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SpaceX Reveals Sweet Stock Deals for Investors in Internal Documents

SpaceX Reveals Sweet Stock Deals for Investors in Internal Documents

Internal SpaceX documents have unveiled lucrative stock deals offered to select investors, including a16z and Gigafund. In a tender offer from May 2022, employees were able to sell shares at $70 each, significantly below the $270 price during primary sales. The documents highlight the disparity between common and preferred shares, with preferred shareholders owed substantial amounts in liquidation preferences. Notable authorized buyers include Andreessen Horowitz, Aliya Capital Partners, and Gigafund, indicating a close-knit group of investors aligned with Elon Musk. The next tender offer could reach up to $110 per share, providing further incentive for employees.

Created at: January 1, 2025 4:30pm

WWT Acquires Softchoice in $1.25 Billion All-Cash Deal

WWT Acquires Softchoice in $1.25 Billion All-Cash Deal

World Wide Technology (WWT) has announced its acquisition of Canadian IT provider Softchoice for C$1.8 billion (~$1.25 billion). The all-cash deal was approved by Softchoice’s board and is pending shareholder and court approval, with finalization expected in Q1 or Q2 2025. If not completed, Softchoice may face a C$49 million termination fee. WWT aims to enhance its offerings with Softchoice's software and AI capabilities. Softchoice, founded in 1989, has shown strong financial growth, reporting a 10% increase in gross profit in Q3 2024. This marks WWT’s third acquisition to date.

Created at: December 31, 2024 4:30pm

India Extends Deadline to Regulate PhonePe-Google Pay Duopoly

India Extends Deadline to Regulate PhonePe-Google Pay Duopoly

India has delayed the implementation of a 30% market share cap on digital payment apps, originally set for 2025, now pushed to December 31, 2026. This decision alleviates pressure on PhonePe and Google Pay, which dominate the Unified Payments Interface (UPI), managing over 85% of transactions. The National Payments Corporation of India continues to seek a balance between regulation and consumer service, having struggled to enforce previous proposals. The extension offers PhonePe clarity as it considers an IPO amidst ongoing discussions around fair competition in the digital payment sector.

Created at: December 31, 2024 11:00am

Fidelity Cuts Gupshup's Valuation Again, Now at $486M

Fidelity Cuts Gupshup's Valuation Again, Now at $486M

Fidelity has reduced its stake in Gupshup, a business messaging platform, by 7.7%, bringing its total valuation down over 65% since 2021. The asset manager's holding is now valued at $5.62 million, down from $6.09 million last month. Gupshup's initial valuation was $1.4 billion following a $16.2 million investment by Fidelity. The current valuation reflects a significant decline, now pegged at $486 million. Gupshup, founded in India 17 years ago, had previously raised $340 million in 2021 from various investors.

Created at: December 31, 2024 8:30am

ByteDance Set to Invest $7 Billion in Nvidia Chips Despite US Restrictions

ByteDance Set to Invest $7 Billion in Nvidia Chips Despite US Restrictions

ByteDance, the parent company of TikTok, plans to invest $7 billion in Nvidia chips in 2025, circumventing U.S. restrictions on AI chip exports to China. According to sources, the company is utilizing a loophole by storing chips in data centers outside of China, effectively complying with regulations. This move could position ByteDance among the largest owners of Nvidia chips globally. The U.S. has tightened restrictions on AI chip exports multiple times since 2022. ByteDance also operates Doubao, a popular AI chatbot in China with 51 million active users.

Created at: December 30, 2024 10:30pm

Bench Accounting Startup to Be Acquired by Employer.com Following Sudden Shutdown

Bench Accounting Startup to Be Acquired by Employer.com Following Sudden Shutdown

Bench, a VC-backed accounting startup, abruptly shut down last week, leaving customers locked out. In a last-minute deal, Employer.com will acquire Bench and revive its platform. Customers can choose to retrieve their data or continue under new ownership. Employer.com, a self-funded HR tech company, aims to maintain continuity by calling back former Bench employees. This acquisition comes as tax season approaches, ensuring that clients can still rely on trusted bookkeepers. The acquisition price remains undisclosed, with both companies declining to comment on specifics.

