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Howdy and welcome to Day by day Crunch for July 2. We’re heading into a vacation weekend right here in the US, so you may think that tech information slowed down. It didn’t, as we’ll see shortly. Trying forward, TC Early Stage 2021: Advertising and marketing & Fundraising is subsequent week and Disrupt is across the nook. Get hype! — Alex
The TechCrunch Prime 3
- When SPACs assault: America Division of Justice is investigating Lordstown Motors, the embattled EV firm that went public by way of a SPAC. Detractors of the corporate have punched holes within the story it informed earlier than going public, and the corporate’s SPAC deck has confirmed to be considerably, effectively, disconnected from actuality. The corporate wants extra money, it seems, regardless of having informed traders that it might not. Whoops.
- China v. Didi v. American traders: Sticking to the theme of firms in bother, Chinese language ride-hailing big Didi is in sizzling water with its personal home regulators. The corporate has been informed to halt new consumer registration, pending a cybersecurity overview. Simply days after it went public in the US. Oof.
- IBM’s President steps down: Jim Whitehurst, who made his technique to IBM by way of its Crimson Hat deal, is out. His tenure as president on the agency lasted 14 months. Particulars had been mild on his exit, per Ron Miller Yeesh.
As we speak’s startup information has a powerful non-American bias. That’s as a result of practically everybody in the US took most of right now off, no matter what their boss thought was occurring. The remainder of the world was nonetheless busy, nonetheless:
- Licious raises tasty $192M spherical: The Bangalore-based meat and seafood e-commerce participant has now raised by a Collection F. Just a few years again we might have joked that the F in Collection F stood for “did not go public,” however that’s now not the case. Why not increase a Collection F when cash is so low-cost? The corporate is now price greater than $650 million, TechCrunch stories.
- MTG buys PlaySimple for $360M: Why are traders betting a lot cash on the Indian startup ecosystem? Rising exit values, maybe. TechCrunch famous that the sale of India’s PlaySimple to Swedish gaming big was “one of many largest exits within the Indian startup ecosystem.”
- Tiger invests $40M into Nigerian neobank: It’s a giant day for FairMoney, a Nigerian startup that has its genesis in providing shoppers credit score. It’s additionally yet one more spherical for African fintech, a sector that has felt fairly lively currently.
3 guiding ideas for CEOs who submit on Twitter
Did you hear in regards to the CEO who made deceptive claims a few funding spherical and bought sued by the SEC? How about that pharmaceutical government whose taunts to a former secretary of state led to a 4.4% decline within the Nasdaq Biotechnology Index?
In case it isn’t clear: Startup executives are held to a better commonplace in relation to what they submit on social media.
“Fame and goodwill take a very long time to construct and are troublesome to keep up, but it surely solely takes one tweet to destroy all of it,” says Lisa W. Liu, a senior associate at The Mitzel Group, a San Francisco-based legislation follow that serves many startups.
To assist her purchasers (and Additional Crunch readers) keep out of bother, Liu has six primary questions for tech execs with itchy Twitter fingers.
And if the reply to any of them is “I don’t know,” don’t submit.
(Additional Crunch is our membership program, which helps founders and startup groups get forward. You possibly can enroll right here.)
Massive Tech Inc.
As we speak’s Massive Tech information is a combined bag, however a enjoyable one. And every story has a powerful California hook. Let’s start:
- GM is investing in a California lithium extraction challenge: Why? Batteries. Gotta have lithium to make batteries. No batteries, no electrical vehicles. On this case the challenge is definitely fairly neat, having a powerful hook to Salton Sea Geothermal Subject close to Los Angeles within the southern a part of the state. The geothermal area will present energy and supplies. So maybe electrical vehicles’ pre-driving carbon footprint can be a bit extra sustainable sooner or later.
- Twitter checks extra attention-grabbing misinformation labels: Twitter, a California-based firm, is making its misinformation labeling a bit extra standout. It’s enjoyable to look at social media firms make warnings sterner similtaneously Google is making commercials higher mix into its natural outcomes.
- Dutch court docket will hear one other Fb privateness lawsuit: Just a few Dutch nonprofits are suing Fb over alleged “rampant assortment of web customers’ knowledge — arguing the corporate doesn’t have a correct authorized foundation for the processing,” TechCrunch summarized. This case appears prefer it might have broad import, relying on the way it shakes out. Given, you realize, how a lot knowledge assortment goes on actually on a regular basis, actually all over the place, on-line.
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