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China's government summoned Meituan CEO Wang Xing recently and warned him to keep a low profile after the billionaire shared a 1,100-year-old Chinese poem on social media, a report said. Meituan lost $26 billion in market value in two days after some interpreted Xing's post as a criticism of the government. Meanwhile, Xing's wealth fell $2.5 billion (over ₹18,365 crore).
short by Kiran Khatri / 02:05 pm on 18 Jun
World's third richest person Elon Musk's last remaining home, a 47-acre Bay Area estate, located in Hillsborough, California, has been put up for sale for $37.5 million (over ₹277 crore). The estate has a century-old 16,000-square-foot mansion, pool, hiking trails and space for 11 cars, a listing said. Musk had announced his decision to sell the house earlier this week.
short by Kiran Khatri / 05:32 pm on 18 Jun
Zerodha's COO Venu Madhav told YourStory, "Around 70% of our workforce is either in sales or in support...these teams can continue work from home permanently." "Some members of the tech team, admin team and HR team can also continue work from home," he said. "Teams that handle physical application forms can be mandated to come to work," he added.
short by Pragya Swastik / 10:15 pm on 20 Jun
Grofers Co-founder Saurabh Kumar has decided to step away from his role at the online grocery delivery firm, CEO and Co-founder Albinder Dhindsa announced. He'll reportedly continue to be a board member and a shareholder at the company. In a farewell email, Kumar wrote, "I've been reflecting on my life and personal ambitions for some time...I want to wander again."
short by Arshiya Chopra / 09:14 pm on 18 Jun
Virgin Group's billionaire Founder Richard Branson in an Instagram post revealed that back when his company launched 'Virgin Cola', "Coca-Cola didn't like the competition." He added, "They set up a 'SWAT team' to...convince retailers not to stock us." This comes days after footballer Cristiano Ronaldo removed Coca-Cola bottles at a Euro 2020 presser, causing a $4-billion loss to the company.
short by Pragya Swastik / 03:50 pm on 20 Jun
Paytm's parent One97 Communications is planning to sell ₹12,000 crore ($1.6 billion) in new shares as a part of the IPO. It will be seeking shareholder permission for the same at a meeting on July 12, according to a notice. Paytm will also propose removing Founder Vijay Shekhar Sharma as promoter to comply with market regulator SEBI's public listing norms.
short by Kiran Khatri / 04:29 pm on 18 Jun
9-year-old US boy's family blames TikTok challenge for his death
short by Aishwarya Awasthi / on 20 Jun 2021,Sunday
The family of nine-year-old LaTerius Smith Jr, who was found dead in his room in the US, has blamed a reported TikTok strangulation challenge. LaTerius was found unresponsive in his bedroom with a belt around his neck. "We found out there was some type of video on TikTok...letting kids to strangle yourself," LaTerius' relative said.
short by Aishwarya Awasthi / 11:16 pm on 20 Jun
The Department of Telecommunications has not received any "concrete proposal" or "communication" from SpaceX, Amazon, and Bharti Global backed-OneWeb on starting a satellite internet service in India. The DoT's statements come in response to an RTI query seeking to know whether it had received any communication from the companies. As per SpaceX's website, it's targeting India coverage in 2022.
short by Hiral Goyal / 08:08 am on 21 Jun
30 Tesla crashes linked to assisted driving system under probe in US
short by Aishwarya Awasthi / on 19 Jun 2021,Saturday
US safety regulators have opened 30 investigations into Tesla crashes involving 10 deaths since 2016 where the advanced driver assistance system was suspected to have been in use. The US NHTSA has ruled out Tesla's Autopilot in three of the 30 crashes and published reports on two. Earlier this year, a Tesla crash had killed two men in Texas.
short by Aishwarya Awasthi / 11:05 pm on 19 Jun
Ford acquires EV fleet monitoring software startup Electriphi
short by Aishwarya Awasthi / on 18 Jun 2021,Friday
Ford is acquiring California-based Electriphi, which provides charging management and fleet monitoring software for electric vehicles. Electriphi's team and services will be integrated into Ford's new business unit, Ford Pro. Electriphi has developed a purpose-built electric vehicle fleet and charging management platform that simplifies fleet electrification and saves energy costs.
