Colossal, the company blamed for endangering species, announces nearly complete possum genome

The possum, or Tasmanian tiger, became extinct in 1936

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The genome of the extinct possum has been almost completely sequenced, the company that brought it back from extinction, Colossal, has announced. The group says the genome is more than 99.9 percent complete and that just 45 gaps will soon be filled, but it has not provided any evidence to support that claim.

“It's quite difficult to obtain the complete genome of almost any organism,” says Emilio Marmol Sánchez of the University of Copenhagen, Denmark, whose team first extracted RNA from preserved quolls. For example, the last few holdouts of the human genome have only been fully sequenced in the past few years.

Quosos, also known as Tasmanian tigers, were once carnivorous marsupials found throughout Australia, but by the time European explorers arrived they were restricted to Tasmania. The last known possum died in a zoo in 1936.

The conserved quoll genome is First sequenced in 2017 The tissue used was from a 108-year-old bag of quolls that had been preserved in alcohol. However, this genome was far from complete and had many gaps. Colossal, which is also currently aiming to recreate the woolly mammoth, says it has nearly completed the genome with the help of additional DNA from a 120-year-old tooth.

“While our genome is not as complete as the most complete human genome, we were able to take advantage of some of the same technologies,” said Andrew of the University of Melbourne in Australia, a member of Colossal's scientific advisory board. Pask said.

Completely deciphering the genomes of plants and animals is difficult because they contain large sections of the same sequence that repeat over and over again. Standard techniques for sequencing small segments of DNA at a time do not work for these parts. This is like trying to reconstruct a book from a list of words in the book.

New, long-read techniques can sequence much larger segments of DNA, equivalent to entire pages of a book. However, these methods are not very useful because old DNA is usually split into many small pieces.

“Most ancient samples preserve DNA fragments that are a few dozen or, if we're lucky, a few hundred bases long,” Pask says. “The samples we had access to were so well preserved that we were able to recover DNA fragments several thousand bases long.”

There is no direct way to know how complete it is, given that there are no other possum genomes to compare it to. Instead, Pask says Colossal uses other closely related species in the same family to make this estimate.

But even if the genome were as complete as Colossal thinks and could indeed fill in the remaining gaps, there is currently no feasible way to generate living cells containing this genome. Instead, Colossal plans to genetically modify a living marsupial called a fat-tailed dunnart to resemble a possum.

“This is rather a reproduction of some characteristics,” says Marmol Sánchez. “It would not be an extinct animal, but a very strange and modified version of a modern animal, similar to our image of an extinct animal.”

Colossal announces record 300 gene edits It affects the genome of Dunnart cells growing in culture. So far, the changes have been small, but Pask says the team plans to swap out tens of thousands of base pairs of thylacine DNA in the near future. He says it's not yet clear how much editing will be needed to achieve the company's goal of recreating the sugar glider.

When asked why Colossal did not provide any evidence to support its claims, the company's CEO, Ben Lamb, said that the company's sole focus was eradicating extinction and that the scientific literature He said it was not writing. “We are not an academic lab whose primary focus is papers,” Lamb said. “We will continue to make progress much faster than the process of writing a scientific paper.”

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Source: www.newscientist.com

Ofcom calls for action following allegations of Roblox being a ‘pedophile hellscape’ by US company

Child safety activists have urged the UK’s communications watchdog to enforce new online laws following accusations that video game companies have turned their platforms into “hellscapes for adult pedophiles.” They are calling for “gradual changes.”

Last week, Roblox, a popular gaming platform with 80 million daily users, came under fire for its lax security controls. An investment firm in the US criticized Roblox, claiming that its games expose children to grooming, pornography, violent content, and abusive language. The company has denied these claims and stated that safety and civility are fundamental to their operations.

The report highlighted concerning issues such as users seeking to groom avatars, trading in child pornography, accessible sex games, violent content, and abusive behavior on Roblox. Despite these concerns, the company insists that millions of users have safe and positive experiences on the platform, and any safety incidents are taken seriously.

Roblox, known for its user-generated content, allows players to create and play their own games with friends. However, child safety campaigners emphasize the need for stricter enforcement of online safety laws to protect young users from harmful content and interactions on platforms like Roblox.

Platforms like Roblox will need to implement measures to protect children from inappropriate content, prevent grooming, and introduce age verification processes to comply with the upcoming legislation. Ofcom, the regulator responsible for enforcing these laws, is expected to have broad enforcement powers to ensure user safety.

In response, a Roblox spokesperson stated that the company is committed to full compliance with the Online Safety Act, engaging in consultations and assessments to align with Ofcom’s guidelines. They look forward to seeing the final code of practice and ensuring a safe online environment for all users.

Source: www.theguardian.com

Connection between U.S. company demand for avocados and Mexico’s deforestation crisis

Excavation work began on a avocado orchard in Michoacan, Mexico as seen in drone footage captured by Reuters, revealing two bulldozers clearing the ground to build a reservoir without proper permits.

The increasing demand for avocados in the United States has put pressure on Mexican growers, leading to illegal activities and environmental damage. Illegal deforestation and water resource exploitation have become common practices in the region as the avocado industry expands.

To address these issues, a lawsuit has been filed against avocado importers in the U.S., accusing them of labeling Mexican avocados as “sustainable” or “responsibly sourced” when in fact they are contributing to environmental degradation and water scarcity.

While the avocado trade brings economic growth to the region, it has also attracted criminal gangs who engage in extortion and violence. The avocado industry, known as “green gold,” is causing social and environmental crises in Mexico.

Local communities are fighting back against illegal deforestation by destroying water pumps and orchards, while activists and organizations are working to hold importers and retailers accountable for their sourcing practices.

The lawsuit seeks to ensure that avocados in the U.S. market are not produced in illegally deforested areas and are sourced responsibly. It also calls attention to the impact of the avocado industry on water scarcity and biodiversity in the region.

Efforts are being made by Michoacan state authorities to curb illegal logging and ensure transparency in the avocado supply chain. A new online platform is being developed to certify avocados from orchards that are not involved in illegal deforestation.

Despite these efforts, the actual number of illegal orchards in Michoacan is believed to be much higher than reported, highlighting the challenges in controlling the environmental and social impacts of the booming avocado industry.

Source: www.nbcnews.com

Wizz, a cybersecurity company, turns down $23 billion acquisition bid from Alphabet Inc., Google’s parent company

Cybersecurity company Wizz has turned down a $23bn (£18bn) takeover offer from Google’s parent Alphabet, making it the largest takeover bid ever for a tech company, and has opted for a stock market listing instead.

Alphabet had been in discussions with Wizz, a company established by graduates of Israel’s cyber-intelligence program, in an effort to catch up with competitors Microsoft and Amazon in the competitive cloud-services market.

Wiz provides a service that scans data on cloud storage platforms like Amazon Web Services and Microsoft Azure for potential security threats.

The New York-based startup, which is financially backed by investors such as Sequoia Capital and Thrive Capital, was last valued at $12 billion.

In an internal email to employees, the company expressed gratitude for the offer but decided to remain committed to its mission of building Wiz. CEO Assaf Rapaport outlined the company’s objectives of reaching $1 billion in annual recurring revenue and going public.

Despite the tempting offer, the company’s trust in its skilled team reaffirmed their decision. The positive response from the market further reinforced their aim to create a platform that is loved by both security and development teams.

As of Tuesday morning, neither Wizz nor Google have released an official statement regarding the end of the acquisition negotiations.

There are concerns that the deal may face regulatory challenges as authorities seek to tighten their control over acquisitions involving major tech companies.

Last month, the US Department of Justice and the Federal Trade Commission agreed to investigate leading players in the AI market, including Microsoft, OpenAI, and Nvidia.

Established in 2020, Wizz was valued at $12 billion in a funding round in May, attracting investments from Andreessen Horowitz, Lightspeed Venture Partners, and Thrive.

Wiz claims to have 40% of the Fortune 100 as clients and boasts an annual recurring revenue of $350 million.

Source: www.theguardian.com

Dartford Crossing toll company advises against payment, then issues £2,230 fine

Since November, I have been using my boss’s car for work and after crossing the Dartford junction of the M25 for the first time, I attempted to pay the Dart toll. The website clearly stated, “there are no crossing fees payable.”

I assumed that this meant my boss had the car registered to his Dart account, so I did not add it to my account.

Three months went by, and I started receiving penalty charge notices (PCNs). I currently have 23 PCNs totaling £2,230 for crossings between November 2023 and February 2024. I appealed, but all were rejected.

If the first PCN had been sent sooner, I would have accepted my mistake and paid the fee. However, I do not agree with the rest and it seems like a consequence of a management failure. I have since learned of others facing the same struggle. Can I be of assistance?

L.S., Tonbridge

In the weeks following our previous coverage of the Dart fee issue, we have received numerous letters from frustrated users, and yours is one of the most severe cases.

It seems that the chaos in the payment system resulted from a new company, Conduent, taking over in July.

Reports indicate that thousands of fines have been imposed, affecting over 2,500 vehicles per operator.

Figures obtained by Fleet News through a Freedom of Information request in May revealed a 50% increase in PCNs issued for non-payment.

We reached out to National Highways, who manage the crossing, regarding your case. They have agreed to waive the notices if you pay the £65 in crossing charges owed. The company also apologized for any inconvenience caused and stated they have improved their procedures to prevent similar issues in the future.

