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In the loop: Tinder co-founder sues owner, influencers' promoted posts investigated and Elon Musk’s tough year revealed

Written by Yoana Cholteeva on Friday, 17 August 2018. Posted in Insight, Analysis

What a week. Not only did Tesla’s CEO unveil the stress he’s been under for the past year but it also saw Tinder’s owners get sued. Moreover, we revealed the big mistake eight out of ten entrepreneurs make at the beginning of their journey

In the loop: Tinder co-founder sues owner, influencers' promoted posts investigated and Elon Musk’s tough year revealed

Elon Musk revealed he’s had “the most difficult and painful year” of his career

Elon Musk is seemingly the tech scene’s favourite wunderkind. However, he’s said this "past year has been the most difficult and painful year of my career”, in a New York Times interview.

And it’s easy to see why the pressure may have gotten to him. Not only has he been working so hard that he spent his birthday in the office but also almost missed his brother’s wedding. Moreover, he’s running multiple companies like SpaceX, Hyperloop, The Boring Company and Tesla, which he announced plans to take Tesla private via Twitter in early August, an action resulting in him being sued by investors.

While Musk may be one of Silicon Valley’s most prolific entrepreneurs, the interview proves that in the end we’re all human and need to look after ourselves.

Influencers being investigated for not labelling branded ads

Social media stars are no strangers to cashing in on endorsements. But it seems as if they may need to become better at declaring when they’re doing that.

On Thursday, August 16, the Competition and Markets Authority announced it’s investigating several social media celebrities who allegedly failed to be clear when they were being paid to endorse products or services on Instagram and YouTube. Pending the result of the investigation, these influencers may end up being fined if they’re found to be in breach of consumer laws. The institution is expected to reveal the names of the people investigated before the end of 2018, reports Business Insider.

Using influencers to spread the word about your brand on social media might be a great way to get more customers, but make sure they follow consumer laws. 

Tinder employees and a co-founder sued the dating app’s owner

Tinder’s leadership seems to be spending a lot in court lately. Not only did it become entangled in a legal battle with rival dating app Bumble in March but now the owners March Group and IAC have been sued by ten employees, including a co-founder of the app.

 The $2bn lawsuit against Tinder’s owners filed on Tuesday, August 14 claims that IAC purposely undervalued the company so it could pay lower early employee options. Moreover, it accused the owners of covering up sexual misconduct from senior executives against staff members. Following the lawsuit, four of our members of Tinder’s staff have been allegedly put on leave. IAC has denied what it refers to as “meritless” accusations.

It certainly seems as if Tinder’s owners will soon spend more time in court rooms. 

SME leaders wait too long to take the first employee aboard

Entrepreneurs might have the reputation of being brave and fast-moving iconoclasts. But it seems as if many lack the courage to hire their first employee when they need them. That’s according to new research from Paymentsense, a payment platform.

Having surveyed 422 small-business owners, the researchers revealed that 85% waited too long before hiring employee number one with two-thirds saying they should’ve hired them three months earlier.

The research showed that the main reason for uncertainty is anxiety around management, followed by responsibility for another person’s livelihood.

So if you’re launching a new business, don’t wait too long before bringing on that first employee.

Female entrepreneurs lashed out against lookism

Everyone wants to look their best. However, in business women are constantly told how they should dress. So we took time this week to ask some female entrepreneurs about their views on the matter.

FiveAI aims to put the first driverless car on European roads before the end of the year

It’s hardly a secret that big tech titans are all gearing up to put their own autonomous vehicles on the roads. Although, this week we reported about a UK startup that aims to beat everyone from Uber to Google.

Was it right of British Airways to fire a male worker because of his man-bun?

British Airways recently fired Sid Ouared. The reason? Apparently, because he had his long “girl’s hair” in a man-bun. This caused a heated debate on our pages about whether or not the airline was right to sack him. Check out the story here to read our conclusion.

How Shift8* is helping dementia patients lead better lives

Given John Ramsay’s father struggled with dementia, it’s easy to see why he has a personal stake at improving the lives of people with the condition. And with Shift8* and the clever use of tech, he’s able to do just that.

SME owners forced to skip going on vacation because they have to chase late payments

Few people need a holiday like small-business owners. So it we were sad to report that one in five entrepreneurs have to forgo their summer vacations to deal with late payments.

Many workers bring back bad habits from the workplace that risk ruin their relationships

From failing to pick up after themselves to constant snacking, there are plenty of bad office habits that should stay in the office and not be taken back home. Fortunately, employers can help employees behave better both on and off the clock.            

About the Author

Yoana Cholteeva

Yoana Cholteeva

With a pure interest in business and entrepreneurship, Yoana has recently joined the Elite team for another challenge. Out of work, a keen traveller, explorer, and a huge fan of art, she is striving to broaden her ideological horizons while indulging into her passion for storytelling.


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