The Tech Breathing New Life Into A $600 Billion Industry

Elva Mankin

Combine a Super Bowl-winning quarterback with some of the biggest names in the tech industry and you could be looking at the phenomenally lucrative future of sports. Only this time, the biggest winner may be a small Canadian startup that’s got their attention. 

Facedrive (TSXV:FD; OTC:FDVRF), a full-scale ESG platform, has already disrupted every tech-heavy segment from ride-sharing and food delivery to COVID contact tracing. Now, it’s preparing to jump into the sports arena – and it’s got some major firepower behind it. 

That firepower includes NFL superstar Russell Wilson and investment vehicles belonging to some of the big names in tech. Or, rather—the biggest names in tech: Amazon CEO Jeff Bezos, Alibaba co-founder Joseph Tsai, YouTube founder Chad Hurley.

Facedrive is acquiring an equity interest in a sports celebrity-studded company called Tally Technologies, which is looking to revolutionize engagement between major sports leagues, the teams and their fans.

Now, … Read More

Trump’s WeChat Ban Brings Cold War With China Into a Billion Homes

Elva Mankin

(Bloomberg) — With the stroke of a pen, Donald Trump made his strategic fight with China hit home for potentially billions of people — generating confusion, panic and fear around the globe.

The U.S. president’s move to ban the Chinese-owned TikTok and WeChat in just over six weeks from now sent shockwaves through the tech industry and the many American businesses who rely on the apps to sell goods in China.

The decision also spurred alarm on Chinese social media, with WeChat users in the U.S. posting contact information so friends and family could reach them if the app disappeared. An online forum popular with stock investors asked users if they would give up their iPhones or WeChat if Apple Inc. eliminated the app from its store: They voted to ditch their phones by a margin of 20 to one.

Of all Trump’s shots against China, from imposing tariffs to

Read More

Meet Zhang Yiming, the secretive Chinese billionaire behind TikTok who made over $12 billion in 2018 and called Trump’s demands to sell the app ‘unreasonable’

Elva Mankin

ByteDance CEO Zhang Yiming makes his own TikToks — and requires his senior employees to as well.
ByteDance CEO Zhang Yiming makes his own TikToks — and requires his senior employees to as well.

Visual China Group via Getty Images; Ruobing Su/Business Insider

  • Zhang Yiming built a $16.2 billion fortune after founding ByteDance, the Chinese software developer behind TikTok.

  • Despite being one of the wealthiest people in China, Zhang is extremely private and little is known about his personal life.

  • TikTok is currently in negotiations to sell its US operations to Microsoft amid a threat of a ban from President Trump, sparking fierce criticism of Yiming on Chinese social media.

  • Visit Business Insider’s homepage for more stories.

The widespread popularity of TikTok has not just created a new generation of social media stars, it’s also created a social media billionaire.

Zhang Yiming, the 36-year-old software engineer who founded the app’s parent company, now has a net worth of $16.2 billion, Forbes estimates. Despite being one of the

Read More

This $3 billion online education company is seeing a ‘paradigm shift’ due to coronavirus

Elva Mankin

As more and more colleges weigh their options for adding online education in the fall, one online ed company is reaping the benefits of the shift away from lecture halls.

Industry leader 2U (TWOU) helps big name universities like Harvard, Massachusetts Institute of Technology and dozens of others offer educational programs online and as its CEO explained to Yahoo Finance Tuesday, business is booming.

“Over the last three months, we’ve spoken to more presidents and provosts than we had in our entire 12-year history,” CEO Chip Paucek told Yahoo Finance’s YFi PM. “So this is definitely a paradigm shift moment for online ed without question.”

As Paucek highlights, many colleges had been caught off guard when the coronavirus pandemic first hit back in March. Shifting to online classes for many meant little more than a Zoom video conference with a professor. With 2U’s tech, the company is offering the prospect

Read More

Jack Ma’s Ant Seeks $200 Billion Value in Landmark Dual IPO

Elva Mankin

(Bloomberg) —

Billionaire Jack Ma’s Ant Group is seeking a valuation north of $200 billion as it goes public in Hong Kong and Shanghai, people familiar with the matter said, kicking off a much-anticipated market debut for China’s leader in internet finance.

The parent of China’s largest mobile payment company will pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange’s STAR board, the Hangzhou-based firm said, in what promises to be one of the largest debuts in years. Ant is already more richly valued than most Wall Street firms and, if conditions are favorable, it could seek to raise more in its IPOs than Saudi Aramco’s record $29 billion haul, one of the people said, asking not to be identified talking about a private deal.

The crown jewel of the sprawling Alibaba empire, Ant has been accelerating its evolution into an online mall for everything from

Read More

Adevinta Near $9 Billion Deal for EBay’s Classifieds Arm

Elva Mankin

(Bloomberg) — EBay Inc. is nearing an agreement to sell its classified advertising unit to Norwegian online marketplace Adevinta ASA for about $9 billion, people with knowledge of the matter said.

