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Tinder’s founders, alongside current and former employees, are suing the app’s current owner for manipulating financial information, undermining its value and stripping away their stock options. The lawsuit centers on a 2017 Wall Street analysis that set the value for employee stock options. The plaintiffs are seeking at least $2 billion in damages from Match Group and its parent company IAC.
Regulations limiting Uber and Lyft have been signed into law by New York City Mayor de Blasio. The new rules include a one-year pause on the issuance of ride-hailing app licenses, and a minimum payment for drivers that amounts to $17.22 an hour. In order to remain competitive, Uber plans to recruit other licensed vehicles like livery cabs into its network to keep its high number of drivers on the road. The app also wants to create a system that allows drivers to share vehicles.
Google parent Alphabet is investing $375 million in health insurance startup Oscar, just months after other Alphabet subsidiaries invested millions into the firm. Oscar has created a technology platform which aims to help users better process insurance claims and make pricing clearer. The company is now worth over $3 billion, which Alphabet owns about 10% of.
U.S. grocery giant Kroger announced that it will sell products on Chinese e-tail site Alibaba to “bolster its digital business.” Kroger will open a digital storefront that focuses on selling health supplements and private label products under the brand Simple Truth. The move comes just months after competitor Walmart bought a majority stake in India's Flipkart, as grocers look to expand globally.
The U.S. government has told banks that cybercriminals are preparing to carry out a global attack on ATM machines, according to a cybersecurity expert. The FBI reportedly warned of an “ATM cash-out” hack that would allow the criminals to withdraw large sums of money using stolen information. A similar attack was reportedly used to steal $2.4 million from a Virginia bank over eight months in 2016 and 2017.
The best leaders focus on others, not themselves, says former Bank of America vice chairman John Thiel.
“Pay attention. Listen. Communicate. That is the key to making sure your team and clients feel valued and empowered to make the right decisions. Not only will those you lead start to perform at their natural best, but you will too.”