Industry News Update – Week of 5/30/2017

Last week, Uber agreed to repay drivers who collectively lost tens of millions of dollars in earnings when the company incorrectly took a transaction fee from its drivers’ post-tax earnings instead of their pre-tax earnings. While not a significant cost in the scope of the business, the settlement represented yet another cycle of adverse news flow for the company.

In addition, Uber fired Anthony Levandowski for not complying during the Uber vs Waymo investigation and appointed Eric Meyhofer, interim head of Uber Advanced Technology Group, to lead Uber’s self-driving initiatives.

In other news, Dropbox hired Sylvie Veilleux as its first ever CIO, whose mission will be to increase workforce diversity and expand the service offerings of the company.

Flipkart signed a term sheet to acquire Snapdeal, major Indian e-commerce company, for $1 billion, in order to more effectively battle Amazon India.

Lyft introduced Lux and Lux SUV vehicles, premium black cars, as new offerings on its platform.

Spotify settled a $43.4 million copyright infringement lawsuit relating to unpaid royalties for the rights to several songwriters' music.

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

DROPBOX

"Dropbox Appoints Its first ever CIO, Sylvie Veilleux"

FLIPKART

"Flipkart Signs Term-sheet For Buying Out Smaller Rival Snapdeal"

LYFT

"Lyft Launches Two Premium Ride Hailing Options, Lux and Lux SUV"

SPOTIFY

"Spotify Settles Class Action Lawsuits Filed By David Lowery and Melissa Ferrick With $43.4 Million Fund"

UBER

"Uber to Repay Millions to Drivers, Who Could Be Owed Far More"

"Uber Fires Otto Co-founder Anthony Levandowski Due To Waymo Dispute”