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☆ Amazon plans to give Alexa an AI overhaul — and a monthly subscription price
▼ + stars: | 2024-05-22 | by ( Kate Rooney | ) www.cnbc.com time to read: +4 min

Amazon is upgrading its decade-old Alexa voice assistant with generative artificial intelligence and plans to charge a monthly subscription fee to offset the cost of the technology, according to people with knowledge of Amazon's plans. Amazon's subscription for Alexa will not be included in the $139 per year Prime offering, and Amazon has not yet nailed down the price point, one source said. The Alexa team worried they had invented an expensive alarm clock, weather machine and way to play Spotify music, one source said. When reached for comment, Amazon pointed to the company's annual shareholder letter released last month. It has undergone a massive reorganization, with much of the team shifting to the artificial general intelligence, or AGI, team, according to three sources.

Persons: OpenAI, Siri, Apple's, Scott Galloway, Alexa, Jeff Bezos, Andy Jassy, Jassy, Alexa didn't Organizations: Alexa, Google, Amazon, Gemini, iPhones, NYU, Spotify Locations: Seattle

☆ Jeff Bezos' 3 private jets are worth $140 million and include 2 Gulfstream G650ERs alongside a hangar in Seattle
▼ + stars: | 2024-05-19 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

The world's second-richest person owns three private jets, according to public records seen by Business Insider and data from JetSpy. AdvertisementThe cabin of a Gulfstream G650ER. The light business jet with 10 seats was manufactured in 2020 and usually costs about $9 million. How Bezos' jets are kept privateProving Bezos' ownership of the jets isn't simple. A Gulfstream G650ER.

Persons: —, Jeff Bezos, — Elon Musk, Bill Gates, Taylor Rains, Bezos, Robert Smith, Poplar, Paul Dauber, Taylor Swift, FlightAware, It's, Jack Sweeney Organizations: Service, Business, Gulfstream, Miami, Seattle, Federal Aviation Administration, TVPX Aircraft Solutions, Getty, FAA, Bezos, Dassault Falcon, Poplar Glen, Boeing Field, BI, Puget Sound Business, Costco, Royce, Forbes Locations: JetSpy, Miami, Cape Town, Dubai, Beijing, Australia, Asia, Bezos, Poplar Glen, Washington, Poplar Glen's, Seattle

☆ Here's how big-name quants like Renaissance Technologies and D.E. Shaw performed in April despite choppy markets
▼ + stars: | 2024-05-15 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Funds like Renaissance Technologies, Two Sigma, and D.E. RenTech founder Jim Simons died last week; the billionaire stepped down as chairman in 2021. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe last full month of returns Renaissance Technologies delivered during its founder's life were strong. The quant giant's two largest funds for outside investors, Renaissance Institutional Equities Fund and Renaissance Institutional Diversified Alpha, did well in April, before the firm lost its founder, 86-year-old billionaire Jim Simons, on Friday.

Persons: Shaw, Jim Simons, —, Simons — Organizations: Renaissance Technologies, Sigma, Service, Renaissance Institutional, Fund, Alpha, Business

☆ Why investing solo lets Refactor Capital's Zal Bilimoria be a 'lifeline' for founders
▼ + stars: | 2024-05-06 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +4 min

Now 42, Bilimoria is the sole partner of Refactor Capital, the early-stage venture-capital firm he launched in 2016. Through Refactor Capital, Bilimoria has backed unicorn companies including the green-chemical manufacturer Solugen and the space startup Astranis. AdvertisementTwo years later, Lee stepped down as a general partner — making Bilimoria the firm's sole investor. Life as a solo partnerAs a solo partner, "all the successes and all the challenges are on my shoulders," Bilimoria said. Refactor Capital invests in about eight companies every year and is deploying capital out of its third fund.