Created at: December 30, 2024 5:00pm

CryptoWatch: Citi Predicts Major Rally in Cryptocurrency by 2025

CryptoWatch: Citi Predicts Major Rally in Cryptocurrency by 2025

The cryptocurrency market is poised for significant growth, with Citi analysts predicting a major rally by 2025, fueled by President-elect Trump's policies. Bitcoin recently hit $105,000, marking a remarkable end to the year as it responded to political developments. Despite some recent price drops, the market shows resilience, with Ethereum and Binance Coin also experiencing fluctuations. Experts believe that regulatory changes under Trump's administration could further bolster the accessibility and valuation of cryptocurrencies. Investors remain optimistic about the future of Bitcoin and other top coins in the evolving landscape.

Created at: December 30, 2024 3:00pm

Crypto Groups Challenge IRS Broker Reporting Rule in Court

Crypto Groups Challenge IRS Broker Reporting Rule in Court

Three prominent crypto industry groups, including the DeFi Education Fund and the Blockchain Association, have filed a lawsuit against the IRS to contest new regulations mandating decentralized finance entities to report customer information. The IRS argues that these rules aim to close the information gap in digital asset transactions. However, the lawsuit claims that such regulations unfairly burden DeFi platforms, which do not function as traditional brokers. The Blockchain Association's legal head emphasized that these rules infringe on individual privacy rights and could drive the technology offshore.

Created at: December 29, 2024 9:00pm

Permira's Brian Ruder on AI, Squarespace Acquisition, and Co-Leadership

Permira's Brian Ruder on AI, Squarespace Acquisition, and Co-Leadership

Permira's co-CEO Brian Ruder discussed the firm's significant acquisitions, including the $7.2 billion buyout of Squarespace and a $13 billion deal for Adevinta. He emphasized the importance of co-leadership in decision-making and highlighted the firm's growth-centric approach in technology investments. Permira has invested $28 billion in 80 tech companies, focusing on sectors like SaaS and fintech. Ruder also mentioned Zendesk's pivot to generative AI, showcasing the company's commitment to digital transformation across its portfolio. Permira aims to support companies that prioritize long-term growth.

Created at: December 29, 2024 2:00pm

Bench Shuts Down, Leaving Thousands of Businesses in the Lurch

Bench Shuts Down, Leaving Thousands of Businesses in the Lurch

Bench, a Canadian accounting startup, has abruptly closed its operations, impacting over 35,000 U.S. customers. The company announced its shutdown on December 27, 2024, leaving many businesses without access to vital bookkeeping and tax documents. Customers are urged to file for a six-month IRS extension and download their data by December 30. With a history of significant funding and a large workforce, the sudden closure has shocked users, prompting concerns on social media. Former CEO Ian Crosby criticized the leadership changes leading to the downfall of the company.

Created at: December 27, 2024 10:00pm

2024: A Year of Turbulence in EVs and Robotaxi Innovations

2024: A Year of Turbulence in EVs and Robotaxi Innovations

The transportation sector faced significant upheaval in 2024, highlighted by legacy automakers like GM and Jaguar altering their strategies amid shifting consumer demands. GM halted funding for its Cruise robotaxi program, redirecting efforts towards advanced driver assistance systems. Startups in the autonomous vehicle space, such as TuSimple, pivoted to AI gaming, while others struggled to survive. The electric vehicle market saw record sales, yet concerns arose over sustainability and profitability as hybrid models gained traction. Meanwhile, eVTOL companies like Joby and Archer made strides towards commercial air taxi launches despite challenges in funding.

Created at: December 27, 2024 7:30pm

Citi Predicts Crypto Surge in 2025 Driven by Trump's Influence and ETF Inflows

Citi Predicts Crypto Surge in 2025 Driven by Trump's Influence and ETF Inflows

Citi analysts forecast a significant surge in the cryptocurrency market by 2025, following a strong performance in 2024. The prediction attributes much of this potential growth to President-elect Donald Trump's support for the industry and the positive impact of Ethereum ETFs and Spot Bitcoin trading. Analysts noted that Bitcoin's valuation nearly doubled, reaching around $100,000. However, they cautioned about inherent risks, particularly for Bitcoin. With stablecoin adoption expected to boost decentralized finance, the crypto community remains optimistic for the future.

