IRS launches a giant lawsuit against Facebook for tax misconduct
The American Internal Revenue Service has launched a lawsuit against Facebook claiming the company owes around $9 billion in taxes. They claim that Facebook has been avoiding taxes by moving all of their profits to Ireland, a tax haven. The trial will take 3 to 4 weeks and will call a number of Facebook executives as witnesses.
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Zuckerberg says there's 'no end in sight' for Facebook employees working from home
Facebook CEO Mark Zuckerberg on Thursday said there is no timetable for when employees will return to the company's offices amid a continuing surge in Covid-19 cases in the U.S. Zuckerberg made his comments on a call with analysts about Facebook's second-quarter results, specifically criticizing the Trump Administration for its handling of the coronavirus.
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Cnbc
Facebook Earnings Report Rescheduled Due To Shift In Antitrust Hearing
Facebook has rescheduled its second-quarter earnings report due to a conflict related to an antitrust hearing. On Wednesday, the House Judiciary Antitrust Subcommittee will hold a hearing with the chief executives of Amazon (AMZN), Apple (AAPL), Facebook, and Google-owner-Alphabet (GOOGL). The Facebook earnings report comes after the market close. Amazon also reports second-quarter earnings after the close Wednesday.
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Investors
TikTok brings Google and Facebook executives to help expansion plans
TikTok, The Chinese-owned video-sharing app, which already employs 1,400 people in the U.S., has hired dozens of staff from Google and Facebook including several high-profile executives to help the company expand rapidly within the region. TikTok and Facebook declined to comment. Worldwide, TikTok employs 172 ex-Googlers and 165 ex-Facebookers, according to an analysis on LinkedIn
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CNBC
Ultra-rich Americans call for higher taxes to aid coronavirus recovery
Disney heiress Abigail Disney is among the millionaires calling for governments to impose higher taxes on the wealthy to help fund the recovery from the coronavirus pandemic. “Tax us. Tax us. Tax us,” an open letter from the group calling itself “Millionaires for Humanity” read. The 83 signatories on the letter also included Abigail’s brother Tim, Ben & Jerry’s co-founder Jerry Greenfield, as well as British movie director, Richard Curtis
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CNBC