Post the exit of ex Uber CEO, Travis Kalanick last year, here comes another shocker!
Jeff Holden joined Uber Technologies Inc., back in 2014. He was heading the Uber’s flying car Elevate division. However his departure is quite untimely. According to a source, Elevate will be now headed by Eric Allison. It was just last week, Uber hosted its second annual flying car summit.
Uber Technologies Inc., Chief Product Officer, Jeff Holden is leaving the company amidst the development of the company’s flying car effort, called Elevate.
At the summit, the flying car project got a big boost from the company’s new CEO, Dara Khosrowshahi.
Alongside, the company also came up against some of the realities of the hurdles like technological and regulatory issues that Uber would face in attempting to get Elevate off the ground. Jeff Holden himself brought the regulatory issues to light in his onstage conversations with Dan Elwell, the acting head of the Federal Aviation Administration.
Before flying cars, Holden was involved in leading the self driving efforts. Several sources inside the company described him as a visionary.
The current CEO, Dara Khosrowshahi has been shaking up the company since taking over last August aiming to improve Uber’s reputation after a string of scandals and issues.
Holden told the Uber Elevate Summit held in Dallas that the company is expected to deploy flying taxi services in Dallas-Fort Worth, Texas, and Dubai in 2020.
A spokesperson from Uber said “As demonstrated by last week’s Uber Elevate Summit, we’re incredibly bullish on the future of aerial ride-sharing and under the leadership of Eric Allison, the Elevate team is set up for success, and will continue to chart the course for this growing industry.”
Jeff Holden was one of very few executives in the top levels left at the cab hailing company, Uber!
SoftBank To Sell Off Entire Stake In Flipkart
SoftBank Group Corp., a Japanese multinational conglomerate, is in talks to sell off its entire stake in Flipkart. In a recent announcement, SoftBank confirmed that it will sell its stake of 23.6 % in the e tailer giant Flipkart, post the Walmart acquisition.
SoftBank spokesperson stated, SoftBank confirms the sale of its entire stake in Flipkart to Walmart.
The CEO Masayoshi Son, said its investment in the Indian e commerce Flipkart, was worth around $ 4 billion. The SoftBank Vision Fund also invested $ 30 billion in startups, last year. At a recent press conference held in Tokyo, Masayoshi disclosed that SoftBank’s $ 2.5 billion stake in Flipkart which was picked up last year, would be now worth $ 4 billion if it chooses to exit the firm. As the SoftBank’s fund is registered in Jersey, USA, there is no Double Taxation Avoidance Agreement (DTAA) as a buffer. However, SoftBank has now decided to sell the stake and work out the tax issues. SoftBank was earlier in discussions as well in order to stay invested in Flipkart and delay the sale due to tax issues related to short term capital gains.
According to a source, Walmart’s price implies Flipkart’s operating losses over the 18 months starting in August would be close to $ 2 billion. The overall hit to Walmart’s earnings from the Flipkart deal, including Flipkart’s losses, will be between $ 2.5 billion and $ 2.7 billion.
In the next coming years, Walmart’s approach toward Flipkart’s financial activities is likely to be determined by its investors in the United States. However, Walmart’s stock fell by 4% on the day it announced the Flipkart acquisition.
The buzz is SoftBank is also looking forward to exploring other avenues since it is not willing to miss out on Indian e commerce industry. Walmart also claims that SoftBank’s decision of selling its stake in Flipkart, will not make a major difference to its future plans for Flipkart.
Amazon India Is Now Worth $ 16 Billion!
With a lot of mergers and acquisitions taking place in the business world, the United States based technology giant Amazon India, could be valued at $ 16 billion. This makes Amazon India, the second most valued e commerce in India followed by it’s rival, Flipkart. Citi Research revealed a report last week in which it said Amazon India is expected to reach $ 70 billion in gross merchandise volume (GMV) and $ 11 billion in net sales by 2027.
The acknowledgment took place a week after the international retail giant Walmart, announced that it will acquire Indian e tailer Flipkart, with a 77 % stake. Post the acquisition, India’s largest e tailer Flipkart, now values between $ 20 billion to $ 22 billion.
Jeff Bezos, the Founder of Amazon, dedicated a whopping $ 5 billion for Amazon India services. In a recent shareholder letter, Bezos said the subscription service Prime added more members in India than in any other country previously. Bezos added in the letter that Prime Video is investing in Indian content in a massive manner.
Citi’s senior analyst Mark May and Hao Yan also noted in the report,
We believe that the India ecommerce market will grow at a 21% CAGR over the next ten years to reach a mark of $ 202 Bn, that Amazon could capture 35 % of this market and that the company could generate more than $ 10 Bn in revenue and nearly $ 1.5 Bn in FCF (free cash flow) by 2027.
The present valuation of $ 16 billion makes Amazon worth more than 170 companies in the S&P 500, including Clorox, Macy’s and Tiffany & Co.
According to a report by investment bank Morgan Stanley, Indian e commerce market is ready to fasten at $ 30 billion and is expected to be worth $ 200 billion by the year 2026. With e commerce market in India booming at an amazing pace, Jeff Bezos definitely looks dedicated toward enhancing Amazon India’s infrastructure and growth by investing majorly in India.
Oracle Unknown Facts
Oracle’s ride to success has been fast, quick and inspirational. From being a data programming company to a power player in the cloud computing industry, Oracle has come a long way! While the company works at constantly repositioning itself with new inventions, here are a few facts you did not know about this cloud computing, multi faceted startup!
1. The beginning
The company was started as a result of an CIA project codenamed Oracle. Larry Ellison liked the name Oracle so much, he stole it after the project was completed! Ironically, Oracle was also the name of ITVs latest service in the 1970s and the 1980s! Unfortunately, the first version of the Oracle failed miserably.
2. The second version was an instant success
With the first version of the software being such a disaster, there were quite a few expectations riding on Ellison and his team. Ellison simply renamed the first version as Oracle Version 2. Written in assembly language for the DEC PDP 11, a mini computer popular at the time with businesses and academia, it contained 128KB of memory.
3. Oracle’s first customer
Oracle’s first customer was Wright Patterson Air Base. According to Oracle, this sale was the first commercial version of relational database software sold on the market. However, it wasn’t until Oracle 7 in 1992 when the company finally managed to pull away from its rivals!
4. Oracle came back from a bust
The pressure to grow, or at least appear to grow, was too high for Oracle. With so many mini Ellisons running around the place, the company started to fall to pieces. In fact, at one point, the company even thought of firing Ellison. Oops! However, they pulled through and clearly, they are now a force to be reckoned with!
5. Ray Len was Ellison’s key to success!
Did you know that Larry Ellison would not have become a millionaire if it weren’t for Ray Len? In 1992, structure officially came to be when Len joined Oracle. He was responsible for single handedly creating the founding stone for Oracle 7!
With Oracle on the brink of becoming a truly enormous superpower, it is definitely worth looking into some unknown facts about Oracle. Comment and let us know if we missed out on any facts about Oracle!
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