SoftBank Sues Messaging App IRL, Alleging Falsified Data
It's the latest case of an investor taking the rare move of suing a startup it backed.
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Recent Editions
Musk Offers to Pay Legal Bills for Users Who Face Workplace Retaliation
Musk has successfully won suits brought over his Twitter activity and sued his opponents.
Twitch Streamer Charged After Give-Away Event Turns Chaotic
Kai Cenat had told fans on a live stream he would be giving away computers and game consoles.
Virtual Events Startup Run the World Sells to EventMobi
Run The World, a virtual events startup that competed with Hopin, plans to sell to EventMobi, an event management software company.
Coinbase Moves to Dismiss SEC Lawsuit
The SEC has alleged that Coinbase operates as an unregistered securities exchange, broker and clearinghouse.
Revolut to Halt U.S. Crypto Services Due to Regulatory Climate
The decision only affects 1% of the company’s crypto customers and crypto services will still be available to users outside of the U.S.
Cash App Drives Block Revenue Growth
Block benefited from increasing adoption of its Cash App debit card and quick deposit service.
Fintech VC Firm Ribbit Capital Raises $800 Million Fund
Ribbit Capital, the Silicon Valley venture capital firm behind Brex and the Robinhood, has raised $800 million for its tenth fund.
Discord Lays Off 4% of Workforce
The cuts were concentrated within the company’s marketing, talent and public policy teams.
Coinbase Narrows Loss After Cost Cutting
Trading revenue at the crypto exchange fell by half, but interest income increased.
Apple Sales Fall While Profit Rises on Services Shift
The company’s services business has profit margins double that from its hardware products.
Amazon Operating Income Jumps
Amazon managed to keep costs under control in its retail and subscriptions businesses in North America.
Cloud Startup CoreWeave Raises $2.3 Billion in Debt
The company aims to compete with larger cloud providers, such as Amazon Web Services.
Meta’s Ray-Ban Glasses Fall Flat With Customers
Internal data reportedly shows that less than 10% of purchased devices are actively used.
Warner Bros. Discovery Loses Streaming Subscribers, TV Ad Revenue
Warner Bros. Discovery lost 1.8 million direct-to-consumer subscribers in the second quarter as TV ad revenue plummeted 13%.
Robinhood Posts First Quarterly Profit
Robinhood earned a GAAP profit of $25 million during the second quarter.
SoftBank-Backed Storage Startup Sells After Runway Dwindles
The company was last valued at a reported $600 million in 2019.
Brookfield and Sequoia Heritage Launch Fund to Scoop Up Cheap Startups
Pinegrove Capital Partners will be led by Brian Laibow, a former credit investor at Oaktree Capital Management
Stripe Hires Former Google Cloud CFO as Finance Chief
The move should relieve Stripe co-founder John Collison of his temporary CFO dutie.
DoorDash Shares Jump on More Bullish Outlook
The food delivery app reported a 33% increase in revenue and raised its full marketplace volume forecast.
Weekday mornings
The Information AM by The Information Staff
Start your morning with the important global tech news of the day, covered by The Information team across five time zones.
By providing your email, you agree to The Information’s Privacy Policy