PayPal Appoints Enrique Lores as New CEO Amidst Financial Disappointment
PayPal announced Tuesday the appointment of Enrique Lores, current chair of PayPal's board, as its new CEO and President, effective immediately. Lores, who has been chair since July 2024, replaces Alex Chriss, who joined PayPal in September 2023. According to PayPal, the decision to replace Chriss was driven by the board's assessment that the company's pace of change and execution were not meeting expectations given broader market trends.
The leadership change coincides with PayPal's report of lower-than-expected revenue and profit for the fourth quarter. The company cited a dip in consumer spending amid a broader cost of living crisis and a softening labor market as contributing factors. Jamie Miller, PayPal's CFO and COO, will serve as interim CEO until Lores assumes his new role.
Fitbit Founders Launch New Health Platform
James Park and Eric Friedman, the co-founders of Fitbit, unveiled their new venture, Luffu, on Tuesday. Luffu is described as an intelligent family care system designed to collect and log health and medical information, including medications, diets, and sleep patterns. The platform also provides AI-powered alerts for potential health issues. Andrew Liszewski, a senior reporter at The Verge, described Luffu as a platform that "tracks health data like medications, diets, and sleep and provides AI-powered alerts for potential health issues." Park and Friedman left Google, which acquired Fitbit, two years ago.
Anthropic Addresses Outage Affecting Claude Code
Developers experienced an outage with Anthropic's Claude AI models on Tuesday, impacting products like Claude Code. Tom Warren, a senior editor at The Verge, reported that developers encountered a 500 error when attempting to use Claude Code. Anthropic acknowledged elevated error rates on its APIs across all Claude models. The company identified the root cause and implemented a fix within approximately 20 minutes, restoring service to Claude Code.
TikTok Recovers After User Dip Following Ownership Change
TikTok has largely recovered from a slight dip in active users that occurred after its ownership change, when a group of American investors took control of the video app's operations in the United States. According to estimates from digital market intelligence firm Similarweb, TikTok saw usage dip into the range of 86-88 million daily active users in the U.S. immediately after the ownership change, compared with a typical average of 92 million daily active users. TechCrunch reported that competing video apps like UpScrolled and Skylight Social experienced rapid user adoption as some users sought alternatives to TikTok during the dip. However, TikTok has since bounced back to more than 90 million daily active users, indicating that many users have returned to the platform.
Peak XV Partners Sees Partner Exits Amid AI Focus
Peak XV Partners, a venture capital firm focused on India and Southeast Asia, has experienced a fresh round of senior departures. These departures follow other leadership exits over the past year as the firm pushes ahead with plans to deepen its focus on AI investing and expand its footprint in the U.S., while keeping India as its largest market. Managing Director Shailendra Singh told TechCrunch that the latest departures stemmed from an internal disagreement with senior partner Ashish Agrawal, leading to a mutual decision to part ways. Two other partners, Ishaan Mittal and Tejeshwi Sharma, also chose to leave alongside him. Singh said Peak XV did not want to go into the specifics of the disagreement and was focused on moving forward.
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