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Carsome Group, which operates a Southeast Asian used-car online marketplace, is cutting hundreds of jobs to reduce costs as it works to reach profitability ahead of a potential stock-market listing.
(Bloomberg Markets) -- In the ballroom of the five-star Shangri-La Singapore hotel, Anthony Tan celebrated a triumph for the country’s up-and-coming tech scene. “Today we shine a spotlight on Southeast Asia!” he told the adoring crowd. His company, Grab, the region’s answer to Uber, was about to make its stock market debut.Most Read from BloombergIsrael Latest: Israel Vows to Wipe Out Hamas as Ground War LoomsApollo CEO Marc Rowan Demands UPenn Leaders Quit Over ‘Antisemitism’IMF Caught Off Guar
The rough journey of an Uber-like ride- ailing company helps explain why the island nation has struggled to become Asia's Silicon Valley
While many tech stocks have stumbled, some as much or more than Grab, it has no been a great time for the Singaporean multinational technology company recently and Grab stocks are still down almost 70%.
Live-streamed shopping provides TikTok with the template to take on Amazon.com in a way that no social media company has attempted before.