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Search resuls for: "Berber Jin"


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☆ Binance Walks Away From Deal to Rescue FTX
  + stars: | 2022-11-09 | by ( Patricia Kowsmann | Caitlin Ostroff | Berber Jin | ) www.wsj.com   time to read: 1 min
Crypto exchange Binance reversed course on a rescue offer for FTX Wednesday, leaving the prominent digital firm with an uncertain future as it faces a shortfall of up to $8 billion, according to people familiar with the matter. Binance chose not to go ahead with the nonbinding offer following a review of the company’s finances, the exchange said. “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said in a statement.
☆ Andreessen Horowitz Went All In on Crypto at the Worst Possible Time
  + stars: | 2022-10-26 | by ( Berber Jin | ) www.wsj.com   time to read: 1 min
As cryptocurrency prices soared last year, no investor bet more on the sector than Andreessen Horowitz. The storied venture-capital firm had developed a reputation as Silicon Valley’s greatest crypto bull, thanks largely to a 50-year-old partner named Chris Dixon who was one of the earliest evangelists for how the blockchain technology powering cryptocurrencies could change business. His unit was one of the most-active crypto investors last year, and in May announced a $4.5 billion crypto fund, the largest ever for such investments.
☆ Sequoia Capital’s Roelof Botha Predicts Success for Elon Musk at Twitter
  + stars: | 2022-10-26 | by ( Berber Jin | ) www.wsj.com   time to read: 1 min
Roelof Botha , the head of Sequoia Capital, said he thinks there are large improvements to be made for Twitter current business and that Elon Musk’s takeover bid for the social-media company will be a success. Mr. Botha, speaking at The Wall Street Journal’s Tech Live conference, said he thought Twitter could find better ways to make money beyond advertising and improve its product. Sequoia has committed $800 million for the deal. The funding is set to come from Sequoia’s main venture funds, its wealth management business called Heritage, and its crossover fund Sequoia Capital Global Equities.
☆ FTX Is Raising Fresh Cash, in Part for Acquisitions
  + stars: | 2022-10-25 | by ( Berber Jin | ) www.wsj.com   time to read: 1 min
FTX Trading Ltd. founder Sam Bankman-Fried said that he’s in talks to raise fresh cash, in part to make “efficient acquisitions” amid the crypto rout. Mr. Bankman-Fried said at The Wall Street Journal’s Tech Live conference Tuesday that he sees acquisitions as an opportunity to boost the number of retail users on the crypto exchange he founded, a consumer segment he said FTX has so far been slow to reach.
☆ Google in Talks to Invest $200 Million Into AI Startup
  + stars: | 2022-10-22 | by ( Berber Jin | Miles Kruppa | ) www.wsj.com   time to read: 1 min
Alphabet Google is in talks to invest at least $200 million into artificial intelligence startup Cohere Inc., according to people familiar with the matter, another sign of the escalating arms race among large technology companies in the sector. Founded in 2019, Cohere creates natural language processing software that developers can then use to build artificial intelligence applications for businesses, including tools for chatbots and other features that can understand human speech and text. Last November, the company announced a multiyear partnership with Google to have its cloud division supply the computing power needed for Cohere to train its software models.
☆ Venture Firms Are Betting on Public Tech Stocks as Startup Market Stalls
  + stars: | 2022-10-13 | by ( Berber Jin | ) www.wsj.com   time to read: 1 min
One of Amplitude’s largest shareholders when the data-analytics firm went public was Sequoia Capital. Venture-capital firms are jumping into the stock market, buying up battered shares in publicly traded tech companies at a time when they are investing less in the startups that have long been their focus. Some major venture firms including Accel and Lightspeed Venture Partners have purchased more stocks of companies they first backed as startups this year, defying the industry norm of selling those shares soon after public listings.
☆ Venture-Capital Firms Buy Up Public Tech Stocks as Startup Market Stalls
  + stars: | 2022-10-13 | by ( Berber Jin | ) www.wsj.com   time to read: 1 min
One of Amplitude’s largest shareholders when the data-analytics firm went public was Sequoia Capital. Venture-capital firms are jumping into the stock market, buying up battered shares in publicly traded tech companies at a time when they are investing less in the startups that have long been their focus. Some major venture firms including Accel and Lightspeed Venture Partners have purchased more stocks of companies they first backed as startups this year, defying the industry norm of selling those shares soon after public listings.
☆ Instacart Plans to Focus IPO on Selling Employee Shares
  + stars: | 2022-09-19 | by ( Berber Jin | Corrie Driebusch | ) www.wsj.com   time to read: 1 min
Instacart Inc. doesn’t plan to raise much capital in its initial public offering and instead plans to have most of the listing come from the sale of employees’ shares, said people familiar with its thinking. In meetings with prospective investors in recent weeks, Instacart executives said they didn’t plan to issue many new shares in their IPO, the people said. The sale of mostly employee shares would allow Instacart’s staff, including some of its earliest hires, to at last cash out of some of the shares they have been accumulating.
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