Industry News Update – Week of 11/27/2017

Last week, Lyft was raising an additional $500 million as an extension of its most recent funding round and received permits from California’s Department of Motor Vehicles to test its self-driving vehicles. Lyft was procuring an additional $500 million as part of its Series H funding round which has already raised $1 billion from Google. Following this funding round, the company’s valuation is expected to increase to $11.5 billion. Lyft also received approval from California’s Department of Motor Vehicles to test its autonomous vehicles on the public roads in the state of California.

Uber failed to disclose a massive data breach that occurred in October 2016 that presented two hackers with personal information on 57 million accounts such as the passenger’s name, email address and mobile phone numbers. The company paid these two hackers $100,000 to hide this data breach. Following the launch of a federal investigation from the New York attorney general, Uber fired its Chief Security Officer and Deputy.

Instacart workers in several cities have gone on strike to oppose their low hourly wages which in some cases have been as low as $1 per hour. These workers want Instacart to revise their compensation structure to address larger orders and make tipping more apparent.

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

INSTACART

“Instacart Workers are Striking Over Wages Reportedly as Low as $1 an Hour"

LYFT

“Lyft Raising Additional $500 Million on Top of Recent $1 Billion Round”

“Lyft Gets Approval to Test Self-driving Cars on Public Roads in California”

UBER

"Uber Paid Hackers $100,000 to Keep Secret a Massive Data Breach In 2016”