When Facebook decided it wanted to move 6,000 workers into Hudson Yards in New York, “existing tenants were told to move,” reports the New York Times, as “part of a rush by the West Coast technology giants to expand in New York City.” The growth in New York is occurring largely without major economic incentives from the city and state governments….
Tag: investors
Tesla Tops Wall Street Estimates With 112,000 Vehicle Deliveries In Fourth Quarter
SpankiMonki shares a report from CNBC: Tesla said it delivered 92,550 Model 3 cars and 19,450 Model S and X vehicles during the fourth quarter. The company was expected to deliver 87,900 Model 3, 9,800 Model S and 9,300 Model X vehicles, according to an average of analysts surveyed by FactSet. Investors were also watching production numbers. In the second and…
Tech Startups Face New Investor Mandate: Profits Over Discounts
The discounts and freebies many tech startups have used to lure customers– free lunch delivery, $3 beauty products and bargain taxi rides — have fallen out of favor with investors who are losing patience with the failure of these companies to turn a profit. From a report: The proliferation of subsidized products and services from venture-capital-backed startups over the past decade…
Uber Joins Forces With Joby Aviation To Launch An Air Taxi Service By 2023
Uber is joining forces with California-based aerospace company Joby Aviation to launch urban air-taxi services in select locations by 2023. The Verge reports: Joby is the brainchild of inventor JoeBen Bevirt, who started the company in 2009. The company operated in relative obscurity until 2018, when Joby announced it had raised a surprising $100 million from a variety of investors, including…
WeWork’s Sudden Fall Reveals the Cracks in the Startup Economy
The venture capital firm First Round Capital conducts an annual “State of Startups” survey that gets passed around widely in Silicon Valley. Its 2019 findings, published this week, are grim. From a report: Over two-thirds of startup founders, more than ever before, believe that we are in a tech “bubble.” Sixty-five percent of founders believe that it’s going to be harder…
How a Whale Crashed Bitcoin To Sub-$7,000 Overnight
CaptainDork shares a report from NewsBTC: Bitcoin lost billions of dollars worth of valuation within a 30-minutes timeframe as a Chinese cryptocurrency scammer allegedly liquidated its steal via over-the-counter markets. The initial sell-off by PlusToken caused a domino effect, causing mass liquidations. PlusToken, a fraud scheme that duped investors of more than $2 billion, dumped huge bitcoin stockpiles from its anonymous…
Roku Built the Dominant Streaming Box. Now It’s Under Siege
An anonymous reader shares a report: More than 30 million people use a Roku device to navigate the constellation of streaming TV services. The company’s portfolio includes the “stick” ($49.99), which resembles a USB drive; the “puck” ($79.99), a black square with smooth edges and minimal detailing; and a $400 smart TV with Roku’s operating system. The more expensive options offer…
Two of China’s Largest Tech Firms Are Uniting To Create a New ‘Domestic OS’
The two biggest OS (operating system) makers in China announced plans last week to unite and jointly build a new “domestic operating system.” From a report: The two companies are China Standard Software (CS2C) and Tianjin Kylin Information (TKC), two of China’s largest software firms, with known ties to the Beijing government. Both companies are known on the local Chinese OS…
Away Fires CEO Steph Korey After Months-Long Search for Her Replacement
Away, an online seller of luggage that investors valued at $1.4 billion earlier this year, said late Monday its chief executive Steph Korey is stepping down. Korey will become executive chairman of the New York City-based startup. Stuart Haselden, who is departing as chief operating officer at Lululemon Athletica, will succeed her as CEO, according to the company. Away co-founder Jen…
Magic Leap, a Startup That Has Raised Over $2.3 Billion, Has Sold Just 6,000 Units of Its $2,300 VR Headset — Far Below 1 Million Units Its CEO Initially Hoped
Magic Leap just announced that they’re in the midst of closing a Series E round of funding, but it sounds like they’re going to have to clinch that investment with some pretty troubling sales numbers for their only device on the market. From a report: The Information is reporting [paywalled] that Magic Leap managed to sell just 6,000 units of its…