Always make sure to obtain and keep receipts for all payments when using a crossing to avoid issues.

It’s best to double-check and not assume everything is fine if you encounter an error message when paying for your trip.

If you have received a PCN, please contact the Dart Rate Enforcement Team at 0300 1313 120.

Letters are appreciated, but we are unable to respond individually. Please reach out to us at consumer.champions@theguardian.com or send correspondence to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Kindly provide a daytime telephone number where you can be reached. Submission and publication of letters are subject to our terms and conditions.

Source: www.theguardian.com

Chinese tech company promises to combat online hate speech following knife attack

Chinese internet companies have made a commitment to combat “extreme nationalism” online, specifically targeting anti-Japanese sentiment. This decision comes after a tragic incident in Suzhou, where a Chinese woman lost her life while trying to protect a Japanese mother and child.

The leading companies Tencent and NetEase have stated that they will actively investigate and ban users who promote hatred and incite conflict.

A spokesperson for Tencent, the operator of messaging app WeChat, mentioned that the incident in Jiangsu province has garnered significant public attention, with some internet users fueling tensions between China and Japan, leading to a surge in extreme nationalism.

Following the arrest of an unemployed man for the stabbing incident, which resulted in the death of the Chinese woman who intervened, there has been a mix of reactions online ranging from celebrating heroism to expressing nationalistic sentiments.

Social media platforms like Weibo and Douyin have highlighted the presence of extreme nationalistic and xenophobic content and are actively working to address these issues. This move marks a significant shift as such sentiments have been prevalent on China’s internet with minimal intervention.

In the wake of the Suzhou tragedy, online users have drawn parallels between xenophobic content online and real-world violence, emphasizing the need for regulation to prevent further incidents. Internet companies have reported removing a substantial amount of illegal content and taking action against violating posts.

Despite the efforts by internet companies, some individuals have criticized the crackdown on anti-Japan content, revealing differing perspectives within the online community. Chinese authorities have labeled the knife attack as an isolated event, in contrast to previous incidents involving foreigners.

Further research by Lin Zhihui

Source: www.theguardian.com

TikTok’s parent company, ByteDance, argues that the US’s alleged discrimination against the popular app is unconstitutional

ByteDance, a Chinese tech company, has filed new legal documents challenging the US government’s “unconstitutional discrimination against TikTok.” These documents also reveal details about failed negotiations regarding a ban on the platform.

A legislation signed by President Joe Biden in April requires ByteDance to sell TikTok’s U.S. assets by Jan. 19 or face a ban. ByteDance argues in its filing that such a sale is “technically, commercially, and legally impossible.” The company accuses the US government of not taking settlement negotiations seriously after 2022.

TikTok, in a lawsuit, states, “Never before has Congress silenced so much speech with a single act.”

The proposed ban reflects long-standing national security concerns from US lawmakers who fear China could exploit the app to access Americans’ data or spy on them. While the Biden administration prefers ByteDance to sell TikTok instead of an outright ban, the company claims it’s not a viable option.

The bill would prevent app stores like Apple and Google from featuring the app unless ByteDance sells it. It would also prohibit internet hosting services from supporting TikTok without a sale, effectively banning its use in the US.

In its filing, ByteDance’s lawyers outline the company’s negotiations with the US government, which abruptly ended in August 2022. The company also shared a redacted draft national security agreement aimed at protecting TikTok’s US user data.


The proposed agreement includes a “kill switch” for the US government to halt TikTok’s use in the US if it doesn’t comply. The US has also requested TikTok to move its source code out of China.

TikTok’s lawyers criticized the administration for favoring shutting down TikTok in the US instead of working on a practical solution to protect US users. The Justice Department defended the law, saying it addresses national security concerns while respecting constitutional constraints.

TikTok and ByteDance filed a lawsuit in the United States Court of Appeals for the District of Columbia Circuit on Sept. 16. The outcome of the case could influence the government’s use of new powers against foreign-owned apps.

TikTok argues that separating businesses is not feasible and claims the law violates free speech rights. The platform’s content creators maintain that there is no imminent national security threat, as the law allows TikTok to operate for the remainder of the year.

Source: www.theguardian.com

Nvidia emerges as the most valuable company in the world amidst AI boom

Nvidia surpassed Microsoft on Tuesday to become the world’s most valuable company, driven by its essential role in the competition for artificial intelligence dominance.

With a 3.5% increase in its shares to $135.58, Nvidia now has a market capitalization of $3.34 trillion, following its recent surpassing of Apple to become the second-most valuable company.

Originally known for making video-game chips, Nvidia has evolved into a global powerhouse, benefiting from the industry’s shift towards artificial intelligence and becoming a go-to supplier for tech giants.

Outperforming industry giants like Google and Apple, Nvidia’s growth has spurred investment and market interest.

The company’s success has contributed to record highs on Wall Street, with the S&P 500 closing at 5,487.03 on Tuesday.

Nvidia’s shares have soared by approximately 180% this year, significantly outperforming Microsoft’s 19% increase, driven by high demand for its cutting-edge processors.

Tech leaders like Microsoft, Meta Platforms Inc., and Alphabet Inc. are in a race to bolster AI computing capabilities and dominate emerging technologies.

The surge in Nvidia’s stock price has pushed its market capitalization to new heights, adding over $103 billion on Tuesday alone.

By splitting its stock 10-for-1 on June 7, Nvidia aimed to make its highly-valued stock more accessible to retail investors.

Nvidia’s chips, utilized in crucial AI tools such as OpenAI’s ChatGPT chatbot, have driven its revenue and stock price up, arousing increased investor interest in Silicon Valley.

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As Nvidia solidifies its presence in the tech sector, CEO Jensen Huang, aged 61, has ascended to the ranks of the world’s wealthiest individuals, with a net worth exceeding $100 billion.

In less than two years, Nvidia’s market capitalization has jumped from $1 trillion to $3 trillion, marking a remarkable growth trajectory.

Reuters assisted with reporting.

Source: www.theguardian.com

Is Tesla’s Board Operating as a Public Company or a Fan Club for Elon Musk? | Nils Pratly

ohThe rational view on the Elon Musk compensation issue is that Tesla shareholders should stick to their guns and re-approve his astronomical $56 billion compensation, sending a message to the interventionist Delaware judge who struck down the 2018 plan that they are more than capable of making their own decisions.

Broadly speaking, that’s the stance taken by Baillie Gifford, an early and large investor in electric-car companies. “When we agreed the compensation package with Tesla in 2018, we were doing it because we had set ambitious targets that, if met, would deliver huge returns for shareholders,” says Tom Slater, manager of FTSE 100 Scottish Mortgage Investment Trust. He told the Financial Times “Since we agreed to this, we believe we should pay it,” he said last month. Certainly, this statement has the virtue of consistency: we know what we voted for, and a deal is a deal.

Similarly, no one is likely to complain that Norway’s sovereign wealth fund will vote in opposition on Thursday, just as it did in 2018. The fund opposed the plan then, and sees no reason to change its view just because Tesla’s shares have since soared, triggering a record payout to Musk before a Delaware court stepped in.

So the reapproval vote would produce a similar result to the original 73% majority. The shareholder register has changed over the years, but not by much. If anything, retail investors, who make up almost 40% of the stock, seem to have become even more enamoured with Musk lately. And if the majority is indeed secured, that would be the end of the matter and we wouldn’t have to go to court again.

But before this furor fades from the headlines, there’s the small matter of what Delaware Judge Katherine McCormick actually said. Her 200-page ruling January. Read in its entirety, the impression one gets is that Tesla’s 2018 board is a collection of casualties too subservient to its boss to even implement a semi-robust process for setting his incentives.

No one disputes that Tesla’s stock price would have needed to undergo a minor miracle to realize Musk’s full prize money, which had to top $650 billion by 2028, compared with a valuation of around $50 billion (it actually took just three years to achieve that goal). Rather, the problem was the people Tesla appointed to negotiate with Musk and determine a fair prize.

As the judge noted, lead director Ira Ellen Price had a 15-year business relationship with Musk. Another member of the working group, Antonio Gracias, vacationed with Musk’s family. A third, Musk’s former divorce lawyer and company general counsel Todd Maron, “broke down in tears in praise of Musk during testimony.” McCormick concluded that the adjudication process was “deeply flawed” and that the terms were “not entirely fair” to all shareholders. In short, Musk said what he wanted and received minimal backlash.

In theory, Tesla’s board had some powerful cards to play. At the time, Musk owned just over a fifth of Tesla’s stock (before he sold some to fund his Twitter antics), so he couldn’t have lacked the appetite to pursue a goal of “transformative” growth. Even without a plan, every $50 billion increase in Tesla’s market cap was worth $10 billion to Musk. This negotiating point appears to have been ignored.

The company has not adequately addressed the judge’s criticisms of the process. Chairman Robin Denholm, who took over in late 2018, said: He said the board “supports this package” and feels vindicated by what has happened.As a precaution, the company adopted Musk’s plan to move Tesla’s headquarters to Texas.

If Musk asked for a larger stake to keep him focused on Tesla and not on his personal company, would the supposedly independent directors go along with it? Probably.

So even if we accept that contracts, even the obvious excesses, should be honored, the lack of soul-searching in Tesla’s boardroom is astonishing. The lesson to be learned from this is that this is a public company, and the job involves more than being a cheerleader for Elon Musk’s fan club.

