Parler Sues Amazon After Being Removed From AWS - Daily Crunch

Several platforms and infrastructure companies have discontinued support for Parler, Microsoft has introduced a new Surface device, and a Chinese fitness application has secured $360 million in funding. This is your Daily Crunch for January 11, 2021.

Key development: Parler files lawsuit against Amazon following service disruption

Following the recent events at the U.S. Capitol and subsequent statements supporting those involved, President Donald Trump has been suspended from most prominent social media and internet services. Companies cited his role in encouraging the Capitol takeover as the reason for these actions.

The right-leaning social network Parler appeared to be a potential gainer from these bans; however, the application itself faced challenges. Both Apple and Google removed Parler from their app stores due to insufficient moderation of content promoting violence or illegal activities. Amazon Web Services then took similar action, leading to the network being taken offline.

Parler responded by initiating legal action against Amazon, alleging violations of antitrust laws. Simultaneously, alternative social media and messaging applications have experienced a surge in popularity.

Major technology companies

Microsoft’s newest Surface device, designed for business users, prioritizes remote work capabilities — The Surface Pro 7+ is available starting at $899 for the Wi-Fi model and $1,149 for the LTE version.

Snap has acquired StreetCred, a company specializing in location data — Four members of the StreetCred team will be joining Snap to contribute to the development of map and location-based features.

Samsung’s program for extending the life of older devices aims to repurpose existing technology — Samsung explains that the program “provides new ways to use older Galaxy phones, allowing consumers to transform them into a range of useful IoT devices.”

Startups, investment, and venture capital

Keep, a Chinese fitness app, has received a $360 million investment from Vision Fund — This latest funding round values the six-year-old startup at approximately $2 billion post-money.

Revolut has submitted an application for a UK banking license — It is surprising that the fintech company Revolut has not yet obtained a full banking license in its home country.

Orange has established Orange Ventures with a $430 million allocation — This new corporate structure is intended to attract investment from outside sources.

Insights and analysis from Extra Crunch

Affirm has increased its IPO price target, more than doubling its previous private valuation — The question arises as to which party is undervaluing the company.

A new investment approach, Flexible VC, caters to startups focused on profitability — A new type of investor is emerging, offering a combination of venture capital and revenue-based investment.

Extra Crunch Live offers the opportunity to receive direct feedback on your pitch deck from prominent VCs — As part of Extra Crunch Live, EC members will have the chance to get real-time feedback on their pitch decks from our guest investors.

(Extra Crunch is our subscription service, dedicated to providing accessible information about startups. You can register here.)

Other news

Hulu is offering a discounted rate of $1.99 per month for its on-demand service to students — This represents a discount of over 65% compared to Hulu’s standard ad-supported subscription.

Original Content podcast: ‘The Undoing’ delivers a compelling mystery despite some narrative choices — Our podcast hosts discussed their recent viewing of mystery series over the holiday period.

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