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Well, Bill Gates is never going to buy a Tesla now - techcrunch

Well, Bill Gates is never going to buy a Tesla now

Elon Musk is not one to mince words, but he may have just lost a potential customer because of a cutting tweet. That customer is renowned big deal Bill Gates, who sat down recently with YouTuber Marques Brownlee, who joined the platform in 2009 and has amassed more than 10 million viewers. Gates and Brownlee […]
techcrunch - 4 hours ago
Fifth Wall’s Brendan Wallace on coronavirus, WeWork and what’s shaking up proptech - techcrunch

Fifth Wall’s Brendan Wallace on coronavirus, WeWork and what’s shaking up proptech

Last week, we interviewed Brendan Wallace, a real estate-focused venture capitalist whose portfolio companies include Opendoor, which buys and sell homes, and scooter company Lime, which helps building owners navigate around parking requirements by installing docking stations instead. We first talked with Wallace almost exactly three years ago when he and partner Brad Greiwe took […]
techcrunch - 6 hours ago
Cloud spending said to top $30B in Q4 as Amazon, Microsoft battle for market share - techcrunch

Cloud spending said to top $30B in Q4 as Amazon, Microsoft battle for market share

We all know the cloud infrastructure market is extremely lucrative; analyst firm Canalys reports that the sector reached $30.2 billion in revenue for Q4 2019. Cloud numbers are hard to parse because companies often lump cloud revenue into a single bucket regardless of whether it’s generated by infrastructure or software. What’s interesting about Canalys’s numbers […]
techcrunch - 7 hours ago
Alphabet takes the wind out of its Makani energy kites - techcrunch

Alphabet takes the wind out of its Makani energy kites

Google today announced that it is calling it quits on its efforts to build and monetize its Makani wind energy kites. Manaki, which was founded in 2006, came into Google/Alphabet seven years ago as a Google X project. Last year, the company spun it out of X and made it a stand-alone Alphabet unit. Now, […]
techcrunch - 7 hours ago
Blue Apron is considering selling itself - techcrunch

Blue Apron is considering selling itself

Meal kit company Blue Apron has long been on the struggle bus — whether it’s been its lackluster debut on the public market, employee lawsuits or layoffs. So, it should come as no surprise that the company is considering selling itself in order to maximize value for shareholders. In addition to a potential sale, Blue Apron […]
techcrunch - 8 hours ago
Twitter acquihires Stories template maker Chroma Labs - techcrunch

Twitter acquihires Stories template maker Chroma Labs

Is “Twitter Stories” on the way? Or will we just get tools to send prettier tweets? Well now Twitter has the talent for both as it’s just acquihired Chroma Labs. Co-founded by Instagram Boomerang inventor John Barnett, Chroma Labs’ Chroma Stories app let you fill in stylish layout templates and frames for posting collages and […]
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Indian police open case against hundreds in Kashmir for using VPN - techcrunch

Indian police open case against hundreds in Kashmir for using VPN

Local authorities in India-controlled Kashmir have opened a case against hundreds of people who used virtual private networks (VPNs) to circumvent a social media ban in the disputed Himalayan region in a move that has been denounced by human rights and privacy activists. Tahir Ashraf, who heads the police cyber division in Srinagar, said on […]
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Do trade shows still matter in the age of online business? - techcrunch

Do trade shows still matter in the age of online business?

The death of Mobile World Congress 2020 started as a trickle. First, it was an understandably nervous ZTE. As a Chinese company, it was undoubtedly going to receive extra scrutiny — never mind that ZTE’s Shenzhen headquarters are a two-hour flight from Wuhan. Soon enough, South Korea’s LG backed out, followed by Nvidia and Ericsson. […]
techcrunch - 9 hours ago
Join the Q&A with top speakers at TC Sessions: Robotics+AI (March 3) - techcrunch