Source: www.theguardian.com

Company announces plans to sell additional shares as Trump Media stock crashes

Former President Donald Trump’s social media company saw a 12% drop in shares on Monday due to a regulatory filing stating the potential sale of millions of additional shares. This resulted in a further decline in stock prices.

The filing revealed that 146.1 million shares of Trump Media & Technology Group could be sold, including 114.8 million owned by Trump himself. Additionally, 21.5 million shares could be sold through warrants issued during the company’s merger with Digital World Acquisition Corp.

Since its market debut on March 26, parent company Truth Social has seen a 60% decrease in stock price. Trump is currently unable to sell any of his shares due to a lock-up agreement until September, tying his wealth to the company’s value. If the price remains stable, he stands to make significant profits from the stock.

On the same day, Trump, the presumed 2024 Republican nominee, began a criminal trial in Manhattan facing 34 felony charges related to falsifying business records in connection to payments to Stormy Daniels. This marks the first criminal trial of a US president and is expected to continue for about six weeks.

Trump is currently under financial strain due to various legal battles over the past year, owing approximately $500 million from civil cases. Trump media has received support from some of his major political donors, providing a lifeline for him to pay off his debts.

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Recently, Democratic advocacy groups urged Congress to investigate Trump Media due to suspicious activities. In early April, two Florida brothers pleaded guilty to insider trading linked to the social media company. Additionally, reports suggest that the company is relying on loans from a Russian-American businessman facing federal investigations for money laundering and insider trading.

Source: www.theguardian.com

UK industry rules find video game company in violation for loot box practices

The UK government’s mandate for technology companies to self-regulate gambling-style loot boxes in video games has come under scrutiny as some developers, who were involved in creating industry guidelines, failed to comply with their own rules.

In the last six months, three companies, including major developer Electronic Arts (EA), faced charges from the advertising regulator for not disclosing the presence of loot boxes in their games as stipulated in the guidelines they helped establish.

Experts who filed the complaint noted numerous other breaches but only reported a few to highlight the issue to the Advertising Standards Authority (ASA).

Loot boxes are game features that allow players to spend real or virtual currency to unlock digital envelopes with random rewards like character outfits or weapons.

Despite concerns about the gambling-like risks associated with loot boxes, the Department for Digital, Culture, Media, and Sport announced in July 2022 that loot boxes would not be classified as gambling products.

Nadine Dorries, the then culture secretary, expressed concerns about regulating loot boxes due to potential unintended consequences.

Instead of direct regulation, the government established a “technical working group” which included video game and tech companies and introduced 11 principles related to loot boxes in August 2023.

One of the guidelines requires clear disclosure of paid loot boxes in game promotions.

Leon Hsiao, an expert on loot box regulation, found that the majority of game ads he analyzed violated the group’s disclosure rules despite being members of the Loot Box Working Group.

Several games, including those from EA, Hutch, and Jagex, were subject to complaints upheld by the ASA for inadequate disclosure of loot boxes.

While EA and Jagex cited human error and lack of space for disclosures, Hatch claimed misunderstanding of the advertising guidelines.

Hsiao stressed that these incidents were not isolated and suggested the industry’s self-regulation efforts were not sufficient.

Don Foster, chairman of the House of Lords’ group for Gambling Reform, called out the failure of self-regulation and urged government intervention to protect children from loot box-related harm.

The Department for Culture, Media and Sport emphasized the need for video game companies to enhance efforts in safeguarding players from loot box risks.

The UK games industry body Ukey supported the implementation of new guidelines by July 2024 to ensure player protection and promote responsible gaming.

EA affirmed their commitment to loot box disclosures and providing players with information for safe gaming practices.

Jagex and Hatch were contacted for comments by The Guardian.

Source: www.theguardian.com

“British tech company accused of being ‘controlling’ as Mike Lynch fraud trial continues into second day” | Autonomy

British entrepreneur Mike Lynch faced arrest on the first day of his criminal trial, where prosecutors portrayed him as a controlling boss who orchestrated a massive fraud. Lynch is set to appear in court in San Francisco on Tuesday.

Co-founder of Autonomy, Lynch is accused of inflating the software company’s sales, misleading auditors, analysts, and regulators, and threatening those who raised concerns before its acquisition by Hewlett-Packard (HP) in 2011.

Lynch’s lawyers plan to have him testify once prosecutors complete their case against him. He has denied all allegations of wrongdoing and faces up to 25 years in prison if convicted.

A deal by HP to acquire Autonomy for $11.1 billion soured when HP reduced the purchase price by $8.8 billion due to alleged accounting irregularities, omissions, and misstatements in the business.

As the trial commenced, prosecutors called on Ganesh Vaidyanathan, Autonomy’s former head of accounting, as the first witness to testify about accounting issues raised in 2010.

Assistant U.S. Attorney Adam Reeves argued that Lynch presented Autonomy as a successful company to HP but that its financial statements were false and misleading due to accounting tricks and concealing hardware sales.

Chamberlain, Autonomy’s financial director, also pleaded not guilty to charges related to falsifying documents and misleading auditors, with his attorney suggesting he was a pawn caught in a battle between giants.

Lynch alleges Autonomy’s poor performance post-acquisition was due to mismanagement by HP, not wrongdoing before the acquisition, as he spent time preparing for trial under house arrest.

Extradited from Britain to the U.S. last year, Lynch posted bail and wears a GPS tag on his ankle under 24-hour guard surveillance.

Source: www.theguardian.com

Uber achieves landmark moment with its first annual profit as a limited liability company

Uber reported annual operating profit for the first time as a limited liability company. It was a landmark moment for the company, which has spent billions of investors' money on an aggressive and often controversial expansion around the world.

The US taxi app company announced a profit of $1.1bn (£870m) in 2023, compared to a loss of $1.8bn the previous year.

The milestone has investors speculating about whether Uber will buy back stock or pay investors a dividend. Uber Chief Financial Officer Prashant Mahendra-Raja said the company will share its “capital allocation plan” with investors next week.

Uber stock rose 1% on Wednesday after initially falling. The company's stock has risen by more than a fifth through 2024 and doubled in the past 12 months, giving it a value of nearly $150 billion.

The company said customers have booked 2.6 billion trips in the past three months of 2023, which equates to about 28 million trips per day.

“2023 was a turning point for Uber, proving that we can continue to see strong, profitable growth at scale,” said Dara Khosrowshahi, Uber's chief executive officer. Our audience is bigger and more engaged than ever, and our platform powered an average of nearly 26 million trips every day last year.

Uber was founded in 2009 by entrepreneurs Garrett Camp and Travis Kalanick. Kalanick took over as CEO in 2010 and continued its expansion, during which time the app quickly spread across the United States, followed by Europe and many cities around the world.

This growth has been made possible by Uber's embrace of the gig economy, where drivers in many countries are considered self-employed and are not entitled to things like sick pay or paid time off.

Mr. Kalanick's time as CEO was marked by a series of scandals and battles with regulators. In 2022, leaks reported by the Guardian revealed how Uber broke laws, deceived police, and secretly lobbied governments while rolling out its service.

Mr. Kalanick was replaced in 2017 by Mr. Khosrowshahi, the former chief executive of travel agency Expedia, in an effort to soften the company's image and focus on meeting regulators' requirements.

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Dan Ives, an analyst at investment bank Wedbush, said Khosrowshahi has led “one of the greatest turnarounds in tech industry history” and that Uber is “not slowing down.”

Uber has consistently suffered significant operating losses since its stock listing on the New York Stock Exchange in May 2019. Losses increased from $3 billion in 2018 to $8.6 billion in 2019, then declined to $4.9 billion in 2020, $3.8 billion in 2021, and $1.8 billion in 2021. 2022.

Thanks in part to growing demand, the company made a profit in 2023. Gross booking value (the total amount paid by Uber riders and delivery customers) in the final quarter of 2023 increased 22% year over year to $37.6 billion. Uber's profit from these deals was $9.9 billion.

Source: www.theguardian.com

Meta’s Profits Soar as Company Shifts Focus to AI and Announces Dividends to Investors

Meta stock soared 15% in after-hours trading. The company’s strong fourth quarter results came a day after CEO Mark Zuckerberg was assaulted during a controversial Congressional hearing.

The company also announced that it would pay investors a dividend of 50 cents per share for the first time and authorized a $50 billion stock repurchase program.

Overall, Meta reported fourth-quarter revenue of $40.1 billion, beating expectations of $39.18 billion and increasing 25% year-over-year. The report comes as Meta, like many major technology companies, seeks to integrate artificial intelligence tools into its core products. In a statement accompanying the report, Zuckerberg said Meta was “a significant step forward in our vision of evolving AI and the Metaverse.”

“We anticipate that our ambitious long-term AI research and product development efforts will require increased infrastructure investment beyond this year,” the company’s press release said.


During last quarter’s earnings call, Zuckerberg touted Meta’s plans to invest in AI, saying it would be the company’s biggest investment area in 2024. Zuckerberg said in a video he shared on Instagram in early January that his company would acquire $9 billion worth of AI. Nvidia chips help scale up AI

Zuckerberg said AI will not only enhance ad campaigns and increase ad revenue, but AI will also be used to support new meta-products such as AI chatbots. Advertising revenue, the company’s core business, was $38.7 billion, compared with $31.25 billion in the same period last year. His Meta hardware products, such as the Quest 3 VR headset, still don’t account for a large percentage of the company’s revenue. Zuckerberg said on a conference call Thursday that he expects Meta to begin rolling out its AI services more broadly in the coming months.

