Lyft driver waits for a customer on a street in Santa Monica, CA. REUTERS
“The anti-Uber global alliance of ride-hailing companies has now officially taken shape,” writes Mike Isaac at the New York Times.
U.S.-based startup Lyft today announced an international coalition with GrabTaxi, Ola and Didi Kuaidi, three of Asia's top ride-hailing companies. The companies can now operate in each others’ home countries, and expand markets with their shared reach.
Financial terms were not disclosed.
The alliance takes aim at Uber, the world’s largest ride-hailing company. Uber, which is currently seeking funding at a valuation of more than $60 billion, operates in 67 countries and has become synonymous with the business of people ordering rides from their smartphones.
Many of Uber’s competitors are far smaller and operate in just one or two markets. By banding together, the companies aim to achieve more scale and more service adoption in relatively short amounts of time. Partnerships are less expensive than having to spend to establish operations in multiple markets.
“Lyft Joins With Asian Rivals to Compete With Uber” [NYT]
Twitter and Tiktok had preliminary negotiations about a potential merger/acquisition, reported the Wall Street Journal on Saturday.
TikTok, the social media app from China-based Bytedance, plans to sue the Trump administration in a challenge to the president’s executive order that bans the service in the United States.
Donald Trump on Thursday issued an executive order that bans doing business with ByteDance, the China-based company that owns TikTok. The ban takes effect in 45 days.
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