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TikTok CEO Resigns Amid Crisis

Ola Olaoluwa
Ola Olaoluwa

Turmoil continues at TikTok, Salesforce lays off 1,000 people and Warby Parker is now valued at $3 billion. This is your Daily Crunch for August 27, 2020.

Kevin Mayer, the former Disney executive who joined TikTok as CEO just over 100 days ago, announced yesterday that he’s resigning. While Mayer was likely brought on to reassure U.S. legislators about the app’s Chinese owners, it seems he wasn’t expecting this level of conflict, with President Donald Trump signing an executive order that would ban TikTok in the U.S. unless it’s sold to another company.

Image Credit: Stock Image

As for which company might acquire TikTok, Walmart has confirmed that it’s interested in teaming up with Microsoft to acquire the popular video app.

The tech giants

Salesforce confirms it’s laying off around 1,000 people in spite of monster quarter — Salesforce says it’s “reallocating resources to position the company for continued growth.”

Google Assistant app now uses your searches to make personalized recommendations — Those recommendations could include podcasts, restaurants, recipes and more.

Facebook isn’t happy about Apple’s upcoming ad tracking restrictions — The company says Audience Network revenue could decline by more than 50%.

Startups, funding and venture capital

Warby Parker, valued at $3 billion, raises $245 million in funding — The eyewear startup has launched a telehealth service for New York customers, allowing them to extend an existing glasses or contacts prescription.

Instacart faces lawsuit from DC attorney general over ‘deceptive’ service fees — The suit alleges that Instacart misled customers into thinking the 10% service fee was a tip for the delivery person.

Narrative raises $8.5 million as it launches a new data marketplace — The goal is to make buying data as easy as buying something on Amazon.

News

Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur