When the WeWork IPO went belly up, its primary investor, juggernaut SoftBank Group of Japan, through its Vision Fund, lost a staggering $4.5 billion. WeWork’s spectacular debacle is widely viewed as symptomatic of today’s iteration of irrational exuberance that plumps up “unicorns” — startups valued at $1 billion or more — without just cause. SoftBank’s … Continue reading WeWork Lessons for Startups
Entrepreneurship
Change of Google leadership team in Asia
There’s a changing of the guard within Google’s Asia Pacific business. In recent weeks, personnel changes within two of its most important roles show the search giant is entering a new era of management for its fast-growing business across the continent. Scott Beaumont, a British executive who previously ran Google in China and Korea, stepped … Continue reading Change of Google leadership team in Asia
Google hires former Disney and Star executive to head its India business
Google said on Friday it has appointed Sanjay Gupta, a former top executive with Disney India and Star, as the manager and vice president of sales and operations for its India business. Gupta will be replacing Rajan Anandan, who left the company to serve VC fund Sequoia Capital India as a managing director in April … Continue reading Google hires former Disney and Star executive to head its India business
Why each Libra member’s mutiny hurts Facebook
There’s a strategic cost to the defection of Visa, Stripe, eBay, and more from the Facebook-led cryptocurrency Libra Association. They’re not just names dropping off a list. Each potentially made Libra more useful, ubiquitous, or reputable. Now they could become obstacles to the token’s launch or growth. Fearing regulators’ inquiries not just into their Libra … Continue reading Why each Libra member’s mutiny hurts Facebook
Instacart shoppers are organizing a nationwide protest
Instacart has long been at odds with its shoppers — the people who go to the grocery store on behalf of customers. From November 3-5, thousands of Instacart shoppers plan to protest with three demands. They want Instacart to change the default tip amount to at least 10%, ditch the service fee and commit to … Continue reading Instacart shoppers are organizing a nationwide protest
Google Cloud’s COO has left after less than a year
Google Cloud’s chief operating officer, Diane Bryant, has left the company after less than a year. “We are grateful for the contributions she made while at Google and we wish her the best in her next pursuit,” a spokesperson said in a statement. Before joining Google in late November 2017, Bryant spent more than 25 … Continue reading Google Cloud’s COO has left after less than a year
WeWork CEO Adam Neumann steps down
WeWork’s co-founder and chief executive officer Adam Neumann has stepped down as CEO and will serve as non-executive chairman of the board, the company confirmed in a press release Tuesday following a report from The Wall Street Journal. WeWork’s vice chairman Sebastian Gunningham and the company’s president and chief operating officer Artie Minson will serve … Continue reading WeWork CEO Adam Neumann steps down
Automattic raises $300 million at $3 billion valuation from Salesforce Ventures
Automattic, the company behind WordPress.com, WooCommerce and soon Tumblr, has closed a $300 million funding round at a $3 billion post-money valuation. The Series D round has a single investor, Salesforce Ventures. Funding rounds are something special for Automattic . While the company has been around for nearly 15 years, it hasn’t raised a ton … Continue reading Automattic raises $300 million at $3 billion valuation from Salesforce Ventures
Andrew Mason’s Descript snags $15M, acquires Lyrebird to let users type text to create audio in their own voices
The boom in popularity for podcasting has given a new voice to the world of spoken word content that had been largely left for dead with the decline of broadcast radio. Now riding the wave of that growth, a startup called Descript that’s building tools to make the art of creating podcasts — or any … Continue reading Andrew Mason’s Descript snags $15M, acquires Lyrebird to let users type text to create audio in their own voices
Uber plans to keep defending independent contractor model for drivers
In light of gig worker protections bill AB5 passing in the California State Senate last night, and amendments to AB5 passing in the Assembly this morning, Uber has made it clear it plans to do whatever it takes to keep its drivers independent contractors. “We will continue to advocate for a compromise agreement,” Uber Chief … Continue reading Uber plans to keep defending independent contractor model for drivers
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