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Over the past four years, TechCrunch has brought together some of the biggest names in robotics: founders, CEOs, VCs and researchers for TC Sessions: Robotics+AI. The show has provided a unique opportunity to explore the future and present of robotics, AI and the automation technologies that will define our professional and personal lives. While the […]
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Dell sells RSA to consortium led by Symphony Technology Group for over $2B - techcrunch

Dell sells RSA to consortium led by Symphony Technology Group for over $2B

Dell Technologies announced today that it was selling legacy security firm, RSA for $2.075 billion to a consortium of investors led by Symphony Technology Group. Other investors include Ontario Teachers’ Pension Plan Board and AlpInvest Partners. RSA came to Dell when it bought EMC for $67 billion in 2015. EMC had bought the company in […]
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Noom competitor OurPath rebrands as Second Nature, raises $10M Series A - techcrunch

Noom competitor OurPath rebrands as Second Nature, raises $10M Series A

Back in 2018 OurPath emerged as a startup in the UK tackling the problem of diabetes. The company helped customers tackle the disease, and raised a $3m round of funding by combining advice from health experts with tracking technology via a smartphone app to help people build healthy habits and lose weight. Now rebranded as […]
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Support for standalone streaming has come to Pandora’s Apple Watch app. The company today announced the official launch of its new, standalone app for Apple Watch that lets you listen to music and podcasts on the go, even without your iPhone. The launch makes Pandora the first major third-party — meaning, first besides Apple Music […]
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Why Kepler is building its full-stack satellite business in Canada

Toronto-based telecommunications startup Kepler Communications surprised many recently when it revealed plans to establish its own satellite assembly and base the operation in its own hometown instead of contracting the work to an existing manufacturer. It might seem a perplexing and unnecessarily costly choice at first, but I spoke to Kepler CEO and co-founder Mina […]
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NASA Administrator Jim Bridenstine is coming to TC Sessions: Space 2020 - techcrunch

NASA Administrator Jim Bridenstine is coming to TC Sessions: Space 2020

This year marks our first-ever TC Sessions: Space event, and what better way to kick things off than with the head of NASA: Administrator Jim Bridenstine will join us onstage on June 25 in LA. NASA has been more open than ever before to working with startups and entrepreneurs, and we’ll hear directly from the […]
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Daily Crunch: Apple blames coronavirus for revenue miss - techcrunch

Daily Crunch: Apple blames coronavirus for revenue miss

Apple says the coronavirus outbreak will hurt its manufacturing and sales, Jeff Bezos makes a big commitment to fighting climate change and SpaceX launches more Starlink satellites. Here’s your Daily Crunch for February 18, 2020. 1. Apple will miss revenue forecast as coronavirus impacts its manufacturing and sales In a letter to investors, Apple said […]
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Jaguar Land Rover debuts electric urban mobility concept vehicle with plans for 2021 pilot - techcrunch

Jaguar Land Rover debuts electric urban mobility concept vehicle with plans for 2021 pilot

Jaguar Land Rover has introduced a new concept vehicle that cuts a very different figure relative to its usual fare: It’s a four-wheeled electric urban mobility concept called ‘Project Vector’ that looks more like a low-floored airport shuttle train car than a traditional car. This is a look that’s increasingly become popular among automakers designing […]
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InVideo raises $2.5M and launches an automated assistant to make your videos better - techcrunch

InVideo raises $2.5M and launches an automated assistant to make your videos better

Video editing startup InVideo has new funding and a new product. The San Francisco-headquartered company bills itself as the easiest way for anyone to create professional-quality videos, using a drag-and-drop interface, along with a library of templates and stock photos and videos. The resulting videos can then be optimized for Facebook, Instagram, YouTube and other […]
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How Spotify ran the largest Google Dataflow job ever for Wrapped 2019

In early December, Spotify launched its annual personalized Wrapped playlist with its users’ most-streamed sounds of 2019. That has become a bit of a tradition and isn’t necessarily anything new, but for 2019, it also gave users a look back at how they used Spotify over the last decade. Because this was quite a large […]
techcrunch - 13 hours ago
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techcrunch
Goldman Sachs’s CEO just called WeWork’s pulled IPO — which Goldman was underwriting — proof that the market works

