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Unity Software to lay off 1,800 employees, or 25% of staff
  + stars: | 2024-01-08 | by ( Jonathan Vanian | In | ) www.cnbc.com   time to read: +2 min
Unity Software said Monday that it's cutting 1,800 jobs, or about 25% of its workforce, in the latest round of layoffs at the gaming technology company. Unity said in a regulatory filing that the cuts are part of a corporate restructuring plan. In September, Unity announced a pricing change that upset numerous developers who rely on the company's technology to create video games. The following month, John Riccitiello retired as Unity's CEO, also stepping down as chairman and leaving the board. WATCH: Unity Software's John Riccitiello retiring as president and CEO
Persons: Unity, it's, John Riccitiello, James Whitehurst, Roelof Botha Organizations: Unity Software, Unity, Red, Unity's, Sequoia Capital
An aerial view of the San Francisco city skyline in California, U.S., October 28, 2021. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 28 (Reuters) - Videogame software provider Unity Software (U.N) will eliminate 265 jobs or 3.8% of its global workforce and end an agreement with a digital video effects company founded by the "Lord of the Rings" director as part of a "reset," the company said on Tuesday. Tuesday's announcement includes termination of the professional services piece of an agreement Unity struck with movie director Peter Jackson's visual effects company Weta FX in 2021 after Unity purchased the technology and engineering division of Weta FX. As a result, 265 employees whose jobs are related to the agreement will be laid off, the company said. Reporting by Anna Tong in San Francisco Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Carlos Barria, John Riccitiello, Jim Whitehurst, Roelof Botha, Peter Jackson's, Whitehurst, Anna Tong, Matthew Lewis Organizations: REUTERS, FRANCISCO, Unity Software, San, Unity, Sequoia Capital, FX, Weta, Reuters, Thomson Locations: San Francisco, California, U.S, Berlin, Singapore, Bellevue , Washington
Ruzwana Bashir Is Quietly Connecting the Tech World
  + stars: | 2023-11-16 | by ( ) www.businessinsider.com   time to read: +18 min
Story by Melia RussellPhotography by Lelanie FosterRuzwana Bashir is ransacking her kitchen cabinet for just the right tea. Bashir wears an Erdem floral-printed bra top, Erdem skirt, Giuseppe Zanotti shoes, Old Jewelry earrings along with her own bracelet and ring. "Part of building a business was going out and sharing what you were doing with the world," Bashir says. For years Bashir's startup had been building muscle around these capabilities; now it had an eager audience. Eating at acclaimed restaurants is fine, but Bashir prefers the more-intimate affairs at tech executives' homes because, she says, "you can stay longer."
Persons: Melia Russell, Lelanie Foster Ruzwana Bashir, Peek, She's, she's, Andy Warhol, Picasso, Bashir, I'm, Andreessen Horowitz, Jack Dorsey, Eric Schmidt, Goldman Sachs, Giuseppe Zanotti, Lelanie Foster, Bashir isn't, Elon Musk, Ronan Farrow, Roelof Botha, Mustafa Suleyman, we've, Bennett Miller, Capote, " Miller, , doesn't, didn't, Madeleine Albright, Tom Ford, Jared Cohen, Oskar Bruening, Forbes, Mark Zuckerberg, I've, Bashir wasn't, Travis Kalanick, Adam Neumann, Ty, Emily Weiss, Bashir refashioned, Donald Trump, Bruening, Laurence Tosi's, Miller, Beyoncé, shrugs, Anna Wintour, Anna, we're, Taylor Swift, Katie Haun, Marc Benioff, Reid Hoffman, Marissa Mayer, Dick Costolo —, Cohen, Katherine Maher, Maher, Daniel Kahneman, It's, Radel, Becky Akinyode, Elaine Winter, Tiffany Bloomfield, Dela, Chad Hilliard, Enmi, Kenny Aquiles Ulloa, Cyrenae, Madison Perez, Aidan Lapp, Bashira Webb, Bryan Erickson, Jinyoung Chang, Rodriguez, Rebecca Zisser, Claire Landsbaum, Emma LeGault, Joi, Marie McKenzie, Conner Blake, Kyle Desiderio, Victoria Gracie, Nicole Forero, Virginia Alves Organizations: Google, Museum of, Business, Elon, Vogue, Roelof, Oxford University, Oxford Union, Blackstone Group, Harvard Business School, Studios, Web, Young, Organization, Dela Revoluciøn, Enmi Yang Digital Tech Locations: Manhattan, SoHo, Bahamas, United States, Balthazar, England, Israel, Petra, Istanbul, Elle, Utah, COVID, Salt Lake City, Costa Rica, Atlanta, WestCap
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailValuations will normalize as interest rates come down, says Sequoia Capital's Roelof BothaRoelof Botha, Sequoia Capital managing partner, joins 'Squawk on the Street' to discuss what the equity market's reaction to the latest CPI data will do to Botha's investing world, current valuation levels, and how those levels have affected Sequoia.
