Industry News Update – Week of 11/13/2017

Last week, Lyft announced plans to initiate its international expansion by launching its services in Toronto in December 2017.

Musical.ly was acquired by Bytedance, Chinese company that operates Toutiao (news outlet and social media platform), for a purchase price between $800 million and $1 billion.

SpaceX’s Merlin engine caused a massive explosion during a test flight. The company launched a failure investigation and plans to continue its upcoming launches.

Uber’s board has reached an agreement on the terms of Softbank’s upcoming $10 billion investment.

A few weeks ago, Uber released a credit card for Millennials to track their points which can be used to pay for rides. Credit card subscribers can obtain a select percentage back from their purchases that can be converted to points. Users can obtain a $100 sign up bonus for spending $500 during their first 90 days.

The news articles and links presented below are available for your reference.

LYFT

“Lyft’s First Market Outside the U.S. Will be Canada With a December Launch in Toronto”

Musical.ly

“China’s Toutiao is Buying Musical.ly in a Deal Worth $800M-$1B"

SPACEX

"SpaceX Rocket Engine Explodes During Test at Texas Facility"

UBER

"Uber Board Strikes Agreement to Pave the Way for SoftBank Investment"

"Uber's New Credit Card Targets Millennials"