There’s so much going on out there in the world — from MoviePass finally imploding on itself to Google’s Waymo self-driving car company being valued at $175 billion dollars (!) — and by reading this newsletter, you’re getting the lowdown on the biggest news happening this week.
MoviePass has finally imploded on itself, but is quick to get back on its feet
MoviePass is still in the news and is being labelled as a spectacular disaster — the company doesn't have a feasible financial plan but is somehow resilient enough to still be around — facing major struggles with users and keeping the service afloat, but somehow coming out on top each time. The service is getting rid of the recently-added surge pricing and instead will limit users to seeing three movies per month in hopes of becoming quickly profitable, but it is hoping users will see less movies than that. But, we have to give it to the company — its managed to breathe new life into the theatre industry and has forced competitors to introduce similar services to retain customers.
Number of the week
Waymo, Google's autonomous car company, could be valued at more than $175 billion because of its entry into the logistics and licensing sectors, according the Morgan Stanley. Other firms value the company at lower values, with RBC Capital Markets coming in at $119 billion and UBS at $135 billion.
There's some assumptions included in Stanley's model, including the just-launched taxi share pilot in Phoenix and a focus on delivering goods instead of people.
In case you missed it
🔥Prisoners in California are working with firefighters for around $1 per hour to put out the wildfires throughout the state, but due to state laws, convicts will never be allowed to receive EMT licenses, a requirement to enter that job field.
🔎 Following the news that Google is building a censored search engine for China titled "Project Dragonfly", employees found themselves pissed and saw it as a betrayal of the company's values. Google reacted to employees by cutting off their access to information about the project and becoming radio silent about the commotion.
🌮 Companies like Facebook, Google, Twitter and more boast a variety of free food options on-campus to employees, but though that's a perk for employees, local businesses and cities are suffering as a result. Now, cities are pushing back against the "free food movement" by restricting the construction of company cafeterias.
🛍 Amazon is in the business of connecting buyers with sellers but, after a while, it knows what customers want and can produce the products directly, reaping in on the profit. With more than 100 of its own brands, there's large chance you've already purchased a product from the ecommerce conglomerate under names like Spotted Zebra, Good Brief, Wag and Rivet.