Business News Weekly — July 30, 2018 

"Facebook Loses $119 Billion in One Day"from the Wall Street Journal. Facebook Inc. suffered the biggest ever one-day loss in market value for a U.S. listed company, based on the company warning about slow growth. Mark Zuckerberg loss almost $16 billion value in his stock holdings.  

"Amazon Hits Record Profit on Services" — from the Wall Street Journal. Company rides cloud computing and other high-margin businesses as retail growth slows. 

"Google makes rain from clout" from an article in the Wall Street Journal. It says even though Google's cloud business may seem small now, it may be the first of the company's many endeavors that could eventually change its status as the world's largest and most successful ‘one hit’ wonder. That one hit is advertising accounting for 96% of Google's total revenue over its first decade as a public company. I like the word small with Google doing close to $6 billion with the cloud.

For the record Amazon is definitely the largest clown manufacture at $35 billion followed by Microsoft, Google and Alibaba. 

"AT&T gets help from new assets" from an article in the Wall Street Journal. It says WarnerMedia keeps revenue from falling further as DirecTV continues to struggle.

"New rules proposed to (against) forgive student loans" — from an article in the Wall Street Journal. The Trump administration is proposing to tighten the criteria that dictates when former college students who accuse schools or fraudulent behavior can have their student loans forgiven.

"Wi-Fi isn’t connecting to profit" — from an article in the Wall Street Journal. Getting Wi-Fi on flights is gotten easier but making money from airborne Internet is another matter that is problem facing Google that operates half the world's in-flight Wi-Fi networks has never turned a profit.

QUALCOMM, Inc. plans to scrap its $44 billion purchase of Dutch chipmaker NXP Semiconductors NV after failing to get China approval, even though this is not a Chinese company.

"Tesla asked for its money back" — from an article in the Wall Street Journal. No doubt their cash problems continue, but can you imagine asking vendors to give them some money back. Unfortunately, they have the leverage and may be able to make this happen, but that is sad. 

Bloomberg's innovation of the week is a mobile plane scanner. BrainScope one aims to diagnose traumatic brain injury (TBI) in circumstances where the CT-Scan is impractical. It combines smart phone software with a disposable electrode headpiece. It has already raised about $60 million in venture capital and booked about $30 million in Pentagon contracts. The device records electroencephalogram in about five minutes, and software then calculates the likelihood of structural brain damage or functional impairment based on patterns of deviation from a database of healthy brain signals. 

Amazon.com founder Jeff these those net worth it $150 on June 16 making him the riches person in modern history.