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Recode Daily: Snap stock sags to an all-time low — under its IPO price

Plus, FanDuel considers walking away from a merger with DraftKings, Twitter finally hires a CFO and there’s still hope for humanity.

A Snap Inc. banner covers the front of the New York Stock Exchange on March 2, 2017.
Volkan Furuncu /Anadolu Agency / Getty Images

Snap stock sank to an all-time low after its lead underwriter said the company is not innovating fast enough. A very rough analyst report from Morgan Stanley sent the stock down more than 7 percent. It closed at $16.99 — below its IPO price. Things could get worse for the stock in coming weeks, when Snap employee lock-up provisions end. [Kurt Wagner / Recode]

FanDuel may walk away from its proposed merger with DraftKings in light of a decision by the U.S. government to challenge the deal in court. The Federal Trade Commission voted last month to block the deal, which would give the combined entity more than 90 percent of the market for daily fantasy sports bets. [Tony Romm / Recode]

AT&T joined todays pro-net neutrality rally, even as it fights to kill current net neutrality rules. In a blog post, the wireless giant joined Amazon, Facebook, Google and a multitude of startups and activists in the online “day of action” protest; in new ads, AT&T will stress it supports an open internet, just not the U.S. government’s current rules for enforcing it. [Tony Romm / Recode]

Google has helped fund hundreds of academic research papers, paying up to $400,000 for each work. It's part of a years-long influence campaign. [Brody Mullins and Jack Nicas / Wall Street Journal]

Twitter finally hired a new CFO: Longtime Goldman Sachs banker Ned Segal takes over the role from Anthony Noto, who was promoted to COO last November and has been doing both jobs for the past nine months. [Kurt Wagner / Recode]

Make time for a pair of essential reads that dive deep into just what is going on in Trumps White House: A red-meat excerpt from Joshua Green’s upcoming book, “Devil’s Bargain: Steve Bannon, Donald Trump, and the Storming of the Presidency,” details how Bannon, who once seemed to be humiliated and out of his boss’s good graces, has taken advantage of the fumbling of Trump’s inner circle, and while everyone else is lawyering up, is “now back in his natural element, at the center of the chaos.” And veteran political reporter Mark Leibovich digs in on what has — and hasn’t — changed in “the gilded, inbred carnival” of Washington, D.C., since Trump’s inauguration: “The interests of self-perpetuation drive nearly everything.”

Top stories from Recode

The Uber manager who headed whistleblower Susan Fowler’s department has departed.

AG Gangadhar ran the engineering unit where the former female engineer — whose blog post on sexism sparked recent investigations — worked.

Facebook says all advertisers can soon buy ads inside Messenger.

You may start to see these ads before the month is over.

On this day of action, the internet needs a law, not a regulation.

True supporters of a free and open internet should spend their energy today driving leaders toward a lasting and bipartisan solution.

Do we want the internet of the future to look like the cable TV of today?

Relaxing current net neutrality regulations isn’t just bad for internet users. It’s also bad for American businesses.

This is cool

The antidote

Strangers on a Florida beach formed an 80-person human chain to rescue nine members of a family who had been caught in a riptide and pulled too far from shore. [SFGate]

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