Created at: December 27, 2024 3:30pm

CredibleX Secures $55M in Seed Funding to Boost Revenue-Based Financing in MENA

CredibleX Secures $55M in Seed Funding to Boost Revenue-Based Financing in MENA

CredibleX, a revenue-based financing startup, has successfully raised $55 million in a seed round led by Further Ventures. This funding comes amidst a challenging venture capital landscape, particularly for SMEs in the MENA region, where traditional financing is limited. CredibleX partners with large aggregators to provide working capital to SMEs, streamlining loan approval via platforms like Talabat. Since its launch in March 2024, the company has already issued over AED 100 million to SMEs, benefiting from the increasing demand for non-dilutive financing options in high-income countries.

Created at: December 26, 2024 7:03pm

$132K-$149K Salaries: What Seed-Stage Founders Pay Early Employees

$132K-$149K Salaries: What Seed-Stage Founders Pay Early Employees

Kruze Consulting's analysis reveals average salaries for seed-stage startup executives, showing that CEO, CTO, and COO roles earn between $132,000 and $135,000, while Product/CPOs average $149,000. Interestingly, technical roles often command higher salaries than founders. Senior engineers in the Bay Area can earn up to $235,000, while entry-level positions start at $75,000. Additionally, early employees receive equity, with the first hire getting between 0.5% to 4% equity. Founders typically increase their salaries with each funding round, reaching an average of $218,000 by Series B.

Created at: December 26, 2024 7:01pm

PharmEasy's Valuation Plummets to $456M Amid Financial Struggles

PharmEasy's Valuation Plummets to $456M Amid Financial Struggles

PharmEasy, the Indian online pharmacy, faces a stark valuation drop to approximately $456 million, as revealed by its investor Janus Henderson's recent filing. This marks a dramatic 92% decrease from its peak valuation of $5.6 billion. Despite raising over $200 million in fresh capital and planning for an IPO next year, the company has struggled with significant debt and a failed $843 million IPO in 2021. The startup has raised over $1 billion to date but continues to grapple with its financial challenges, including a problematic $300 million loan from Goldman Sachs.

Created at: December 26, 2024 7:01pm

Early-Stage Founders: Navigating Salaries and Executive Assistants to Impress VCs

Early-Stage Founders: Navigating Salaries and Executive Assistants to Impress VCs

Venture capitalist Jenny Fielding sparked a lively debate on X regarding the use of executive assistants by early-stage founders. While some suggested AI assistants, she stressed the importance of cash management during critical startup phases. Fielding emphasized that founders should focus on product development rather than hiring expensive roles like COO or CFO at pre-seed stages. Excessive salaries, such as $300,000 for founders, can jeopardize funding opportunities, as prudent salary ranges are recommended between $85,000 and $125,000. VCs are closely monitoring these financial decisions as companies seek future funding.

Created at: December 26, 2024 7:01pm

Fisker's EV Dreams Crumble: A Timeline of Turmoil and Bankruptcy

Fisker's EV Dreams Crumble: A Timeline of Turmoil and Bankruptcy

Fisker, the electric vehicle startup founded by Henrik Fisker, has filed for Chapter 11 bankruptcy after facing numerous production and safety issues with its Ocean SUV. The company repeatedly missed production targets and struggled with mechanical flaws, including braking failures and software glitches. Despite attempts to secure funding and cut production costs, internal audits revealed mismanagement of customer payments. Following mass layoffs and a halt in production, Fisker was unable to recover and declared bankruptcy, estimating liabilities between $100 million and $500 million. The struggle raises questions about the future of the company's assets and operations.

