SoftBank posts surprise loss, but its Vision Fund sees first gain in 5 quarters

TechCrunch Newsletter

By Christine Hall Tuesday, August 08, 2023

Today, we received some unexpected news from SoftBank along with a shockingly large loss figure for its Vision Fund business. However, all is not lost — the venture capital giant is easing back into investments, and here's some proof as to how the firm is getting its investing mojo back. (TC+) Meanwhile, put on your dancing shoes because Apple Music has added a new algorithmic radio station to find new music. Also, X continues to take people's @ handles without asking. We have some speculation as to why the company wanted that @music handle so badly. Read on. And cloud data management company Rubrik is scooping up cybersecurity company Laminar for up to $250 million to expand in data security across public clouds. Find out why this is becoming a trend. Image Credits: Smith Collection/Gado / Getty Images

More top reads Risking it all on AI: Nvidia's SIGGRAPH event is happening this week, so we get to learn about the company's leveraging of AI from a lot of angles, as well as about the CEO, a new platform for model creation and a new Hugging Face service. I see you: WhatsApp introduces screen-sharing during video calls. Start the experience. Sold!: Sachin Bansal sells Navi's microfinancing unit for $178.5 million. Read more. Are we done yet?: If you're talking about Adobe's acquisition of Figma, then no, no we're not. Get the scoop. All things that vroom: We've got a lot here, so buckle up. Take a look at the Volvo EX30's interior, then learn how GM's Ultium-based EVs will be able to power your home by 2026, and when we might see a small, electric Land Rover Defender. Finally, see where Cruise is going next and how electric vehicles boosted China over Japan as being the biggest auto exporter. Game on: Peak XV–backed gaming startup MPL cut its workforce by 50%. Find out what happened. Let's stream: Spotify expands its AI-powered DJ feature globally. Learn more. Meanwhile, Netflix launches a game controller app for playing games on your TV. Read all about it. Hope this gives you a charge . . . back: Chargeflow raises $14 million to fight chargebacks. Find out how. IDX, IDE, IDK: Google launches Project IDX, a new AI-enabled browser-based development environment. Read more. That vote was supposed to be private: Unfortunately, it did not end up that way for 40 million U.K. voters following the hack of the country's voting system. Get the scoop. More for your Tuesday: Seoul-based proptech Dongnae acquires co-living platform Dears Simon Data is putting customer data to work with $54M Series D Amazon is holding a Prime Day-like shopping event this fall once again Paramount+ tops 61 million subscribers after Showtime merger Image Credits: Getty Images

No, it's never too early to make sure a founder is telling the truth Social app IRL shut down in June, but SoftBank — which led the platform's $170 million Series C in 2021 — is now suing the company for $150 million. IRL told the world it had 20 million monthly active users, but an internal investigation later revealed that 95% of them were fake. According to SoftBank, those "impressive user numbers" encouraged them to invest, hence the fraud lawsuit. Because "younger startups are now increasingly getting caught in the act" when it comes to misleading investors, Rebecca Szkutak asked several VCs about the red flags they look for while assessing a pitch and performing due diligence. "There are 100 metrics they can show you, and they will pick the four that will make them look the best," said 37 Angels founder Angela Lee. "Our job as a VC is to ask about the other 96." TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code "DC" for a 15% discount on an annual subscription. Read More Image Credits: Getty Images

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After 13 years, Zachary Kirkhorn resigns as Tesla CFO

TechCrunch Newsletter

By Christine Hall Monday, August 07, 2023

Tesla CFO Zachary Kirkhorn is leaving the company after 13 years. Meet the person taking his place. Next, India decided to push ahead with its data privacy bill despite receiving pushback from critics. Read more about the debate over data protection. Meanwhile, Threads wove some new code so that you can now see your liked posts. Set it up. And PayPal is rolling out its stablecoin for payments and transfers. See how it’s making history. Image Credits: CFOTO/Future Publishing / Getty Images

More top reads You've got some decisions to make: One Model now has $41 million to bring its data science–powered insights to HR. Read more. What's that out your window?: No, it's not Superman — it’s Skyline robots cleaning the windows on your skyscraper. See how it's using $3.35 million in new funding. In a meeting, but not really: Zoom launches an asynchronous video tool so you really can be in two places at the same time. Read more. Earth in 3D: Array Labs is scanning Earth from space to equip autonomous vehicles with 3D maps. Find out how. Coming soon to Bing: Microsoft's Bing Chat is coming to third-party browsers, including on mobile devices. Get ready. Just like your TV: YouTube brings a high-quality 1080p option to the web. Tune in. Everything about your favorite movie, none of the ads: Callsheet is a new app for iOS that offers a less cluttered, ad-free alternative to read about movies. Learn more. That's old enough to drive: Colorado public school students and teachers listen up: Hackers may have grabbed your data from as far back as 2004. Get the scoop. Meanwhile, on Earth…: French in-space transportation startup Exotrail expands its U.S. footprint. Read more. Cruisin' driverless: There will be more driverless vehicles on the road thanks to Cruise. Find out where its self-driving vehicles are going next. Fall means freshly sharpened pencils: Get some delivered right to your door now that DoorDash and Staples are friends. Learn more. IPO we've finally got one: Dig into Triller's S-1 with Alex Wilhelm, who says this likely won't resurrect the U.S. IPO market. Read more. (TC+) Weekend warriors you might have missed: How Thomson Reuters is leveraging AI to enhance productivity, rather than replace jobs (TC+) Taking another look at venture debt (TC+) Ant Financial sells Paytm stake worth $628 million to Vijay Shekhar Sharma Spyware maker LetMeSpy shuts down after hacker deletes server data Deal Dive: Most secondary sales in venture won't look like Tiger's Flipkart deal (TC+) Here's what the Fearless Fund lawsuit could mean for venture (TC+) Image Credits: portishead1 / Getty Images

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Beat the clock: 6 smart ways startups can use lawyers effectively Legal firms can charge startups anywhere from $175 to $500 per hour, and the fee structures aren’t always straightforward. One founder who racked up $150,000 in legal costs in a single quarter was forced to explain the expense to a team of investors that included angel Marjorie Radlo-Zandi. “He told us the fees were for documents involving business formation, funding, various agreements, and intellectual property registrations,” she writes in TC+. “Not everything you do requires a lawyer: You simply need to know when to engage your attorney, how much to spend, and when to do it yourself.” TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code "DC" for a 15% discount on an annual subscription. Read More Image Credits: Vaniatos / Getty Images

Get your TechCrunch fix IRL. Join us at Disrupt 2023 in San Francisco this September to immerse yourself in all things startup. From headline interviews to intimate roundtables to a jam-packed startup expo floor, there's something for everyone at Disrupt. Save up to $600 when you buy your pass now through August 11, and save 15% on top of that with promo code DC. Learn more. Read More

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Newest Jobs from Crunchboard Senior Business Process Specialist - HCM at Pennsylvania Turnpike Commission (King of Prussia, PA, USA) Senior End User Support Technician at Pennsylvania Turnpike Commission (Middletown, PA, United States) Senior Full Stack Developer at Nylon Technology (New York, NY, USA) POLICY & RESEARCH ANALYST EDUCATIONAL EQUITY - Early Childhood at Catalyst California (Los Angeles, CA, USA) Systems Administrator I or II at City of Newport (Newport, OR, USA) See more jobs on CrunchBoard Post your tech jobs and reach millions of TechCrunch readers for only $200 per month.

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