Kevin Mayer, a Disney veteran who oversaw the company's streaming unit and the launch of Disney+, is leaving the company after 27 years to become the CEO of TikTok, Disney announced Monday.
Why it matters: Mayer will take over as head of TikTok at a pivotal time for the Chinese-owned social networking company. Owned by ByteDance, one of the fastest-growing Chinese tech giants, TikTok has become a formidable social media company over the past year, accruing hundreds of millions of users worldwide.
Uber CEO Dara Khosrowshahi said Monday in an email to employees that the company is cutting about 3,000 more jobs and closing or consolidating 45 offices to soften the economic blow from the coronavirus pandemic, the Wall Street Journal reports.
Why it matters: Khosrowshahi's announcement comes just two weeks after the company said it would ax about 3,700 jobs and save more than $1 billion in fixed costs. Much of Uber's ride-hailing business has vanished as people stay indoors, even as the company's food delivery sector has seen a boom.
The state of play: The agency discovered that the gunman, a Saudi Air Force cadet training with the American military, communicated with an operative of a branch of the terrorist group who encouraged the attacks.
The Secret Service warns that an organized scam ring from Nigeria has been using stolen personal information to apply for unemployment benefits in various states, Krebs on Security reported over the weekend.
Why it matters: States were already struggling with a deluge of claims and trying to speed up the process. Defending against scammers could prompt governments to instill stricter security measures, potentially delaying payment to the millions who have recently lost their jobs.
A coalition of tech companies has signed a pledge to find ways to support working parents at their firms through the coronavirus crisis, thereby setting examples for other employers.
Why it matters: Many parents face the taxing challenge of having to homeschool their kids while also working from home during the pandemic.
Despite tech becoming a pandemic-era lifeline for people stuck at home, 2020 could still see major confrontations between Big Tech and government.
Driving the news: A new report on Justice Department moves toward suing Google reminded the industry that the coronavirus only hit “pause” on techlash. Meanwhile, Facebook’s announcement of a major buy reminded Washington that Big Tech plans to keep augmenting its power.
The American economy is in a dark period right now, but some in Silicon Valley are optimistic it could spawn a generation of startups whose founders are finally getting the nudge they needed to make the leap.
Why it matters: It may sound counterintuitive to launch new businesses in the middle of an economic crash, but it's worked during past downturns, and Silicon Valley's founders and investors remain willing, so far, to keep rolling the dice.
Jio Platforms, a telecom subsidiary of India's Reliance system, has raised about $870 million from private equity firm General Atlantic at a valuation of $65 billion.
Why it matters: In less than a month, the company has raised nearly $9 billion from Facebook, Silver Lake, Vista Equity Partners, and now General Atlantic.
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