Created at: December 26, 2024 7:00pm

Startups Adapt to Liquidity Challenges Amid IPO Conversations

Startups Adapt to Liquidity Challenges Amid IPO Conversations

This week, several startups reported new funding rounds, shifting focus from unicorn status to achieving $1 billion in annual recurring revenue before considering IPOs. Vinted, a Lithuanian secondhand marketplace, was valued at €5 billion in a secondary share sale, while Ro's CEO sees benefits in remaining private. Wiz aims for a $1 billion ARR before going public after declining a $23 billion acquisition offer from Google. Indian fintech Groww is relocating to comply with local regulations. Federal regulators have also greenlit eVTOL aircraft to share airspace, benefiting related startups.

Created at: October 25, 2024 7:30pm

Joby Aviation Launches $200M Public Offering for eVTOL Launch

Joby Aviation Launches $200M Public Offering for eVTOL Launch

Joby Aviation has initiated a public offering to sell up to $200 million in shares, aiming to fund its certification and manufacturing efforts ahead of a 2025 commercial launch of its electric vertical takeoff and landing vehicles (eVTOL). The funds will also support general working capital as the company prepares to introduce air taxis in cities like New York, Los Angeles, Dubai, and Abu Dhabi. This move follows a recent FAA decision allowing eVTOLs to operate alongside helicopters and a $500 million investment from Toyota.

Created at: October 24, 2024 10:00pm

Electric Aircraft Startup Lilium Faces Shutdown After Funding Failures

Electric Aircraft Startup Lilium Faces Shutdown After Funding Failures

Lilium, an electric aircraft startup, is shutting down due to a lack of emergency funding from the German government. Once a promising player in the electric aircraft industry, Lilium had raised over $1 billion and received high-profile orders, including 100 jets from Saudi Arabia. However, after a series of setbacks, including a fire incident with one prototype, the company struggled to secure additional funds. Following the denial of a €50 million loan by German lawmakers, Lilium plans to file for insolvency, relinquishing control of its subsidiaries.

Created at: October 24, 2024 9:00pm

49 US Startups Achieve Unicorn Status in 2024 Amidst Tight Capital Market

49 US Startups Achieve Unicorn Status in 2024 Amidst Tight Capital Market

In 2024, 49 American startups have reached unicorn status despite challenging venture capital conditions, according to TechCrunch. Notable entrants include Elon Musk's xAI, valued at $24 billion, and various companies across AI, health tech, and fintech sectors. Significant funding rounds have been reported, with several companies like Rentberry and Safe Superintelligence achieving valuations of $1 billion or more. This ongoing trend highlights the resilience of innovative startups in the U.S. market. The list will be updated throughout the year to reflect new developments.

Created at: October 24, 2024 7:30pm

Radiant Capital Hacker Moves $52M Stolen Crypto to Ethereum

Radiant Capital Hacker Moves $52M Stolen Crypto to Ethereum

Radiant Capital, a decentralized finance lender, faces a serious security breach after a hacker transferred $52 million worth of stolen cryptocurrency to the Ethereum network. The transfer, involving approximately 20,500 ETH, was detected by blockchain security firm PeckShield. The hacker used malware to compromise the wallets of three developers, and the company is now collaborating with US law enforcement to recover the assets. This incident is part of a troubling trend, with 2024 witnessing a significant rise in cryptocurrency hacks, totaling $1.38 billion looted by mid-year.

Created at: October 24, 2024 2:30pm

General Catalyst Secures $8B to Fuel Startup Innovation Globally

General Catalyst Secures $8B to Fuel Startup Innovation Globally

General Catalyst has announced a major fundraising initiative, securing $8 billion to invest in early-stage startups across various sectors, including the U.S., Europe, and India. This capital includes $4.5 billion for core VC funds and $1.5 billion dedicated to supporting proven founders. The firm aims to enhance its investments in AI, healthcare, and fintech, among others. General Catalyst, known for backing successful startups like Airbnb and Stripe, now manages approximately $25 billion in assets. The announcement follows reports of a potential $1 billion continuation fund and plans for investments in Saudi Arabia.

Created at: October 24, 2024 1:00pm

Tesla Cybertruck Surpasses Ford Mach-E as Third Best-Selling EV in the U.S.

