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Didi Removed From WeChat And Alipay Apps As China Crackdown Intensifies

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More pain for Didi’s main app that’s now been removed from WeChat messaging service and Ant Group’s Alipay

Wechat and Alipay which have over 1 billion users are so called super-apps, meaning users can open and use other apps, like Didi, without leaving Alipay or WeChat.

In another blow to the Chinese ride-hailing company, the Didi Service has been removed from this too

Shares of the company have since dipped 20 percent.

Didi takes $22 billion hit in market value following China’s stern stance

Chinese-based ridesharing company Didi has plunged in premarket trading after a Chinese regulator ordered the removal of the company’s platform from app stores.

The stern stance comes days after a $4.4 billion initial public offering in the U.S.

Shares of the tech firm fell as much as 30% – wiping out around $22 billion of market value and taking the stock below the $14 IPO price.

Didi responded to the crackdown and stated that its business model would ‘greatly suffer’

While Didi’s half-billion existing users will still be able to order rides, for now, China’s cybersecurity crackdown adds to the uncertainty surrounding all the nation’s internet companies. 

Chinese regulators asked Didi as early as three months ago to delay its landmark U.S. IPO because of national security concerns involving its huge trove of data, according to people familiar with the matter.

Jack is a journalist and producer at Ticker NEWS. He's previously worked for digital media publications in Australia and the US. Jack is particularly interested in reporting on international affairs and sport.

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Big tech stocks tumble amid market uncertainty

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Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation

Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.

Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.

Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.

Amazon saw similar results falling by 35 per cent the most in over 20 years.

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Google to pay millions to app developers

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App developers are accusing Google of tempting users into making in-app purchases.

The lawsuit relates to money that was made by app creators for Android smartphones.

The lawsuit was filed in a San Francisco court, where the 48,000 app developers are believed to have been affected.

“Following our win against Apple for similar conduct, we think this pair of settlements sends a strong message to big tech: the law is watching, and even the most powerful companies in the world are accountable when they stifle competition.”

Steve Berman, ATTORNEY FOR the Android developers.

Google says the settlement’s funds will support developers who have made less than USD $2 million in revenue between 2016 and 2021.

“A vast majority of U.S. developers who earned revenue through Google Play will be eligible to receive money from this fund, if they choose,” the company says.

Google says it will charge developers a 15 per cent commission on their first million in revenue.

The court is yet to approve the proposed settlement.

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Tesla deliveries expected to fall – here’s why

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Tesla deliveries are expected to drop significantly in the second quarter, as prolonged Covid lockdowns in China and supply chain issues take their toll

The company is also struggling to ramp up its new factories, with Tesla boss Elon Musk seemingly distracted by his very public pursuit of Twitter.

Tesla has been plagued by production glitches in China and slow output growth at new factories in both Texas and Berlin.

Experts predict deliveries will slump to just over 295,000 vehicles for the second quarter.

This would be down from the company’s record of 310,000 in the preceding quarter, marking Tesla’s first quarter-on-quarter decline since 2020.

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