Persons: —, Bilimoria, Andreessen Horowitz —, weren't, Andreessen Horowitz, David Lee, Lee Organizations: Service, University of Pennsylvania, Business, Microsoft, Netflix, Google, Twitter, Fund, SV Angel Locations: Northwest Indiana

☆ A tax compliance startup raised millions. Then it abruptly shut down, and the founder cut off contact.
▼ + stars: | 2024-04-29 | by ( Ben Bergman | ) www.businessinsider.com time to read: +13 min

Even the human-resources firm retained to help employees with offboarding, Tandem, quit soon after the layoffs because it never got paid. Shannon Flynn Bevers, Tandem's president and founder, said that she tried to help employees but that Johnson stopped responding. "When startups go out of business, they will pay employees their final paycheck. Johnson told employees to take a weeklong furlough and blamed the issue on a technical snafu. She also told employees they could file a claim with their state labor department or hire an employment lawyer.

Persons: Slack, Shiloh Johnson, Johnson, they'd, Benjamin Matthews, Shannon Flynn Bevers, I've, Flynn Bevers, VCs, Josh Felser, Aerin Paulo, ComplYant's, I'd, ComplYant, podcaster David Sacks, Michael Tam, Tam, Matthews, Ryan Cady, Lusely Martinez, Martinez, Cady, paychecks, wasn't, Taliah McGuire, McGuire, what's, Shiloh Luckey, Penelope, We've Organizations: Business, offboarding, . Venture, BI, Craft Ventures, ComplYant, Mucker, Slauson, — Mucker, Fika Ventures, Employees Locations: Los Angeles, Shiloh, San Francisco, Colorado, New York, TikTok

☆ Facebook cofounder accuses Tesla of being the next 'Enron'
▼ + stars: | 2024-04-27 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Read previewA Facebook cofounder's attacks against Tesla continues, and it comes with one of his boldest allegations against the company to date: Tesla is the next Enron. — Elon Musk (@elonmusk) April 26, 2024Moskovitz had not yet addressed Musk's posts on Friday. On Wednesday, the Facebook cofounder acknowledged the gravity of his comments in his social media post. Moskovitz also has long been skeptical of Elon Musk and his ventures. "I call on Elon Musk to resign," Moskovitz said on Threads last year, adding that he should resign "(from everything)."

Persons: —, Tesla, Dustin Moskovitz, Asana, Elon Musk, Musk, Dustin Moskowitz, — Elon, Moskovitz Organizations: Service, Business, Tesla, Enron, Traffic Safety Administration, Securities and Exchange Commission, Bloomberg, Justice Department, SpaceX, Elon

☆ Jeff Bezos' hard-driving approach is good for business but may lack empathy, Harvard professor says
▼ + stars: | 2024-04-25 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

A Harvard Business School professor was asked to break down Jeff Bezos' leadership style on a recent podcast. But good leadership also requires empathy, an area where Bezos is seemingly lacking, Gupta said. His inventiveness, fearlessness, and focus have all played a key role in Amazon's growth, said Sunil Gupta, a Harvard Business School professor who has studied Bezos for years. Gupta broke down how Bezos's character has helped Amazon grow on a recent episode of Harvard Business Review's "On Strategy" podcast. Amazon workers rally in support of unionization efforts, March 2021.

Persons: Jeff Bezos, Sunil Gupta, Gupta, —, he's, He's, FREDERIC J . BROWN, Bezos Organizations: Harvard Business School, Service, Harvard Business, Harvard, Nomad Ventures, Inc, Getty, Amazon, Washington Post, Gallup

☆ 12 of Jeff Bezos and Lauren Sánchez's best style moments
▼ + stars: | 2024-04-11 | by ( Samantha Grindell | Amanda Krause | ) www.businessinsider.com time to read: +1 min

Jeff Bezos and Lauren S á nchez have been a public couple since 2019.nchez have been a public couple since 2019. They've started attending public events together in recent years, especially since they got engaged. AdvertisementJeff Bezos and Lauren Sánchez's relationship has been newsworthy since it became public in 2019, as their relationship came on the heels of the Amazon founder's divorce from MacKenzie Scott. After multiple outlets reported they were engaged in May 2023, they have been attending more public events together than ever. This story is available exclusively to Business Insider subscribers.