Tesla Cybertruck Surpasses Ford Mach-E as Third Best-Selling EV in the U.S.

Tesla's Cybertruck has emerged as the third best-selling electric vehicle in the U.S. during Q3 2024, surpassing competitors like Ford's Mach-E and F-150 Lightning. Only Tesla's Model 3 and Model Y sold better. Despite launching at a high price point, the Cybertruck's success highlights challenges faced by major automakers like Ford and GM in attracting EV buyers. Tesla reported $25.2 billion in sales and a $2.2 billion profit for the quarter, boosted by regulatory credit sales and new software features. However, growth in Supercharger stations has slowed significantly.

Created at: October 23, 2024 9:30pm

Wiz Aims for $1B ARR by 2025 After Rejecting Google’s $23B Offer

Wiz Aims for $1B ARR by 2025 After Rejecting Google’s $23B Offer

Wiz, the cloud security startup, has reached $500 million in annual recurring revenue (ARR) and plans to double that by 2025, setting the stage for an IPO. Co-founder Roy Reznik confirmed that achieving $1 billion in ARR is essential before going public, following their decision to decline Google's $23 billion acquisition offer. Wiz has shown impressive growth, claiming to be the fastest to $100 million ARR within 18 months of launching. With a recent $1 billion funding round, the company continues to expand, including opening an office in London.

Created at: October 23, 2024 3:30pm

Amazon Introduces Fuel Discounts for Prime Members Amid Rising Gas Prices

Amazon Introduces Fuel Discounts for Prime Members Amid Rising Gas Prices

Amazon has launched a new initiative to offer Prime members a 10 cents per gallon discount on fuel at approximately 7,000 gas stations nationwide, including Amoco and BP. This move aims to compete with Walmart's similar rewards program. Members can save up to $70 annually on fuel with the new benefit, which requires enrollment in the Earnify loyalty program. Additionally, Amazon plans to roll out EV charging savings through BP Pulse next year, further enhancing its Prime membership value that includes various digital services.

Created at: October 23, 2024 2:00pm

SoLo Funds Faces Class-Action Lawsuit Over Hidden Fees

SoLo Funds Faces Class-Action Lawsuit Over Hidden Fees

Lending fintech SoLo Funds is embroiled in a class-action lawsuit that alleges deceptive practices regarding loan fees. The lawsuit claims the company falsely advertised zero interest fees while promoting 'tip fees' and 'donation fees' that increase borrowing costs. Previous lawsuits from Connecticut, California, and the CFPB have also targeted SoLo Funds for similar issues, including the use of 'digital dark patterns' to mislead consumers. The company has raised over $13 million from investors, including Serena Williams, but has not commented on the latest allegations.

Created at: October 22, 2024 8:30pm

Zomato to Raise $1 Billion in Major Fundraising Ahead of Swiggy IPO

Zomato to Raise $1 Billion in Major Fundraising Ahead of Swiggy IPO

Zomato has announced plans to raise $1 billion through a qualified institutions placement, marking its first significant fundraising since its 2021 IPO. This move comes shortly before rival Swiggy's anticipated IPO, which aims to raise $1.4 billion. Analysts view Zomato's decision as unexpected given its current $1.2 billion cash reserve. The new capital will help Zomato shift towards a majority domestic ownership, allowing its quick commerce unit, Blinkit, to adopt an inventory model. Co-founder Deepinder Goyal emphasized the need for additional capital to compete effectively in a rapidly evolving market.

Created at: October 22, 2024 10:30am

Elon Musk's Crypto Endorsement Sends Dogecoin and Bitcoin Soaring

Elon Musk's Crypto Endorsement Sends Dogecoin and Bitcoin Soaring

Elon Musk's recent endorsement of the cryptocurrency industry during a rally for Donald Trump has sparked a significant surge in crypto prices. Bitcoin rose 5.42% to nearly $68,000, while Ethereum climbed to around $2,700. Dogecoin, known for Musk's support, saw a remarkable 26.25% increase, reaching $0.1426. Despite claiming he's not actively involved in crypto, Musk's statements indicate his belief in its value for individual freedom. The rally showcased Musk's influence on the crypto market, reinforcing his position as a key figure in the industry.