short by Aishwarya Awasthi / 02:53 pm on 18 Jun
Bezos has no idea some of his workers are homeless: 51-yr-old worker
short by Aishwarya Awasthi / on 19 Jun 2021,Saturday
A 51-year-old homeless Amazon warehouse worker Natalie Monarrez, while talking to Motherboard, said, "Jeff Bezos has no idea that his workers are homeless, especially in New York, and I'm not the only one." "Bezos donates to homeless shelters for tax write-offs and PR. He needs to know that some of his own workers can't afford rent," she added.
short by Aishwarya Awasthi / 05:15 pm on 19 Jun
Musk's tweets aren't helpful for crypto world: Billionaire investor
short by Aishwarya Awasthi / on 19 Jun 2021,Saturday
Billionaire investor Mike Novogratz, while discussing Tesla CEO Elon Musk's tweets and their effect on cryptocurrencies, said, "He is smart and thoughtful. There is an immaturity in him that I think is...not helpful for the crypto world." Novogratz added that Musk "likes the attention" and that his tweets are not helpful. The investor said he is a big SpaceX investor.
short by Aishwarya Awasthi / 11:33 pm on 19 Jun
Bezos-backed firm to build nuclear fusion demonstration plant in UK
short by Aishwarya Awasthi / on 19 Jun 2021,Saturday
Amazon CEO Jeff Bezos-backed General Fusion will build and operate its Fusion Demonstration Plant (FDP) in the UK. General Fusion and the UK Atomic Energy Authority (UKAEA) announced the project together. The construction of the plant, which is estimated to cost $400 million, is expected to begin in 2022.
short by Aishwarya Awasthi / 08:17 pm on 19 Jun
Ride-hailing firm Didi faces antitrust probe in China: Report
short by Hiral Goyal / on 17 Jun 2021,Thursday
China's market regulator has begun an antitrust probe into Didi Chuxing ahead of the ride-hailing startup's IPO in the US, Reuters reported. The SAMR is investigating whether Didi used any competitive practices that squeezed out smaller rivals unfairly, it added. Didi's IPO is expected to be the biggest Chinese IPO in New York since Alibaba's $25 billion float in 2014.
short by Hiral Goyal / 11:35 pm on 17 Jun
India will have 150 unicorns by 2025: Report
short by Aishwarya Awasthi / on 19 Jun 2021,Saturday
India is expected to add 95 new technology startups to its club of unicorns by 2025, bringing the total number to about 150, a report by 256 Network and Praxis Global Alliance said. It added ultra-high net-worth individuals (UHNIs) are expected to invest $30 billion in Indian tech startups by 2025. India could also have about 10,000 UHNIs by 2024.
short by Aishwarya Awasthi / 09:50 pm on 19 Jun
Musk's Boring Company pitches wider tunnels for freight: Report
short by Aishwarya Awasthi / on 19 Jun 2021,Saturday
Elon Musk's The Boring Company is pitching wider tunnels to some potential clients to transport freight, Bloomberg reported citing a pitch. The tunnels in the pitch are 21 feet in diameter, wider than what it has built to date. The Boring Company's pitch for its planned freight-tunnel business shows three ways that freight could be transported through them.
short by Aishwarya Awasthi / 05:42 pm on 19 Jun
Keeping an eye on billionaires going to space: NASA Administrator
short by Hiral Goyal / on 20 Jun 2021,Sunday
NASA Administrator Bill Nelson told Fox Business that he's "keeping an eye" on billionaires like Jeff Bezos, Elon Musk and Richard Branson going to space. "They're going to have to meet the same rigorous physical and psychological examination for any other professional astronaut," Nelson said. "We want the crew...on space station to be safe when they have visitors," he added.
