LA Tech Updates: GoodRx IPO?; Trump Gives Green Light for  Microsoft to Acquire TikTok

Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.

LA Tech Updates: GoodRx IPO?; Trump Gives Green Light for  Microsoft to Acquire TikTok
Photo by freestocks on Unsplash

Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.

Today:

  • Reuters reports GoodRx is looking to go public
  • If American company doesn't buy Tiktok by Sept. 15, Trump said "it will be out of business."

          If U.S. Company Doesn't Buy Tiktok by Sept. 15, Trump Said "It Will be Out of Business."

          TikTok got at least a temporary reprieve in the ongoing battle between the U.S. and Chinese governments over its fate.

          President Donald Trump said Monday TikTok could be bought by an American company after threatening to ban it in the U.S. on Friday. The move opens the door to a Microsoft acquisition but if no deal is reached by September 15th, Trump said TikTok "will be out of business in the United States."

          Trump also added a new wrinkle to the negotiations, saying that "a very substantial portion" of the purchase would have to go to the U.S. Treasury, "because we're making it possible for this deal to happen." It is not yet clear how that would work.

          Trump's remarks follow a recent conversation with Microsoft chief executive Satya Nadella about his firm's intentions to potentially acquire the Chinese-owned company, Microsoft wrote in a blog post Sunday. The President stated he will hold off banning TikTok while Microsoft negotiates with its Chinese parent company, ByteDance.

          According to Microsoft's statement, the two companies are exploring a proposal wherein the Seattle-based software behemoth would purchase and operate TikTok's operations in the U.S., Canada, Australia and New Zealand. The acquisition could also include participation from minority investors.

          In its statement, Microsoft touted its ability to add "world-class security, privacy and digital safety protections" to TikTok, which could assuage the national security concerns of many U.S. government officials over the Chinese government's access to TikTok's data.

          Specific security measures mentioned in Microsoft's statement include ensuring that TikTok's data on American users is transferred to and remains in the U.S., and that any American user data in servers outside the country is deleted.

          Microsoft underscored that the discussions are preliminary. "We do not intend to provide further updates until there is a definitive outcome to our discussions," the statement said.

          The two companies have given notice of their intent to pursue a deal to the U.S. Committee on Foreign Investment in the United States, which is already investigating whether ByteDance's 2018 acquisition of L.A.-based Musical.ly threatens national security.

          Republican Senator Lindsey Graham called the discussions "a win-win in the making" while Senator Marco Rubio, who has been critical of TikTok, has said if the company and its data can be "purchased & secured by a trusted U.S. company that would be a positive & acceptable outcome."

          GoodRx is Reportedly Looking to Go Public

          shallow focus photography of prescription bottle with capsulesPhoto by Sharon McCutcheon on Unsplash

          The prescription marketplace platform GoodRx Inc has filed with the U.S. Securities and Exchange Commission for a potential initial public offering, Reuters reported Sunday.

          The Santa Monica-based company was valued at $2.8 billion in 2018 when private equity firm Silver Lake took a stake. Reuters reported the company is hiring IPO advisers and the listing could come later this year or early 2021.

          Last year, the company purchased HeyDoctor, a telemedicine service that has expanded its care options.


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          🚁 One Step Closer to Air Taxis in LA
          Image Source: Joby Aviation

          🔦 Spotlight

          Joby Aviation, a pioneering electric air taxi company, has achieved a significant milestone by successfully flying a hydrogen-electric aircraft demonstrator for 523 miles with only water as a byproduct. This groundbreaking flight showcases the potential for emissions-free regional travel using vertical take-off and landing (eVTOL) aircraft, eliminating the need for traditional runways. The company's innovative approach combines its existing battery-electric air taxi technology with hydrogen fuel cells, paving the way for longer-range, environmentally friendly air travel.

          For LA residents, this development holds exciting implications for future transportation options. Joby's technology could potentially enable direct flights from LA to destinations like San Francisco or San Diego without the need to visit conventional airports, offering a cleaner and more convenient alternative to current travel methods. The company's progress in both battery-electric and hydrogen-electric aircraft positions it at the forefront of next-generation aviation, promising to revolutionize urban and regional mobility.

          Notably, Joby Aviation has already made strides in Southern California by securing an agreement with John Wayne Airport earlier this year to install the region's first electric air taxi charger. This strategic move sets the stage for LA to be among the initial markets where Joby will launch its electric air taxi service. With plans to commence commercial operations as early as 2025 using its battery-electric air taxi, LA residents may soon have access to a fast, quiet, and environmentally friendly mode of transportation that could significantly reduce travel times and traffic congestion in the region. In the not too distant future, LA might find itself in an identity crisis without traffic and excess smog 🤞🤞.


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          Fuel Innovation: 7 Unforgettable Team Building Experiences in LA
          Image Source: Discover LA

          In today's competitive business landscape, team building activities have emerged as a crucial tool for fostering a positive work environment, enhancing productivity, and crucially, improving employee retention. Studies have shown that such activities help employees feel valued, with one report indicating that 93% of those who felt appreciated were more motivated at work. Importantly, team building events may improve retention rates, as employees who feel connected to their colleagues and company culture are more likely to stay long-term. With these benefits in mind, let's explore some of the most engaging and effective team building activities available in Los Angeles.

