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Photo by FTX Arena.

From Voyager to Miami, FTX Implosion Leaves Crypto World in Limbo

By Maria Heeter, Aidan Ryan and Akash Pasricha · Nov 10, 2022 12:45pm PST · 1 comment

The near-collapse of Sam Bankman-Fried’s crypto empire, FTX, has sent shockwaves across the crypto industry, leaving many firms with ties to Bankman-Fried in limbo. Most notably, Bankman-Fried was poised to buy up the assets of bankrupt crypto lender Voyager, but while that agreement was announced in September, it hasn’t closed.... The near-collapse of Sam Bankman-Fried’s crypto empire, FTX, has sent shockwaves across the...

Photo by Bloomberg.

FTX’s Bankman-Fried Quietly Invested More than $500 Million in Sequoia and Other VCs

By Kate Clark · Nov 10, 2022 11:53am PST · 3 comments

FTX founder Sam Bankman-Fried was not only a tireless fundraiser from venture capital firms including Paradigm and Sequoia Capital, but also quietly made investments in those same funds, according to two people familiar with the matter. The unusual moves show how entangled Silicon Valley VC firms are in Bankman-Fried’s collapsing crypto... FTX founder Sam Bankman-Fried was not only a tireless fundraiser from venture capital firms...

Coinbase headquarters in San Francisco. Photo by Getty.

Coinbase Is Cutting More Jobs

By Aidan Ryan · Nov 10, 2022 10:45am PST

Coinbase is laying off staff in a fresh round of cuts, a company spokesperson confirmed. The layoffs, announced internally on Thursday, affect the company’s recruiting and institutional onboarding teams. The cuts come as the broader crypto industry is reeling from the high-profile struggles of the FTX crypto exchange, which have... Coinbase is laying off staff in a fresh round of cuts, a company spokesperson confirmed. The...

ServiceTitan's co-founders Ara Mahdessian (left) and Vahe Kuzoyan. Photo by ServiceTitan.

ServiceTitan Held Talks to Raise Money at 20% Valuation Cut

By Maria Heeter · Nov 10, 2022 7:00am PST

ServiceTitan's co-founders Ara Mahdessian (left) and Vahe Kuzoyan. Photo by ServiceTitan.

ServiceTitan Held Talks to Raise Money at 20% Valuation Cut

By Maria Heeter · Nov 10, 2022 7:00am PST

Software startup ServiceTitan, which about two months ago was trying to raise $900 million in a form of pricey debt-like funding, is going a different route—one that involves a different kind of pain. The company has held talks within the last few weeks to raise about $600 million in traditional equity from investors including TPG, at a... Software startup ServiceTitan, which about two months ago was trying to raise $900 million in a...

Meta’s Layoffs Hit Instagram, Facebook and Reality Labs—WhatsApp Less Affected

By Sylvia Varnham O'Regan · Nov 9, 2022 3:08pm PST

It was a chaotic day for Meta Platforms employees, who woke up to an early-morning email from CEO Mark Zuckerberg telling them that the company would be laying off 13% of its employees, or 11,000 people. What came next was an anxious wait for the next email, which came a short time later, telling them whether they were among the unlucky ones. ... It was a chaotic day for Meta Platforms employees, who woke up to an early-morning email from CEO...

Tiger Global's leaders Chase Coleman, left, and Scott Shleifer. Photos by Bloomberg

Tiger Global Reduces Value of Private Tech Bets by Billions, Documents Show

By Erin Woo · Nov 9, 2022 5:00am PST · 4 comments

Hedge fund Tiger Global Management invested at least $19 billion in private tech companies in the past 19 months, an astonishing pace in a period in which startups’ valuations were at or near a peak. As tech stocks crumbled this year, cutting the value of Tiger’s public stock holdings by half, the firm also marked down the value of... Hedge fund Tiger Global Management invested at least $19 billion in private tech companies in the...

Photo by Bloomberg.

FTX Venture Investors Fear Total Wipeout in Binance Rescue Deal

By Kate Clark, Aidan Ryan and Akash Pasricha · Nov 8, 2022 2:47pm PST · 23 comments

Binance’s planned bailout of rival crypto firm FTX has blindsided the exchange’s venture investors, who are now worried about their investments getting wiped out completely in the deal. Four of FTX’s backers told The Information that the fate of their equity stakes remained unknown, and that they were still trying to figure out... Binance’s planned bailout of rival crypto firm FTX has blindsided the exchange’s...

