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Welcome to Daily Crunch, August 20, 2021. Although the week is over, we are still trying to keep up with all of the tech, startup, and venture capital news. Software companies are investing in hotels, profitable scooters and TikTok radio. And Elon is apparently building a robot. This is a wonderful group of stories! Alex
TechCrunch Top 3
Microsoft backs OYO. TechCrunch reported that Microsoft may be backing Indian hotel start-up OYO. This was quite a bizarre story. It didn't make sense. The deal was made. Microsoft invested $5 million in the company, at a valuation of $9.6 billion. This is a significant discount to the company's previous $10 billion valuation. We assume that OYO will next go public with an IPO.
TechCrunch reported that Microsoft may be supporting Indian hotel startup OYO. This was quite a bizarre story. It didn't make sense. The deal was made. Microsoft invested $5 million in the company, at a valuation of $9.6 billion. This is a significant discount to the company's previous $10 billion valuation. We assume that OYO will next go public with an IPO. Bird shows improvement in scooternomics: American scooter manufacturer Bird will go public via a SPAC. We also got a glimpse at the company's financial performance. The company's operating model was restructured, which has helped its financials. However, it still faces significant challenges in turning a profit.
Bird, an American scooter manufacturer, is making public its financial results via a SPAC. A change in the company's operating model has made it more profitable, but there is still a lot of work to do before they can turn a profit. China changes its data privacy rules. This is for companies and not for the state. Don't expect the CCP soon to respect privacy. A new, strict law called the Personal Information Protection Law will be in effect for all companies in China. TechCrunch reports that the new rules will allow app developers to give users choices about how their data is used. This includes the ability to not be targeted for marketing purposes and the ability to have marketing based solely on personal characteristics.
Startups/VC
Four common mistakes startups make when setting up pay for hybrid workers
Recent surveys revealed that 58% of workers plan to quit if they are not allowed to work remotely.
Startups that do not offer work-from-home flexibility to their employees are in a disadvantage. However, figuring out how hybrid workers should be paid raises complex questions.
Localizing salaries should be done for workers from different regions.
How do you pay workers with the same job if one is WFH while the other is at their desk.
Are you transparent with your employees about the compensation they receive?
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Big Tech Inc.
Peloton wants you to try erging. The company is working on a rowing machine. We hope the machine will be a lot safer than the Peloton treadmill. The decision is sensible, as erging can be healthy and enjoyable. It's not like rowers are known for not having enough money.
You like the Peloton model but don't want to do stationary biking. The company is working on a rowing machine. We hope the machine will be a lot safer than the Peloton treadmill. The decision is logical, as erging has a long history of popularity and health. It's not like rowers are known for not having enough money. Sirius wants TikTok cool. This meme is called "How do you do fellow children?" but it's real. Sirius, the well-known satellite radio company in the United States has launched a radio station which plays popular songs from the social platform hosted and maintained by TikTokers. Be prepared for some very annoying road trips, parents.
This is the meme How do you help fellow kids?, but IRL. Sirius, the well-known satellite radio company in the United States has launched a radio station which plays popular songs from the social platform hosted and maintained by TikTokers. Be prepared for some very annoying road trips, parents. Spotify plans to retire shares. Spotify will spend another $1 billion on buying back shares from the public markets. Spotify is wealthy, and it generates enough cash without having to dip into its reserves. Spotify is now spending some of the extra cash to buy back its stock, which has been losing value in recent months.
Spotify will spend another $1 billion to buy its shares back from the public market. Spotify is rich and generates enough money to power its entire operation without having to dip into its reserves. Spotify is now spending some of the extra cash to buy back its stock, which has been losing value in recent months. Elon Musk dressed up a man in a suit to promise a robot and that we would stop falling for his vaporware. That's when I think those solar roofs will launch. Tesla spoke about a humanoid robot in the past. To show what it would look like, the company dressed up a human wearing an unconvincing suit. Er, sure. It's not that we were against the technology. We are not. What a strange way to announce a new product.
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Danny Crichton will join us on Tuesday, August 24, at 3:00 p.m. PDT/6:00 p.m. ET for a Twitter Spaces interview featuring Eric Dean Wilson, author of After Cooling.
