The companies said they would comply with the recommendations made, the ministry statement said. It said it had urged the platforms to improve the transparency of their business operations, implement reforms to reduce price competition, and maintain a fair environment for market competition. The ministry said in the statement that the four online logistics service platforms had problems with repeat charges, price competition, and other irregularities which 'damage the legitimate rights and interests of truck drivers'.
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There has, though, been a sufficient reduction in the app's general availability that growth has stalled, and its market value has dropped by over 80%.īEIJING: China's transport ministry on Friday (Aug 26) summoned Didi Global's cargo division, Full Truck Alliance, GOGOX and Huolala over 'operational irregularities', it said in a statement. As a result, it's said that China's mobile stores have dropped the Didi app, although it appears to still be available on the App Store. That was reportedly to do with alleged infractions compromising national security.ĭidi also went ahead with a US public offering in June 2021, despite the Chinese government's objections. Although the news has only now been revealed, Perica actually quit the board on August 4, 2022.īloomberg reports that Didi has had a tumultuous year, including being fined $1.2 billion by the Chinese government. As part of that deal, Apple got to put its vice president of corporate development, Adrian Perica, onto the Didi board.Īccording to Bloomberg, Perica has now left the board and does not appear to have been replaced by any other Apple executive. Six years after Apple invested $1 billion in China's Uber-like Didi Global company, its representative has quietly left the board.ĭidi Global bought out Uber China in July 2019 for $1 billion, and later that year, Apple invested the same amount in the company. These affiliate partnerships do not influence our editorial content. According to Bloomberg, Son “may see the current moment-with tumbling stock prices and fearful investors-as just the right moment to prepare for big bets.” Going the gutsier route has sometimes worked for Son in the past, but it places SoftBank’s future, in addition to its reputation, on the line.ĪppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. If this third fund follows in preceding Vision Funds’ footsteps, then Son may be on the hook for more money, and could blow through SoftBank’s cash reserves. SoftBank’s eccentric founder, self-made billionaire Masayoshi Son, personally owes $2.1 billion to SoftBank under the terms of the Vision Fund 2 funding structure and due to the fund’s poor performance what’s more, SoftBank is about to lay off 20% of its staff, and employee salaries have already been cut. This could signal SoftBank’s gradual decline. With so much investor money already wasted on bad bets-from WeWork to Didi Global-SoftBank may have to use its own cash for the new fund. SoftBank reported a $23B loss in Q2 2022.
Japan-based tech investor SoftBank is reportedly considering another multibillion-dollar startup fund.
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