10 things in tech you need to know today
Hammer House of Horror
Good morning! This is the tech news you need to know this Thursday.
- Federal prosecutors are investigating the Chinese electronics giant Huawei for allegedly stealing trade secrets from US companies. One such incident includes Huawei supposedly stealing robotic technology that T-Mobile uses to test its smartphones, according to the report.
- WeWork CEO Adam Neumann reportedly made millions of dollars by renting office space in buildings that he partially owns to his company, according to a Wall Street Journal report on Wednesday. In a filing for prospective investors last year, WeWork reportedly disclosed that it paid $12 million in rent between 2016 and 2017 to buildings "partially owned by officers" of WeWork.
- Lime is reportedly set for a $2 billion valuation after taking $400 million in new funding mostly from its existing investors. According to Recode, Lime has been circulating documents gauging interest in the new round.
- Apple will cut back on hiring for certain divisions as the company re-adjusts its plans in the face of slowing iPhone sales, according to a Bloomberg report on Wednesday. CEO Tim Cook told employees during a meeting earlier this month that Apple would reduce hiring for certain unspecified groups, but said the company would not impose a hiring freeze.
- Niantic, the developer of "Pokémon Go", announced that it's raised $245 million in a deal valuing it at "almost $4 billion." CEO John Hanke said Niantic is cash-flow positive, but the money helps it bunker down for a possible venture capital crunch as it starts the years-long road towards a possible IPO.
- Free-to-play video games generated $87.7 billion in revenue during 2018, according to research firm SuperData. "Fortnite" was the top grossing game of 2018, free or otherwise, with an estimated $2.4 billion in revenue.
- Microsoft is building a service that intends to be the "Netflix for games." The goal of the service, named " Project xCloud," is to stream high-end video games to any device.
- Lenovo is reportedly planning to release a new Motorola Razr phone with a foldable display as soon as February. The new Motorola Razr will cost about $1,500.
- A controversial startup that charges $8,000 to fill people's veins with young blood now claims to be up and running in 5 cities across the US. Ambrosia recently completed its first clinical trial designed to assess the benefits of the procedure, but it has yet to publish the results.
- Snap has lost 20 senior executives since it went public almost two years ago. In that time, it has lost two chief financial officers, multiple HR execs, and most of CEO Evan Spiegel's top lieutenants.
- SEBI issues procedural guidelines for proxy advisors
- Bandhan Bank promoter sells 21% stake to meet RBI norms
- Air India pilots allege blatant discrimination by management
- Reliance Industries and bank shares tumble and topple Sensex as bears look to clear the froth in the price
- Twitter plans 'Undo Send' button with paid subscription service