Day: July 6, 2020

U.S. tech chiefs to testify before House antitrust panel on July 27: committee

FILE PHOTO: Jeff Bezos, founder of Amazon and Blue Origin speaks during the JFK Space Summit, celebrating the 50th anniversary of the moon landing, at the John F. Kennedy Library in Boston, Massachusetts, U.S., June 19, 2019. REUTERS/Katherine Taylor

WASHINGTON (Reuters) – The chief executives of Amazon.com, Apple, Alphabet’s Google and Facebook will appear before a U.S. House of Representatives panel on July 27, the committee said in a statement on Monday.

Amazon’s Jeff Bezos, Facebook’s Mark Zuckerberg, Google’s Sundar Pichai and Apple’s Tim Cook will appear before the House Judiciary Antitrust Subcommittee as part of its probe into the companies, the statement said.

They will be allowed to appear virtually.

“As we have said from the start, their testimony is essential for us to complete this investigation,” Jerrold Nadler, the House judiciary panel chairman, and David Cicilline, the House antitrust subcommittee chairman, said in a statement.

Earlier this month,

Read More

Grindr, dating app valued at $620 million, cleared for small-business loan

FILE PHOTO: Grindr app is seen on a mobile phone in this photo illustration taken in Shanghai, China March 28, 2019. REUTERS/Aly Song/Illustration

(Reuters) – Grindr, the gay dating app valued at $620 million when it was sold recently by its Chinese owner, was approved for a $1 million to $2 million loan for small businesses suffering from the coronavirus outbreak, according to official U.S. data released on Monday.

China’s Beijing Kunlun Tech Co Ltd sold West Hollywood, California-based Grindr last month to an investor group called San Vicente Acquisition LLC, after the U.S. government ordered the divestment amid concerns over the safety of personal data stored in the app.

Grindr generated net profit of about $31 million in 2019, according to Kunlun’s annual report.

“This is a company that is doing well over $100 million of revenue (annually). It is highly profitable and growing quickly,” Grindr Chief Operating Officer

Read More

SoftBank-backed startups among those approved for U.S. paycheck loan program

OAKLAND, Calif. (Reuters) – Four technology startups backed by SoftBank Group Corp’s $100 billion Vision Fund were among the small companies approved for a U.S. pandemic aid program, according to data released by the Treasury Department on Monday.

FILE PHOTO: Japan’s SoftBank Group Corp Chief Executive Masayoshi Son bows his head after his presentation at a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon

Car-sharing startup Getaround Inc., which raised $300 million in a round led by SoftBank in 2018, was listed as approved for a $5-10 million loan. The Treasury Department provided only ranges for loan amounts, and did not identify by name those recipients seeking loans of less than $150,000.

In-car monitoring technology firm Nauto Inc. was approved for $2-5 million. It raised around $150 million in July 2017 in a round led by SoftBank.

Cloud technology firm Cloudminds Technology Inc. was listed for a loan

Read More

Tesla shares surge 13% as strong deliveries drive profit optimism

FILE PHOTO: Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

(Reuters) – Shares of Tesla Inc (TSLA.O) surged 13% to a record high on Monday, extending their rally to over 40% in five sessions after analysts raised their price targets on the electric car maker following its strong quarterly deliveries.

The day’s jump increased Tesla’s stock market value by $30 billion, eclipsing the entire value of Ford Motor Co (F.N), currently at $25 billion.

JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy.

“We believe that the question to be considered is not whether the stock is expensive on current valuation measures,

Read More