Persons: Jeff Bezos, Lauren S á, nchez, They've, —, Lauren Sánchez's, MacKenzie Scott Organizations: Service, Business

☆ Alibaba shares jump after founder Jack Ma reemerges with praise of Chinese giant's 'transformations'
▼ + stars: | 2024-04-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Jack Ma, founder of Alibaba, reappeared in the public view in China for the first time in months. Alibaba founder Jack Ma on Wednesday praised the company's reorganization and change over its tumultuous past year, marking the billionaire's second major public statement to employees in just a few months. Daniel Zhang, longtime CEO of Alibaba Group, unexpectedly quit and then stepped down as CEO of the company's cloud unit. Ma is reemerging at a time when Alibaba employees are likely in need of a morale boost. The Alibaba founder also said Alibaba needs to think what e-commerce looks like in three years' time, especially since the arrival of artificial intelligence.

Persons: Jack Ma, Alibaba, Ma, ByteDance, Daniel Zhang, Eddie Yongming Wu, Joe Tsai, Tsai, Wu Organizations: CNBC, Wednesday, Ant Group, Alibaba, Cainiao Locations: China, Beijing

☆ Stocks, Real Estate Will Crash When 'Everything Bubble' Pops: Kiyosaki
▼ + stars: | 2024-04-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Robert Kiyosaki warned an "everything bubble" spanning stocks, bonds, and real estate would pop. The "Rich Dad Poor Dad" author touted gold, silver, and bitcoin for riding out the storm. "The EVERYTHING BUBBLE, stocks, bonds, real estate SET to CRASH," he said in a recent X post. Please buy more real gold, silver, Bitcoin." The Rich Dad Company founder's latest crash warning should be treated with skepticism as his previous ones have failed to pan out.

Persons: Robert Kiyosaki, Dad, —, — he's, bitcoin, Rich Dad, founder's, Kiyosaki, Lehman Organizations: Service, Nasdaq, Federal Reserve, Credit Suisse, UBS Locations: Swiss

Nine former staffers are suing the social-media management company Unruly Agency. The lawsuits contain allegations of wrongful termination and unjust imprisonment. Unruly's lawyer said the claims "have been meticulously reviewed and found to be without merit." AdvertisementA company that manages OnlyFans accounts for top influencers, including Tana Mongeau and Abby Rao, has been hit with nine lawsuits from former staffers this year. The lawsuits against Unruly Agency include allegations of wrongful termination, retaliation, and unjust imprisonment.

Persons: —, Tana Mongeau, Abby Rao Organizations: Service, Business

☆ Mark Zuckerberg and Jensen Huang just gave us a Meta-Nvidia crossover we never saw coming
▼ + stars: | 2024-03-27 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg seems to be a huge fan of chip giant Nvidia and its CEO, Jensen Huang. AdvertisementMeta and Nvidia CEOs Mark Zuckerberg and Jensen Huang just gave us a Big Tech fashion crossover for the books. AdvertisementA meeting between Zuckerberg and Huang wouldn't be surprising considering Zuckerberg's ambitions to expand aggressively into the AI space. In an earnings call last year, Zuckerberg told investors that AI will be Meta's "biggest investment area in 2024 for engineering and compute resources." Advertisement"We have built up the capacity to do this at a scale that may be larger than any other individual company," Zuckerberg told The Verge.

Persons: Mark Zuckerberg, Jensen Huang, Huang, Zuckerberg, Meta, —, he's, Ambani, Priscilla Chan, Alexander McQueen, Anant Ambani's Richard Mille, Huang wouldn't Organizations: Nvidia, Service, Big Tech, Meta Locations: Jersey, Asia

☆ Adam Neumann makes a $500 million bid for WeWork that could hit $900 million if financing and diligence firm up
▼ + stars: | 2024-03-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Adam Neumann has submitted an unsolicited bid in excess of $500 million to acquire WeWork out of bankruptcy, a person familiar with the matter told CNBC. That bid could go up to $900 million pending due diligence, the person said. Neumann, his family office Nazare, and his Andreessen Horowitz-backed real estate venture Flow filed a notice of appearance in WeWork's bankruptcy docket on Monday. Flow did not respond to CNBC's request for comment regarding the $900 million potential bid. Neumann's bid, which was first reported by the Wall Street Journal, may complexify WeWork's bankruptcy proceedings.

