Daily Crunch: AT&T CEO steps down

AT&T is getting a new boss, the first piece of Apple and Google's COVID-19 contact tracing program should be available soon and Snap is looking to raise more debt.

Here's your Daily Crunch for April 24, 2020.

1. Randall Stephenson to step down as AT&T chief, succeeded by COO John Stankey

A big changing of the guard is underway at one of the world's biggest names in telecoms and media. The change is effective on June 1, and while Stephenson is retiring, he will stay on as executive chairman of AT&T until January 2021.

Stankey has held other roles at AT&T, including CEO of WarnerMedia and CEO of the AT&T Entertainment Group. His promotion suggests a continuing emphasis on the media side of the business.

2. First version of Apple and Google's contact tracing API should be available to developers next week

The first version of Apple and Google's jointly developed, cross-platform contact tracing API should be available to developers as of next week, according to a conversation between Apple CEO Tim Cook and European Commissioner for internal market Thierry Breton.

3. Snap looks to load up on cash in sizable debt offering

Snap's Q1 earnings impressed investors but the company is still losing plenty of cash and it's clear that the full impact of the digital ad market's downturn won't be seen until the company's Q2 earnings. The company is now looking to raise looking to raise $750 million.

4. Google ditched tipping feature for donating money to sites

Leaked images obtained by TechCrunch reveal that Google considered and designed a feature that would let people donate money to websites to help support news publishers, bloggers and musicians. But the company ultimately scrapped the idea.

5. Seven VCs look into the future of fintech

Although it looks like the COVID-19 pandemic has clipped the tails of many unicorns, this era won't last forever. Investors expect the domestic and global economy to recover, perhaps as soon as late 2020 or early 2021. (Extra Crunch membership required.)

6. House passes COVID-19 relief package to replenish PPP loan funding

The interim legislation will allocate $310 billion to replenish the SBA's Paycheck Protection Program (PPP), $75 billion for hospitals and $25 billion for COVID-19 testing. President Trump previously expressed his approval of the bill, as well as his intention to sign it and make the funds available as quickly as possible.

7. After 160,000 accounts are compromised, Nintendo shuts down NNID logins

Nintendo confirmed earlier reports of account breaches dating back over the past few weeks. The gaming giant issued an update (via Nintendo Japan) noting that around 160,000 Nintendo Accounts were impacted, with accounts being used to purchase digital items without the owner's consent.

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