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Tech News: Apple Sells 2 Million iPhone 5 Units in 24 Hours


Plus, Obama starts campaigning through video games.

This column highlights the most useful and interesting business and financial commentary on technology each day.

Link: AT&T: iPhone 5 Set Sales Record, Was "Most Successful iPhone Launch Ever"
"Pre-orders for the iPhone 5 (AAPL) went on sale at midnight (Pacific Standard Time) last Friday. Within an hour, Apple sold out of its pre-order stock, as Billy wrote at the time. What's more, customer demand in the first hour caused brief outages on as well as on carrier websites.

"Comparatively, the iPhone 4S took 22 hours to sell out, while the iPhone 4 sold out of pre-orders in 20 hours. While that would be considered a categorical success by most standards, the iPhone 5 sold out nearly 20-times faster than the 4 and 4S. The demand for the iPhone caused Apple to adjust its shipping expectations from one to two weeks on Friday, which has since increased to between two to three weeks."

Square Raises a Stunning $200M From Starbucks, Citi Ventures, & Others
"Mobile payments startup Square has raised more than $200 million in its fourth round of funding from investors including Citi Ventures (CITI), Rizvi Traverse Management, and Starbucks (SBUX), the company announced Monday morning.

"The round was worth more than $200 million, a spokesperson told AllThingsD. The publication also pegs Square's valuation at $3.25 billion."

Link: Xbox, Not Windows, Is The Future Of Microsoft - Says Steve Ballmer
"Microsoft (MSFT) is updating all of its major product lines this year, with the new Windows 8, Office, Windows Server and Internet Explorer releases, plus ongoing updates to the software used by its Xbox gaming platform. But while Ballmer called the year 'epic,' he appears ready to if not jettison those products, at least subsume them in a new wave of devices around which Microsoft can develop platforms."

Link: Obama Taps Video Games for Early Voting
"How crucial are the swing states in the presidential race? So crucial that President Obama is once again taking the chase for votes to the virtual battlegrounds of the video game world.

"Starting today, the Obama campaign will begin running ads across multiple video game titles from Electronic Arts (EA), including the new Madden NFL 13, in the key Electoral College-tilting states of Ohio, Nevada, Colorado, Iowa, New Hampshire and Virginia. The ads are aimed at encouraging the gaming demographic to take advantage of early voting in these states."

Insider Monkey
Link: Best Buy: Are Hedge Funds Hoping for a Takeover?
"Best Buy Co., Inc. (BBY) is the leading retailer of consumer electronics. In August, Richard Schulze, Best Buy founder and former chairman, announced plans to take the company private for $24-$26 per share. Schulze stepped down as chairman in June after allegations from the board concerning the former CEO's relations with an employee. Schulze still owns around 20% of the company."
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