And then some pretty big news in the wee hours of this morning, here is the WSJ (subscription only) that reports that Apple Invests $1 Billion in Didi, Uber's Rival in China. As you can see, Didi is valued at 25 billion, so that must mean that Apple only owns 4 percent of the company in the recent funding round. And this is less than half a percent of their cash resources. In the history of Apple however, this is the second biggest deal ever, Beats by Dr. Dre still being the biggest. Autonomous cars and car hailing app? Sounds all too familiar, right?
Anyhow, we are yet to see anything concrete, Byron pointed out that millions of people book and pay for hailing rides each and every day through WeChat, and most of our clients have investments in Naspers. This should be a great outcome for them too. This is an LA Times article: Why Apple is investing $1 billion in Didi, China's version of Uber. This one paragraph basically tells you it all: "Didi says it works with more than 14 million drivers in 400 Chinese cities and has 300 million users who place 11 million ride orders a day." Wow. Just wow.