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Hiya and welcome to Day by day Crunch for July 2. We’re heading into a vacation weekend right here in america, 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 High 3
- When SPACs assault: The US 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 advised earlier than going public, and the corporate’s SPAC deck has confirmed to be considerably, effectively, disconnected from actuality. The firm wants extra money, it seems, regardless of having advised traders that it could not. Whoops.
- China v. Didi v. American traders: Sticking to the theme of firms in hassle, Chinese language ride-hailing big Didi is in sizzling water with its personal home regulators. The corporate has been advised to halt new person registration, pending a cybersecurity assessment. Simply days after it went public in america. Oof.
- IBM’s President steps down: Jim Whitehurst, who made his option to IBM by way of its Pink Hat deal, is out. His tenure as president on the agency lasted 14 months. Particulars had been gentle on his exit, per Ron Miller Yeesh.
Immediately’s startup information has a robust non-American bias. That’s as a result of almost everybody in america took most of immediately 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 way of a Collection F. A couple of years again we’d have joked that the F in Collection F stood for “didn’t go public,” however that’s not the case. Why not increase a Collection F when cash is so low cost? The corporate is now value greater than $650 million, TechCrunch studies.
- 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 customers credit score. It’s additionally yet one more spherical for African fintech, a sector that has felt fairly lively currently.
Three guiding rules for CEOs who publish on Twitter
Did you hear in regards to the CEO who made deceptive claims a few funding spherical and obtained sued by the SEC? How about that pharmaceutical govt 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 customary with regards to what they publish on social media.
“Status and goodwill take a very long time to construct and are troublesome to take care of, but it surely solely takes one tweet to destroy all of it,” says Lisa W. Liu, a senior accomplice at The Mitzel Group, a San Francisco-based regulation observe that serves many startups.
To assist her purchasers (and Additional Crunch readers) keep out of hassle, 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 publish.
(Additional Crunch is our membership program, which helps founders and startup groups get forward. You may join right here.)
Huge Tech Inc.
Immediately’s Huge Tech information is a blended bag, however a enjoyable one. And every story has a robust 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 robust hook to Salton Sea Geothermal Subject close to Los Angeles within the southern a part of the state. The geothermal subject will present energy and supplies. So maybe electrical vehicles’ pre-driving carbon footprint can be a bit extra sustainable sooner or later.
- Twitter assessments 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: A couple of Dutch nonprofits are suing Fb over alleged “rampant assortment of web customers’ information — arguing the corporate doesn’t have a correct authorized foundation for the processing,” TechCrunch summarized. This case appears prefer it may have broad import, relying on the way it shakes out. Given, you understand, how a lot information assortment goes on actually on a regular basis, actually in all places, on-line.
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