Plus, Samantha Bee rips into Facebook; Google is secretly building a social-gaming startup; and how your Spotify songs set the tone for the economy.
Tesla missed a crucial production goal, but its first-quarter financials beat Wall Street expectations. But Tesla shares took a nosedive in after-hours trading after CEO Elon Musk cut off analysts during a bizarre earnings call. Musk dismissed a question about gross margins from a senior analyst as “boring”; instead, Musk answered multiple questions from a Tesla enthusiast and YouTuber. The company has only had two profitable quarters since it went public in 2010. [Johana Bhuiyan / Recode]
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Wall Street isn’t a fan of Spotify’s first-ever earnings report. Even though the streaming music company delivered the numbers it had told investors to expect, SPOT stock dropped by more than 6 percent in after-market trading anyway. [Peter Kafka / Recode]
Despite months of drama surrounding Cambridge Analytica, Facebook’s annual F8 developer conference still felt recognizably like itself — and everyone got a free Oculus Go, the company’s new standalone virtual reality headset. Meanwhile, to address allegations of bias, Facebook is bringing in two outside advisers — one to conduct a legal audit of its civil rights impact on underrepresented communities and communities of color, and another to advise the company on potential bias against conservative voices. Last night on her “Full Frontal” show, Samantha Bee ripped into Facebook and told Mark Zuckerberg to “get this shit under control.” [Kurt Wagner / Recode]
Zynga founder and chairman Mark Pincus has given up voting control of the social gaming company he founded more than a decade ago. In an unusual move for Silicon Valley, which celebrates “the power of the founder,” Pincus said he doesn’t want the final say anymore and wants more freedom. Pincus’s 70 percent voting power over Zynga will convert into a 10 percent economic stake. [Kara Swisher / Recode]
Is this the moment when bitcoin goes mainstream? Goldman Sachs is opening a bitcoin trading operation — the first at a Wall Street bank. Goldman will use its own money to trade with clients in a variety of contracts linked to the price of the cryptocurrency. The bank won’t initially be buying and selling actual bitcoins, but an internal team is looking at going in that direction. [Nathaniel Popper / The New York Times]
If you’re over 30, don’t even bother applying for a job in China’s frenzied tech industry, where age discrimination is legal and begins even younger than in the U.S. The irony is that most of the country’s famous tech companies — Xiaomi, Alibaba, Baidu — were started by men older than 30. [Shelly Banjo / Bloomberg]
Google is building a social-gaming startup called Arcade. The new firm will be led by founder Michael Sayman, a 21-year-old wunderkind who started as a Facebook intern at age 17 and left that company for Google last year. The effort is part of Area 120, a division where select employees can work on small startups that live inside Google. Arcade’s first app, slated to debut this summer, will have some elements of a trivia game. [Sarah Frier and Mark Bergen / Bloomberg]
Recode Presents …
Investor and serial entrepreneur Jason Calacanis will join Kara Swisher on this week’s Too Embarrassed to Ask podcast. Got questions for Jason about startups or anything else? Send them in to TooEmbarrassed@recode.net or tweet them with #TooEmbarrassed before 11 am PT / 2 pm ET today.
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