Industry News Update – Week of 9/18/2017

Last week, SoFi's CEO announced he is resigning at the end of 2017 following his participation in and lack of supervising several instances of sexual harassment between managers and female colleagues in an ongoing lawsuit. The lawsuit was brought up by an employee who claims that he was terminated from the company for reporting these sexual harassment occurrences.

On September 14th 2017, Pinterest reached 200 million monthly active users which represents a 14.3% increase when compared to the 175 million monthly active users in April 2017.

Slack's valuation rose to $5.1 billion after the company raised $250 million in a funding round led by Softbank. The company released its cross-organization teams feature which allows team members of different departments to work with one another within the company's platform. The company also has surpassed 6 million daily active users and generated more $200 million in annual recurring revenue.

Magic Leap is raising more than $500 million to further develop its prototype. After this funding round, the company's valuation is expected to rise to $6 billion. The product is expected to be priced between $1,500 and $2,000.

Lyft is in discussions with Alphabet to raise $1 billion to further develop its autonomous vehicle technology.

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

LYFT

“Alphabet Reportedly Considers a $1 Billion Lyft Investment”

MAGIC LEAP

"Magic Leap is About to Land Another $500 Million to Build its Competitor to Microsoft HoloLens"

PINTEREST

“Pinterest Crosses 200 Million Monthly Active Users"

SLACK

"With More Than 6M Daily Users, Slack Opens up Cross-organization Teams"

“Slack is Officially Worth $5.1 Billion After Raising a Monster $250 Million Round”

SOFI

"SoFi Board Says C.E.O. Is Out Immediately Amid Sexual Harassment Scandal"