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Why does Uber need to borrow $2 billion? | Recode Daily: June 15, 2016

The loan Uber is seeking would give it $15 billion in total funding.


.Uber is looking for a $2 billion loan, which is unusual for a startup but not all that surprising for cash-hungry Uber, which also recently got a $3.5 billion equity investment. It makes sense that Uber needs all this cash, because the company is barreling toward building privatized, self-driving mass transit.
[Johana Bhuiyan | Recode]

.Twitter once thought about buying Soundcloud, but decided not to. Now, Twitter has invested $70 million in the music streaming service, possibly looking to add music features that will help Twitter with the user growth it desperately needs.
[Peter Kafka and Kara Swisher | Recode]

.CEO Drew Houston says he has righted the ship at struggling Dropbox, the $10 billion company that's viewed by some as the poster boy for overvalued unicorn startups. Houston told Bloomberg that the company is "free cash-flow positive," or profitable when not accounting for capital expenditures.
[Arik Hesseldahl | Recode]

.Bed Bath & Beyond has acquired One Kings Lane, the online furniture retailer, for a purchase price the company called "not material." As recently as early 2014, One Kings Lane raised funding at a $900 million valuation.
[Suzanne Kapner | The Wall Street Journal]

.Recently, Zenefits forced out its founding CEO amid a messy regulatory scandal prompted by a series of BuzzFeed News articles. Things continue to look shaky at Zenefits: The company is now cutting 9 percent of its staff, and has laid off more than 350 people since January.
[Arik Hesseldahl | Recode]

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You probably know the band because of the song "All Star." Here's that scene from "Shrek." Go watch. I'll wait. Anyway, Smash Mouth has an insane Twitter presence and picks a lot of ridiculous fights about Billboard positions and the Monkees. Gawker has the story.

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