Turmoil continues at TikTok, Salesforce lays off 1,000 people and Warby Parker is now valued at $3 billion. This is your Daily Crunch for August 27, 2020.
\nThe big story: TikTok\u2019s CEO resigns
\nKevin Mayer, the former Disney executive who joined TikTok as CEO just over 100 days ago, announced yesterday that he\u2019s resigning. While Mayer was likely brought on to reassure U.S. legislators about the app\u2019s Chinese owners, it seems he wasn\u2019t expecting this level of conflict, with President Donald Trump signing an executive order that would ban TikTok in the U.S. unless it\u2019s sold to another company.<\/p>\n
\u201cWe appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin\u2019s role would be going forward, and fully respect his decision,\u201d a TikTok spokesperson said in a statement. \u201cWe thank him for his time at the company and wish him well.\u201d
\nAs for which company might acquire TikTok, Walmart has confirmed that it\u2019s interested in teaming up with Microsoft to acquire the popular video app.
\nThe tech giants
\nSalesforce confirms it\u2019s laying off around 1,000 people in spite of monster quarter \u2014 Salesforce says it\u2019s \u201creallocating resources to position the company for continued growth.\u201d
\nGoogle Assistant app now uses your searches to make personalized recommendations \u2014 Those recommendations could include podcasts, restaurants, recipes and more.
\nFacebook isn\u2019t happy about Apple\u2019s upcoming ad tracking restrictions \u2014 The company says Audience Network revenue could decline by more than 50%.
\nStartups, funding and venture capital
\nWarby Parker, valued at $3 billion, raises $245 million in funding \u2014 The eyewear startup has launched a telehealth service for New York customers, allowing them to extend an existing glasses or contacts prescription.
\nInstacart faces lawsuit from DC attorney general over \u2018deceptive\u2019 service fees \u2014 The suit alleges that Instacart misled customers into thinking the 10% service fee was a tip for the delivery person.
\nNarrative raises $8.5 million as it launches a new data marketplace \u2014 The goal is to make buying data as easy as buying something on Amazon.
\nAdvice and analysis from Extra Crunch
\nAlexa von Tobel: Eliminating risk is the key to building a startup during an economic downturn \u2014 Von Tobel says that one of the most important exercises in forming LearnVest was writing out a business plan.
\nTo reach scale, Juni Learning is building a full-stack edtech experience \u2014 The startup\u2019s path to $10 million in annual recurring revenue is inspired by Peloton, not Kumon.
\nWhat can growth marketers learn from lean product development? \u2014 Andrea Fryrear argues that marketers should begin creating minimum viable campaigns.
\n(Reminder: Extra Crunch is our subscription membership program, which aims to democratize information about startups. You can sign up here.)
\nEverything else
\nA faster, easier, cheaper way of going public \u2014 The latest episode of Equity discusses direct listings and SPACs.
\nHere\u2019s how you can get a second shot at Startup Battlefield \u2014 Your second chance comes in the form of two Wild Card entries for the upcoming Battlefield at Disrupt.
\nThe Daily Crunch is TechCrunch\u2019s roundup of our biggest and most important stories. If you\u2019d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.<\/p>\n