Microsoft CEO Satya Nadella, left, and OpenAI CEO Sam Altman. Photos by Bloomberg

Free Rent: OpenAI Deal Shows One Way Microsoft Seeds Its Cloud

By Kevin McLaughlin and Aaron Holmes · Nov 7, 2022 3:25pm PST · 2 comments

Microsoft CEO Satya Nadella, left, and OpenAI CEO Sam Altman. Photos by Bloomberg

Free Rent: OpenAI Deal Shows One Way Microsoft Seeds Its Cloud

By Kevin McLaughlin and Aaron Holmes · Nov 7, 2022 3:25pm PST · 2 comments

When Microsoft in 2019 said it had invested $1 billion in OpenAI, the high-profile artificial intelligence startup agreed to develop its products exclusively using Microsoft’s Azure cloud servers. It appeared to be a big customer win for Microsoft Azure in its battle against rivals such as Google Cloud and Amazon Web Services. Since then,... When Microsoft in 2019 said it had invested $1 billion in OpenAI, the high-profile artificial...

Kuaishou ads in Beijing, 2021. Photo by Bloomberg

Beijing Increases Control Over ByteDance Rival Kuaishou Through Equity Stake

By Juro Osawa · Nov 6, 2022 12:51am PDT · 3 comments

A Chinese state-owned broadcaster recently took an equity stake in the domestic business of Kuaishou, one of the country’s most popular video apps, and also appeared to gain a seat on the board of that business, according to corporate records. Beijing’s actions involving Kuaishou, which haven’t been previously reported,... A Chinese state-owned broadcaster recently took an equity stake in the domestic business of...

From left:Jason Calacanis, David Sacks, Stephen King. Photo of Elon Musk from Getty. Art by Mike Sullivan

Inside Elon Musk’s Wild First Week at Twitter

By Erin Woo, Kaya Yurieff and Becky Peterson · Nov 5, 2022 6:00am PDT · 11 comments

On Thursday afternoon last week at Twitter’s San Francisco offices, employees in costumes milled about at the company’s Halloween party as a magician performed tricks. Some attendees speculated that the emcee for the event, dressed in a scarecrow costume, was Elon Musk, who was then hours away from becoming Twitter’s new owner... On Thursday afternoon last week at Twitter’s San Francisco offices, employees in costumes...

A fixed-gear Aventon bike in New York in 2018. Photo by Getty Images

Sequoia Capital China Backs E-Bike Maker at $590 Million Valuation

By Juro Osawa · Nov 3, 2022 1:01pm PDT

E-bike and scooter rental businesses are struggling, but it’s boom times for companies with Chinese roots that make the vehicles, as commuters increasingly snap them up. Several such e-bike manufacturers have attracted venture capital this year, including Aventon, which is based in the U.S. and China. Sequoia Capital’s Chinese arm is... E-bike and scooter rental businesses are struggling, but it’s boom times for companies with...

Chime Slashes 12% of Staff, Marking Latest Casualty in Fintech Meltdown

By Maria Heeter · Nov 2, 2022 10:11am PDT · 6 comments

Chime Slashes 12% of Staff, Marking Latest Casualty in Fintech Meltdown

By Maria Heeter · Nov 2, 2022 10:11am PDT · 6 comments

Online banking startup Chime, which before this year’s market meltdown had been widely seen as a candidate for a blockbuster initial public offering, is slashing 12% of its 1,300 person workforce, or around 150 people, a spokesperson said. Ten-year-old Chime was emblematic of last year’s fintech funding boom as customers... Online banking startup Chime, which before this year’s market meltdown had been widely seen...

Mark Zuckerberg and Andrew Bosworth during Meta Connect 2022. Screenshot via YouTube.

Zuckerberg is Spending Billions on the Metaverse—Here’s Where It’s All Going

By Sylvia Varnham O'Regan · Nov 1, 2022 12:27pm PDT · 10 comments

To understand how Meta Platforms is losing billions of dollars per year building the metaverse, consider this: Apple has about 3,000 employees working on its mixed reality headset, expected to be released next year, according to two people familiar with the matter. Meta, in contrast, has more than five times as many people working on multiple... To understand how Meta Platforms is losing billions of dollars per year building the metaverse,...