Meta has laid off more than 20,000 employees in 2023 as it focuses on cost-cutting measures as part of what Zuckerberg has dubbed the “Year of Efficiency.” These efforts seem to have paid off, with Meta’s operating profit margin doubling from 20% in the same period of 2022 to 41%. Meanwhile, expenses decreased 8% year-on-year to $23.73 billion. Chief Financial Officer Susan Lee said on a conference call that Meta had more than 67,300 employees at the end of the fourth quarter, down 22% from a year ago, but that “hiring efforts have resumed. '', which resulted in a 2% increase from the third quarter.

Regulatory headwinds are probably top of mind for investors following Meta’s public taunts during Wednesday’s Congressional hearing. The hearing was convened to question Zuckerberg and other tech executives over the impact of their platforms on young users. The CEO expressed his condolences to the parents in the crowd who lost their children to online exploitation.

Throughout the hearing, lawmakers touted a bill that could strip Meta and other platforms of legal immunity for content posted on them, a move that would make Meta and other platforms illegal in 41 states over its impact on young users. It was enacted several months after a major lawsuit was filed by the attorney general. New Mexico’s attorney general also accused the company of failing to prevent child sexual exploitation and human trafficking.

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As a result of regulatory concerns, Meta has sought to diversify its core business, which has so far relied on advertising, which collects vast amounts of user data. Reality Labs, the division responsible for developing virtual reality products, faced a loss of $4.65 billion in the fourth quarter, up from $4.28 billion in the same period last year, bringing its total loss for 2023 to $16.1 billion. It reached $20 million. Meta said in a press release that it expects operating losses to “increase significantly year-over-year” as Reality Labs continues to expand its ecosystem.

In addition to regulatory concerns, Meta sees its platform’s user base tightening as young users in particular migrate to new platforms such as TikTok. The company said its platform is experiencing faster growth outside the United States. Insider information Principal Analyst Jasmine Enberg.

“On the usage side, Facebook continued to see a squeeze in user growth, but as expected, most of the new users came from outside of North America,” she said. “In the U.S., popularity among teenagers has become a liability in the eyes of lawmakers, which could hinder Facebook and Instagram’s efforts to grow in the country.”

Source: www.theguardian.com

Sheryl Sandberg Steps Down as Director of Meta | Facebook’s Parent Company

It’s been about two years since Sheryl Sandberg stepped down from the board of Facebook’s parent company, Meta.

As Chief Operating Officer of Meta, Mr. Sandberg was the lead architect of Facebook’s digital advertising-driven business model.

The 54-year-old announced he would step down from his role in June 2022 and step down from the Meta board after his term ends in May.



“The Meta business is strong and well-positioned for the future, so we feel now is the right time to exit,” Sandberg said in a Facebook post, adding that he has asked the company’s advisors to He added that he will take office.

Sandberg joined Facebook from Google in 2008 and will step down as head of operations at Meta in 2022, a position he held for 14 years.

In response to Sandberg, Meta CEO and founder Mark Zuckerberg said he looked forward to “a new chapter together.”

Sandberg, once Zuckerberg’s second-in-command, was one of the company’s most visible executives.

While serving as chief operating officer of Mr. Zuckerberg’s social media empire, she covered the Cambridge Analytica scandal, the use of the Facebook platform in organizing the 2021 Capitol riot, and Facebook’s massive success. faced a number of controversies, including continued concerns about mining user data to power its advertising business.


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Prior to joining Facebook, Mr. Sandberg was vice president of global online sales and operations at Google and served as chief of staff at the U.S. Treasury under former President Bill Clinton.

Sandberg, a Harvard graduate, is the author of several books, including the 2013 feminist manifesto “Lean In: Women, Work, and the Will to Lead.”

Source: www.theguardian.com

Microsoft Surpasses Apple to Reclaim Title of Most Valuable Company after Two Years

Microsoft's stock closed above Apple's for the first time since 2021 on Friday, making it the world's most valuable company, as demand concerns hit the iPhone maker's stock price.

On Friday, Apple rose 0.2% and Microsoft rose 1%. This brings Microsoft's market capitalization to $2.887 trillion, an all-time high, according to LSEG data. Apple's market capitalization, calculated based on Thursday's filing data, was $2.875 trillion.

Concerns about smartphone demand have pushed Apple stock down 3% so far in 2024 after rising 48% last year. Microsoft is up about 3% since the beginning of the year after soaring 57% in 2023 on a bull run driven in part by its lead in generative artificial intelligence through its investment in ChatGPT maker OpenAI.

According to LSEG, Apple's market capitalization peaked at $3.081 trillion on December 14th.

Microsoft is incorporating OpenAI's technology into its suite of productivity software, which helped fuel a recovery in its cloud computing business in the July-September quarter. His AI leadership at the company has also created an opportunity to challenge Google's dominance in web search.

Meanwhile, Apple is grappling with sluggish demand, including for its cash cow iPhone. Demand in China, a major market, is sluggish as the Chinese economy has been slow to recover from the coronavirus pandemic and a revived Huawei is eating away at market share.

Sales of Apple's Vision Pro mixed reality headset will begin in the US on February 2nd, marking Apple's biggest product launch since the iPhone in 2007. However, UBS estimated in a report this week that Vision Pro sales are “relatively insignificant” to Apple. Earnings per share in 2024.

Since 2018, Microsoft briefly overtook Apple as the most valuable company, and most recently in 2021, when concerns about pandemic-related supply chain shortages affected the iPhone maker's stock price.

In its latest quarterly report in November, Apple gave a holiday quarter sales forecast that was lower than Wall Street's expectations due to weak demand for iPads and wearables.

Analysts on average expect Apple's December quarter sales to rise 0.7% to $117.9 billion, according to LSEG. As a result, sales will increase year-on-year for the first time in four quarters. Apple announced its financial results on February 1st.

Analysts expect Microsoft to report a 16% increase in revenue to $61.1 billion in the coming weeks due to continued growth in its cloud business.

Source: www.theguardian.com

Bird, an electric scooter company, declares bankruptcy

bird Submitted Under Chapter 11 Bankruptcy Codecapping off a turbulent year for the electric scooter company.

in press release Bird confirmed today that it has entered a “financial restructuring process aimed at strengthening its balance sheet” and that the company is continuing business as usual in pursuit of “long-term, sustainable growth.” Announced.

Founded in 2017 by former Lyft and Uber executive Travis VanderZanden, Bird is one of many startups deploying dockless micromobility platforms around the world, helping city dwellers take short-term access to electric scooters and e-bikes. You will be able to pay for access. The company went public in late 2021 through a SPAC merger, but its stock price plummeted permanently in a crowded market built on questionable economics, and its market capitalization was $2 billion at its New York Stock Exchange (NYSE) debut. It has fallen since then. Just up to $70 million 12 months later. The decline prompted the New York Stock Exchange to issue a warning that Bird’s stock price was too low.

Things didn’t improve, the stock price continued to fall, and CEO VanderZanden eventually stepped down in June. Delisted from NYSE During September.

Separately, Bird also announced a series of layoffs shortly after acquiring rival Spin for $19 million.

Bird lands on New York Stock Exchange

Bird lands on New York Stock Exchange image credits:Spencer Pratt/Getty Images

Chapter 11

The Chapter 11 bankruptcy will allow Byrd to restructure its finances without disrupting its day-to-day operations, with existing lenders MidCap Financial, a division of Apollo Global Management, providing $25 million in financing through the bankruptcy process. will be provided.

The ultimate goal is to sell Byrd’s assets, and so-called “horse racing” agreements begin a bidding process aimed at extracting as much value as possible from Byrd, with Byrd’s lenders being Set a baseline bid before starting a deal with a potential suitor. over the next four months.

Interim CEO Michael Wasinusi will continue in his role both before and after the reorganization, the statement said.

“This announcement represents an important milestone in Bird’s transformation, which began with the appointment of new leadership earlier this year,” Washinushi said. “We are making progress towards improving profitability and aim to accelerate that progress by right-sizing our capital structure through this restructuring. We remain focused on our mission to make cities more livable by reducing volume, traffic and carbon emissions.”

It’s also worth noting that Bird’s Canadian and European operations are not included in the bankruptcy filing, and the company says it will “continue to operate as usual.”

This latest news comes just one day after rival MicroMobility.com was delisted from the Nasdaq due to low stock prices, and three years after the company also went public through a SPAC merger. And in Europe, dockless scooter startup Tia recently laid off 22% of its workforce following bankruptcy proceedings for Dutch e-bike startup VanMoof.

Overall, it hasn’t been a great year for the micromobility space.

Source: techcrunch.com

Clearlake and Insight announce $4.4 billion agreement to privatize software company Alteryx

Alterix is an Irvine, California-based software company that develops data science and analytics products. announced Private equity firms Clearlake Capital Group and Insight Partners announced that they have agreed to acquire the company in a deal valued at $4.4 billion.

Clearlake and Insight reportedly beat out another private equity firm, Symphony Technology Group. report I’ve been fighting for Alteryx for a few days now.

Clear Lake and Insight’s deal also includes debt, valuing Alterix’s equity at about $3.46 billion. report Reuters – A 29.1% premium to the company’s closing price on Friday. It is expected to close in the first half of 2024, subject to customary closing conditions and approvals.

