Good morning! This is the tech news you need to know this Wednesday.
- Apple announced three new iPhones at its event on Tuesday: the iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max. The new iPhones retain their same prices as last year's designs, but Apple made some significant improvements to each of its top-of-the-line phones.
- Apple also unveiled the Apple Watch Series 5, which comes in new titanium and ceramic casings and has an always-on display. Like the name suggests, the always-on display allows you to view information at a glance without moving your wrist to turn the screen on.
- Tim Cook announced that Apple's streaming service Apple TV Plus will launch November 1 and cost just $5 a month. The $5 pricepoint ranks Apple TV Plus among the cheapest of streaming services out there, although Apple's service won't include any licensed content beyond its original content.
- Uber fired more than 400 product and engineering employees in its second major round of layoffs this year. In a statement, Uber said the move was about staying nimble as a 27,000-person, global company.
- Jeff Bezos, Elon Musk, Sergey Brin, and Marissa Mayer reportedly attended an elite private dinner with Jeffrey Epstein just two years after he served a prison sentence for soliciting sex from a 14-year-old girl. The elite dinner party known informally as the "billionaires' dinner" was held in 2011 during the TED Conference in Long Beach, California.
- California approved a landmark bill to reclassify contractors for companies like Uber and Lyft as employees. The Assembly Bill 5 passed in a 29 to 11 vote in the State Senate and now heads to the State Assembly for passage.
- Peloton plans to raise as much as $1.3 billion in an IPO that would double its valuation to $8 billion. The maker of internet connected fitness equipment said it intends to sell 40 million Class A shares in the offering.
- WeWork may soldier on with its IPO despite reports that it's slashing its valuation by more than half. WeWork could begin its IPO roadshow as soon as Monday, September 16, based on a report from CNBC.
- A party planned for the millions of Facebook users signed up to storm Area 51 is raising concerns it could become "Fyre Fest 2.0." Organizers of the Facebook event turned it into a music festival called Alienstock, and thousands of people are expected to flood the town near Area 51 later this month.
- Elon Musk said he wants to buy The Onion after his satirical startup shut down earlier this year. The Daily Beast reported in 2018 that Musk considered buying The Onion in 2014 and hired several former staff members for a satirical startup, Thud, that folded in May after Musk stopped funding it.
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