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

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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 capsules Photo 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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          It's almost 90 degrees outside in Los Angeles as lines of cars pull up to Dodger Stadium, home to a mass vaccination site that opened Friday.

          "Please make sure that they're not under the sun in the cart," Edith Mirzaian is telling a volunteer as she directs the person to put ice packs on coolers that hold up to 20 COVID vaccines. Mirzaian is a USC associate professor of clinical pharmacy and an operational lead at one of California's largest vaccination sites.

          Dodger Stadium alone — once the nation's largest COVID-19 testing site — is slated to vaccine up to 12,000 people each day, county and city health officials said this week. Officials plan to finish vaccinating some 500,000 health care and assisted care employees by the end of this month before opening appointments up to people 65 and older.

          Mirzaian is desperately trying to make sure that the vaccines don't spoil.

          "We have to be the guardians of the vaccine," she said.

          Earlier this month, hundreds of vaccinations were lost after a refrigerator went out in Northern California, forcing the hospital to rush to give out hundreds of doses. Mirzaian's task tells a larger story of the difficult and often daunting logistical process required to roll out a vaccine that requires cold temperatures.

          "You know they can't be warm so just keep an eye out," she gently reminds the volunteer.

          The volunteers and staff from USC, the Los Angeles Fire Department and Core Laboratories prepared enough doses to vaccinate around 2,000 residents on Friday and they plan to increase capacity each day after.

          Local health officials are holding the vaccination syringes in coolers after they leave the air-conditioned trailers. The coolers are then covered in ice packs and wheeled on carts to clinicians administering shots to health care workers and nursing home staff eligible under the state's vaccination plan.

          "Vaccines are the surest route to defeating this virus and charting a course to recovery, so the City, County, and our entire team are putting our best resources on the field to get Angelenos vaccinated as quickly, safely, and efficiently as possible," said mayor Eric Garcetti in a statement announcing the plan.

          Health officials around the world are racing against time as the virus mutates and poses greater dangers.

          "We have a little bit of borrowed time here right now because these variants are not here in great numbers from what we can tell," said Susan Butler-Wu, an associate professor in clinical pathology at USC's Keck School of Medicine of USC.

          Curbing the spread of the virus is a vital way to prevent mutant strains from developing, she said.

          Mirzaian, who arrived at the site before it opened at 8 a.m., said that there were logistical challenges as volunteers scrambled to assemble what will likely be the hub of the region's vaccination efforts.

          "It's challenging to make sure that everyone knows what the process is and what we're doing and what to tell the patients who receive the vaccines."

          After a few hours, the procedure moved quicker.

          Residents have to show identification and proof of employment before they're taken through a list of pre-screening questions and given the vaccine through their car window. They're required to then wait for 15 minutes while clinicians monitor them for side effects.

          Mirzaian said the process took each car about an hour. While eligible residents can walk-in for vaccinations, she recommends they make appointments so that enough doses are made available each day.

          "As long as people have their appointments, they will get in," she said. "We are ready. We are like an army ready to give vaccines."

          Snap promoted executive Ben Schwerin to be its new senior vice president of content and partnerships, as the company seeks to grow its content business to challenge rival TikTok.

          As part of the reorganization, Chief Strategy Officer Jared Grusd, who previously oversaw content, will become a strategic advisor to Snap CEO Evan Spiegel.

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          As a casting director, Lacey Kaelani has a leading view on Hollywood's content pipeline. Based on what she's been seeing on her venture-backed casting platform, Casting Depot, prepare for a deluge of unscripted shows.

          "It's all gonna be handheld videos where everything looks like a Zoom call," she said. "Dating shows, talk shows, food competition shows – that's what was cast and is going into production."

          The Casting Depot launched its latest beta version on Friday, with a "six-figure" investment from global venture capital firm Antler. Its board includes leaders from companies including CAA, Airtime, iHeartMedia, WorkMarket and IAC.

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