| Facebook takes a financial hit over slowing growth, a new study looks at the Trump Administration and H-1B visas, and Tommy Hilfiger announces a smart clothing line. Here's your Daily Crunch for July 26, 2018. 1. Facebook officially loses $123 billion in value When it comes to market capitalization, Facebook was worth $629.6 billion yesterday. When trading opened this morning, it was worth $506.2 billion. In other words, the company has lost $123.4 billion in value overnight. The reason for the drop was slowing user growth — the company barely has more daily active users than last quarter, and in Europe, Facebook's user base actually shrank. 
2. Indian H-1B applicants face particular scrutiny in Trump's work visa crackdown A new report from the National Foundation for American Policy sheds light on how the "Buy American and Hire American" executive order from April 2017 has impacted H-1B applicants in the last year. 3. Tommy Hilfiger has launched a ridiculous line of smart clothing that rewards you for wearing it Tommy Jeans Xplore comes with smart-chip embedded technology. The goal is not to offer access to calls, texts, maps and music controls when you can't get to your phone. Instead, Hilfiger's smart clothing aims to reward you with points for wearing Hilfiger clothing. 4. Spotify hits 180M users but loses €394M in tepid Q2 earnings Spotify is racing to sign up users before Apple Music can, even at the expense of its finances. According to its second quarter earnings report, it reached 83 million paid subscribers, up 40 percent year-over-year. 5. YouTube punishes Alex Jones' channel for breaking policies against hate speech and child endangerment Google confirmed it has issued a strike against Infowars founder Alex Jones' YouTube channel for breaking the video platform's policies against child endangerment and hate speech. Four videos were also removed. 6. Twitter 'shadow banning' is Trump's latest social media cause The president's latest Twitter target is Twitter itself. 7. Enterprise barcode scanner startup Scandit raises a $30 million Series B "Augmented reality for enterprise" is the sort of phrase that surely hits all of the right neurological pleasure centers for VCs. | 
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