Elon Musk

Musk Fired Executives For ‘Cause,’ In Apparent Attempt to Avoid Payouts

By Martin Peers · Oct 29, 2022 7:14pm PDT · 11 comments

When Elon Musk terminated four top Twitter executives, including CEO Parag Agrawal and CFO Ned Segal on Thursday, he did so “for cause,” said a person familiar with the situation, in an apparent effort to avoid paying out tens of millions of dollars in severance pay and unvested stock awards. Musk fired the executives—including... When Elon Musk terminated four top Twitter executives, including CEO Parag Agrawal and CFO Ned...

Kenny Man. Photo via 01Fintech. Art by Mike Sullivan.

Former Ant Group Executive Raising $300 Million for Asia Fintech Fund

By Juro Osawa · Oct 28, 2022 10:34am PDT · 2 comments

The former head of international investing at Chinese financial technology giant Ant Group has launched a new private equity firm, 01Fintech, and is raising $300 million to invest mainly in fintech startups in Southeast Asia, according to a person with direct knowledge of the matter. The debut of the previously unreported fund, whose backers... The former head of international investing at Chinese financial technology giant Ant Group has...

Andrew Mason and Sam Altman. Photos by Bloomberg

OpenAI Leads Financing of Andrew Mason’s Descript at $500 Million–Plus Valuation

By Erin Woo · Oct 27, 2022 6:34pm PDT

Andrew Mason and Sam Altman. Photos by Bloomberg

OpenAI Leads Financing of Andrew Mason’s Descript at $500 Million–Plus Valuation

By Erin Woo · Oct 27, 2022 6:34pm PDT

OpenAI, whose software for generating original text and images is galvanizing interest in artificial intelligence, has agreed to lead an investment of tens of millions of dollars in Descript, an audio and video editing app, at a valuation of around $550 million, according to two people with direct knowledge of the investment. Groupon co-founder... OpenAI, whose software for generating original text and images is galvanizing interest in...

An earlier version of the Starship and the Super Heavy booster stacked at the South Texas Starbase facility on February 10, 2022. Photo by Getty Images.

‘Make Fire’: Inside Musk’s Struggle to Launch SpaceX’s High-Stakes Mars Rocket

By Becky Peterson · Oct 27, 2022 11:00am PDT · 1 comment

Elon Musk’s ambitions of landing on Mars rest on a 394-foot-high rocket that currently sits in the open air in Boca Chica, Texas. Two weeks ago, Musk’s hopes nearly came crashing down in an incident that caused employees to question whether the world’s most important rocket company was moving too fast. A day after technicians... Elon Musk’s ambitions of landing on Mars rest on a 394-foot-high rocket that currently sits...

Adam Dell. Photo by Getty. Art by Mike Sullivan

Ex-Goldman Sachs Partner Adam Dell’s Crypto Startup Stumbles

By Maria Heeter and Aidan Ryan · Oct 27, 2022 4:03am PDT

At the start of this year, Adam Dell, a onetime Goldman Sachs executive who helped lead the Wall Street firm’s push into Main Street banking, grabbed headlines when he launched a crypto investing startup. His timing would prove to be disastrous. Dell’s Domain Money, backed with $33 million in funding from a host of big-name investors... At the start of this year, Adam Dell, a onetime Goldman Sachs executive who helped lead the Wall...

Andy Rubin. Photo by Bloomberg

‘Father of Android’ Andy Rubin is Back with Surveillance Startup

By Jon Victor · Oct 26, 2022 1:21pm PDT · 1 comment

Andy Rubin is planning his next act. The former Google executive, who received a $90 million severance package following a misconduct allegation, sparking widespread protests among staff in 2018, has a new startup focused on “surveillance services” for homes, according to public records. The downtown Palo Alto, Calif.-based company,... Andy Rubin is planning his next act. The former Google executive, who received a $90 million...

Art by Mike Sullivan.

Apple Is Working on a 16-Inch iPad, Further Blurring Line With Laptops

By Wayne Ma · Oct 26, 2022 8:48am PDT · 2 comments

Art by Mike Sullivan.

Apple Is Working on a 16-Inch iPad, Further Blurring Line With Laptops

By Wayne Ma · Oct 26, 2022 8:48am PDT · 2 comments

Apple is developing its largest iPad yet, a model with a 16-inch screen that it hopes to release in the fourth quarter of next year, according to a person familiar with the project. The device would further blur the line between the iPad and MacBook, bringing the tablet’s screen size in line with that of Apple’s largest laptop, which... Apple is developing its largest iPad yet, a model with a 16-inch screen that it hopes to release...