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Good morning! This is the tech news you need to know this Monday.
1. Xiaomi, known as the “Apple of China”, began trading on Monday 2% below its IPO price after a disappointing pricing. The company is the world’s fourth biggest phone maker.
2. Chinese tech giant Tencent is planning to spin off its music business, Tencent Music Entertainment Group, and take it public. Tencent is still working on the terms of a spinoff.
3. Yandex, the Russian equivalent of Google, is forging ahead with its plan to become Russia’s Amazon. The company is beta testing an ecommerce site that offers electronics and toys, and will launch a full version in the autumn.
4. Fitness app Polar has been leaking details of the homes and lives of people exercising in highly sensitive locations, such as intelligence agencies and military bases, according an investigation by Bellingcat. Polar publishes people’s exercise routes on a map, which is visible through its website.
5. Trident Lakes, a doomsday getaway for the rich, is being investigated by the FBI as a possible front for a Colombian drug trafficking scheme. The buzzy Texas condo development promised hundreds of fortified, underground condos where the 1% could live out the apocalypse.
6. Wall Street was rejoicing after Dell decided to leave VMware as an independent company, ending months of fear and doubt. Dell announced last week that it wouldn’t pursue a reverse merger with VMWare, which shareholders say would have decimated VMWare’s value.
7. Oracle offered an artificial intelligence expert as much as $6 million in total pay, in a reflection how tough Silicon Valley’s talent war is becoming. That candidate had other job offers but went with Oracle because of the higher pay, one source said.
8. The departing team members of venture capital firm Social Capital have launched their own fund called Tribe Capital. Tribe Capital will be a founder-focused firm that deploys capital into early-stage startups, sources told Business Insider.
9. Deals site Groupon is looking for a buyer, according to Recode. The company has reportedly contacted several public companies over the last few months in the hope of a takeover.
10. Timehop, a service which reminds people of their social media histories, said it’s detected a hack that has affected 21 million users. Timehop said it the data affected included names, email addresses, and some phone numbers.
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