Key Takeaways
- A San Francisco jury has ordered Google (GOOGL, GOOG) to pay $425.7 million in damages for violating the privacy rights of nearly 100 million users, who believed a privacy switch would halt data tracking.
- Porsche AG (P911), the luxury carmaker spun off from Volkswagen (VWAGY), is set to exit Germany’s benchmark DAX stock index after less than three years, effective September 22.
- US Energy Secretary Chris Wright has criticized the offshore wind industry, labeling it a “government-funded business” that is significantly more expensive than onshore projects, citing a bleak economic outlook due to reliance on subsidies.
A San Francisco jury has delivered a significant blow to Google (GOOGL, GOOG), ordering the tech giant to pay $425.7 million in damages. The verdict stems from a class-action lawsuit brought by nearly 100 million users who alleged that Google continued to track their data despite privacy settings being toggled off. Jurors found Google liable for invasion of privacy and intrusion upon seclusion, ruling that the company's practices deceived users into believing a privacy switch would prevent data collection. This ruling underscores increasing scrutiny on tech companies' data handling practices and could set a precedent for future privacy litigation.
In the automotive sector, Porsche AG (P911) is making headlines as it prepares to drop out of Germany’s benchmark DAX stock index on September 22, less than three years after its highly anticipated spin-off from Volkswagen AG (VWAGY). The luxury carmaker, which had its initial public offering in September 2022, has faced a challenging market environment. Its shares have declined by 33% over the past twelve months, impacted by factors such as President Donald Trump's tariffs on European autos, limited demand for electric vehicles, and weak sales performance in China. Porsche AG's Q1 operating profit also saw a 30% drop, attributed to higher investments in product launches and a challenging Chinese market where deliveries slumped by 24%.
Meanwhile, the energy sector is facing political headwinds, with US Energy Secretary Chris Wright reportedly backing former President Trump’s crackdown on offshore wind projects. Wright characterized offshore wind as a “government-funded business” that incurs far greater costs than its onshore counterparts. He argued that the economic outlook for the sector is dim, as even onshore wind projects have historically relied heavily on subsidies, a factor that Trump’s stop-work orders aim to address.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.