Persons: Adam Neumann of WeWork, Victor Fung Kwok, Adam Neumann, Dan, Neumann, Andreessen Horowitz, —, WeWork, we've, it's, lessors Organizations: Fung Group, CNBC, Board, Wall Street Locations: Shanghai, China

☆ A 1983 Apple business card signed by Steve Jobs just sold for $181,183
▼ + stars: | 2024-03-23 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

A business card with Steve Jobs' signature sold for $181,183 in an auction on Thursday. A 1983 "Apple Computer," business card signed in black ink by Steve Jobs sold for $181,183 on Thursday, according to RR Auction. The Apple founder's business card sold for $181,183. RR AuctionThe off-white business card was listed as the "extremely rare, perfectly graded Steve Jobs-signed Apple Computer business card from circa 1983." Related storiesRR Auction has previously auctioned 10 Steve Jobs business cards, with only one dating back to 1983.

Persons: Steve Jobs, —, Mike Graff, Steven Jobs, Bobby Livingston, Jobs, Stephen Hawking, Steve Wozniak, Ronald Wayne, Eduardo Cisneros Organizations: Apple, Service, Apple Computer, Macintosh Factory, Pirates, Jobs, Apple Computer Corporation Locations: Caribbean

☆ Sam Bankman-Fried's lawyers say prosecutors are treating their client like a 'depraved super-villain' with 'dark and megalomaniacal motives'
▼ + stars: | 2024-03-20 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's lawyers slammed the 40 to 50-year prison sentence prosecutors recommended. Bankman-Fried's lawyers accused prosecutors of casting him as a "depraved super-villain." AdvertisementLawyers for Sam Bankman-Fried are pushing back against the 40 to 50-year prison sentence prosecutors have recommended for their client. "It adopts a medieval view of punishment to reach what amounts to a death-in-prison sentencing recommendation," Bankman-Fried's lawyers wrote. Related storiesThis isn't the first time Bankman-Fried's lawyers have pleaded for leniency.

Persons: Sam Bankman, —, Lewis Kaplan, Fried, Marc Mukasey, Mukasey, they've, Barbara Fried, Kaplan Organizations: Service, Bankman Locations: Delaware

☆ Ad insiders are buzzing about industry power broker Michael Kassan's messy split with UTA and what it means for the future of MediaLink
▼ + stars: | 2024-03-13 | by ( Lara O'Reilly | Lucia Moses | ) www.businessinsider.com time to read: +9 min

After falling out with Kassan, UTA may think twice about buying another agency. The media and ad industry will be watching to see what, if any, leadership changes UTA makes at MediaLink. The end of the ad industry schmoozefest? One industry veteran said they saw Kassan's exit as an opportunity to change how ad industry consultants operate and charge for services. At the center of the dispute between UTA and Kassan is the MediaLink founder's $950,000 annual expense account.

Persons: Michael Kassan, MediaLink, Kassan, Jeremy Zimmer, Kassan wasn't, Vianney Tisseau, headhunting, Jon Miller, Sanford Michelman, Michelman, Robinson, Ethan Miller, Julian Jacobs, David Anderson, WME, Kassan's, Wenda Harris Millard, wasn't, what's, There's, Lou Paskalis, Marc Sternberg's, Lady Gaga, Elton John, Mariah Carey, Tom Brady, Rob Norman, WPP's Organizations: UTA, Cannes Lions, Consumer, Business, Los Angeles Superior Court, Los, Judicial, Mediation Services, Variety Cannes Lions Studio, Integrated Media, Getty, Talent, Accenture, General Motors, Netflix, JUV Consulting, Madison, Endeavor, Writers Guild of America, Zimmer, Western Initiative Media Worldwide, Interpublic Group, Bank of America, AJL, Marc Sternberg's Brand, Kassan, Southwest, NFL Locations: MediaLink, Cannes, France, Madison, Droga5, Hollywood, Kassan, California, South, Austin

☆ Mark Zuckerberg is almost $54 billion richer this year — and he's closing in on Elon Musk
▼ + stars: | 2024-03-11 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Mark Zuckerberg's net worth has surged by almost $54 billion this year, according to Bloomberg data. Zuckerberg is close to overtaking Elon Musk for the first time since late 2020. AdvertisementMark Zuckerberg has become a lot wealthier this year 2024 — and is closing in on his would-be cage-fight rival Elon Musk for the title of the world's third-richest person. The Meta CEO's fortune has surged by almost $54 billion since the start of January, according to the Bloomberg Billionaires Index. As of Friday's closing bell, he was worth $182 billion — just $7 billion behind Musk.

