GoPro announced layoffs and cost-cutting as the camera and software company exits the drone business; video doorbell maker Ring has acquired light maker Mr. Beams; and the founder of dating app Grindr is stepping down following the company’s acquisition by a Hong Kong-based mobile gaming company.
Action camera and software maker GoPro Inc. is leaving the drone market citing extreme competition. The announcement included plans to lay off hundreds of employees and to cut the pay of CEO and founder Nick Woodman to $1, The Verge reports.
Ring, the Santa Monica–based maker of connected video doorbells, acquired Ohio-based Mr. Beams, maker of off-grid LED lights, and announced plans to introduce new security products with smart lights, Venture Beat reports
Hong Kong-based mobile gaming company Kunlun Group Limited has closed on its purchase of the remaining stake of Grindr LLC, a gay men’s dating app located in West Hollywood’s Pacific Design Center, the Business Journal reports. Grindr Co-Founder and Chief Executive Joel Simkhai will leave the company.