Created at: October 21, 2024 2:30pm

Trump's World Liberty Financial Crashes Amid Token Launch; Worldcoin Rebrands to 'World'

Trump's World Liberty Financial Crashes Amid Token Launch; Worldcoin Rebrands to 'World'

The cryptocurrency landscape experienced notable shifts last week as Trump's World Liberty Financial platform faced a crash during its inaugural token sale, attributed to overwhelming traffic, with only 2% of its 20 billion tokens sold. Concurrently, Sam Altman's Worldcoin underwent a major rebranding, now simply known as 'World,' and introduced a new device, the Orb, enhancing its eye-scanning technology for better privacy. The crypto market also saw positive trends, with Bitcoin and Ethereum experiencing significant price increases, and Dogecoin moving up to the eighth position with a nearly 28% rise.

Created at: October 21, 2024 12:30pm

Groww Returns to India, Pays $160M Tax Amid Startup Relocation Trend

Groww Returns to India, Pays $160M Tax Amid Startup Relocation Trend

Indian startup Groww has shifted its domicile back to India from the U.S., paying $159.4 million in taxes in the process. This move is part of a broader trend, as nearly a dozen Indian startups relocate their headquarters to better align with local laws and facilitate IPOs. The Indian IPO market is thriving, with almost 70 offerings recorded in 2024 alone, the second-highest ever. Increased analyst coverage, crucial for attracting institutional investors, is a key factor driving these relocations. Many startups had previously established U.S. bases over the last decade.

Created at: October 21, 2024 9:30am

Pony AI Slashes IPO Valuation as It Prepares for U.S. Market Debut

Pony AI Slashes IPO Valuation as It Prepares for U.S. Market Debut

Pony AI, the autonomous vehicle startup backed by Toyota, has filed for an IPO in the U.S., lowering its minimum valuation from $8.5 billion to $4 billion. The company operates a modest fleet of 190 robotrucks and over 250 robotaxis across several Chinese cities. Despite increasing revenue, Pony reported significant losses due to high R&D expenses, with over $270 million lost in the past two years. The firm has garnered substantial investments but faces challenges, including regulatory compliance and staffing shortages. The IPO filing revealed extensive risk factors, including potential operational limitations in the U.S.

Created at: October 19, 2024 7:00pm

Fluid Truck Files for Chapter 11 Bankruptcy Amid Leadership Shakeup

Fluid Truck Files for Chapter 11 Bankruptcy Amid Leadership Shakeup

Fluid Truck has filed for Chapter 11 bankruptcy protection after laying off 30% of its staff and experiencing significant financial losses. The company, known as the Zipcar of commercial vehicles, has also received a $7 million interim loan to facilitate its restructuring and potential sale. This decision follows the removal of its co-founders due to mismanagement and mounting debts, including $12 million owed to its Fluid Vehicle Investor Program members. A potential buyer, Kingbee Rentals, has emerged but lacks the funds to acquire all assets. The situation remains dire for unsecured creditors.

Created at: October 18, 2024 8:30pm

Acrew Capital Celebrates 5 Years with $700M Fundraise

Acrew Capital Celebrates 5 Years with $700M Fundraise

Acrew Capital has successfully raised $700 million to further its investment strategies in data security, healthcare, and fintech. This fundraising boosts the firm’s total assets under management to $1.7 billion. The allocation between early-stage and later-stage investments remains undisclosed. Despite a challenging fundraising environment, Acrew's strong portfolio, including the successful exits of Divvy and Superpeer, has contributed to its ability to attract funds. Founded in 2019, Acrew continues to operate under its original leadership with a focus on innovative startups.

