This is the TechSummit Rewind, a daily recap of the top technology headlines.
Apple paid Nokia $2B as part of patent lawsuit settlement
Apple and Nokia settled a patent lawsuit in May, and we now know that Nokia received a $2 billion upfront cash payment from Apple as part of that agreement.
CEO: Huawei Mate 10 will be “more powerful” than next iPhone
Huawei Consumer Business Group CEO Richard Yu has confirmed that the Chinese manufacturer is working on the Mate 10 smartphone in an interview with Bloomberg.
Yu said that the Mate 10 would be an “even more powerful product” than Apple’s next flagship.
Katie Couric leaving Oath, ending Yahoo interview show
Katie Couric is leaving her Yahoo interview show and range of other online news programs, according to Oath.
The Verizon-owned company will instead work with Couric on a “project” basis.
“Over the last four years, Katie has created a vast portfolio of work that has been equal parts inspiring, thought-provoking, and fun to watch. We’re proud of everything she has accomplished and look forward to exploring ways to work together in the future.”
-An Oath spokesperson
Oath CEO Tim Armstrong had an interest in keeping Couric on board.
Whisper lays off 14 employees
Anonymous social app Whisper is laying off 14 of the company’s 71 employees. The layoffs were mainly focused on the editorial team that has less staffing requirements thanks to machine learning.
Jaime Mendez, the company’s COO, is also leaving the company in a mutual decision.
Twitter testing subscription service to promote advertiser profiles, tweets
Twitter is testing a subscription service that automatically promotes tweets and profiles for $99/month.
Analytics are also included so you can see how much additional reach, engagement, and followers are being generated.
Since it’s in beta, Twitter is giving users their first 30 days free, with the aforementioned fee applied after that. It’s also still invite-only at the moment.
Expedia invests $350M in Indonesian travel site Traveloka
Expedia invested $350 million in Traveloka, an online travel site based in Indonesia.
The company has also picked up a “minority” stake in Traveloka. Alongside the investment, it disclosed that Traveloka has also raised an additional $150 million over the past year from other investors, including East Ventures, Hillhouse Capital Group, JD.com, and Sequoia Capital.
Traveloka launched in Indonesia in 2012, and currently services Indonesia, Thailand, Malaysia, Singapore, Vietnam, and the Philippines.
The site has also partnered with Expedia to add international hotel accommodation beyond Asia to its platform.
AltspaceVR shutting down August 3 due to financial difficulties
AltspaceVR, a social network that focused on letting people hang out in virtual reality, is shutting down on August 3 due to financial difficulties.
“It looked like we had a deal for our next round of funding, and it fell through. Some combination of this deal falling through and the general slowness of VR market growth made most of our investors reluctant to fund us further.”
-AltspaceVR, in a blog post
According to a company representative, company CEO Eric Romo and its other founders are exploring new opportunities for the AltspaceVR team.
The app will host a farewell party inside of the network before closing its doors at 7 pm PT.