☑️ Hidden Fees. AT&T is getting a taste of its own medicine, paying the FTC $60M to settle claims that the wireless provider was charging users for unlimited data plans, all while restricting their data. The FTC complaint, which has been floating around since 2014, accuses AT&T of not disclosing to customers that it reduces data speeds after a monthly threshold is hit. I don’t think unlimited means what you think it means. The settlement will go towards a fund that AT&T will use to partially refund current and former customers who signed up for unlimited data plans before 2011.
☑️ One star. Uber hit a new low on Tuesday, closing down 37% from its IPO price of $45 per share. Monday’s earnings call revealed that Uber had not only lost a f*ck ton of money again, but that food orders via its UberEats offering were also not up to par. To compound the issues, Uber’s lockup period for its shareholders ends today, meaning early investors and execs can dump their stock into an already hesitant public market. But hey, they still promise to be profitable by 2021-ish.
☑️ Twitter fingers. Twitter founder Jack Dorsey took aim at the big swinging Zuck yesterday. The Twitter founder took to his platform to poke fun at Facebook’s new corporate logo, taking a dig at the fact that Facebook’s new corporate logo is just the word Facebook… but in all caps. What? You joke?
☑️ Reunited. The FCC formally approved the merger between telecom giants T-Mobile and Sprint. Yes, the FCC was leaning towards this deal earlier this year, but now their decision is in writing, after the 3-2 vote that was largely procedural. Back in May, chairman Ajit Pai said he supported the deal, but he needed the rest of his colleagues to agree that the merger was in the public interest.