Created at: October 18, 2024 8:00pm

Trump Reveals Apple Faces $17 Billion EU Fine Amid Tim Cook's Call

Trump Reveals Apple Faces $17 Billion EU Fine Amid Tim Cook's Call

Donald Trump disclosed that during a recent call with Apple CEO Tim Cook, he learned that the tech giant is facing a staggering $17 billion fine in the European Union. This includes a $15 billion penalty related to a tax case ruling by Ireland and a $2 billion fine for anti-competitive behavior linked to Apple Music. Trump emphasized his commitment to protecting U.S. companies from EU overreach if elected. The fines stem from Apple's compliance challenges with the Digital Markets Act, which aims to curb anti-competitive practices. Cook's outreach appears aimed at preserving ties with influential political figures.

Created at: October 18, 2024 1:00pm

Nebius Set to Resume Nasdaq Trading After Ending Russian Ties

Nebius Set to Resume Nasdaq Trading After Ending Russian Ties

Nebius, previously part of Yandex, is set to resume trading on the Nasdaq after more than two years of suspension due to sanctions linked to the Russia-Ukraine conflict. The company, focused on AI cloud infrastructure, aims to establish itself in the European GPU-as-a-service market. After severing its ties with Russia, Nebius has $2 billion from the sale of its Russian assets. CEO Arkady Volozh expressed ambitions to build a major AI infrastructure business, with shares resuming trading on October 21, 2024.

Created at: October 18, 2024 10:00am

Byju’s Founder Admits Edtech Startup Now Worth Zero After $22B Valuation

Byju’s Founder Admits Edtech Startup Now Worth Zero After $22B Valuation

Byju Raveendran, founder of Byju’s, revealed that his once-prominent edtech startup, valued at $22 billion, is now effectively worthless. He attributed this decline to misjudged market timing and aggressive expansions that faltered when funding dried up post-2022. The departure of key investors and board members exacerbated the situation, leading to insolvency proceedings. Raveendran expressed a glimmer of hope for a future comeback, stating he has nothing to lose after investing everything into the firm. Byju’s, once a leader in the edtech space, has raised over $5 billion from various backers.

Created at: October 18, 2024 7:00am

General Catalyst to Invest in Saudi Fintech Startup Despite Controversies

General Catalyst to Invest in Saudi Fintech Startup Despite Controversies

General Catalyst is set to make its first investment in a Saudi Arabian startup by backing Lean Technology, a fintech firm. This move comes amid growing interest from US investors in Saudi startups, despite the country’s human rights record. Previously, Coatue Management supported Tamara, a lending platform. Additionally, Flow, a co-living startup associated with a16z, has established an apartment complex in Riyadh. Saudi Arabia's Public Investment Fund has also been backing US venture capital firms to promote investments in the region's startups. General Catalyst is not currently listed among these firms.

Created at: October 17, 2024 11:00pm

Feds Arrest Alabama Man Linked to SEC X Account Hack That Boosted Bitcoin's Price

Feds Arrest Alabama Man Linked to SEC X Account Hack That Boosted Bitcoin's Price

Federal authorities have arrested Eric Council Jr. in Alabama for his alleged role in hacking the U.S. Securities and Exchange Commission's X account. The hack occurred on January 9, resulting in a false announcement that Bitcoin ETFs were approved, causing Bitcoin's price to surge by $1,000. Council reportedly executed a SIM swap on the phone of an individual with access to the SEC account, using fake identification to obtain a new SIM card. He faces charges of aggravated identity theft and access device fraud, highlighting growing concerns over cybersecurity in financial institutions.

Created at: October 17, 2024 5:30pm

2024 Sees Surge in Tech Take-Private Acquisitions

2024 Sees Surge in Tech Take-Private Acquisitions

Private equity activity in the technology sector has surged in 2024, with 97 take-private deals reported by mid-year, indicating a potential match with last year's total. Notable acquisitions include Adevinta's $13 billion deal led by Permira and Blackstone, and Smartsheet's $8.4 billion offer from Vista Equity Partners. Other significant transactions involve Squarespace, Nuvei, and PowerSchool, with valuations ranging from $5.6 billion to $7.2 billion. The trend reflects private equity's growing influence as a liquidity source for tech companies seeking exits.

Created at: October 17, 2024 5:00pm