short by Hiral Goyal / 08:48 pm on 20 Jun
The joint venture floated by Centrum Group and BharatPe for launching a small finance bank (SFB) will infuse ₹1,800-crore capital into PMC Bank on its merger with proposed bank. Of this, ₹900 crore will be invested in the first year, Jaspal Bindra, Centrum Group's Executive Chairman, said. The RBI has granted "in-principle" approval to Centrum to set up an SFB.
short by Hiral Goyal / 10:16 pm on 20 Jun
WeWork's Co-founder and ex-CEO Adam Neumann is set to buy two adjacent properties on Miami Beach's Bal Harbour Marina for $44 million (about ₹327 crore), the WSJ reported. The plots cover an area of 50,000-sq ft, including space on the waterfront and an under-construction 14,500-sq ft house. "Neumann's got a clear view of Bal Harbour yacht basin," the seller said.
short by Hiral Goyal / 07:00 am on 18 Jun
MSME advisory startup MSMEx gets $1M from Razorpay, TNF Investments
short by Aishwarya Awasthi / on 18 Jun 2021,Friday
Mumbai-based MSME advisory startup MSMEx has raised $1 million in a pre-Series A funding round from Razorpay and TNF Investments. It had earlier raised angel funding from Badri Pillapakkam, Partner at Omidyar Network, Krishna Kumar, Simplilearn CEO, and Manoj Sharma, Cleartrip CTO, among others. MSMEx was co-founded by Amit Kumar, who co-founded Quikr-acquired Zimmber.
short by Aishwarya Awasthi / 05:08 pm on 18 Jun
BharatPe could raise $250M at valuation of $2.5 billion: Report
short by Aishwarya Awasthi / on 18 Jun 2021,Friday
BharatPe is in advanced talks to raise about $250 million in a new financing round led by Tiger Global, TechCrunch reported. The new round could value the startup at a pre-money valuation of $2.5 billion. BharatPe announced in February that it had raised $108 million in Series D equity round that valued it at $900 million.
short by Aishwarya Awasthi / 06:13 pm on 18 Jun
Indian startups raised over $1.3 billion in June so far: Report
short by Hiral Goyal / on 20 Jun 2021,Sunday
Indian startups have raised more than $1.3 billion in total venture funding in June so far, YourStory reported. This has likely set the stage for a record year in terms of capital inflow into Indian startups, it added. BYJU'S became India's most valuable startup after raising $350 million. BrowserStack raised $200 million at a $4-billion valuation, achieving a unicorn status.
short by Hiral Goyal / 05:37 pm on 20 Jun
B'luru-based regional social network Kutumb raises ₹192.7 crore
short by Aishwarya Awasthi / on 20 Jun 2021,Sunday
Bengaluru-based regional social network Kutumb has raised ₹192.7 crore in a Series A funding round led by Tiger Global with an investment of ₹137 crore. Other investors who participated in the round include Quiet Capital, Nirman Investments, AL Trust and Better Capital, among others. Kutumb had raised ₹15 crore in seed funding led by Sequoia Capital India in December.
short by Aishwarya Awasthi / 10:30 pm on 20 Jun
Tesla ex-exec who left firm in June has sold stock worth $274M: Report
short by Aishwarya Awasthi / on 20 Jun 2021,Sunday
Former Tesla executive Jerome Guillen, who left the firm earlier in June, has sold an estimated $274 million worth of shares after exercising stock options since June 10, Reuters reported citing SEC filing. Guillen, who had been with Tesla since 2010, quit the company four months after becoming its Heavy Duty Trucking President.
short by Aishwarya Awasthi / 08:00 am on 20 Jun
ShareChat parent company announces $19 mn ESOP buyback plan
short by Maanya Sachdeva / on 18 Jun 2021,Friday
The parent company of ShareChat and short video app Moj, Mohalla Tech, announced that it will buy back employee stocks worth $19.1 million on Friday. The Bengaluru-based company said around 200 current and former employees will be eligible to participate in this process. ShareChat also tweaked its ESOP policy, including reducing the price to exercise a stock option to ₹1.
short by Maanya Sachdeva / 01:57 pm on 18 Jun
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