Uber shares tumble after stories that it’s going to lose out on buying Grubhub, Reddit appoints a brand new board member and Republican senators query the authorized protections of huge social media platforms.
Here’s your Daily Crunch for June 10, 2020.
1. Uber shares tumble 5% as stories point out it would lose Grubhub deal to European rival
Reports this morning point out that Uber, the American ride-hailing large with a worldwide footprint, will lose out on its try to purchase Grubhub, an American meals ordering and supply service.
Instead, Grubhub is likely to be acquired by European-rival Just Eat Takeaway. The Wall Street Journal broke the tough information for Uber. The firm’s shares are off practically 5% right this moment after the information, whereas Lyft, its native rival in ride-hailing, is off a extra modest 2.5%.
2. Reddit names YC’s Michael Seibel to board, following co-founder Alexis Ohanian’s exit
In his resignation letter, co-founder Alexis Ohanian requested Reddit to exchange his function with a black board member. Today, the positioning introduced the appointment of Y Combinator CEO Michael Seibel to its board. Seibel turned YC’s first black accomplice in 2014, earlier than ascending to chief government.
3. Republican senators ask FCC to look at Section 230, following Trump order
A latest government order from the Trump administration seeks to strip away key protections below Section 230 of the Communications Decency Act. Yesterday, 4 Republican senators despatched an open letter to the FCC, urging chairman Ajit Pai to look at the “particular standing” afforded to social media websites below the statute.
4. NS8 raises $123M led by Lightspeed for its suite of on-line fraud prevention instruments
NS8 is a Las Vegas-based startup that gives instruments to forestall fraud inside e-commerce marketplaces, on-line retailers, funds gateways and ticketing providers.
5. What to contemplate earlier than publishing your range memo
Over the previous few weeks, a number of enterprise capital companies have revealed completely different variations of the identical pledge: we’ll do a greater job supporting the Black group. My colleague Natasha Mascarenhas argues that there’s no have to applaud companies for taking lengthy overdue steps to deal with others equally. What is extra vital is how we’re going to carry these companies accountable going ahead, after a historical past of inaction. (Extra Crunch membership required.)
6. Nikola Motor to open pre-orders for gas cell pickup truck to compete with Ford, Tesla
Nikola Motor Company, the Arizona startup that made its debut as a publicly traded firm June 4, will open reservations later this month for a hydrogen gas cell electrical pickup truck that was designed to compete with the Ford F-150.
7. IBM Cloud suffers extended outage
The IBM Cloud suffered a serious outage yesterday. And with that, a number of providers which might be hosted on the platform are additionally down, together with everyone’s favourite tech information aggregator, Techmeme.
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