          Pickleball

          Image Source: Modern Luxury Angelino

          Pickleball is a fantastic team bonding activity because of the easy-to-grasp rules and gentle pace make it perfect for everyone, regardless of age or fitness level. The game thrives on communication and teamwork, as players must collaborate and strategize to outplay their opponents, boosting team cohesion. Plus, the lively, fast-paced action sparks friendly competition and laughter, creating a fun and spirited atmosphere that brings everyone closer together. Los Angeles boasts numerous pickleball courts that are easy to rent if you have your own equipment. If you need additional assistance organizing your pickleball outing, there are plenty of full-service companies ready to handle every detail for you.

          Resources: Pickle Pop, Corporate Pickle


          Escape Room

          Image Source: The Escape Game

          Escape rooms are a great way to build camaraderie. They require participants to work together, combining their problem-solving skills and creativity to overcome challenges and puzzles. The immersive and time-sensitive nature of escape rooms fosters collaboration and communication. Additionally, the shared experience of tackling complex tasks and reaching a common goal helps build trust and foster positive emotions among colleagues.

          Resources: The Escape Game, 60Out


          Day Trip to Catalina Island

          Image Source: Love Catalina

          Catalina Island is a perfect day trip for a team because it provides a break from the usual work environment, allowing team members to relax and connect in a new setting. Shared experiences during the trip, such as exploring new places and participating in fun activities, help build stronger relationships and foster a sense of camaraderie. There are numerous team-building activities such as an arboreal obstacle course, an island tour, scavenger hunts and more.

          Resources: Catalina Island Group Activities


          Top Golf

          Image Source: Topgolf

          Topgolf is an excellent team building event because it provides an inclusive, relaxed atmosphere that accommodates players of all skill levels, fostering personal connections and improving team morale. The unique blend of competition and entertainment creates an ideal setting for building trust, enhancing communication, and revealing hidden skills among team members. Additionally, Topgolf offers structured team building packages with guided activities, discussion prompts, and lessons on culture, change, collaboration, and strategy, making it a versatile and effective platform for strengthening relationships and boosting overall team performance.

          Resources: Topgolf El Segundo


          SoFi Stadium Tour

          Image Source: Discover LA

          A SoFi Stadium tour offers a unique, behind-the-scenes experience of one of the world's most advanced sports venues, allowing team members to explore exclusive areas like premium suites, team locker rooms, and the player tunnel together. The tour provides a shared, memorable experience that can foster camaraderie and spark conversations among team members, regardless of their interest in sports. Additionally, the stadium's state-of-the-art features and impressive architecture can inspire creativity and innovation, while the group setting encourages interaction and collaboration, making it an engaging and enjoyable activity for teams of various sizes and backgrounds

          Resources: SoFi Stadium Group Tours


          Corporate Volunteering

          Image Source: L.A. Works

          Volunteer work serves as an excellent team building activity by uniting employees around a shared, meaningful cause, fostering a sense of purpose and collective accomplishment. It provides opportunities for team members to collaborate in new ways, often revealing hidden strengths and leadership qualities that may not be apparent in the regular work environment. Additionally, engaging in community service can boost morale, enhance the company's reputation, and instill a sense of pride among employees, leading to improved workplace relationships and increased job satisfaction.

          Resources: Habitat for Humanity, L.A. Works, VolunteerMatch


          Corporate Improv Sessions

          Image Source: Improv for the People

          A corporate improv class encourages spontaneity, creativity, and quick thinking, skills that are valuable in the workplace. It promotes active listening and collaboration, as participants must work together to create scenes and respond to unexpected situations, fostering better communication and trust among team members. Additionally, the playful and often humorous nature of improv helps break down barriers, reduces stress, and creates a shared positive experience that can improve team morale and cohesion long after the event.

          Resources: Improv-LA, Groundlings, Improv for the People

          🎬 Paramount and Skydance Are Back On
          Image Source: Paramount

          Happy Friday Los Angeles! Hope you all had a fantastic Fourth!!

          🔦 Spotlight

          Paramount and Skydance Media have rekindled talks to merge after negotiations abruptly halted in June. The proposed deal, contingent on approval from Paramount’s board, aims to combine Paramount’s extensive media holdings—including CBS, MTV, and Nickelodeon—with Skydance’s film expertise showcased in hits like "Top Gun: Maverick." This merger signals a potential transformation in the media landscape, positioning the new entity to compete more effectively amid challenges from streaming services and the decline of traditional cable TV.

          Led by Shari Redstone, Paramount’s controlling shareholder via National Amusements, the deal represents a pivot towards revitalizing Paramount’s strategic direction amidst financial struggles and shareholder concerns. The involvement of major investors like RedBird Capital Partners and David Ellison underscores the financial backing aimed at stabilizing Paramount’s operations and addressing its $14 billion debt burden. Importantly, the agreement includes provisions to protect National Amusements from potential legal challenges, addressing previous hurdles that stalled earlier negotiations.

          The deal also includes a 45-day period for Paramount to explore alternative offers, highlighting continued interest from other potential buyers like Barry Diller’s IAC and media executive Edgar Bronfman Jr. This flurry of activity underscores the significant stakeholders’ interest in Paramount’s future and its potential as a key player in a rapidly evolving media industry.


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          • Sidecar Health, a startup that offers personalized health insurance plans to businesses that allow members to see any doctor and pay directly at the time of service, raised a $165M Series D led by Koch Disruptive Technologies. - learn more

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