Tencent was caught flatfooted by the surging popularity of ByteDance’s first breakout domestic hit, Toutiao, an app that used computer algorithms to deliver personally tailored news and entertainment. Tencent’s own version never attained the same status, even though the social network WeChat is used by basically everyone in China. Now, Bloomberg reports, Tencent is taking aim at ByteDance with...
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MoonPay Is Trying to Reinvent Itself
In case you missed it, I scooped Tuesday that insiders at MoonPay, including its DJ-turned-CEO Ivan Soto-Wright, sold $150 million worth of shares in a secondary transaction as part of its $555 million November 2021 funding round. And a few weeks after the Series A announcement, Soto-Wright bought a $38 million Miami Beach estate that was previously owned by retired Miami Heat star Chris Bosh....
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