Uber's China Rival Gets a Boost, and Spotify Takes a Step Toward Public Markets
Didi Chuxing secures a $4 billion investment from SoftBank and Mubadala, bringing its valuation to $56 billion. The latest funding round comes amid reports SoftBank is looking to invest in rival Uber at a significant discount to its last $68 billion valuation.
And Spotify will reportedly get approval to list its shares directly on the New York Stock Exchange, a step towards avoiding a traditional IPO. The company could be valued as high as $20 billion.
Plus, speaking of going public, Pinterest will reportedly delay its planned IPO until 2019, as the company expects to fall short of revenue forecasts for the year. The photo-sharing app will bring in sales of $490 million this year, according to The Information. That compares to early estimates above $500 million.
Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Amazon is expected to pull in about $7 billion in revenue during this year's Prime Day, according to projections. Cheddar News took a peek at some of the top-selling items and what operations look like at one of its plants.
Threads could bring in $8 billion in annual revenue, according to analysis, after it reached about 100 million users days after its launch. Cheddar News explains.
Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