The cash and stock transaction will give EBay a significant minority stake in the combined group, according to the people, who asked not to be identified because the information is private. The companies could make an announcement as soon as Monday, the people said.

Shares of Adevinta were halted from trading Monday morning, pending the release of an announcement. Adevinta was competing with e-commerce investor Prosus NV and a separate private equity consortium backed by Blackstone Group Inc., Permira and Hellman & Friedman, Bloomberg News has reported.

Any transaction would add to the $240 billion of deals announced in the technology industry this year, according to data compiled by Bloomberg. Adevinta is negotiating final terms of an agreement with

Read More

Elon Musk’s net worth just hit $70.5 billion, surpassing Warren Buffett’s. Here’s how the billionaire Tesla and SpaceX CEO went from getting bullied as a child to becoming one of the most successful and controversial men in tech.

Elva Mankin

Elon Musk.
Elon Musk.

Steve Nesius/Reuters

  • Elon Musk has had a tumultuous yet successful life. 

  • He was bullied as a child but ultimately attended an Ivy League university, going on to become the CEO of two companies, Tesla and SpaceX, and the founder of three more.

  • He’s also been married three times and has triplets and twins. He just had another baby with his girlfriend, the musician Grimes. 

  • But Musk also courts controversy, especially on Twitter. The tech billionaire has been outspoken about the coronavirus crisis, questioning the severity of the outbreak and urging for business to resume.

  • Now, Musk has hit a new milestone: as Tesla’s stock hit an all-time high, Musk’s wealth surged to $70.5 billion.

  • Visit Business Insider’s homepage for more stories.

It seems like there’s nothing Elon Musk can’t do. 

As CEO of SpaceX and Tesla, founder of The Boring Company, and cofounder of OpenAI and Neuralink, Musk

Read More

CEO Pichai Says Google Will Invest $10 Billion in India

Elva Mankin

(Bloomberg) — Google said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in India.

Sundar Pichai, who was born in the country and is now chief executive officer of parent Alphabet Inc., made the announcement at the annual Google for India event via video conference. He said the outbreak of the coronavirus has made clear the importance of technology for conducting business and for connecting with friends and family.

“This is a reflection of our confidence in the future of India and its digital economy,” he said of the India Digitization Fund.

The $10 billion will be invested in partnerships, operations, infrastructure, the digital ecosystem and equity investments. Google said the effort will focus on several key areas:

Enabling affordable access and information for every Indian in their own language, including Hindi, Tamil and PunjabiBuilding new products

Read More

How Ocado went from understated British grocer to an $18.4 billion tech giant, as the coronavirus pandemic confirms the future of grocery shopping is online

Elva Mankin

"Bots" are seen on the grid (or "The Hive") of Ocado's "smart platform" in Andover, Britain, on May 1, 2018.
“Bots” are seen on the grid (or “The Hive”) of Ocado’s “smart platform” in Andover, Britain, on May 1, 2018.

REUTERS/Peter Nicholls

  • As grocery stores worldwide experienced stockpiling, long lines, and health worries amid the coronavirus pandemic, millions of people turned to shopping online.

  • It has been a goldrush for the British company Ocado, an online-only grocery marketplace that also operates technology for supermarket giants worldwide.

  • Ocado was the best performing stock on the FTSE 100 in the second quarter of 2020, and, in May, Ocado raised over $1 billion to grow its services.

  • It is now betting big on its US expansion, hoping to convert Americans to grocery shopping online.

  • Huge challenges remain, though. Many Americans are still reluctant to buy food they can’t see in person, and some fear the current online pandemic-driven boom could prove a one-off.

  • Visit Business Insider’s homepage for more stories.

The coronavirus pandemic

Read More

How Ocado went from understated British grocer to a $18.4 billion tech giant, as the coronavirus pandemic confirms the future of grocery shopping is online

Elva Mankin

"Bots" are seen on the grid (or "The Hive") of Ocado's "smart platform" in Andover, Britain, on May 1, 2018.
“Bots” are seen on the grid (or “The Hive”) of Ocado’s “smart platform” in Andover, Britain, on May 1, 2018.

REUTERS/Peter Nicholls

  • As grocery stores worldwide experienced stockpiling, long lines, and health worries amid the coronavirus pandemic, millions of people turned to shopping online.

  • It has been a goldrush for the British company Ocado, an online-only grocery marketplace that also operates technology for supermarket giants worldwide.

  • Ocado was the best performing stock on the FTSE 100 in the second quarter of 2020, and, in May, Ocado raised over $1 billion to grow its services.

  • It is now betting big on its US expansion, hoping to convert Americans to grocery shopping online.

  • Huge challenges remain, though. Many Americans are still reluctant to buy food they can’t see in person, and some fear the current online pandemic-driven boom could prove a one-off.

  • Visit Business Insider’s homepage for more stories.

The coronavirus pandemic

Read More