Business
Kunal Shah Named WhatsApp CEO. CRED Named Its Price.
The Take
Kunal Shah will run WhatsApp now. Meta will run $1 billion into CRED. The previous WhatsApp CEO stepped down without a startup to sweeten the deal. Shah says he plans to bring fintech features to the messaging app. CRED users hope he brings WhatsApp's scale to their reward points. Meta hopes this investment returns more than the metaverse.
The Wire
Meta has named CRED founder Kunal Shah as the global CEO of WhatsApp, replacing the outgoing head, per CNBC and Livemint. The tech giant has invested nearly $1 billion in Shah's fintech startup CRED as part of the arrangement, reports Firstpost and The New Indian Express. Shah has shared his plans for WhatsApp's future direction under his leadership.
The receipts
Source: The New Indian Express