passed

Apps

U.S. House Approves Amended Measure to Prohibit TikTok or Compel Sale

The U.S. House of Representatives passed a bill this afternoon that would require TikTok-owner ByteDance to sell the popular social media app or see it banned in the United States. Efforts to ban TikTok go back to the Trump Administration, but the issue has been revived in recent months. The House already passed a similar bill in March — a bill that the Senate showed little interest in taking up. The Senate could take up the package this coming week, and President Joe Biden has said he supports the bill and will sign it. If that happens, TikTok is expected to challenge the bill in court.

Zara Khan
April 20, 2024
1 Comment

Uncategorized

“Bumble’s Texas Team Shrinks by 33% in Wake of Restrictive Abortion Legislation”

Bumble has lost a third of its Texas workforce in the months since the state passed the controversial abortion SB 8 (Senate Bill 8), also known as the Texas Heartbeat Act, over a year ago. We’ve supported employees who’ve chosen to move out of state,” Monteleone added. “We — since SB 8 — have seen a reduction in our Texas workforce by about a third. The dating app maker became the first business to join an amicus brief in support of a lawsuit against the Texas abortion law, Zurawski v. State of Texas, filed by the Center for Reproductive Rights. The dating app maker posted a weak Q4, with a $32 million net loss and $273.6 million in revenue.

Zara Khan
March 8, 2024

Startups

Unanimous Vote Removes Founder of Byju’s as Investors Decide

The participating shareholders — whose combined ownership in Byju’s exceeded 60% — also passed the resolution to reconstitute the board of Byju’s. “At today’s Extraordinary General Meeting shareholders unanimously passed all resolutions put forward for vote. Late last month, Byju’s launched a rights issue where it sought to raise about $200 million at a massively discounted rate. Raveendran told shareholders earlier this week that the rights issue had been fully subscribed and requested all existing investors to participate and maintain their ownership. “[…] I understand that participating in this rights issue may seem like a Hobson’s choice.