The direct impact on Alteryx’s approximately 2,900 employees is not clear.

“In addition to providing significant and solid cash value to our shareholders, this transaction provides increased working capital and industry expertise; “It gives us the flexibility of being a private company.” “Over the past several years, we have executed a comprehensive transformation strategy to strengthen our go-to-market capabilities and establish a strong cloud and AI innovation roadmap. We are excited to partner with Clearlake and Insight for the next stage of Alteryx’s journey. ”

Alteryx’s predecessor, SRC, was co-founded in 1997 by Dean Stoecker, Olivia Duane Adams, and Ned Harding and initially focused on creating a data engine for demographic-based mapping and reporting. In 2006, SRC released a software app. Alteryx as a platform for building analytical processes and services. By 2011, SRC had changed its name to his Alteryx, and by that time SRC had become the company’s core product.

Alteryx went public on the NYSE in 2017 after raising tens of millions of dollars from VC firms including Toba Capital, Insight, Sapphire Ventures, ICONIQ Capital, and Meritech Capital Partners.

More recently, Alteryx moved to a subscription-centric business model and significantly expanded its AI-powered feature offering as part of its strategy to capture the growing demand for data analytics services. according to The value of the big data analytics market could reach $105.08 billion by 2027, up from $37.34 billion in 2018, according to analyst firm Research and Markets.

Alteryx currently counts more than 8,300 companies as customers, including Coca-Cola, Vodafone, Walmart, and Ford. In its coverage of the deal today, SiliconAngle said: Note That Alterix generated Revenue for the last quarter was $232 million, an increase of 8% from the same period last year. Also, annual recurring revenue grew nearly three times faster over the same period, increasing by about 21% to $914 million.

“When we founded Alteryx in 1997, we did so with a vision for the future of data science and analytics. Today, Alteryx is a differentiated platform that extends the democratization of data in a controlled way. We stand out as an industry leader with “The agreements with Clearlake and Insight demonstrate the strength of our business and the value of Alteryx’s capabilities and innovation.”

Source: techcrunch.com

Ex-Facebook Diversity Manager Admits to Defrauding Company of $4 Million in Kickback Scheme, Say Federal Authorities

A former diversity program manager at Facebook has admitted to stealing over $4 million from the company through fraudulent business deals in exchange for kickbacks, as per the Justice Department.

Barbara Farlow Smiles, who served as Facebook’s chief strategist and global head of employee resource groups and diversity engagement, used the stolen funds to support a lavish lifestyle across multiple states, according to prosecutors.

From January 2017 to September 2021, Farlow Smiles oversaw the diversity, equity, and inclusion (DEI) program at Facebook and was entrusted with DEI initiatives and operations, as well as engagement programs, as per the Department of Justice.

Authorities disclosed that Farlow Smiles had access to company credit cards and had the authority to approve invoices, and used various individuals, including friends and relatives, to funnel kickbacks to her.

Barbara Farlow-Smiles has pleaded guilty to defrauding Facebook. Amazon

Individuals allegedly recruited by Farlow Smiles to participate in the kickback scheme included former interns, a college tutor, a hairstylist, babysitter, and a nanny, as per authorities.

It remains uncertain if anyone associated with Farlow Smiles has been charged in connection with the incident.

Farlow Smiles also misled Facebook into providing funds to an organization that did not deliver any kickbacks, including payments to an artist and an unnamed preschool.

Barbara Furlow-Smiles pictured at the 2018 Facebook DEI event. meta

To avoid scrutiny, Farlow Smiles submitted false expense reports, falsely claiming that individuals had provided marketing or merchandise at Facebook event vendors.

Farlow Smiles “abused her position at Facebook to defraud the company and undermine the importance of its DEI mission,” said U.S. Attorney Ryan K. Buchanan after her guilty plea on Tuesday.

“Driven by greed, she orchestrated an elaborate criminal scheme, engaging fraudsters to pay kickbacks in cash, and involving her relatives, friends, and other associates in the crime, all to finance her lavish lifestyle through fraud rather than through hard, honest work,” Buchanan added.

“Farlow Smiles used lies and deception to defraud both vendors and Facebook employees,” said FBI Special Agent Kelly Farley.

The Justice Department said Mr. Mehta provided valuable assistance to the investigation. LinkedIn / Barbara Farlow Smiles

The Justice Department commended Mr. Mehta for providing valuable assistance and cooperation during the investigation.

“We are cooperating with law enforcement in the case involving this former program manager and will continue to do so,” Mehta said in a statement.

As part of a two-step fraud scheme, Farlow Smiles used apps such as Venmo and PayPal linked to her company credit card, and submitted false expense reports to cover her tracks.

Barbara Farlow-Smiles is scheduled to be sentenced in March next year. LinkedIn / Barbara Farlow Smiles
Barbara Furlow-Smiles helped lead DEI initiatives at Facebook. Getty Images

Most employees were reportedly unaware that the funds were coming from Facebook and returned the funds to Farlow Smiles in cash or through direct deposit. Federal authorities disclosed that the cash was sometimes delivered to Farlow Smiles wrapped in t-shirts and other items.

In the second part of her plan, Farlow Smiles directed Facebook to use businesses owned by friends and then approved “fraudulent and inflated invoices” on behalf of the vendors in exchange for kickbacks.

Farlow Smiles is set to be sentenced on March 19, 2024.

Source: nypost.com

Google takes steps to eliminate geofencing warrants, a surveillance issue largely created by the company itself

Google will soon This allows users to store their location data on their devices rather than on Google’s servers, allowing police and law enforcement to tap into Google’s vast bank of location data to identify potential criminals. We were able to effectively put an end to years of surveillance practices that allowed eavesdropping.

The use of so-called “geofencing warrants” has exploded in recent years, largely due to the proliferation of smartphones and the ability of data-hungry companies like Google to siphon and store vast amounts of users’ location information. This is due to the fact that it is now possible to obtain it by law. Request for enforcement.

Police can use geofence warrants (also known as reverse location warrants) to ask Google to hand over information about whether a user’s device was in a particular geographic area at a particular time.

But critics argue that geofencing warrants are unconstitutional and inherently overbroad. This is because these requests often include information about completely innocent victims. nearby when the crime was committed.flat Courts cannot agree on whether geofencing warrants are legal which could ultimately be challenged in the U.S. Supreme Court.

This week’s Google announcements I didn’t mention geofencing warrants. Specifically, it only says that users will have “more control” over their data by storing location data on their devices. In effect, this move would result in police seeking a search warrant to access that specific device, rather than requesting the data from Google.

Although Google is not the only company targeted by geofencing warrants, it is the largest collector of sensitive location data and the first company to be intercepted.

The act of police eavesdropping on users’ location data to Google is revealed for the first time Google has long relied on user location data to power its advertising business, which generated about 80% of Google’s annual revenue, or about $220 billion, in 2022 alone.

However, in reality, this surveillance technique is believed to be much more widespread. Law enforcement agencies have since expanded location data requests to other companies. Microsoft and Yahoo (which owns TechCrunch) are known to have received geofencing warrants, but neither company has yet disclosed how many requests for user location data they receive.

The number of lawsuits related to geofencing requirements has increased rapidly in recent years.

Police in Minneapolis used geofencing warrants to identify individuals who participated in protests following the killing of George Floyd. The 2022 overturn of Roe v. Wade will allow law enforcement in states where access to abortion care is restricted or where it is illegal to seek an abortion to identify people seeking care. Concerns were raised about the potential use of geofence warrants. Lawmakers later called on Google to stop collecting location data, saying it could be used to identify people seeking abortions.

The companies have said little about the number of geofence warrants they receive, but last year Google, Microsoft and Yahoo supported a New York bill that would ban the use of geofence warrants statewide. This bill failed to become law.

Google has not disclosed how many geofencing warrants it has received in recent years. Google has released its latest (and only) disclosure about the number of geofence warrants it received in 2021, following pressure to release the numbers following growing criticism of its surveillance practices.

According to the data, Google received 982 geofence warrants in 2018, 8,396 geofence warrants in 2019, and 11,554 geofence warrants in 2020. This represents about a quarter of all legal claims received by Google. Although the disclosure is limited, it provides a first glimpse into the surging number of such requests, but Google is concerned about how often the search giant pushes back against legal requests for its users’ location data. Or, if there was, they didn’t mention it.

News that Google will soon move your location data to your devices drew cautious praise.

The Electronic Frontier Foundation, which challenged the constitutionality of geofencing warrants in court, said: in a blog post “At least for now, we intend to take this as a victory.” But EFF pointed out that there are other ways for Google to hand over users’ sensitive personal data. Law enforcement agencies use a similar legal request, called a “reverse keyword” warrant, to identify Google accounts that searched for specific keywords in time, such as before a crime was committed. Google has not said whether it plans to close a loophole that allows police and law enforcement agencies to issue so-called “reverse keyword” warrants for users’ search queries.

Geofencing warrants won’t disappear overnight. Google still maintains a vast bank of historical location data, which law enforcement can access at any time until Google determines it no longer needs to be retained. And while tech companies store large amounts of user location data, they may also be subject to similar legal claims.

But the hope is that by closing the door on geofencing warrants, Google could significantly reduce this surveillance loophole, at least going forward.

in Latest transparency report In 2022, Apple announced that it received 13 geofencing warrants requesting customer location data, but did not provide any data in return. Apple said it has “no data to provide in response to geofencing requests” because the data resides on the user’s device and cannot be accessed.

