Category: Technology

  • Bird’s Chapter 11

    Bird’s Chapter 11

    According to PR Newswire, Bird Global, Inc. has entered into a restructuring support agreement with first- and second-lien lenders, securing unanimous support. Key to this restructuring is a $25 million debtor-in-possession financing from MidCap Financial and existing second-lien lenders. This financing is critical for Bird to maintain its operational commitments during the restructuring phase. Bird’s…

  • Turquoise Lights for Autonomous Vehicles

    Turquoise Lights for Autonomous Vehicles

    Mercedes-Benz has achieved a pioneering milestone in the US automotive industry by obtaining permits to use turquoise-colored lights on its vehicles to indicate autonomous driving. This development makes them the first automaker in the US to utilize such a distinctive feature for self-driving systems. Traditionally, vehicle lighting systems have been restricted to white, red, and…

  • On Bolt’s layoffs

    Bolt, a San Francisco-based fintech startup, renowned for its pioneering four-day workweek, has faced a significant downturn with a recent 29% staff reduction. In late 2021 and early 2022, Bolt was riding a wave of success, raising nearly $750 million and reaching an $11 billion valuation. However, the departure of co-founder and CEO Ryan Breslow…

  • Lime Scooter Ridership Increase During Taylor Swift’s Denver Visit

    Lime Scooter Ridership Increase During Taylor Swift’s Denver Visit

    Denver witnessed a surge in Lime scooter and e-bike usage in 2023, with a notable spike during Taylor Swift’s Eras Tour. The city’s Lime ridership soared by 65% on concert nights, while new user sign-ups leaped by an impressive 150%. This growth not only signifies Denver’s embrace of eco-friendly transportation but also highlights the influence…

  • Adobe Abandons $20 Billion Figma Deal

    Adobe Abandons $20 Billion Figma Deal

    Adobe’s $20 billion acquisition of Figma was halted due to regulatory challenges in Europe and the UK, with concerns about potential harm to innovation and competition. Adobe will pay Figma a $1 billion termination fee. Figma, expanding and profitable, could attract IPO interest. The deal’s cancellation reflects increased regulatory scrutiny on tech mergers, potentially affecting…

  • Epic Games wins Google

    Epic Games wins Google

    In a landmark decision, Epic Games triumphed over Google in a recent antitrust lawsuit, marking a significant moment in the ongoing debate over Big Tech’s dominance. This case, contrasting sharply with Epic’s earlier loss to Apple, highlights the nuanced legal landscape surrounding tech giants and their control over digital marketplaces. The jury found Google guilty…

  • Uber to join S&P 500

    Uber to join S&P 500

    Uber has made a significant leap in the financial world by joining the prestigious S&P 500, as announced on December 1, 2023. This inclusion marks a notable achievement for the ride-hailing company, reflecting its solid financial performance and growing market presence. Uber’s journey to the S&P 500 was fueled by its positive earnings in the…

  • Meituan not buying Foodpanda after all

    Meituan not buying Foodpanda after all

    Reported by Business Times, Meituan’s recent announcement of not pursuing the acquisition of foodpanda has come as a significant relief for Grab. This decision by the Chinese food delivery giant has lifted a major concern for Grab’s stock prices. Rumors had circulated that Meituan, a leader in China’s food delivery sector, might acquire foodpanda. These…

  • OpenAI Employees Demand Board Reshuffle

    OpenAI Employees Demand Board Reshuffle

    OpenAI, the AI research powerhouse, faces unprecedented internal upheaval. Over 730 employees, nearly 95% of the staff, have signed a letter demanding the board’s resignation and the reinstatement of ousted CEO Sam Altman and co-founder Greg Brockman. This revolt follows Altman’s controversial dismissal for alleged communication issues with the board, including OpenAI’s chief scientist, Ilya…

  • Tech Shake-Up: Microsoft Welcomes Sam Altman and Greg Brockman

    Tech Shake-Up: Microsoft Welcomes Sam Altman and Greg Brockman

    In a stunning twist in the tech world, Microsoft has announced the hiring of former OpenAI CEO Sam Altman and co-founder Greg Brockman. This move comes shortly after Altman was dismissed from OpenAI, with the board citing a lack of confidence in his leadership. Microsoft CEO Satya Nadella broke the news, signaling a significant step…

  • Sam Altman Steps Down as CEO of OpenAI

    Sam Altman Steps Down as CEO of OpenAI

    In a surprising turn of events, OpenAI, the pioneering artificial intelligence research lab, announced that Sam Altman would be stepping down from his role as CEO. This significant shift in leadership comes at a crucial juncture for the company, known for its groundbreaking AI chatbot, ChatGPT. Under Altman’s leadership, OpenAI transformed from a non-profit entity…

  • Grab Achieves Profit on Adjusted Basis

    Grab Achieves Profit on Adjusted Basis

    Grab has hit a significant financial milestone. For the first time since its inception in 2012, Grab has reported a profit on an adjusted basis, a promising development for investors concerned about the company’s profitability. In the quarter ending September, Grab posted an adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $29 million,…