eMarketer tries to quantify the rise of e-commerce. Reddit’s co-founder resigns from the board and SpaceX focuses on its next-generation spacecraft.
1. E-commerce sales in the US are expected to grow by 18% in 2020 but are not enough to offset the decline in retail
According to a new forecast released today by eMarketer, U.S. e-commerce sales will grow 18% this year due to the effects of the coronavirus pandemic. However, the surge in new online orders will not offset the overall impression the US retail sector will suffer this year, the company said.
Total U.S. retail sales are expected to decrease by 10.5% to $ 4.894 trillion in 2020. This is steeper than the 8.2% decline in 2009 during the financial crash and recession.
2. Alexis Ohanian steps down from the Reddit board and asks for his place to go to a black board member
Ohanian calls on the company he co-founded to fill his position with a black board member. This is a high-profile step for an organization with a rocky track record of racial issues. “I think resignation can actually be an act of leadership by those in power,” he said in his announcement. “For those struggling to fix our broken nation: don’t stop.”
3. Elon Musk says Starship is now SpaceX’s top priority
The CEO and founder of SpaceX, Elon Musk, says that after the first human launch, the company’s main focus in the future will be on developing the next-generation Starship starship. According to an internal email from CNBC, Musk said Starship Job is one for the company – except that with the imminent return of the Crew Dragon capsule from the International Space Station, everything is going well.
4. These free tools blur protesters’ faces and remove photo metadata
In the past week, developers have quickly developed apps and tools that demonstrators can use to remove hidden metadata from their photos and mask or blur faces to prevent facial recognition systems from identifying protesters.
5. TipsClear’s top 10 tips from Techstars’ virtual demo days in May
In the past few days, TipsClear has watched the video pitches of the five demo classes in May, including the demo day in Lisbon, its Seattle batch, the Los Angeles-based music-oriented group, the Air Force-sponsored accelerator, and the Cox Enterprises Social Impact Accelerator. (Additional crunch membership required.)
6. India’s Reliance Jio Platforms sells $ 750 million to the Abu Dhabi Investment Authority
The three-and-a-half-year-old digital unit of oil and retail giant Reliance Industries – the most valuable company in India – has now secured nearly $ 13 billion from seven investors, including Facebook, as well as US private equity backed companies Silver Lake and General Atlantic through the Sale of almost 20% of the shares.
7. This week’s TipsClear podcasts
This week’s regular equity episode turns away from funding news to discuss systemic racism in the U.S., while Monday’s news summary draws on the latest technical headlines, such as good news for Airbnb. And at Original Content, we’re reviewing the new Netflix “Space Force” series.