Source: techcrunch.com

‘Avatar’ and ‘Jurassic Park’ animatronics company collaborates with Boston Dynamics

Since its inception as an MIT spinoff, Boston Dynamics systems have consistently provided entertainment value. The Hyundai-owned company has long embraced this by releasing dozens of highly viral videos over the decades.

However, with a few exceptions, entertainment was more of a side benefit than the ultimate goal. But that will change in the near future. just announced the deal A collaboration with Singapore-based entertainment brand Neon.


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Specifically (at least for our purposes) Neon is the parent company of Animax Designs. The Nashville-based company has created theme park and exhibit animatronics for some of Hollywood’s biggest franchises, including Avatar, Jurassic Park, Marvel, and Harry Potter.

No actual details have been revealed about the deal, other than the fact that it is “scheduled to culminate in late 2024 with an announcement that will captivate, inspire and surprise viewers.” Whether this means theme park robots or something else is completely unclear at this point.

A big advantage for Neon/Animax is that Boston Dynamics can produce robust, untethered autonomous systems at scale. The world of theme park robots has changed in recent years, with Disneyland’s Star Wars Galaxy’s Edge featuring robots that interact with park visitors.

“We are excited to collaborate with Neon and Animax on the development of a fully untethered entertainment robot,” Mark Thurman, Boston Dynamics’ chief strategy officer, said in a release. “These highly interactive creatures are poised to captivate consumers through novel and exciting initiatives. By partnering with Neon, a pioneer in immersive storytelling, we are proud to share our cutting-edge technology and the company’s ’s expertise in engaging storytelling.”

The agreement marks another step in Boston Dynamics’ commercialization roadmap, which began with Spot, a quadrupedal robot, and Stretch, a truck-unloading robot. But the company’s entertainment roots go back even further.mark lybert and team I also made a robot For the set of the 1993 Sean Connery/Wesley Snipes/Michael Crichton film Rising Sun.

Source: techcrunch.com

Getaround’s Third Quarter Results Encourage Investors, but the Company Still Faces Challenges

peer-to-peer car sharing company Moving filed its first earnings report since going public a year ago Via SPAC combination. The company’s third-quarter earnings report details that while revenue is growing rapidly, it still doesn’t generate enough sales to cover expenses.

Getaround reported gross bookings of $69 million in the third quarter, resulting in revenue of $23.8 million in the period, up from $16.7 million in the year-ago period. In the first nine months of 2023, Getaround’s revenue reached his $54 million.

But while Getaround’s reported 42% year-over-year revenue growth in the third quarter has been well-received by investors, who have sent the stock up 75% in after-hours trading at the time of writing, the company is not. Still out of the forest.

Getaround’s operating expenses in the third quarter were worth $42.9 million, compared to the equivalent of $128 million for the first three quarters of this year, both numbers significantly higher than its gross profit for both periods. Still, Getaround has made some progress on the profitability front. In the third quarter, the company had a net GAAP loss of $27.3 million, an improvement of 16% from the third quarter of 2022 report. Using a more generous profit calculation, Get Around remained unprofitable in the latest quarter, with his adjusted EBITDA reported at -$11.3 million. Over the three-month period, it improved by 43% year-over-year.

Getaround is targeting gross bookings in the range of $200 million to $205 million for the full year of 2023. The company did not disclose revenue targets for this year, but third-quarter revenue reflects an annual run rate of more than $95 million. Getaround expects its 2023 adjusted EBITDA loss to be in the range of $68 million to $70 million.

Getaround ended the third quarter with $22.1 million in cash and cash equivalents. This number is a significant departure from the $64.3 million reported in cash and equivalents at the end of the third quarter of 2022. The company got some good news in the form of a $3 million infusion from Madrick Capital. Madrick Capital has an existing $15 million note with the company, which was expanded to provide a little more headroom for the getaround.

Getaround stock closed regular trading at about $0.17 on Thursday, ahead of the release of third-quarter data.

Rebuilding

Getaround is working to clean up its cost base, including reducing the company’s workforce. 10% of staff In February, the company announced that it would cut costs by $25 million to $30 million a year to achieve sustainability. The layoffs came a day after Getaround was declared a state of emergency. Delisting Notice from the New York Stock Exchange This is because the stock price was trading too low.

Now that the stock price has risen significantly following the earnings report, GetAround is still worth less than $1 per share, meaning it is still at risk of being delisted.Several SPAC combinations were executed reverse stock split This is probably why earnings per share have remained in the 100 yen range.

Getaround has also received other delisting notices for failing to timely file annual and quarterly reports. The company has not filed its 2022 annual report and just filed its third quarter earnings report. Getaround has not yet filed its first and second quarter results. The company says it will need more time to complete the audit and has now completed it.

Getaround CEO Sam Zaid told TechCrunch: Mr. Zaid would not comment on whether GetAround would seek a reverse stock split to boost its stock price.

car sharing companies too Acquires assets of startup HyreCar This will increase Getaround’s operating costs in the short term. Getaround hopes the scale provided by the acquisition will help accelerate its path to profitability.

This article has been updated with information from Getaround’s CEO.

Source: techcrunch.com

Co-founder of Credit Karma, Nicole Mustard, resigns after 16 years in the company

Credit Karma co-founder and chief revenue officer Nichole Mustard is leaving the company after 16 and a half years, TechCrunch exclusively learned today.

A spokesperson for the consumer fintech, now a subsidiary of Intuit, confirmed Mustard’s departure in an email, writing only: “We are certain that she has decided to leave the company. Her contribution has been significant and we wish her all the best.”

Mr. Mustard’s decision to step down marks the third high-profile departure of an executive at Credit Karma in 2023. Verified blind user. Colleen McCleary, Chief Human Resources Officer He resigned from his role in January and joined Ribbit Capital as an investor in June. In September, Greg Lulu announced: resign from the position of chief marketing officer As soon as his replacement is found.

Intuit closes with $8.1 billion in cash and stock sales purchase Credit Karma took a big hit in 2020, and things have been a bit volatile ever since.

Last November, Credit Karma confirmed to TechCrunch that it had “decided to pause substantially all hiring activities” due to “revenue challenges due to an uncertain environment.” At that time, we shared within the company: All credit karma areas were “negatively affected by macro uncertainty,” it said. Credit Karma experienced further deterioration in these areas in the final weeks of the first quarter [of 2022]”

In August, Intuit reported that Credit Karma confirmed the situation. decrease in income For the fiscal year ending July 31, 2023, it will increase 9% to $1.6 billion. Earlier this year, Intuit announced that: Personal finance app “Mint” terminated In January.intuition Acquired the Mint in 2009and the decision to close it came as a surprise to many.

Have a news tip or inside scoop on a topic we’ve covered? We’d love to hear from you. Contact us at maryann@techcrunch.com. Or send us a note at tips@techcrunch.com. We will be happy to honor your request for anonymity.

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Source: techcrunch.com

Coin Cloud, the Bitcoin ATM company, has been hacked and even the new owners are unsure of how it happened.

In November, cybersecurity collective vx-underground wrote on X (formerly Twitter): An unknown hacker claimed to have infiltrated Coincloud.a bankrupt Bitcoin ATM company.

According to vx-underground, the hackers claim to have stolen 70,000 customer photos taken from cameras embedded in ATMs, as well as the personal data of 300,000 customers. Name, surname, email address, phone number, current occupation, address, etc.

No one has publicly claimed hacking. A month later, what actually happened to Coin Cloud remains a mystery, even to the company’s new owners.

Coin Cloud was a company that managed thousands of Bitcoin ATMs in the United States and Brazil. According to the official website, to the company Filed for bankruptcy in February. In July, genesis coinanother Bitcoin ATM provider, acquired 5,700 ATMs from the defunct Coin Cloud. According to a press release issued at the time. Genesis Coin itself was acquired by Andrew Barnard and his associates in early January. Owned another cryptocurrency ATM company called Bitstop.

inquiry

Do you have more information about the Coin Cloud hack? We’d love to hear from you. Lorenzo Franceschi-Bicchierai can be reached securely on Signal (+1 917 257 1382), Telegram, Keybase and Wire @lorenzofb, or email lorenzo@techcrunch.com. He can also be reached at TechCrunch via SecureDrop.

Mr. Bernard, who serves as CEO, Bitcoin ATMThe company, which rebranded itself after purchasing some of Coin Cloud’s assets in bankruptcy proceedings, told TechCrunch that his company launched an investigation following vx-underground’s tweet, but is unsure when the breach occurred or who identified it. He said he was unable to conclude whether he was responsible. He himself described the incident as a “mystery”.

“Coin Cloud has been hacked multiple times in the past when it was still a commercial company, so the data breach happened a while ago,” Bernard said. “I think the data is being held to ransom right now. It’s impossible to say. [when] There is little control throughout the software development process, with multiple international contractors having access to source code containing secrets. [database]” Bernard said in an email.

“Based on the information we have been shown, it does not appear that any services maintained by Coin Cloud have been recently compromised,” Barnard added. “Therefore, it is reasonable to think that this is data that was already stolen when Coincloud was hacked previously. It is an assumption, but a reasonable one. It’s impossible to say exactly what was compromised; so many vendors and internal employees had access to it that the same thing may have happened at different times over the years. ”

Barnard said that if someone were to obtain the source code containing the database’s administrator credentials, the hacker “would have access to all the files.” [Know Your Customer] Customer information. ”

Know Your Customer (KYC) is a check performed by technology and financial companies to verify a person’s identity to prevent fraud and money laundering. KYC checks often rely on customers submitting scans of their identification documents.

