holmes could have gotten up to 20 years in prison — a penalty that U.S. District Judge Edward Davila could now impose on Balwani. He spent six years as Theranos’ chief operating officer.
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Robinhood takes on retirement in search for more growth
NEW YORK (AP) — After blazing onto Wall Street by making trading fun for its customers, Robinhood is now setting its sights on a more staid corner of the industry: saving for retirement. The company on Tuesday is...