Business

News this past week

News you might have missed this week. This is your one stop for all the news surrounding technology, businesses and startups.

Business News

“China ordered Amazon to delete reviews of Chinese President’s book: Report”
The Chinese government ordered Amazon to stop allowing customer reviews and ratings on President Xi Jinping’s book on its Chinese website, Reuters reported. The request was reportedly triggered by reviews rating the book at less than the maximum five stars. The book, which came out two years ago, has no ratings or stars on Amazon’s Chinese sites after the company was asked to remove them.

“Russia fined Google, Meta and Twitter for not deleting banned content”
A Russian court has fined Google 7.2 billion rubles ($98 million), Meta Platforms almost 2 billion rubles ($27.16 million) and Twitter over 3 million ruble ($40,920) for repeatedly failing to delete content on their platforms, deemed illegal by the government.

“I will pay over $11 billion in taxes this year: Elon Musk”

Elon Musk

World’s richest person Elon Musk on Monday tweeted, “For those wondering, I will pay over $11 billion in taxes this year.” Musk tweeted this after he had a Twitter spat with US Senator Elizabeth Warren over taxes. Musk had earlier said he’ll pay more taxes than any American in the history this year.

Technology News

“Spider-Man: No Way Home torrents infected with crypto mining malware: Report”
Russian torrent files of newly released ‘Spider-Man: No Way Home’ are infected with a cryptocurrency mining malware, ReasonLabs has found. While the malware doesn’t compromise personal information, it can lead to a significant increase in usage of computation (electricity) by victim’s computer.

Startup News

“World’s top 10 most valuable startups: Hurun”

Unicorn

TikTok-owner ByteDance is the world’s most valuable unicorn at $350 billion valuation, according to Hurun Global Unicorn Index 2021. It is followed by Alibaba Group affiliate Ant Group at $150 billion valuation. Elon Musk-led SpaceX is at third place in the list at $100 billion valuation. Stripe and Sweden-based Klarna rank 4th and 5th. Canva, Instacart and Databricks are others, among the top 10 list.

“33 Indian start-ups became unicorns in 2021”
India now has 54 unicorns (billion-dollar startups), according to the Hurun Global Unicorn List 2021. India added 33 new unicorns in 2021. It has the third highest number of unicorns after the USA (396) and China (277). Byju’s is the most valued Indian unicorn with $21 billion valuation, followed by InMobi with $12 billion and OYO with $9.5 billion valuation. Besides this Indians have founded 65 new unicorns outside India. Instacart, that operates a grocery delivery and pick-up service in the United States and Canada is the most valued among them with a $39 billion valuation.

“Zepto, founded by 2 teenagers, doubles its valuation to $570 mn”
Zepto is a 10-minute grocery delivery app founded by two 19-year-old Stanford dropouts – Aadit Palicha and Kaivalya Vohra. Zepto raised $60 million in its first institutional round at a $225 million valuation. Aadit Palicha claims that his company will surpass most competitors and will be market leaders in four-five months. “We’ve got some competitors we respect. On the other side, we’re seeing a lot more gas than substance,” the 19-year-old Stanford dropout added on competition from rivals. Zepto’s largest competitors in the quick grocery space are Bigbasket, Swiggy’s Instamart, Zomato-backed BlinkIt, and Google-backed Dunzo, apart from Amazon and Flipkart.

Source: https://inshorts.com/