ByteDance to form Douyin Group, or to list in Hong Kong
The website of the Hong Kong Companies Registry shows that ByteDance (Hong Kong) Co., Ltd. has changed its name to Douyin Group (Hong Kong) Co., Ltd., effective May 6, 2022. In addition, several other companies under ByteDance have also changed their names to “Douyin” one after another. According to Tianyancha, ByteDance Co., Ltd. changed its name to Douyin Co., Ltd. According to the National Enterprise Credit Information Publicity System, Beijing ByteDance Technology Co., Ltd. changed its name to Beijing Douyin Information Service Co., Ltd.
On April 25 this year, ByteDance appointed a new chief financial officer (CFO), Julie Gao, a senior partner at Skadden International Law Firm. These successive moves are believed by the outside world that the company is reconsidering to list domestic businesses such as Douyin independently as Douyin Group in Hong Kong.
According to the Beijing News, Douyin Group (Hong Kong) Co., Ltd. has three directors, namely ByteDance CEO Liang Rubo, Mo Zhaoqi and Zhang Peng, and the company is a private limited company.
The person in charge of Douyin responded to the media: No comment. (Source: Network Synthesis)
Elon Musk unveils big plans for Twitter
Recently, Musk showed investors his grand plans for Twitter, releasing a series of financial indicators. The main contents are:
Revenue to increase fivefold to $26.4 billion by 2028; reduce Twitter’s reliance on advertising to less than 50% of revenue; generate $15 million from payments; increase average revenue per user by $5.39; by 2028 Reach 931 million users; hire 3,600 employees after layoffs of hundreds; increase free cash flow to $9.4 billion in 2028.
Mascar also revealed that a new product X will appear in the future, which according to the document will have 104 million users by 2028. The document doesn’t detail what x subscribers are, but Musk hinted at an ad-free experience on Twitter. In 2023, the product of x subscribers appears on the advertising platform, with an estimated 9 million users in the first year. (Source: NYT)
Ford expected to sell some Rivian stake after IPO lock-up period expires
The post-IPO lock-up period for electric car maker Rivian will expire on Sunday, and a flood of stocks could be flooding the market. According to Seeking Alpha, Ford is one of the companies that will sell some of its shares. Ford plans to sell 8 million of its 102 million shares.
Rivian’s stock has been falling since its successful initial public offering last November.
Rivian went public on Nov. 10 at $78 a share, and the stock recently closed at $28.79, down 84% from its highs. Another unnamed investor will sell 13 million to 15 million shares.
Ford reported a net loss of $3.1 billion in the first quarter due to a sharp drop in the valuation of its Rivian stake. Ford said the investment suffered a $5.4 billion loss in market value. (Source: Sina Finance)
BGI wins $334 million in compensation, Illumina convicted of two patent infringements
On May 6, 2022, a federal jury in the state of Delaware found that Illumina infringed two patents on DNA sequencing technologies of Complete Genomics Inc. (CGI), a subsidiary of BGI, and should pay CGI $333.8 million in damages.
The BGI-Illumina patent dispute began in May 2019, with CGI claiming that Illumina’s “dual-channel” DNA sequencing system infringed one patent, and in July 2020 added a lawsuit against another patent covering the same technology. In July 2019, Illumina filed a counterclaim, claiming that certain models of BGI’s gene sequencer infringed three Illumina patents. In previous trials, both sides had their own victories. In the ruling at the end of March this year, BGI was sentenced to pay Illumina $8 million.
In this round, the jury found that while the sequencers sold by CGI infringed on two of the three Illumina patents, they argued that those three patents should not have been granted in the first place, so any potential damages fell through. Ultimately, the trial found that Illumina should pay BGI $333.8 million, and an Illumina spokesman said the company disagreed with the decision and planned to appeal. Still, Illumina’s stock fell more than 14% following the judgment. (Source: Recreate)
In order to prevent Google from taking a cut, Amazon’s Android app has banned the purchase of Kindle e-books
To avoid paying Google a 30 percent commission on digital content, Amazon has removed the ability to buy Kindle books and other digital content from its Android shopping app.
