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Ridesharing
Lyft’s business is gradually recovering from the effects of Covid-19
Lyft released its financial results for the third quarter of 2020 on Tuesday, beating analyst's expectations. Recovery has been observed in the San Francisco-based ride-hailing company's sales from pre-pandemic days, but the revenue is still half of what it was last...
Ridesharing
Proposition 22: Uber and Lyft drivers will remain Contractors, not Employees
Uber and Lyft have finally celebrated victory regarding the ongoing California labor law, as Proposition 22 — the most expensive ballot measures in California — has been approved by the court. The ballot had its facts put straight up, revolving around...
Business
Toyota invests $400 million in Pony.ai for Level 4 autonomous cars
Pony.ai, an autonomous driving startup based in China, has received a total of $462 million in the latest funding round, led by Toyota Motor Corporation. The largest Japanese automaker has funded $400 million into Pony.ai, followed by Sequoia, KUNLUN, IDG Captial,...
Startups
HopSkipDrive raises $22 million in latest round of funding
HopSkipDrive, a Los Angeles based transportation company for children, has received a $22 million in funding in the latest round. The round, largest yet, saw participation from 15 investors which include Cyrus Capital Partners, State Farm Ventures, Upfront Ventures,...
Business
Uber founder Travis Kalanick is leaving board of directors; sold all shares
Aqsa T -
Uber Technologies, Inc. has announced that co-founder and ex-CEO Travis Kalanick will be resigning from the company's Board of Directors. He will stay active until December 31. Last week, Travis Kalanick sold 90%, worth around $383 million, of his shares in Uber,...
Business
Uber likely to sell UberEats’ India to Zomato for $400 million
Uber is reportedly selling its delivery service UberEats India business to local competitor Zomato. The company can sell its food delivery app business at around $400 million, and Uber may invest $150 - $200 million further as part of the deal. Earlier...
Business
Uber to pay $650 million employment tax bill to New Jersey
Uber considers its drivers as contractors and not as employees because it does not pay the drivers. Instead, they receive 20% from each trip. New Jersey Department of Labor and Workforce Development, however, is not convinced with that argument....
Business
Uber CEO termed Jamal Khashoggi murder ‘a mistake’
Desk -
Dara Khosrowshahi, the Iranian born entrepreneur who became CEO of Uber in August 2017 succeeding founder Travis Kalanick, told the audience at the show that he believes the Saudi government made a mistake, which many see as being behind...
Latest News
A Rundown of AI Gaffes in 2024
In 2024, several AI systems encountered significant gaffes. Chatbots provided misleading information on sensitive topics, and AI generated racially...