Daily Crunch - TikTok's CEO resigns

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.

The big story: TikTok's CEO resigns

Kevin Mayer, the former Disney executive who joined TikTok as CEO just over 100 days ago, announced yesterday that he’s resigning. While Mayer was likely brought on to reassure U.S. legislators about the app’s Chinese owners, it seems he wasn’t expecting this level of conflict, with President Donald Trump signing an executive order that would ban TikTok in the U.S. unless it’s sold to another company.

“We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision,” a TikTok spokesperson said in a statement. “We thank him for his time at the company and wish him well.”

As for which company might acquire TikTok, Walmart has confirmed that it’s interested in teaming up with Microsoft to acquire the popular video app.

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The tech giants

Salesforce confirms it’s laying off around 1,000 people in spite of monster quarter — Salesforce says it’s “reallocating resources to position the company for continued growth.”

Google Assistant app now uses your searches to make personalized recommendations — Those recommendations could include podcasts, restaurants, recipes and more.

Facebook isn’t happy about Apple’s upcoming ad tracking restrictions — The company says Audience Network revenue could decline by more than 50%.

Startups, funding and venture capital

Warby Parker, valued at $3 billion, raises $245 million in funding — The eyewear startup has launched a telehealth service for New York customers, allowing them to extend an existing glasses or contacts prescription.

Instacart faces lawsuit from DC attorney general over ‘deceptive’ service fees — The suit alleges that Instacart misled customers into thinking the 10% service fee was a tip for the delivery person.

Narrative raises $8.5 million as it launches a new data marketplace — The goal is to make buying data as easy as buying something on Amazon.

Advice and analysis from Extra Crunch

Alexa von Tobel: Eliminating risk is the key to building a startup during an economic downturn — Von Tobel says that one of the most important exercises in forming LearnVest was writing out a business plan.

To reach scale, Juni Learning is building a full-stack edtech experience — The startup’s path to $10 million in annual recurring revenue is inspired by Peloton, not Kumon.

What can growth marketers learn from lean product development? — Andrea Fryrear argues that marketers should begin creating minimum viable campaigns.

(Reminder: Extra Crunch is our subscription membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

A faster, easier, cheaper way of going public — The latest episode of Equity discusses direct listings and SPACs.

Here’s how you can get a second shot at Startup Battlefield — Your second chance comes in the form of two Wild Card entries for the upcoming Battlefield at Disrupt.

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