Goldman Sachs’s CEO just called WeWork’s pulled IPO — which Goldman was underwriting — proof that the market works

techcrunch - 4 weeks ago

It’s hard to put a positive spin on terrible situation, but that didn’t stop Goldman Sachs CEO David Solomon earlier today. Asked during a session at the World Economic Forum in Davos about WeWork’s yanked IPO in September,  Solomon suggested it was proof that the listing process works, despite that the CFO of Goldman — one of the offering’s underwriters — disclosed last fall that the pulled deal cost the bank a whopping $80 million.

Reuters was on the scene, reporting that Solomon acknowledged the process was not as pretty as everybody would like it to be,” while also eschewing any responsibility, telling those gathered that the “banks were not valuing [WeWork]. Banks give you a model. You say to the company, ‘Well, if you can prove to us that the model actually does what it does, then its possible that the company is worth this in the public markets,'” Solomon said.

Investment banks had reportedly courted WeWork’s business by discussing a variety of figures that led cofounder Adam Neumann to overestimate how it might be received by public market shareholders. According to the New York Times, in 2018, JPMorgan was telling Neumann that it could find buyers to value the company at more than $60 billion; while Goldman Sachs said $90 billion was a possibility, and Morgan Stanley — which has been assigned as lead underwriter of many of the buzziest tech offerings over the last decade — reportedly posited that even more than $100 billion was possible.

Ultimately, the IPO was canceled several weeks after Neumann was asked to resign and WeWork’s biggest investor, SoftBank — which itself nearly tripled the company’s private market valuation across funding rounds — stepped in to rescue its now $18.5 billion investment in the company.

Solomon isn’t the only one defending some of the frustrating logic of IPO pricing in recent years. This editor sat down in November with Morgan Stanley’s head tech banker Michael Grimes, who has been called Wall Streets Silicon Valley whisperer for landing a seemingly endless string of coveted deals for the bank.

Because Morgan Stanley pulled out of the process of underwriting WeWork’s IPO (reportedly after WeWork rejected its pitch to be the company’s lead underwriter), we talked with Grimes instead about Uber, whose offering last year Morgan Stanley did lead. We asked how Uber could have been reportedly told by investment bankers that its valuation might be as high as $120 billion in an IPO when, as we now know, public market shareholders deemed it worth far less. (Its current market cap is roughly half that amount, at $64 billion.)

Grimes said matter-of-factly that price estimates can routinely be all over the place, explaining that “if you look at how companies are valued, at any given point of time right now, public companies with growth prospects and margins that are not yet at their mature margin, I think youll find on average price targets by either analysts who work at banks or buy-side investors that can be 100%, 200% and 300% different from low to high.”

He called that a “typical spread.”

The reason, he said, had to do with each bank’s or analyst’s guess at “penetration.”

“Lets say, what, 100 million people or so [worldwide] have have been monthly active users of Uber,” said Grimes during our sit-down. “What percentage of the population is that? Less than 1% or something. Is that 1% going to be  2%, 3%, 6%, 10%, 20%? Half a percent, because people stop using it and turn instead to some flying [taxi]?

“So if you take all those variable, possible outcomes, you get huge variability in outcome. So its easy to say that everything should trade the same every day, but [look at what happened with Google]. You have some people saying maybe that is an outcome that can happen here for companies, or maybe it wont. Maybe theyll [hit their] saturation [point] or face new competitors.”

Grimes then turned the tables on reporters and others in the industry who wonder how banks could get the numbers so wrong, with Uber but also with a lot of other companies. “Its really easy to be a pundit and say, It should be higher or It should be lower,” Grimes said. “But investors are making decisions about that every day.”

Besides, he added, “We think our job is to be realistically optimistic” about where things will land. “If tech stops changing everything and software stops eating the world, there probably would be less of an optimistic bias.”

sauce: techcrunch
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