A former Coin Cloud employee told TechCrunch on condition of anonymity that Coin Cloud was “an absolute disaster to work for.”

“We didn’t have a security team,” the former employee said, adding that Coincloud had been hacked at least once in the last year and believed the company stored much of its data in plain text, meaning it wasn’t encrypted. He added that

Source: techcrunch.com

Largest Mobile Company in Britain Files £3bn Lawsuit for Overcharging Loyal Customers | UK News

Vodafone, EE, Three and O2 are facing a class action lawsuit worth “over £3 billion” for allegedly using their market power to overcharge up to 28.2 million mobile phone contracts in the UK.

Four major network operators are accused of penalizing loyal customers, customers who pay more for the same service than new customers.

Many contracts provide for repaying the price of the smartphone in stages over two to three years, but the company reportedly did not reduce the monthly fee once the device was paid for.

The suit, brought by former Citizens Advice executive Justin Gutman and law firm Charles Lyndon, is seeking at least £3.285 billion in damages.

Mr Gutmann claimed that if successful, affected consumers could receive up to £1,823 each.

The class action was filed at the Competition Appeal Court in London.

All eligible consumers will automatically be included in your bill free of charge unless you follow specific opt-out steps.

This complaint follows a ‘super complaint’ made by Citizens Advice to the Competition and Markets Authority (CMA) in September 2018, following the CMA’s finding that: You paid for the device at the end of the minimum contract period.

“This is unfair and it has to stop.”

read more:
Can your smartphone detect how drunk you are?
France threatens to ban iPhone 12
Inside the UK’s largest mobile phone recycling facility

Use Chrome Browser for a more accessible video player

Apple changes connector again

Mr Gutmann said: “I am bringing this class action because these four mobile phone companies have systematically exploited millions of loyal customers across the UK through loyalty penalties, leaving hard-working people and their families out of pocket. “We believe that more than £3 billion has been extracted from the public.” .

“These companies continued to take advantage of their customers despite the 2008 financial crisis, COVID-19, and now the cost of living crisis. It’s time to hold them accountable.”

A spokesperson for O2 said: “To date, we have not been able to contact our legal team regarding this allegation. However, 10 years ago we entered into a separation agreement that automatically and completely reduces our customers’ bills. We’re proud to be the first provider to start.” I have finished paying my mobile phone bill.

“We have long called for an end to ‘smartphone fraud’ and for other mobile phone carriers to stop the egregious practice of charging customers for phones they already own. Ta.”

An EE spokesperson said: “We strongly oppose the speculative claims being brought against us. EE has a wide range of tariffs and a robust process for dealing with contract termination notices.” Stated.

“The UK mobile market is highly competitive, with pricing among the lowest in all of Europe.”

Vodafone said: “This matter has only recently come to our attention and we do not yet have sufficient details for our legal team to assess.”

Source: news.sky.com

Elon Musk admonishes former Company X advertiser to “give up on himself” in heated interview

Billionaire Elon Musk told advertisers who fled his social media platform Ta.

His profanity-laced remarks began in an interview with the New York Times’ Dealbook Summit, in which he first said he was “sorry” and repentant for a Nov. 15 tweet in agreement with an anti-Semitic post about X. It was done after representing the moment.

On November 15, Musk said that users who mentioned the conspiracy theory “The Great Replacement” were telling the “actual truth,” agreeing with a user who falsely claimed that Jews were inciting hatred against white people. Since then, it has faced intense criticism.

On Wednesday, Musk said he had “handed a loaded gun” to his detractors and said his post was probably the worst in his message history, including many “stupid” messages.

Tesla’s CEO was furious at the idea that he was an anti-Semite, saying advertisers who left X (formerly known as Twitter) should not advertise on X and that they could blackmail him. He said he shouldn’t think about it.

Elon Musk said he had “handed a loaded gun” to his detractors and said his post was probably the worst in his message history, including many “stupid” messages. Getty Images

“Go fuck yourself,” he said.

Asked if that was clear, he added, “Hey, Bob,” apparently referring to Walt Disney CEO Robert Iger, who pulled the X ad. Iger spoke at the beginning of the event.

He said people who don’t like Mr. Musk should consider the products his company makes based on their quality, pointing to electric vehicles powered by Tesla and SpaceX rockets. “I never pander,” he said.

Musk’s comments come as Senate Majority Leader Chuck Schumer said the rise in anti-Semitism since the start of the Israel-Hamas war has reached a crisis point, threatening the safety of Jews around the world and the future of Israel. The announcement was made on the same day that we warned that “For us Jews, the rise of anti-Semitism is a crisis. It’s a five-alarm fire that must be extinguished,” Schumer said emotionally during a 40-minute Senate speech.

Elon Musk holds up a pendant that says “Bring them home.” Getty Images

The “Great Replacement” theory falsely claims that Jews and the left are attempting to ethnically and culturally replace the white population with non-white immigrants, which will lead to “white genocide.”

Musk’s post drew condemnation from the White House, calling it an “abhorrent promotion of anti-Semitism and racist hatred.”

In response to the post, major U.S. companies including Walt Disney, Warner Bros. Discovery, and Comcast, the parent company of NBCUniversal, suspended advertising on X. A report by liberal watchdog group Media Matters prompted the withdrawal of advertisers whose ads were found next to posts supporting Nazism. The platform filed a defamation lawsuit against Media Matters last week.

Tesla’s CEO was furious at the idea that he was an anti-Semite Getty Images for The New York Times

Following the accusations, Musk traveled to Israel on Oct. 7 to tour Hamas attack sites in the country and spoke with Israeli Prime Minister Benjamin Netanyahu on Monday in a livestreamed conversation called “X.”

Musk said Wednesday that the trip was planned before his message and was “independent” of the issue.

Israel’s Musk opposes anti-Semitism and anything that “promotes hatred and conflict” and said X does not promote hate speech.

Musk enjoys a light moment. Getty Images for The New York Times

“The fact that you came here speaks volumes about your determination to secure a better future,” Netanyahu told Musk during the meeting.

Musk’s wide-ranging interview included discussions ranging from free speech to the environment to the politics of the US president. Musk said he would not vote for President Biden’s re-election, but he did not explicitly say he would vote for his likely opponent, Donald Trump.

Source: nypost.com

OpenAI investors and employees push back against Sam Altman’s firing, as he advocates for harmony within the company

Sam Altman on Monday threatened to walk away from his struggling AI startup, even as employees and major investors alike threatened to walk away from the struggling AI startup following the board’s shock move to oust him from the company. He insisted that he and OpenAI are “still one team” and have “one mission.”

Altman is now set to lead Microsoft’s new AI division, despite saying in an open letter that nearly all of OpenAI’s 770 employees will leave the company unless the entire board resigns. He insisted. Greg Brockman is back.

“We’re all going to collaborate in some way. We’re very excited,” Altman said.

“[Microsoft CEO Satya Nadella] My top priority is to ensure that OpenAI continues to thrive, and I am committed to providing full operational continuity to our partners and customers. The partnership between OpenAI and Microsoft makes this very possible. ” he added.

Mr. Altman’s remarks were met with a degree of skepticism, given the apparent chaos that followed one of the most unexpected and surprising coup attempts in Silicon Valley history.

The board announced late Friday that it “no longer has confidence in Altman’s ability to continue to lead OpenAI” because he “has not been consistently candid in his communications.”

His firing comes just a few of the announcements that despite having pumped more than $13 billion into OpenAI’s operations, he has blindly fired investment firms such as Thrive Capital and Khosla Ventures, as well as key partners including Microsoft. I found out a minute ago.

Investor Vinod Khosla slams OpenAI board of directors In a scorching column for “The Information.”its members wrote, had made a “serious miscalculation” and “set back the promise of artificial intelligence.”

Sam Altman said OpenAI will continue to operate as “one team.”
Reuters

“Every problem has a solution,” said Josh Kushner, founder of Thrive Capital. His company will be the lead buyer in the planned OpenAI stock sale, which values ​​the company at about $86 billion and is expected to close by the end of the year.

The battle over OpenAI’s future is getting stranger by the minute, with speculation mounting in the private market that a planned stock sale may fall through.

Ken Smythe of private capital advisor Next Round Capital told the Post that OpenAI’s funding plans are likely over, given the turmoil behind the scenes.

As of Monday, some major investors were “considering reducing the value of their holdings in OpenAI to zero.” reported by bloombergThis was reported by a person familiar with the matter. The newspaper said the possible move “appears to be aimed at putting pressure on the board to resign and encourage Mr. Altman to return.”

Satya Nadella
Reuters

Altman’s departure is a “material change in circumstances” and puts Thrive’s participation in the stock sale in doubt, although a sale could occur if Altman is reappointed as OpenAI’s CEO. Gender is still there. Sources told the Financial Times.

Thrive did not immediately respond to The Post’s request for comment.

Despite Altman’s public statements indicating he has stepped down, Altman himself reportedly has not yet closed the door on returning to his previous role as OpenAI CEO – people familiar with the matter said. The Verge He said he and Brockman are still open to returning, provided all remaining board members agree to resign.

