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The current market shakeout in the technology sector means more than just a sharp drop in prices. The shift in sentiment is also having an impact on the start-up funding that is being discussed down rounds and companies like Buy Now, Pay Later Leader Klarna reconsider its IPO plans.
Klarna is run by Sir Michael Moritz, partner at venture capital firm Sequoia Capital, which has just updated its advice for start-ups facing a bleak future. In 2008, his guide to surviving the financial crisis was called “RIP Good Times”. In early 2020, she sent out a memo titled “Coronavirus: The Black Swan of 2020.”
have the information get a copy his latest slide deck with the less memorable title: Adapting to Endure. It describes this as a “crucible moment” and suggests founders act quickly to expand their runway and cut costs to ensure they don’t run out of cash.
“We expect the market downturn to impact consumer behavior, labor markets, supply chains and more. It will take a long time to recover, and while we can’t predict how long, we can advise you on how to prepare and get to the other side,” says Sequoia.
Those investing in startups are also tightening their belts. SoftBank has cut the pay of its top executives after its Vision Fund posted an all-time loss of 3.5 trillion yen ($27.6 billion). reports Antoni Slodkowski in Tokyo. According to regulatory filings at the Tokyo Stock Exchange, CFO Yoshimitsu Goto earned 293 million yen ($2.3 million) in the fiscal year ended March 31, down 40 percent from 480 million yen a year earlier.
Founder Masayoshi Son’s pay will remain unchanged and Lex says Investors should ask themselves whether it’s worth owning stock in a company that still pays executives heavily to underperform the market.
The Internet of (Five) Things
1. Tethers Bahamas Connection
Tether has held some of its reserves at a small bank in the Bahamas called Capital Union, people familiar with the matter said, providing further insight into how the group manages the $73 billion stablecoin that underpins the crypto market. After terraUSD collapse says law professor Hilary Allen People ask the wrong questions about stablecoins.
2. Italy’s broadband consolidation
Debt-ridden Telecom Italia has signed a preliminary contract worked with investors to merge its fixed-line assets with smaller rival Open Fiber, paving the way for a sole Italian broadband champion.
3. Japan’s startling level of data falsification is also encouraging
Toyota, Japan Steel Works and Mitsubishi Electric are among those who recently admitted years of data falsification. As the search for an explanation intensifies, one commonality between the scandals is that the Whistleblowers were given a voice through corporate ESG commitments, writes Leo Lewis. “Data” doesn’t exist, it’s worth nothing and doesn’t belong to you anyway, says Benedict Evans.
4. Top Gun: Maverick raises hopes for a summer cinema revival
The sequel to the 1986 film that made Tom Cruise one of Hollywood’s biggest stars Grossed $248 million worldwide on its opening weekend, giving hope to struggling theater owners for a summer box office revival after two lean years caused by the pandemic and the proliferation of streaming services.
5. Gaming as a Gateway to the Metaverse – FT Film
The $180 billion gaming industry, twice the size of film, already attracts hundreds of millions of gamers. But as tech leaders scramble to create the next iteration of the internet, gaming has become a battleground. This FT movie explores how gaming got so big and if it can really be the gateway to this new world. Or will regulation, integration and plain old reality get in the way?
Tech Tools – Xiaomi TV F2 Series
Chinese smartphone maker Xiaomi continues to expand its ecosystem and is launching three TVs in the UK today. That Xiaomi TV F2 series has Amazon’s Fire TV and Apple’s Airplay integrated and is available in three sizes: 43-inch, 50-inch, and 55-inch. They are available from today for £399, £449 and £499 respectively. There is also an ‘Early Bird’ offer for all models, with the 43-inch version selling for £339, the 50-inch for £379 and the 55-inch for £424. Features include a 4K UHD display, Dolby Audio, Alexa voice commands and four HDMI 2.1 ports.
The wages of Masayoshi Son as tech falls Source link The wages of Masayoshi Son as tech falls