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Recode Daily: Square CFO Sarah Friar moves down the block — as Nextdoor CEO

Plus, tech stocks had their worst day in more than seven months; Jeffrey Katzenberg and Meg Whitman reveal the name of their new mobile video startup; why you can’t stop looking at other people’s screens.

Square CFO Sarah Friar
Square CFO Sarah Friar onstage at Code Commerce 2018.
Keith MacDonald for Vox Media

Square CFO Sarah Friar is leaving to become the CEO of the neighborhood-based social network Nextdoor — which means she won’t be the heir apparent to Jack Dorsey if he ever leaves his CEO post. “I’m saddened by the news,” Dorsey said in a note to employees. “I was unrealistically expecting to be working with Sarah well into our late 90s ... Unrealistic because I knew of Sarah’s lifelong ambition to run her own company.” Friar led Square’s IPO push in 2015 and was a stellar Wall Street narrative-setter. But despite investors’ negative reaction to the news, Square should be okay. Here is video of Friar being interviewed onstage by Jason Del Rey at Recode’s Code Commerce last month. [Kurt Wagner / Recode]

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Tech stocks had their worst day in more than seven months as investors dumped big-cap growth stock winners yesterday in favor of “safety stocks,” a trend that has accelerated as interest rates rise. Combined, Apple, Amazon and Netflix shed nearly $120 billion in market value. Recent data has shown a slowdown in both housing and auto sales, both of which are closely watched indicators of U.S. economic health. Even more concerning: Trade tensions between the U.S. and China appear to be worsening. [Corrie Driebusch / The Wall Street Journal]

Hurricane Michael made landfall in Florida as the most powerful hurricane to hit the U.S. mainland in nearly 50 years. Slamming into the Florida Panhandle with winds of up to 155 mph, Michael is expected to remain a hurricane as it moves over Georgia, and is expected to unleash wind and rain on the Carolinas, which are still recovering from Hurricane Florence; continual updates here. Meanwhile, here’s how the Climate Fortnite Squad is using the world’s most popular video game to help defeat climate change. [Robinson Meyer / The Atlantic]

Media mogul Jeffrey Katzenberg and veteran tech exec Meg Whitman unveiled the name of their new mobile video startup — it’s Quibi (short for “quick bites”); filmmakers Sam Raimi, Guillermo del Toro and Antoine Fuqua, and producer Jason Blum will create shows for the subscription service, which launches next year. Meanwhile, AT&T announced plans to unveil a digital video service featuring WarnerMedia’s films and television shows by the end of next year, moving it into direct competition with rivals like Netflix, Disney and Amazon. And Apple plans to give original content for free to Apple device owners as part of its new digital TV strategy. Early next year, owners of iPhones, iPads and Apple TV will find the still-in-the-works service in Apple’s pre-installed “TV” application; the product will include subscription “channels,” which will allow customers to sign up for online-only services, such as those from HBO and Starz. [Dawn C. Chmielewski / Deadline Hollywood]

Is America losing its edge for startups? Until very recently, the United States was far and away the dominant player in high technology, home to more 95 percent of global startup and venture capital-backed activity. But the rise of the rest is occurring, and it is mainly occurring in cities outside the U.S. Across the world, innovators and entrepreneurs are increasingly realizing that the next game-changing innovation will be launched not in Silicon Valley, Boston, Seattle or New York, but in Shanghai, Bangalore, London, Berlin or Tel Aviv. [Richard Florida / CityLab]

Top stories from Recode

A few words about Cindy Lobel. She was part of the Recode family, and her tragic death last week leaves a hole in our lives. [Kara Swisher]

SoftBank has a lot to worry about if it strikes that $20 billion investment deal with WeWork. Here are some of the hazards that could trip up either side over the next few weeks. [Theodore Schleifer]

Former Ticketmaster CEO Nathan Hubbard explains why live venues are leaving money on the table. On the latest episode of Recode Media, Hubbard outlines how his new startup Rival aims to help teams, performers and event venues lose less money to scalpers — and know more about their customers. [Peter Kafka]

Facebook is looking outside the company for a new face of Facebook. The social networking giant is on a global hunt for a new head of policy and communications. [Kurt Wagner]

The streaming battles are getting even busier with WarnerMedia’s challenge to Netflix. “My job isn’t to build another Netflix,” WarnerMedia chief John Stankey said. [Theodore Schleifer]

This is cool

Why you can’t stop looking at other people’s screens.

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