Officials told the media that Altman’s comments about “work”[ing] “Together in some way” was “intended to indicate that the fight continues”.

Meanwhile, Microsoft has emerged as the big winner, having secured Altman’s services, and likely most of OpenAI’s employees, at a fraction of the valuation it would have been valued at last week.

Altman himself reportedly hasn’t closed the door on returning to his previous role as CEO of OpenAI just yet, with sources telling The Verge that he and the aforementioned Greg Brockman are still open to returning. Told.
Getty Images for SXSW

“Microsoft just pulled off one of the biggest coups in recent history, acquiring not only OpenAI’s technology but its employees within 48 hours,” Smythe said.

Nadella said Altman and Brockman will “join Microsoft to lead a new advanced AI research team.”

“We look forward to moving quickly to provide them with the resources they need to succeed,” Nadella said. He added that Microsoft remains “committed to our partnership with OpenAI.” [has] We are confident in our product roadmap. ”

In a scathing open letter, OpenAI staffers accused the board of lacking “competence, judgment, and consideration for our company’s mission and our people,” and said, “If they decide to… has ensured that all OpenAI employees will have a position in this new subsidiary.” stop.

OpenAI’s board of directors has named Emmett Shea, co-founder of the popular video game streaming platform Twitch, as interim CEO.
Reuters

The workers are demanding that OpenAI appoint two new lead independent directors, including former Twitter board chairman Brett Taylor and former U.S. congressman Will Hurd, who resigned from OpenAI’s board earlier this year. (Republican, Texas) emerged as a candidate.

At this time, the OpenAI board has named Emmett Shear, co-founder of the popular video game streaming platform Twitch, as interim CEO.

Mr. Shear is already scrambling to reassure employees and investors. In a lengthy statement posted to Company X, Mr. Shear pledged to reform the company’s management and conduct an independent investigation into the circumstances that led to Mr. Altman’s unexpected departure.

Source: nypost.com

Will Allianz be the buyer for non-unicorn insurance company Luco in urgent need of a buyer?

How quickly time passes! Just a few weeks ago, shortly after its acquisition by British group Admiral was announced, French insurance tech company Luko advertised itself on billboards in the Paris metro, joking about the fact that it had previously won the “Next Unicorn” award. I was confident enough to say so. Fast forward to this week, and its parent company, his Demain ES, is being put up for sale. Legal notice in newspaper After the Admiral abandons ship.

What happened during this time was a wild ride from offer to offer until the courts put the brakes on a roller coaster that won’t end soon for the more than 120 employees whose jobs are on the line. It was a great journey. They already know they work for a non-unicorn company, but they’re probably keen to know if their next employer will be Allianz.

As for policyholders, Luko insists there is no need to worry. “Luco Cover, the broker and manager of the contracts sold by Luco, and Luco Insurance AG, the insurance company of the Luco Group.” [are] separate entity […]. Therefore, Ruco’s insurance and brokerage operations will continue to operate as usual,” the company said.

But it will not be business as usual for Mr. DeMaine following the court’s decision revealed this week. The startup’s parent company entered into accelerated safeguard proceedings in June. However, as a result of bankruptcy, they are now subject to judicial restructuring, which is a bad omen, since this process often ends in liquidation.

Of course, Luko is still available. Therefore, the following notice will be published in the newspaper. But despite the agreement the two companies signed in June this year, it is not Admiral’s fault: it has now been confirmed that the British insurance group withdrew from the agreement on October 20th.

Admiral will pay 14 million euros for Luko Cover, with the full amount of 11 million euros plus an additional 3 million euros related to certain milestones. This partly explains why the M&A process has been bumpy: Luko says: 72 million euros It is easy to imagine how difficult it was for the debtor to respond as the debtor was in the middle of a standalone transaction. But as we understand it, the biggest development was the admiral’s withdrawal.

There may not be just one reason why Admiral threw in the towel, and the macro context may be at play. However, according to court proceedings, Mr Admiral instead blamed a €2.3 million disagreement that arose during due diligence regarding the accounting treatment of insurance premiums collected by Ruco Cover on behalf of the insurance company, while offering VAT relief. The prospect also raised eyebrows. TechCrunch reached out to Admiral and its French subsidiary L’Olivier for confirmation, but did not hear back.

Despite this, Luco was surprisingly quick to find an alternative, court documents reveal. On November 8, the company received a formal offer from Allianz for the same assets that Admiral planned to acquire, but no commitments were made on the human resources side.

Although Allianz’s proposal did not guarantee job security for Demain and its subsidiaries, it seemed to make sense on a strategic level. In fact, incumbent insurance companies are preparing for: launchA French DTC insurtech platform called Allianz Direct. Meanwhile, Luco’s critics acknowledged that the company became the poster child for direct-to-consumer home insurance in France before expanding further.

How much Allianz offered depends on who you ask. Demain made an offer worth a total of 14 million euros. The tribunal disagreed and concluded that it was worth €8 million, with the remainder going towards assuming the debt. But of course, that’s yesterday’s price, not tomorrow’s price.

Allianz’s offer for Demain may still be valid even with the company under judicial restructuring, but it would be surprising if the price remained the same. On the other hand, its surroundings may also change. Demain is now less constrained in his dealings than he was when he had to find someone to accept the Admiral’s proposal.

However, Luko has parts that are not currently available for sale.

Earlier this year, German insurer GetSafe had already acquired a German customer portfolio from Luco’s acquisition of multi-product insurer Koya in 2022.

In addition, Ruco has entered the non-payment rent insurance business. Obtaining Uncle In the same year, the portfolio is now Acquired by French broker Solly Hazard Partnered with Sada Sompo Insurance. Both acquirers confirmed that these transactions are complete and independent of Mr. DeMaine’s judicial proceedings.

Still, Luko may be able to sell more than the Admiral wanted to buy. But what we want to know more about is who will buy Demain. Was it Allianz, which offered Demain an advance payment of 25,000 euros a day to keep the company afloat? Or could it be another possible buyer whose names have been floated at some point, such as AXA, Ornikar or Leocare?

The worst case scenario is that all offers disappear. If that were to happen, some may wish the court had been more flexible in considering Allianz’s offer. A person close to the matter told TechCrunch that the latest decision was already a bit of a surprise to Ruco. But from a legal perspective, it seemed inevitable. French law Safeguard procedures do not apply to insolvent companies, as they currently do in Demain.

Even if courts had some leeway, they would probably be reluctant to set a precedent, especially now that bankruptcy-related proceedings are becoming more common. Earlier this month, French mobility startup Cityscoot declared went bankrupt and placed after Under judicial rehabilitation. Maybe that’ll make it to the top, and maybe Ruco will as well. However, despite the possibility, not every company that once was a future unicorn will be.

Source: techcrunch.com

Start-up founders allege that investors undermined their company with false user accusations in real life

IRL founders Abraham Shafi and Genrik Khachatryan are suing investors for intentionally sabotaging the company.

At its peak, IRL was poised to become an alternative way to host events for Gen Z, who were using Facebook less and less.

CEO Shafi said: Paused It was ordered by IRL in April to investigate allegations of misconduct. In June, IRL’s board of directors discovered after an investigation that 95% of the company’s 20 million users were fake. The founders now claim investors accounted for the 95% figure “as an excuse to shut down the company and return capital to shareholders.”

The lawsuit specifically names Goodwater Capital’s Chihua Qian, SoftBank’s Selina Dale, and Floodgate’s Mike Maples. From these investors his social calendar app raised more than $200 million and the valuation brought him $1.17 billion. Notably, SoftBank led IRL’s $170 million Series C round in 2021. Mr. Shafi and Mr. Khachatryan accused the investors of wanting to shut down the company because they were “trying to finance a large portion of the company’s $40 million in cash reserves.”

Although IRL is defunct, the remaining board members deny the founders’ claims.

“Immediately after the Shafi outage, IRL experienced a significant drop in the number of daily active users virtually overnight. This was not due to an outage,” IRL and its board said in a statement, and an IRL spokesperson said: Elliott Sloan shared with TechCrunch. The same report that found 95% of users are fake also cited “the existence of private groups with millions of duplicate names, irregular signatures from Hotmail, Yahoo email addresses, and burner email addresses. The statement said they also discovered “suspicious user behavior such as Said. Forensic reports show that his IP address from proxy-his servers was used extensively, with individual accounts cycling through his IP address and device type, which could be linked to user behavior. indicates that it is invalid.

“Based on this, and evidence of Shafi’s misappropriation of company funds and repeated obstruction of investigations, the board, after several months of consideration, has concluded that the company’s future prospects are unsustainable.” The statement concludes.

As of December of last year, the SEC. ongoing investigation IRL may have misled investors and violated securities laws.

IRL is just one once-hot start-up that has come under fire for potentially tampered metrics. Investors say Bolt and co-founder Ryan Breslow of the giant one-click checkout company misrepresented the company’s financials as it sought to raise $355 million in a Series E round. raised concerns and faced SEC investigation. But 15 months later, the SEC said the company likely not to be prosecuted. And earlier this year, the SEC charged student financial aid startup Frank with defrauding JPMorgan, which acquired the company for $175 million in 2021. JPMorgan has filed a lawsuit accusing Frank’s founder Charlie Jarvis of defrauding millions of customers to get her bank to buy her. company.

IRL lawsuit by tech crunch On Scribd

Source: techcrunch.com