Persons: Mark Zuckerberg's, Zuckerberg, Elon Musk, —, Mark Zuckerberg Organizations: Bloomberg, Facebook, Elon, Service, Business

☆ 6 things we learned from the founder of Telegram's first interview in 7 years
▼ + stars: | 2024-03-11 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +1 min

Founder Pavel Durov said profitability is coming, and maybe even an IPO. Durov gave his first public interview in seven years to the Financial Times. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn a rare new interview, Telegram founder Pavel Durov revealed that his company is nearing profitability, and may even enter the public market. It's the reclusive founder's first public interview since 2017, according to the outlet.

Persons: What's, Pavel Durov, Durov, —, who's, Mark Zuckerberg, founder's Organizations: Financial Times, Service, Business Locations: Russian, Russia, Dubai

☆ Elon Musk's wealth is down by almost $40 billion this year — and it's only March
▼ + stars: | 2024-03-07 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

The Tesla CEO's wealth has dropped by almost $40 billion since the start of 2024. The EV maker's sagging stock price has taken its toll on Musk's net worth. The Tesla CEO's net worth has plunged by almost $40 billion this year, according to the Bloomberg Billionaires Index. AdvertisementThe LVMH chief is worth $197 billion, $1 billion more than Bezos, after adding $18 billion to his worth this year. Most of Musk's wealth comes from his 21% stake in the EV maker.

Persons: Elon, —, Jeff Bezos, He's, Bernard Arnault, it's, Arnault, Musk Organizations: Service, Tesla, Bloomberg Locations: China, Delaware

☆ The real story behind Coco Chanel's collaboration with the Nazis, as featured in 'The New Look'
▼ + stars: | 2024-03-03 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +8 min

Apple TV+ "The New Look" shines a light on Coco Chanel's murky history as a Nazi informant and spy. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Juliette Binoche and Emily Mortimer as Coco Chanel and Elsa Lombardi in "The New Look." Roger Do Minh/Apple TVHow deep the fashion icon's Nazi collaboration ran was made public for the first time in "Sleeping with the Enemy: Coco Chanel's Secret War," by Hal Vaughan, published in 2011. AdvertisementChanel, who died in 1971 at 87, continued her relationship with Von Dincklage after the war for several years.

Persons: —, France's, Coco Chanel that's, Chanel, Todd A, Christian Dior, Juliette Binoche, Emily Mortimer, Coco Chanel, Elsa Lombardi, Roger Do Minh, Hal Vaughan, Vaughan, Dreyfus, Alfred Dreyfus, Hulton, Baron Hans Günther Von Dincklage, Von Dincklage, Spatz, André Palasse, Pierre, Paul Wertheimer, Chanel didn't, Parfums Chanel, Modelhut Coco Chanel, Winston Churchill, Bettmann, Duke of Westminster, Walter Schellenberg, Schellenberg, Vera Bate Lombardi, Lombardi —, Chanel's, Churchill, Baron Louis de Vaufreland, Per Vaughan, Wertheimer, James Andanson, Dincklage, Baron von Dincklage Organizations: Apple, Nazi, Service, Deutsch, Hotel Ritz, Abwehr, AFP, Getty, British, Paris, Chanel Locations: Nazi, Paris, German, British, Germany, French, Britain, Madrid, Churchill, Switzerland

☆ An Airbnb cofounder's new startup wants to drop factory-made tiny homes into California backyards — see inside its $324,000, two-bedroom unit
▼ + stars: | 2024-03-02 | by ( Brittany Chang | ) www.businessinsider.com time to read: +1 min

Samara, cofounded by Airbnb's Joe Gebbia, is selling modular accessory dwelling units. See inside its most expensive unit, a $324,000 two-bedroom tiny home. AdvertisementA new startup wants to drop tiny homes into your backyard. If the name doesn't ring a bell, you might recognize one of its cofounders, Joe Gebbia. Quite the opposite: It's manufacturing factory-built accessory dwelling units (ADUs), or tiny homes, that can be dropped into Californians' backyards.

