Apple Duolingo is significantly shifting App Store fees, raising more money and Pfizer is releasing updated vaccine results. This is your daily crisis for November 18, 2020.
The big story: Apple is cutting its app store fees
Apple is cutting the 30% fee normally charged on App Store transactions to 15% for some developers – especially those who make less than $ 1 million a year after Apple's commission.
The company estimates this will affect the “vast majority” of apps. Further eligibility details will be announced in December before the change takes effect on January 1st. Apple has been increasingly vocal in criticism from companies like Epic Games (its founders) (Tim Sweeney likened Epic's litigation to "civil rights battles"), and the issue was also raised in antitrust hearings.
"The App Store has been a driver of economic growth like no other, creating millions of new jobs and a path to entrepreneurship accessible to anyone with a great idea," Apple CEO Tim Cook said in a statement. "Our new program is driving this advancement – it helps developers fund their small businesses, take risks for new ideas, grow their teams, and continue to build apps that enrich people's lives."
The technology giants
Trump will lose Twitter protected status after his presidency – Twitter has recognized at various times that Donald Trump is not bound by the same rules that govern the rest of us, but CEO Jack Dorsey said it will not after his eviction will be the White House.
Google Pay is getting a major redesign with a new focus on personal finance. With today's update and redesign, Google is keeping all core functions, but is also taking service in a new direction.
Facebook launches E.gg, an experimental collage app – The company has dubbed the app "Digital Zine Creator" and "GIF Collage Bonanza".
Startups, Financing and Venture Capital
Marissa Mayer's startup is launching its first official product, Sunshine Contacts – designed to improve the process of organizing, updating and exchanging contact information with others.
The language learning app Duolingo confirms it raised $ 35 million on a valuation of $ 2.4 billion. This is a sizable jump from Duolingo's $ 1.65 billion valuation earlier this year when General Atlantic quietly poured $ 10 million into the company.
Quid raises $ 320 million to loan start-up employees using their equity as collateral. Quid has already made loans to employees at 24 companies, including Unity, Palantir, Crowdstrike, Uber and Lyft.
Advice and analysis of extra crunch
What China's Fintech Market Can Teach the World – In China, mobile phone digital payments are ubiquitous, and there is incredible innovation in lending, investing and digital currency.
After an IPO in 2021, what do we know about Robinhood's Q3 performance? – Robinhood's payment for order flow increased only marginally in the third quarter, according to TechCrunch analysis of the company's statements.
Dear Sophie, can an H-1B co-founder own a Delaware C Corp? – The latest edition of Sophie Alcorn's Advisory Column, which answers questions about immigration at work in technology companies.
(Reminder: Extra Crunch is our membership program that aims to democratize information about startups. You can sign up here.)
According to Pfizer, the COVID-19 vaccine is 95% effective in the final analysis of clinical trial results. This is an even better rate of effectiveness than previously reported by Pfizer.
Trump fires US cybersecurity officer Chris Krebs for debunking false electoral claims – Last week the Cancer Agency issued a statement stating that "there is no evidence that any voting system deleted or lost votes, changed votes, or in any way." Way has compromised ".
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