Apple has a trendy new business that could impact the lives of millions and help it make big money in the future.
No, not the Apple Watch. We’re talking about Apple getting into venture capital.
On Thursday night, Apple shocked many by announcing a $1 billion investment in Didi Chuxing, the top ride-hailing service in China.
The investment re-ignited rumors about Apple’s intentions to build a car and apparently even caused some relationship issues for the CEO of Uber and his girlfriend. Others framed it as a play to improve Apple’s status in China, a key growth market.
But there’s a more immediate and less discussed impact. Apple, a business with more than $200 billion in cash and marketable securities, is suddenly acting like a venture capital firm for the first time in years. Read more…