Persons: Airbnb's Joe Gebbia, —, Oz, Ariana Grande, Ethan Slater, Joe Gebbia, Brian Chesky Organizations: Service, Airbnb Locations: Samara, Mexico, It's California

☆ FTX fraudster Bankman-Fried seeks less than 7 year sentence, claims he is at risk of 'harm and extortion' in prison
▼ + stars: | 2024-02-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +7 min

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. "The harm to customers, lenders, and investors is zero," Bankman-Fried's lawyers wrote. The lawyers wrote that Bankman-Fried has a "neurodiversity" that "greatly affects how he perceives and is perceived." It is not a disease or a condition that needs to be cured," the lawyers wrote. "Individuals with ASD are often at considerably greater risk of physical harm and extortion in prison than other inmates," the lawyers wrote.

Persons: Sam Bankman, Fried, Joseph Bankman, Barbara Fried, Lewis Kaplan, —, Michael Milken, Damian Williams, Williams, Kaplan, Marc Mukasey, Sam, Drexel Burnham Lambert, Milken Organizations: Bankman, Alameda Research, The Manhattan U.S, PSR, Defense, Drexel, CNBC PRO Locations: New York, FTX, Manhattan, Alameda, Brooklyn , New York

☆ Why South Korea's Japan-style measures to boost its stock market may not work
▼ + stars: | 2024-02-28 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

An inflatable bull during a ceremony marking the first day of trading of the year at the Korea Exchange (KRX) headquarters in Seoul, South Korea, Tuesday, Jan. 2, 2024. SeongJoon Cho/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesSouth Korea's Japan-style measures for improving corporate governance may not be enough to boost its undervalued stock markets and tackle the so-called "Korea discount." Asia's fourth-largest economy is striving to boost stock market valuations that are considered much lower compared to peers, with analysts referring to the phenomenon as the "Korea discount." The 'chaebol' problemSouth Korean markets are made up of corporations called "chaebols," which are large family-owned global conglomerates, typically controlled by the founder's family. "The behavior that leads to South Korea's low stock prices is motivated, and therefore seeking to coax South Korean controlling families into 'being nice' to minority stockholders is unlikely to be successful," Pines said.

Persons: SeongJoon Cho, James Lim, Jonathan Pines, Federated Hermes, Daniel Tan Organizations: Korea Exchange, Bloomberg, Getty Images Bloomberg, Getty, Financial, FSC, Samsung Electronics, LG, SK, Hyundai, Dalton Investments, Japan, Korean Stock Exchange, Federated, Grasshopper Asset Management, CNBC Locations: Seoul, South Korea, Japan, Korea, Tokyo, Asia, Singapore

☆ Reddit aims to ride the AI wave by going public
▼ + stars: | 2024-02-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

The platform's listing, expected next month, would be the largest IPO by a social media company since Pinterest in 2019. That means some are wondering why Reddit has waited until now to make its move, but AI might have something to do with it. Reddit also listed data licensing and AI training as part of its income streams. "We are going public to advance our mission and become a stronger company," he said in a founder's letter included in the prospectus. AdvertisementRepresentatives for Reddit did not immediately respond to a request for comment from BI, made outside normal working hours.

Persons: Reddit, Sam Altman, Steve Huffman, Huffman, Fortune, Katie Notopoulos Organizations: New York Stock Exchange, Facebook, Twitter, Business, Securities and Exchange Commission, Google, University, Virginia, GameStop, AMC Locations: Reddit

☆ Reddit is a litmus test for investor appetite for non-AI things, says FirstMark's Heitzmann
▼ + stars: | 2024-02-22 | 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 EmailReddit is a litmus test for investor appetite for non-AI things, says FirstMark's HeitzmannRick Heitzmann, FirstMark co-founder and partner, joins 'Closing Bell' to discuss if Reddit's IPO makes Heitzmann feel better about the overall landscape, the co-founder's reaction to the recent stock performance, and much more.

Persons: FirstMark's, Rick Heitzmann, FirstMark

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