Persons: Roelof Botha Roelof Botha Organizations: Sequoia Capital
Watch CNBC's full interview with Sequoia Capital's Roelof Botha
  + stars: | 2023-11-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Sequoia Capital's Roelof BothaRoelof Botha, Sequoia Capital managing partner, joins 'Squawk on the Street' to discuss what the equity market's reaction to the latest CPI data will do to Botha's investing world, current valuation levels, and how those levels have affected Sequoia.
Persons: Roelof Botha Roelof Botha Organizations: Sequoia, Sequoia Capital
Golf is nothing like an extreme sport – but it absolutely is in one corner of South Africa. Courtesy Legend Hospitality GroupInto the lion’s denThe seed for The Extreme 19th was planted in November 2000, when Cilliers’ wife Mart surprised him with a family picnic at the summit of Hanglip Mountain for his 41st birthday. Courtesy Legend Hospitality GroupStaff donned crash helmets as balls rained down from above in an attempt to plot the best landing zone. Two icons of British sport have played The Extreme 19th: seven-time Formula One world champion Lewis Hamilton and five-time Olympic rowing gold medalist Steve Redgrave, as well as South African Springbok rugby heroes Frik Du Preez, Naas Botha and Morne Steyn. Courtesy Legend Hospitality GroupCilliers occupies neither.
Persons: Africa’s, they’ve, , Peet Cilliers, , Cilliers, Mart, , Gary Player, teed, ” Cilliers, “ We’ve, Franklyn Stephenson, Sergio Garcia, Bernhard Langer, Justin Rose, Padraig Harrington, Lewis Hamilton, Steve Redgrave, Frik Du Preez, Morne, Morgan Freeman, Nelson Mandela, Matt Damon, Clint Eastwood, ” Freeman scrawled, you’ve, you’re Organizations: CNN, Safari Conservancy, Legend, Rand, Lions, Staff, Golfers, West Indies, , African Springbok, Naas Botha, Globe, Cilliers Locations: South Africa, Limpopo, Zimbabwe, , China, Europe, Naas, Morne Steyn, Lake Entabeni, Johannesburg, it’s
On their first visit to an African country since ascending the throne a decade ago, the King and Queen of the Netherlands made a symbolic visit on Friday to the Slave Lodge in Cape Town, South Africa, where Dutch colonists once enslaved thousands of Africans and Asians. As they entered the two-story building with creaky floors, they were confronted by members of another royal house: a small group of leaders of the Khoi and the San, the Indigenous groups who were first displaced 350 years ago by Dutch colonists in what is today Cape Town. The Dutch King, Willem-Alexander, formally apologized earlier this year for his country’s role in slavery and colonialism. But South Africa’s Indigenous groups and the descendants of those enslaved by the Dutch want a direct apology — as well as reparations — from the Netherlands for atrocities committed in South Africa during 150 years of colonialism. “If we look at the devastation created by Dutch colonialism in this part of the world, I think a very specific apology addressing South Africa can go some distance,” said Nico Botha, head of a commission for the Khoi and the San, recently established by the South African government.
Persons: King, Queen, Willem, Alexander, , , Nico Botha Organizations: South Locations: African, Netherlands, Cape Town , South Africa, Cape Town, Dutch, South Africa, Africa
Unity Software CEO to retire effective immediately
  + stars: | 2023-10-09 | by ( ) www.reuters.com   time to read: 1 min
Oct 9 (Reuters) - Video-game software maker Unity (U.N) said on Monday John Riccitiello would retire as chief executive officer, effective immediately. The company has appointed James Whitehurst as interim CEO and Roelof Botha as chairman, it said in a statement. He joined IBM through the acquisition of software company Red Hat, where he was president and CEO from 2008 to 2020. Riccitiello would continue to advise Unity and the board would initiate a process to appoint a permanent CEO. The company behind the Unity Engine software had in September rolled back key parts of a new "runtime fee" pricing policy that sparked backlash from gaming developers.
