Reports indicate the United States recently held a presidential election, an event with significant ramifications for the technology sector, especially considering the role social media played in discussions surrounding the results. In addition, several important technology-related ballot initiatives, such as California’s Proposition 22, were approved by voters. This Daily Crunch, dated November 4, 2020, aims to provide a comprehensive overview of these developments.

Key developments: Social media addresses election misinformation

Fortunately, the U.S. election process was largely unaffected by substantial cyberattacks.

However, a definitive winner in the presidential election has not yet been determined—though, as of Wednesday afternoon, Joe Biden currently holds a 2% lead in the national popular vote and a narrow advantage in several crucial battleground states. This uncertainty has unfortunately opened the door for the spread of misinformation, particularly originating from President Donald Trump and individuals associated with his campaign, who are questioning the validity of the voting and counting procedures while prematurely declaring victory.

As noted by my colleague Taylor Hatmaker, this situation represents a “nightmare misinformation scenario,” with the president and his campaign actively leveraging “the misinformation ecosystem they’ve developed over the past four years.”

Both Facebook and Twitter are taking steps to mitigate the dissemination of false information through various methods: Twitter has applied warning labels to a number of posts from President Trump and his campaign (while others are also receiving these labels, it’s important to note that the Trump campaign is the primary source of problematic claims regarding the election results—the Biden campaign has not engaged in similar behavior). Facebook has also displayed messages at the top of both the Facebook and Instagram platforms informing users that vote counting is still in progress.

Major technology companies

Shares of Apple, Microsoft, and other technology firms experience gains as the presidential election outcome remains uncertain—The Nasdaq Composite index, heavily weighted towards technology stocks, closed today with a 3.8% increase.

Zynga announces record revenue and substantial user growth despite a $122M loss—The company anticipates continued expansion in the fourth quarter, projecting a 55% revenue increase to $570 million.

Startups, funding, and venture capital

Intel completes the acquisition of Cnvrg.io, a platform for managing, constructing, and automating machine learning processes—Intel is actively acquiring startups to strengthen its capabilities in machine learning and artificial intelligence.

Aveine’s Smart Wine Aerator offers a significant enhancement for wine enthusiasts and has the potential to attract new ones—This innovative device, developed by a French startup, provides adjustable, instantaneous aeration, coupled with a connected application platform.

Hustle Fund, a pre-seed investment firm, secures $30M for a new fund—Hustle Fund was founded by Elizabeth Yin and Eric Bahn, both formerly partners at 500 Startups.

Insights and analysis from Extra Crunch

Will revised SEC equity crowdfunding regulations encourage more founders to seek funding through this avenue?—Companies are now permitted to raise up to $5 million through equity crowdfunding.

Tech stock rally fuels anticipation of increased IPO activity—Sources indicate that the late-November/early-December timeframe could see a surge in new initial public offering filings.

(Please note: Extra Crunch is our subscription-based service designed to broaden access to information about startups. You can find subscription details here.)

Additional news

California ballot measure to maintain gig workers’ status as independent contractors is expected to pass—Uber, Lyft, Instacart, and DoorDash (the primary financial supporters of California’s Proposition 22) are poised to achieve their desired outcome.

Cannabis legalization initiatives are projected to succeed in five states—Yesterday’s ballots in five states included cannabis legalization measures, and all have reportedly passed.

Massachusetts voters approve a right-to-repair measure, granting them unprecedented access to vehicle data—Under this new law, vehicle owners will have full ownership of all data generated by their cars.

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