Good morning! Here are the 10 things in tech you need to know this morning.
1. Apple has signed deals with two crucial groups of indie record labels. Merlin and Beggars Group are now on board with streaming service Apple Music.
2. Office space startup WeWork may soon be valued at $US10 billion. It raised a round of funding at a $US5 billion valuation in 2014.
3. A Google employee has died in Cannes. A member of the UK marketing team was hit by a car at the Cannes Lions advertising festival.
4. Challenger bank Aton Bank has won a banking licence in the UK. It doesn’t have branches or a website, just a mobile app.
5. Circa News is shutting down. The app was launched in 2012 and experimented with a new way of reporting news, but was unable to raise new capital.
6. A group of investors is buying GoFundMe. The cofounders are selling their majority stake in the funding startup.
7. Sean Parker has donated $US600 million to launch his own foundation. It’s going to focus on life sciences, global public health, and civic engagement.
8. Fitbit had its worst day on the stock market since its IPO. Shares were down 6% on Wednesday.
9. Yahoo’s head of security, Alex Stamos, is leaving for Facebook. He publicly clashed with the director of the NSA about encryption.
10. Gerald Brady of Silicon Valley Bank says we’re in a “new Renaissance,” not a tech bubble. He welcomes disruption to established industries.