Microsoft acquires US-based tutoring platform TakeLessons
Microsoft has acquired US-based online and in-person tutoring platform TakeLessons for an undisclosed sum. TakeLessons said it expects it will continue to be called TakeLessons and that the “large majority of all instructors will remain on the platform”. The platform’s investors include Crosslink Capital, Moore Venture Partners, SoftTech VC and Triangle Peak Partners.
World’s biggest carmaker Toyota cuts production target by 300,000 cars
Toyota, the world’s biggest carmaker, has cut its annual production target by 300,000 vehicles. “It’s a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact,” Toyota executive Kazunari Kumakura said. The company now expects to produce 9 million vehicles in the year to March 31, rather than 9.3 million.
Yahoo appoints Tinder CEO Jim Lanzone as its CEO
Yahoo on Friday announced that it is appointing Jim Lanzone, who is currently the CEO of Tinder, as its CEO. The appointment comes days after Apollo Global Management closed its $5 billion acquisition of Yahoo from Verizon. Separately, Match Group has named Renate Nyborg as CEO of Tinder, making her the first female CEO since the company’s inception in 2012.
CAIT announces campaign against foreign-funded e-commerce firms
CAIT has announced a national campaign against foreign-funded e-commerce firms which it said are violating the e-commerce rules and adversely impacting offline traders. During the campaign, CAIT will send communication to all political parties of the country to clarify their stand on e-commerce. It will also reach out to large corporates like Tata and Reliance to fight foreign-funded companies.
Udaan names Co-founder Vaibhav Gupta as CEO; plans IPO in 18-24 months
B2B e-commerce start-up Udaan on Friday announced the appointment of its Co-founder Vaibhav Gupta as CEO. The other Co-founders, Amod Malviya and Sujeet Kumar, will support the effective functioning of a “CEO-led organisation”, it said. “[The move] is also in line with the evolution needed for Udaan to become a publicly listed entity over the next 18-24 months,” Udaan added.
Cathie Wood sells Tesla shares worth $139 million as stock rallies
Cathie Wood’s ARK Invest sold over 180,000 shares worth around $139 million on Wednesday and Thursday, Bloomberg reported citing daily trade reports. Tesla shares have rallied over the past three weeks, adding $75 million to its market value. Earlier this year, ARK Invest estimated that Tesla’s stock price will hit $3,000 by 2025, pegging the market valuation at $3 trillion.