Persons: John Riccitiello, James Whitehurst, Roelof Botha, Whitehurst, Riccitiello, Samrhitha, Shilpi Majumdar Organizations: Unity, IBM, Hat, Thomson Locations: Bengaluru
Unity CEO John Riccitiello is retiring from the gaming software company following a controversial pricing change that frustrated numerous developers. Riccitiello, who has been running Unity for nine years, will also step down as chairman and is leaving the board, the company said Monday. James Whitehurst, former CEO of Red Hat, will become Unity's interim CEO. Unity said it will begin searching for a permanent CEO and Riccitiello "will continue to advise Unity to ensure a smooth transition." In September, Unity announced a pricing change that upset numerous developers who rely on the company's technology to create video games.
Persons: John Riccitiello, James Whitehurst, Roelof Botha, Unity, It's, Riccitiello, John Riccitello Organizations: Red, Sequoia, Unity's, Unity
Sequoia Capital managing partner Roelof Botha has a strategy for making tough decisions. He cited Dorsey's own payments business Block, where Botha sits on the company's board, as an example. The company officially launched Square Cash, now known as Cash App, in October 2013. Block now has a market cap of $26.82 billion, as of Wednesday afternoon, and Cash App is responsible for half of its revenue, Botha said. Having a third option helped Block cut what wasn't working, and invest in projects that helped make the company profitable.
Persons: Roelof Botha, Botha, Jack Dorsey, Dorsey, it'd Organizations: Sequoia Capital, YouTube, Starbucks, PayPal, CNBC
CNN —Namibian rugby star Johan Retief has been ruled out of his country’s final World Cup game against Uruguay later Wednesday, after being “bitten by a spider” at the team’s hotel in Aix-les-Bains, eastern France. Johan Retief of Namibia wins the ball in a lineout during the Rugby World Cup match between France and Namibia at Stade Velodrome in Marseille, France on September 21, 2023. The team will also be missing its captain, Johan Deysel, who is serving a six-match suspension for a dangerous tackle during last week’s game against France, which Namibia lost 96-0. Namibia has lost all three of its 2023 World Cup pool matches, conceding 219 points in the process. The southern African side is not the only team to have lost a player through a non-match-related injuring during this tournament.
Persons: Johan Retief, Allister Coetzee, Johan Retief’s, ” Coetzee, Phil Walter, Chrysander Botha, Retief, ” Botha, we’ll, , Johan Deysel, David Cherry, , Cherry Organizations: CNN — Namibian, Uruguay, Rugby, Stade Velodrome, Namibian rugby, France, Scotland, ” Scottish Rugby Locations: Aix, les, Bains, France, Namibia, Marseille, Lyon, Uruguay
It was August 2021, during the waning months of the frothy startup bull market, and Fin Capital was on the ascent. The message was a phishing attack — Fin Capital had been hacked. But there is dispute over how Fin Capital handled the attack and its aftermath. Still, as other firms have sharply pulled back on investing in the downturn, Fin Capital has done the opposite. It's unclear whether the whistleblower complaints that former Fin Capital employees filed with the SEC are being investigated.
Persons: Logan Allin, Fin Capital, Allin, you've, Gene Price, Frost Brown Todd, who'd, It's, fiduciaries, Capital, Tom Allin, Obama, Forbes, you'll, he'd, Peter Thiel ., Henry Kravis, Roelof Botha, Thiel, Kravis, Botha, fintech, Pipe's cofounders, Peter Ackerson, Ackerson, Andreessen Horowitz, fundraisings, Ben Bergman, bbergman Organizations: Fin, Sequoia, SEC, Securities and Exchange Commission, Fin Capital, Francis Yacht Club, Constellation, titans, KKR, Sequoia Capital, Caplight, FT Partners, LinkedIn, Twitter, Facebook Locations: York, Los Angeles, Fin, Silicon Valley, San Francisco, fintech, Sequoia
Michael Moritz, one of Silicon Valley's best-known investors, is leaving Sequoia Capital. Moritz has spent almost 38 years at the firm and led investments into the likes of Google and PayPal. He will now focus on Sequoia's wealth management unit, The New York Times' DealBook reported. Michael Moritz, one of Silicon Valley's best-known investors, is leaving Sequoia Capital after nearly four decades at the firm, The New York Times reported on Wednesday. DealBook reported that Moritz would continue to represent the firm at a handful of companies but would be replaced on the boards over time.
Persons: Michael Moritz, Moritz, Steve Jobs, Roelof Botha, Sequoia, DealBook Organizations: Sequoia Capital, Google, PayPal, New York Times, The New York Times, Apple, Sequoia, Sequoia Heritage, . Sequoia Capital Locations: Europe, India, Southeast Asia, China
Moritz, 68, will now focus on Sequoia Heritage, a $15 billion wealth management fund that he helped launch in 2010. The fund will be independent from Sequoia Capital, with focus on a diversified range of assets, according to the letter. A spokesperson for Sequoia Capital confirmed Moritz's exit and declined to comment on details. Sequoia Capital has been going through a generational transition as partner Roelof Botha took on the firm's global leadership position in July 2022. Economic challenges and geopolitical tensions have made venture capital fundraising and investment difficult, and eaten into global venture funds' returns.
