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Y Combinator is setting up a Chinese arm with former Baidu executive as CEO

Renowned startup incubator Y Combinator has announced its move to launch in the Chinese region with its CEO Sam Altman detailing in a recent post of a program dubbed YC China being established in the region with Former Yahoo, Microsoft and Baidu alum Qi Lu heading the effort in the new location.

Qi is also taking the position of Head of YC Research, The incubator's non-profit research lab as he oversees its Chinese ventures as a Founding CEO.

The San Francisco based incubator known for churning out several major alumni startups including Airbnb, Dropbox, Stripe, Twitch, Docker, Quora, Rigetti Computing among many others is also establishing a new research location in Seattle as part of its move to drive more innovation.

Quoting YC CEO Sam Altman, "Our mission at YC is to enable more innovation than any other company in the world, and to ensure that the benefits of that are fairly spread throughout humanity. We believe that technology drives innovation, that startups can do v…

Tencent sues Bytedance for 1 Yuan and an Apology

Bytedance Technology, The Chinese internet startup currently valued at a huge $20 Billion has been sued by China's biggest internet giant Tencent which alleges that it promoted news which painted negative and reputation damaging views of Tencent.

Tencent particularly targets Bytedance's News aggregation app Jinri Toutiao and also its Short video unit Tik Tok with this lawsuit, Tencent accuses Bytedance of tampering with a news headline on its platform Toutiao which reported that video game companies in China are not doing much to solve the problem of video game addiction, The article criticised various companies but Tencent alleges Bytedance altered the headline to make it look like only Tencent was targeted in the news article.

Tencent requests an apology for this and has currently suspended various partnerships across the two companies' vast array of platforms.

This lawsuit comes after Bytedance's short video unit Douyin previously sued Tencent alleging the company of being anti-competitive by blocking Bytedance's content from Tencent platforms including the very popular WeChat amongst its other apps.

Bytedance says that this is an issue of Tencent abusing its position of being China's leading internet services provider to eliminate competition from other players in the internet space.

The two multi-billionaire heads of both companies, Zhang Yiming and Ma Huateng of Bytedance and Tencent respectively, Previously went into an online argument on Tencent's popular platform WeChat with Zhang alleging that Tencent plagiarised Douyin's content, An accusation which was grossly denied and described as defamatory my Tencent co-founder Ma Huateng who is also known by the name Pony Ma worldwide.

Bytedance currently says it has no partnerships of sort with Tencent after the company said it will end all partnerships with it, We will now watch how this lawsuits will end up and if an apology and the payment of 1 yuan will be made to Tencent.


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Apple CEO Tim Cook meets with President Trump for dinner

According to tweets from U.S. President Donald Trump, A scheduled dinner held between the U.S. leader and Apple CEO Tim Cook although it's currently unclear what would have been the topics of discussion and conversations surrounding the dinner.

Just after Trump stated of having a phone call in French President Emmanuel Macron which discussed various subjects, He tweeted after stating of a scheduled dinner with Apple head and tech leader Tim Cook with the U.S. President stating "Looking forward to dinner tonight with Tim Cook of Apple. He is investing big dollars in U.S.A."

In the past, Both Cook and Trump have held discussions with the most recent taking place in April when the Apple CEO visited the White House. This current conversation is coming on the heels of a trade war between the U.S. and China which has been cited as bad for consumer spending as it would lead to increase in prices for American buyers.

Apple also notably maintains key manufacturing facilities in …

Online prescription drug startup GoodRx reportedly valued at $2.8 Billion after Silver Lake investment

7 year old prescription drug price comparison startup GoodRx just recently closed an investment from private equity giant Silver Lake with the global technology investment leader making a strategic investment in the startup which several sources says values it at $2.8 Billion.

Financial terms of the investment made by Silver Lake has not been officially disclosed but as reported by CNBC citing 3 persons familiar with the matter, This strategic investment values the healthcare startup founded by former Facebook and Yahoo executives at a large $2.8 Billion.

In previous times, GoodRx which has crossed $100 million in annual Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was reported to be in acquisition talks for a price of up to $3 Billion with health distribution giant McKesson being among the interested buyers.

GoodRx offers persons without health insurance or with high deductible prices ways to shop for drugs at affordable prices through its system providing…

Facebok's David Marcus leaves Coinbase's board to Avoid ‘Appearance’ of Conflict of Interest

Facebook's current blockchain head David Marcus has now stepped down from the board of digital currency exchange unicorn Coinbase in a bid to avoid conflict on interest over his new role as head of the social networking giant's blockchain efforts which may compete with Coinbase's products.

According to a Facebook spokesperson as reported by CNBC, the move was “to avoid the appearance of conflict, rather than because of an actual conflict.”

The Facebook Vice President who is also a former President of PayPal was appointed to Coinbase's board December last year being chosen based on his experience at with digital payments at both PayPal and Facebook in addition to his knowledge of the cryptocurrency ecosystem.

“Because of the new group I'm setting up at Facebook around Blockchain, I've decided it was appropriate for me to resign from the Coinbase board." Marcus said in a statement released to various media outlets concerning his resignation from the board.

Uber adds former NSA General Counsel to lead its security team

Uber Technologies has named former Director of the National Counterterrorism Center Matthew Olsen as its Chief Trust and Security Officer in a new move which marks efforts by the company to boost security for its data crucial global ride-hailing network.

As announced by its CEO Dara Khosrowshahi on Tuesday, Olsen will be replacing former cybersecurity chief Joe Sullivan who left the company after revelations of a massive data breach concerning tens of millions of users was outed and now heads security at web-performance and security startup CloudFlare.

