Market Overview

Microsoft, Facebook, Twitter Partner With WHO To Launch Coronavirus Hackathon

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Microsoft, Facebook, Twitter Partner With WHO To Launch Coronavirus Hackathon

Some of the world's leading technology companies, including Facebook Inc. (NASDAQ: FB) and Microsoft Inc. (NASDAQ: MSFT), have teamed up with the World Health Organization to launch a novel coronavirus-themed (COVID-19) hackathon.

What Happened

Other participating companies include Twitter Inc. (NYSE: TWTR), Slack Technologies Inc. (NYSE: WORK), Pinterest Inc. (NYSE: PINS), TikTok, Giphy, and Tencent Holdings Ltd.'s (OTC: TECHY) WeChat, according to its website.

The hackathon opened for registrations on Tuesday, and an option to submit the projects will become available starting Thursday, as first reported by CNBC. The hackathon suggests participants come up with solutions to coronavirus-related challenges in any aspect of life, including in areas of health, vulnerable populations, businesses, community, education, and entertainment. "Hackathons have always been an important part of how we come up with new ideas and projects at Facebook -- features like Blood Donations and Crisis Response were first built during hackathons and are now used by millions of people worldwide," Facebook CEO Mark Zuckerberg said in a statement. "I'm hopeful that some useful prototypes and ideas will come out of this one as well."

Why It Matters

The number of COVID-19 cases 422,652 at press time globally, according to data from Johns Hopkins University, and the risk of further escalation remains.

The pandemic has brought multiple challenges, including a shortage of medical equipment like masks, protective eyewear, and gowns. This particularly puts vulnerable populations, including the elderly, people with underlying health conditions, and healthcare workers at increased risks.

The lockdowns and quarantines imposed by authorities to curb the spread of the virus have also forced businesses to make massive losses, and part-time and temporary workers have been worst affected.

Other technology companies, including Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG), have made efforts in aiding authorities and healthcare organizations in fighting the coronavirus outbreak.

Price Action

Facebook's shares closed 8.7% higher at $160.98 on Tuesday and dropped 2.47% in the after-hours session at $157.

Microsoft's stock was up 9.09% at $148.34 per share at close and traded 0.73% lower at $147.25 in the after-hours session.

Twitter's shares closed 4.7 higher at $25.86 and traded nearly 1% lower in after-hours at $25.60.

Slack stock was up 4.85% at close at $25.95 per share and dropped 0.5% in the after-hours at $25.81.

Pinterest closed 13.9% higher at $14.26 in the regular session and traded at $14 in the after-hours.

Tencent shares were up 4.31% at $48.42 in the otc market.

 

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