Tuesday’s Headlines: Airbnb Secures Exclusive Olympic Sponsorship
1. Accommodation booking giant Airbnb sealed a massive $500 million sponsorship deal with the Olympic Games on Monday evening ahead of its planned 2020 IPO. The San Francisco-based company announced it had joined an elite corporate list which includes Coca-Cola, Alibaba and more, and will cover the next five winter and summer games in Tokyo, Beijing, Paris, Milan, and Los Angeles — some of the company’s largest rental cities. The move marks the company's first major sponsorship deal, something Airbnb has refused in the past, as it hopes to increase the 200,000 listings it already has in the 5 Olympic host cities. Read the full story here.
2. The first-day hiccups of Disney+ were quickly resolved by the House of Mouse upon launch, but reports emerged last night that thousands of user accounts have been stolen by hackers and put up for sale on the dark web. It is reported that just hours after the streaming service was rolled out, hackers hijacked user accounts and were either offering them for free online or selling them for prices between $3 to $11. Despite this alleged breach, Disney shares rose more than 2% on Monday and are less than $3 off its 52-week high. Read the full story here.
3. Google stock dropped roughly 1% on Monday evening as Google announced the acquisition of startup CloudSimple to help build its cloud-computing unit. The Google Cloud Platform has fallen behind main rivals Microsoft Azure and Amazon Web Service and looks to add CloudSimple to its growing arsenal of SaaS acquisitions in order to rectify this. CloudSimple supports Microsoft Azure, has partnered with the company in the past, and even received venture funding from Microsoft, but it is unclear whether this connection will remain following the acquisition. Google has not announced how much it paid for the cloud-computing startup. For the full report, check it out here.