Thrilled to have Matt Olsen on board as #Uber Chief Trust and Security Officer. He has more than earned the respect of our team at all levels while working with us over the last few months - — dara khosrowshahi (@dkhos) August 14, 2018Olsen has served as chief legal adviser to the NSA in addition to holding various leadership positions at government agencies and joined Uber last year as an adviser with him now …

Chinese co-working startup MyDreamplus nabs $120 million in round led by Hillhouse and General Atlantic

Chinese co-working startup and WeWork China competitor MyDreamplus has now raised $120 million in a new funding round co-led by Chinese investment giant Hillhouse Capital and General Atlantic with participation from other investors including Joy Capital, Ocean Link, K2VC and M31 Capital.

This funding which brings the total raised by the 3 year old Chinese startup to nearly $190 million comes on the heels of MyDreamPlus's expansion as it aims to double its floor space within the next 12 months.

As competition in the Chinese co-working space heats up, MyDreamPlus would have to expand its presence across the region to keep up with demands from customers and would make use of this funding to boost its growth.

It's grown to 37 locations tailored for local demands across China since its inception with 25 of them located in Beijing with others across Hangzhou, Chengdu, Shanghai and Xi'an.

With 300,000 square meters of office space as of current, MyDreamPlus is growing at the rat…

Outsourcing startup TaskUs nets $250 million investment from Blackstone

TaskUs, The Santa Monica headquartered startup which provides among many, customer service, content moderation, information annotation and content moderation services for many of the world's largest tech companies has now netted a $250 million investment from private equity funds managed by asset management and financial services giant Blackstone with TaskUs now being valued at over $500 million pre-money signifying great growth for the outsourcing startup founded 2008.

TaskUs which started with a $20,000 investment from its two co-founders Bryce Maddock and Jaspar Weir has leveraged technologies including AI, big data and  advanced Learning Management Systems which helps companies quickly scale its IT services which has enabled its growth to about 11,000 employees globally providing services to the likes of Tinder, Autodesk, Deliveroo, Eventbrite, LetGo, iCracked, Wish, MailChimp and several other notable names.

Amit Dixit, Senior Managing Director at Blackstone, stated: "T…

Netflix CFO David Wells is stepping down

Online Streaming and media giant Netflix has now announced its 8 year long CFO David Wells will be stepping down from his role after he gets to choose a successor from a search involving both internal and external candidates as he gets to leave his current position in his 14th year at the company.

Wells joined Netflix 2 years after it went public before ascending to the CFO position 6 years later being among the team which has seen Netflix scale from just a movie rental service to a global digital streaming and production giant counting blockbuster movies and major Hollywood names amongst its portfolio.

"It's been 14 wonderful years at Netflix, and I'm very proud of everything we've accomplished," Wells said. "After discussing my desire to make a change with Reed (Netflix CEO), we agreed that with Netflix's strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company. Perso…

NY based online pharmacy startup Capsule gets $50 million in latest funding round

Online pharmacy startup Capsule based out of New York and now preparing for national expansion has now raised $50 million in additional funding from Glade Brook Capital Partners and Thrive Capital as it takes on a mission to expand its online pharmacy business throughout the U.S. to provide more users with easier methods of getting prescribed drugs through the net.

This funding brings the total raised by Capsule which also counts the Virgin Group and Sound Ventures as investors to over $70 million since its start in 2015 as it aims to be a leader in the growing e-healthcare market which counts other notable leaders like PillPack and GoodRx.

Capsule which bills itself as "A better, smarter, kinder pharmacy," is aiming for disruption of the roughly $446 Billion U.S. pharma market with the provision of on-demand and same day medication delivery to its users.

Capsule works directly with doctors who prescribe medications through its platform before handling delivery of the state…

Crypto mining startup Bitmain reportedly on target for $10 Billion in revenue this year

Chinese crypto mining hardware startup Bitmain has been in the news as of recent concerning several notable moves, A $1 Billion investment from Tencent, A reported $18 Billion IPO plan and now another report made by TechCrunch citing a company fundraise overview of Bitmain on target for a whooping $10 Billion in revenue this year.
Bitmain minted $2 Billion in the first quarter of this year alone with $1.1 Billion of the figure reported to be profits with a net margin of around 50% for the just 5 year old firm.
As per the cited fundraise prospectus, Bitmain is on track to become the first blockchain company ever to cross $10 Billion in annual revenue assuming no further drops in the cryptocurrency market which would cement its status as the global leader in the blockchain market.
According to documents also spotted by CoinDesk, Bitmain is said to be filing for an IPO which could raise as high as $18 Billion this September at a market capitalization between $40 Billion - $50 Billion wh…

Elon Musk outs more info on considered Tesla takeover

In a new blog post today penned by Tesla CEO Elon Musk, The EV maker leader dished more information about the considered Tesla take over at $420 per share with Musk outing key info which includes that the proposed deal would not outcome as an outright acquisition of all Tesla stock as shareholders who desire to keep shares in a newly formed private entity would be allowed to do so along with the Tesla CEO stating that the Saudi Arabian sovereign wealth fund has made discussions about taking Tesla private multiple times "in an important bid to diversify from oil".

Musk defended his tweet of stating "funding secured" already for the deal stating that by the time He concluded a July 31st meeting with the Saudi sovereign fund which had built up a 5% stake in the EV maker,A deal was already sure of being closed with the country's investment fund.

Quoting Musk:

"I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be clo…