Persons: Michael Moritz, Moritz, Roelof Botha, OpenAI's, Mike Vernal, Krystal Hu, Kanjyik Ghosh, Nilutpal, Saumyadeb Chakrabarty, Will Dunham Organizations: Sequoia Capital, Reuters, Sequoia Heritage, Google, PayPal, Sequoia, Venture, Silicon, Thomson Locations: Sequoia, United States, Europe, New York, Bengaluru
Economic challenges and geopolitical tensions have made fundraising and investment difficult, and eaten into global venture funds' returns. "It has become increasingly complex to run a decentralized global investment business," Sequoia said in the statement. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. Sequoia started to invest in local companies in China, India and Southeast Asia more than 15 years ago, according to the statement. Sequoia China, founded and led by former entrepreneur and investment banker Shen, has invested in more than 1,200 companies in sectors ranging from technology to healthcare.
Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Biden, Weiheng Chen, Wilson, Steven Yu, Yu, Trump, we've, Singh, Oyo, Kane Wu, Julie Zhu, Sriram, Roxanne Liu, Krystal Hu, Bernadette Baum, Mark Potter, Paul Simao Organizations: Sequoia Capital, Economic, Investment, Sequoia, XV Partners, HK, PDD Holdings, Reuters, Global Law, China -, Thomson Locations: HONG KONG, China, India, Southeast Asia, COVID, Sequoia China, Sequoia India, Shanghai, U.S, China - U.S, Hong Kong, Mumbai, Beijing, San Francisco
HONG KONG, June 6 (Reuters) - Global venture capital giant Sequoia announced Tuesday that it is planning to separate its China, and India and Southeast Asia businesses into two independent firms. The China and India and Southeast Asia businesses will become independent and distinct with separate brands, by March 31, 2024, Sequoia said in a statement signed by managing partners Roelof Botha, China head Neil Shen and India head Shailendra Singh. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. The firm partnered with local leaders in China and India and Southeast Asia over 15 years ago, according to the statement. Singh and his team raised a $2.5 billion India and Southeast Asia fund last year, its biggest yet.
Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Singh, Kane Wu, Julie Zhu, Sriram, Louise Heavens, Bernadette Baum Organizations: Sequoia, Sequoia Capital, XV Partners, HK, PDD Holdings, Thomson Locations: HONG KONG, China, India, Southeast Asia, Europe, Sequoia China, Sequoia India, Oyo, Mumbai
Sequoia partners Roelof Botha, Neil Shen, and Shailendra Singh delivered the update to their limited partners via a joint message. Botha is managing partner for Sequoia's U.S. and Europe business, while Shen and Singh run Sequoia's China and Southeast Asia businesses, respectively. "To deliver on our mission, we have decided to fully embrace our local-first approach," the three partners told their investors. "We've seen growing market confusion due to the shared Sequoia brand as well as portfolio conflicts across entities." Sequoia is one of the world's top venture funds, with notable investments in Apple, Google, Paypal, and Zoom.
Persons: Roelof Botha, Neil Shen, Shailendra Singh, Botha, Shen, Singh Organizations: Sequoia, Sequoia's, XV Partners, Apple, Google, Paypal Locations: China, U.S, Europe, Southeast Asia, India
Washington, DC CNN —Venture capital titan Sequoia is splitting its business into three independent partnerships, each with separate brands. Sequoia Capital executives briefed investors Tuesday about the plans, which are expected to be completed by March 2024. The firm’s operations in Europe and the United States will retain the current name, Sequoia Capital. Its Chinese unit, Sequoia China, will use its current Chinese name, HongShan. The company’s business operations in India and Southeast Asia will be spun off into a partnership named Peak XV Partners.
Persons: hyping, Roelof Botha, Neil Shen, Shailendra Singh, Biden, TikTok Organizations: DC CNN — Venture, Sequoia Capital, XV Partners, Apple, Sequoia, Republicans, US, Street Journal Locations: Washington, China, Beijing, Europe, United States, Sequoia China, India, Southeast Asia, Montana
NEW YORK, June 6 (Reuters Breakingviews) - Sequoia is blazing another new trail in venture capital. As one of Silicon Valley’s pioneers, Sequoia Capital has backed everything from Apple (AAPL.O) to Zoom Video Communications (ZM.O) over the past half-century, and many others in between, including Instagram, 23andMe (ME.O) and DoorDash (DASH.N). The world has changed, however – and changed yet again – since Sequoia opened its doors. Valentine named Sequoia after a tree that lives thousands of years, signifying a plan to survive and grow through any sort of climate. Follow @thereallsl on TwitterFollow @anshumandaga on TwitterCONTEXT NEWSVenture capital firm Sequoia Capital said on June 6 that it would separate its China, India and Southeast Asia, and U.S. and European arms into three businesses.