According to a recent BBC report, Amazon has implemented the change in response to Google Play Store policies. The policy requires app developers with annual turnover of more than $1 million to pay a 30% commission on all in-app purchases.
Amazon said users can still download and stream owned content through the app, but only make new purchases through the Amazon website or the Kindle app. Amazon previously took the same approach on Apple’s iOS platform to avoid Apple’s cut.
This isn’t the first time Amazon has stopped deals due to fees. Late last year, the company said it would stop accepting Visa credit cards in the UK, citing a “pretty staggering” increase in Visa’s transaction fees. Amazon, however, has not implemented the change, as the company struck a deal with Visa earlier this year. (Source: IT House)
Airbnb CEO: Offices are obsolete, employees can work remotely permanently
In an interview with Time magazine published on Sunday, Chesky said he sees the office as “an outdated form” from the pre-digital age. His remarks follow Airbnb’s announcement earlier this week that it would allow employees to work remotely forever without pay cuts, citing a move that would expand its talent pool and noting the company’s productivity in two years of remote work Highest. Chesky said that shortly after announcing that Airbnb would be fully telecommuting, the company’s career page received more than 800,000 hits. (Source: Sina Technology)
Toutiao responded to Tencent Video’s 10 million infringement claim: the related video has been removed from the shelves, and will actively respond to the lawsuit
There are a large number of unauthorized short videos of “Flavor World” and “You Fei” on the headlines of ByteDance’s products. Tencent Video recently sued ByteDance for copyright infringement and unfair competition. The two cases claim a total of 1,000 yuan. Ten thousand. At present, the case has been filed and accepted by the Intellectual Property Court of Hainan Free Trade Port.
According to Phoenix.com Technology reports, the relevant legal person in charge of Toutiao responded that they have not received the court litigation materials and will actively respond to the lawsuit.
The collection of “Flavor World Series” that appears in the current report, the video content is the user’s tasting video based on the dishes appearing in the “Flavor World” program. There is no “Flavor World” program screen in this collection; “You Fei” related videos were posted by the same user. On the afternoon of the day (May 6) that Tencent Video’s complaint email was received, the platform had promptly removed the related videos from the shelves. (Source: IT House)
Instagram plans to support NFTs from Ethereum, Polygon, Solana, Flow on-chain
Instagram is planning to integrate NFTs on Ethereum, Polygon, Solana, and Flow chains, with a pilot announcement coming next Monday. Instagram does not charge users to upload and display NFTs. Instagram also plans to integrate widely used crypto wallets such as MetaMask, which will allow users to prove NFT ownership, display it on their profile and display the NFT creator. (Source: CoinDesk)
DJI Mini 3 Pro drone first flight video exposure is only 249 grams, supports 4K shooting
DJI officially announced that it will hold a new product launch conference on May 10, and released a promotional video, slogan is “there will be drama soon”. Judging from the promotional video, the camera of the drone may be able to rotate, in addition to supporting conventional horizontal shooting, it also supports vertical shooting. It is reported that the new product will be the previously exposed Mini 3 Pro.
According to The verge, the Mini 3 Pro’s controller is similar to DJI’s current RC Pro, with some buttons and ports removed, and no antennas protruding from the top.
Mini 3 Pro is equipped with a 1/1.3-inch CMOS sensor and f/1.7 aperture lens, supports direct output of HDR images, and can shoot 4K/60fps video, 1080P/120fps slow-motion shooting and 48-megapixel RAW photos.
(Source: Fast Technology)
Coca-Cola has grown more than 500,000 times in 100 years
According to the Securities Times, Coca-Cola’s share price has recently hit a record high, and its recovery price has risen an astonishing 500,000 times over the past 100 years, illustrating the compounding power of “good business.” Coca-Cola’s business model has the following five characteristics: First, it locks in customers with strong product power and brand power, and makes it difficult for customers to switch consumption habits; second, it is particularly adaptable to inflation, and price increases will not weaken market share; The third is a small-cost big business, and the expansion of the sales scale does not require too much additional capital investment; the fourth is an enterprise that relies less on management and can be operated by “one hamburger”; (Source: Securities Times)
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