Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.Economyread more
President Trump lambastes Twitter, Google and other technology giants for what he claims as their efforts to stifle him.US Economyread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and it's hurting America."Economyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The Supreme Court refused to overturn a precedent that strengthened the power of government regulators in a closely watched case that could have had broad ramifications for...Politicsread more
Shares of Paychex dropped on Wednesday after Bank of America downgraded the stock due to its "excessive valuation" and "underwhelming fundamentals."Marketsread more
A full-time worker earning the federal minimum wage of $7.25 per hour cannot rent an affordable two-bedroom apartment anywhere in the country, where affordable is defined as...Spendread more
The president raised $6 million alone at a fundraiser he attended at the Trump International Hotel on Tuesday in Washington.Politicsread more
Google Capital co-founder Scott Tierney is launching a new $175 million investment fund with hopes of using technology to fix societal issues, some of which have been amplified by technology.
Under his venture firm Valo Ventures, which also includes partners Mona EINaggar and Julia Brady, the new fund focuses on trends including user rights, autonomy and the future of work. It's the firm's first fund since Valo's launch last year. The fund comes during a rise in corporate responsibility investments as well as concern that tech companies have compromised users in favor of greater revenue.
"It's become, 'How can we use what's been built by Silicon Valley, Amazon, Google, Facebook and take that and apply it in the physical world?' " Tierney told CNBC in an interview. "How can we exploit these types of technologies by [making them] available to other industries? That's a big part of our philosophy."
Prior to launching Valo last summer, Tierney worked for seven years at Google. There he co-founded its growth stage venture arm CapitalG, formerly known as Google Capital, as well as led strategy and corporate development at Google Fiber and Nest Labs.
Valo Ventures' partners gave examples of investment areas they'd like to fund, including tech that enables collaboration for users of marginalized communities, artificial intelligence and diversity, all of which have been compromised by and within large tech companies like Google and Facebook.
But Tierney, who speaks highly of Google and its leadership, said he doesn't spend much time thinking about tech's negative impact on society, adding "technology is amoral" and that "it's really the people who use it and how it's built" that can compromise users.
"Google has incredible access to photos and Netflix has incredible access to movies and recommendations, but how do you really improve marketplaces for transportation or energy? " Tierney said. "We want to see how they can make technology users feel empowered as opposed to them being subservient to tech," he later added.
"Everything we have is going to have AI running in the background at some point, and is it there to make our lives better or is it there to just sell us stuff we don't need?" fund partner Mona EINaggar said to CNBC. "We prefer the former."
Using the fund, Valo has already invested in companies including New York-based Landit, which is a personalized career path platform meant to engage more women and diverse employees in workplaces.
"A lot of these bigger companies — they've done a good job at recruiting but not retaining," Tierney said.
WATCH NOW: Social impact investing on the rise