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Recode Daily: Amazon delivered big price reductions to its competitors’ stocks this month

Plus, you should get to know Priscilla Chan, billionaires buzz in Sun Valley, and this cannabis cotillion has everything.

A smiling man delivers an Amazon Prime package. Amazon

Best Buy lost $1 billion in value after Recode broke the news that Amazon has stealth-launched a Geek Squad competitor. The internet retailer’s at-home gadget repair and installation service is now live in seven West Coast cities. Here’s a look at how Amazon has wreaked stock-price havoc to other competitors of all kinds in just the past month. [Jason Del Rey]

The Trump administration has pushed back the start date for an Obama-era immigration program, and signaled its intent to ultimately eliminate the rule. The International Entrepreneur Rule, which would have allowed foreign entrepreneurs to come to the U.S. to start companies, was slated to go into effect on Friday and has been rolled back to March 14, 2018. [Tony Romm / Recode]

Microsoft will try to bring better broadband to two million rural Americans in the next five years. Starting out in 12 states, the company’s so-called Rural Airband Initiative is an attempt to partner with local telecom providers to boost wireless internet. [Tony Romm / Recode]

Media execs, investment bankers and lenders convene today in Sun Valley, Idaho, for the annual Allen & Co. media finance conference. Starting with Verizon, here’s a look at which companies are likely to make an M&A move at the weeklong mogulfest. [Richard Morgan / The New York Post]

The Consumer Financial Protection Bureau is adopting a rule that would restore the right for millions of American to bring class-action suits against banks and credit card companies. The financial institutions could no longer force customers into arbitration and block them from banding together to file a class-action suit; the change could cost Wall Street billions of dollars. [The New York Times]

Top stories from Recode

Priscilla Chan is running one of the most ambitious and well-funded philanthropies in the world.

A pediatrician and teacher — and First Lady of Facebook, as the wife and partner of Mark Zuckerberg — Chan runs the Chan Zuckerberg Initiative, which is dedicated to improving education, medicine and the criminal justice system, and which has more money than the 10 biggest active private and community foundations. Meanwhile, Warren Buffett donated $3.17 billion of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation and four family charities, his largest contribution in a more than decade-long plan to give away his fortune. [Kurt Wagner / Recode]

This is cool

The cannabis cotillion

This report on a high-society San Francisco party to launch an LA-based luxury cannabis brand has everything: An animal-skin rug, a celebrity tattoo artist, social circuit veterans, Yves Béhar, rose-gold vaporizer pens, Provencal rosé, apple-spice THC pastilles, a namesake grandma, compassionate baking and college funding, a newspaper cannabis editor and “OG without being dank."

[Carolyne Zinko / San Francisco Chronicle]

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