Persons: Don Valentine, – Roelof Botha, Neil Shen, Shailendra Singh –, Valentine, Sequoia, ByteDance, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Sequoia Capital, Apple, Video Communications, Investments, HK, Sequoia, Venture, Thomson Locations: China, India, U.S, Sequoia, Southeast Asia, United States, Mumbai, Shanghai
Sequoia Capital, one of Silicon Valley’s most prominent venture capital firms, is breaking itself up, spinning out its Chinese unit into an independent company at a time of rising tensions between China and the United States over investment and access to advanced technologies. The firm announced on Tuesday that it planned to split into three independent partnerships, with its businesses in China and India adopting new brands and the firm in the United States and Europe retaining the Sequoia name. The firm’s global footprint had become “increasingly complex” to manage, said a statement from Sequoia’s managing partner Roelof Botha; the firm’s China head, Neil Shen; and its India head, Shailendra Singh. “Increasingly, we deal with portfolio conflicts across entities because founders really now have global ambitions,” Mr. Botha said. “And the brand confusion was just starting to chafe at everybody.”
Persons: Roelof Botha, Neil Shen, Shailendra Singh, Botha, , , ” Mr Organizations: Sequoia Locations: China, United States, India, Europe
VC powerhouse Sequoia Capital announced Tuesday that it is splitting into three entities. One of those entities, Sequoia China, known locally as HongShan, will operate as a distinct firm. The mighty Sequoia Capital is dropping branches. The decision puts to bed any question of a power struggle at one of Silicon Valley's most respected firms. And unlike some other global firms that had veto power over investments overseas, according to Bloomberg, Sequoia China had full autonomy to strike its own deals.
Persons: Roelof Botha, Neil Shen, Forbes, Alex Konrad, Doug Leone, Instagram, Bytedance, Botha, Shen, Julian Bek, Elon Musk's Organizations: Sequoia Capital, Sequoia, XV Partners, YouTube, Bloomberg, Shen, Sequoia China, Ventures, Lightspeed Venture Partners, Accel, Elon, Twitter, Fidelity Locations: Sequoia China, China, Europe, HongShan, India, Southeast Asia, Sequoia, Sequoia Capital China, Asia, Silicon Valley, London, FTX
It's just one move of many the VC firm has taken to cement its position in the white-hot AI space. Huang and Grady wrote a public blog post on Sequoia's website inviting AI founders to email them their ideas and pitches directly. But the firm has been louder where it counts, investing in splashy AI startups like Harvey and LangChain. Every member of the firm, from managing partner Roleof Botha on down, has made AI a top priority, with Grady, Huang, and Buhler most prominently involved. Both Huang and Buhler now spend over 90% of their time researching AI companies, versus 50% in previous years, they said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompanies have a lot more room to reduce expenses, says Sequoia Capital's Roelof BothaRoelof Botha, Sequoia Capital Managing Partner joins 'Squawk on the Street' to discuss his thoughts on venture capital, company layoffs and why he is most excited about the AI space.
"A runner can always recognize another runner," Eugene tells me. Ryan Brown for insiderIn those days, they didn't run for South Africa, but for QwaQwa – one of ten "homelands" established for Black South Africans. Tiny, non-contiguous territories – supposedly, the original territory of different Black South African ethnic groups – dotted across the country. It didn't turn out like that, but it didn't turn out like that for most Black South Africans either. As I sat speaking to Sergio, South Africa's president, Cyril Ramaphosa, was fighting for his political life after revelations that wads of cash, potentially ill-gotten, had been stolen from inside his sofa.
SAN FRANCISCO — Cryptocurrency hasn’t worked out so well for tech investors. As a consumer product, supplements are associated more with the Kardashians or Joe Rogan than with Silicon Valley. Roelof Botha, the managing partner of Sequoia Capital, one of the largest venture capital firms in the world, is among those buying in. He said there’s a “societal reawakening” about the complex biome of the human gut where hundreds of species of bacteria live. She co-wrote a review of the science this year, and said future probiotic supplements have promise compared to supplements that have been available for decades.
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