Uber is reportedly considering leading a $170 million emergency fundraising round for the scooter startup Lime, according to the Information. The terms of the deal will hit the scooter startup hard. The round will reportedly slash Lime’s valuation to $510 million, a 79% slide from the startup’s whopping valuation of $2.4 billion in 2018. As… Continue reading Uber is reportedly considering another investment in Lime, in a round that would sink the embattled scooter startup’s valuation by nearly 80% — and give Uber the option to buy it in 2 years
Author: Business Insider
Lyft is laying off nearly 1,000 employees — 17% of its workforce — as the coronavirus sends the ride-hailing industry into a nosedive (LYFT)
Lyft said on Wednesday that it would cut nearly 1,000 jobs and had furloughed 288 workers. Both Lyft and its larger competitor Uber have seen ride-hailing volumes plummet during the coronavirus pandemic. Shares of Lyft were up more than 5% on Wednesday, outpacing broader market gains. Visit Business Insider’s homepage for more stories. Lyft said… Continue reading Lyft is laying off nearly 1,000 employees — 17% of its workforce — as the coronavirus sends the ride-hailing industry into a nosedive (LYFT)
Elon Musk admits Tesla’s plan for a million-strong robotaxi network may not happen this year after all (TSLA, UBER)
Elon Musk set a lofty goal last year: 1 million Tesla robotaxis by the end of 2020. But on Wednesday, the billionaire softened his tone. “Punctuality is not my strong suit, but I always come through in the end,” he said on a conference call. It’s been one year since Elon Musk announced his bold… Continue reading Elon Musk admits Tesla’s plan for a million-strong robotaxi network may not happen this year after all (TSLA, UBER)
Elon Musk says Tesla’s ‘battery day’ in May will be ‘the most exciting day’ in company history (TSLA)
Tesla’s rescheduled battery event will likely be in late May, CEO Elon Musk said Wednesday. On a conference call, Musk said it will likely be the “most exciting” in Tesla’s history. In 2019, Tesla held a “autonomy day” where it showed off its partially self-driving tech. Visit Business Insider’s homepage for more stories. The “most… Continue reading Elon Musk says Tesla’s ‘battery day’ in May will be ‘the most exciting day’ in company history (TSLA)
Uber will broaden out beyond ride hailing and food delivery during the pandemic to courier packages, medicine, and pet supplies
Uber will expand beyond its core ride-hailing and food-delivery services with a broader courier service for packages, medication, and pet supplies. The ride-hailing giant’s efforts fall under two initiatives, called “Uber Direct” and “Uber Connect.” Uber Direct lets users order items from select retailers and have them delivered directly to their door, while Uber Connect… Continue reading Uber will broaden out beyond ride hailing and food delivery during the pandemic to courier packages, medicine, and pet supplies
In an email to employees, Tesla says it will cut salaries and furlough nonessential employees
Tesla plans to temporarily reduce employees’ salaries and furlough nonessential workers. The company made the announcement in an email sent to employees by the company’s head of North American human resources on Tuesday, CNBC reported. According to the email, Tesla plans to begin implementing certain cost-cutting measures starting April 13 and plans to resume normal… Continue reading In an email to employees, Tesla says it will cut salaries and furlough nonessential employees
Uber’s CEO welcomed a $2 trillion stimulus bill that would finally let US drivers claim unemployment insurance
The Senate on Wednesday passed its $2 trillion coronavirus economic bailout bill, which included provisions that would make gig-economy workers eligible for unemployment insurance. Uber CEO Dara Khosrowshahi welcomed the bill, and said he hoped the government would pass more laws in future making contract workers eligible for further benefits. Uber has always fought vehemently… Continue reading Uber’s CEO welcomed a $2 trillion stimulus bill that would finally let US drivers claim unemployment insurance
Elon Musk says Tesla will make ventilators in case of a shortage caused by the coronavirus — here are all the other humanitarian crises he’s tried to fix (TSLA)
The crisis: Rescuing Thailand’s cave boys Thai rescue teams arrange a water pumping system at the entrance to a flooded cave complex where 12 boys and their soccer coach were trapped.Royal Thai Navy via Associated Press The fix: A “kid-size” submarine. During the mission to save 12 boys and their soccer coach from a flooded… Continue reading Elon Musk says Tesla will make ventilators in case of a shortage caused by the coronavirus — here are all the other humanitarian crises he’s tried to fix (TSLA)
Uber surges 43% after its CEO says it has enough cash to get through the coronavirus pandemic (UBER)
AP Photo/Mark Lennihan Uber skyrocketed as much as 43% Thursday after CEO Dara Khosrowshahi said on a call with investors that the company is in a solid position to weather the coronavirus crisis. Uber’s balance sheet is “incredibly strong,” he said, adding that at the end of February, Uber had $10 billion in unrestricted cash.… Continue reading Uber surges 43% after its CEO says it has enough cash to get through the coronavirus pandemic (UBER)
Tesla is shutting down its factory due to coronavirus, but it has enough cash to stay in business for a while (TSLA)
Tesla said that it would suspend production at its Fremont, California, factory beginning March 23. The company said that “continued operations” had caused challenges for employees and suppliers. The San Francisco Bay Area is under a shelter-in-place order among a worsening coronavirus outbreak in the US. In shutting down its plant, Tesla joins the Detroit… Continue reading Tesla is shutting down its factory due to coronavirus, but it has enough cash to stay in business for a while (TSLA)