Zoom investor tells startup founders: ‘Forget the past three years’ and accept 50% valuation hit

Eugene Zhang, founding partner of Silicon Valley VC firm TSVC Spencer Greene, general partner of TSVC Courtesy: TSVC Eugene Zhang, a veteran Silicon Valley investor, recalls the exact moment the market for young startups peaked this year. The firehose of money from venture capital firms, hedge funds and wealthy families pouring into seed-stage companies was reaching absurd levels, he said. A company that helps startups raise money had an oversubscribed round at a preposterous $80 million valuation. In another case, a tiny software firm with barely $50,000 in revenue got…

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5 things to know before the stock market opens Thursday

Traders on the floor of the NYSE, Aug. 8, 2022. Source: NYSE Here are the most important news items that investors need to start their trading day: 1. Stock futures are up U.S. markets on Thursday were set to rise again after a government report showing that inflation is cooling fueled a Wednesday rally. All three major indexes are coming off a strong day: The Dow surged more than 500 points, while the S&P 500 hit its highest point since early May, and the Nasdaq landed its highest close since…

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How the EV tax credits in Democrats’ climate bill could hurt electric vehicle sales

Tesla cars charge next to a traditional Texaco gas station on July 17, 2022 in Nephi, Utah. With more electric cars on the road, lack of charging infrastructure is becoming more of a problem for EV owners. George Frey | Getty Images Proposed tax credits of up to $7,500 for electric vehicles under the Inflation Reduction Act could be counterintuitive for sales of EVs, according to several companies and a group representing major automakers such as General Motors, Toyota Motor and Ford Motor. The new rules would raise a sales…

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Stocks making the biggest moves premarket: Wendy’s, Coinbase, Buzzfeed and more

Check out the companies making headlines before the bell: Wendy’s (WEN) – Wendy’s shares fell 1% in premarket trading following a mixed quarter, which saw the restaurant chain report better-than-expected earnings while revenue fell short of Street forecasts. U.S. same-restaurant sales rose 2.3%, less than analysts had estimated, as consumers spent more cautiously. Coinbase (COIN) – The cryptocurrency exchange operator’s shares slid 5% in the premarket after the company reported a wider-than-expected quarterly loss, with business impacted by the slide in crypto prices during the spring months. Coinbase saw volumes…

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5 things to know before the stock market opens Wednesday

Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York, August 8, 2022. Andrew Kelly | Reuters Here are the most important news items that investors need to start their trading day: 1. Stock futures rise Markets were set to open in positive territory Wednesday morning, ahead of two key reports: The consumer price index and Disney earnings (more on both below). Investors are hoping for a rebound after all three major indices closed lower Tuesday. There are also a couple of Fed officials…

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Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

NEW YORK, NEW YORK – MAY 02: Elon Musk attends The 2022 Met Gala Celebrating “In America: An Anthology of Fashion” at The Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Dimitrios Kambouris/Getty Images for The Met Museum/Vogue) Dimitrios Kambouris | Getty Images Entertainment | Getty Images Tesla CEO Elon Musk sold 7.92 million shares of Tesla worth around $6.88 billion, according to a series of financial filings published Tuesday night. His transactions occurred between Aug. 5 and 9, the SEC filings revealed, following…

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Ford raises price of electric F-150 Lightning by up to $8,500 due to ‘significant material cost increases’

Ford F-150 Lightning trucks manufactured at the Rouge Electric Vehicle Center in Dearborn Michigan. Courtesy: Ford Motor Co. DETROIT – Ford Motor is increasing the starting prices of its electric F-150 Lightning pickup as it reopens customer ordering this week for the vehicle. The Detroit automaker said the price increases – between $6,000 and $8,500, depending on the model – are due to “significant material cost increases and other factors.” The higher costs will not impact current reservation holders who are awaiting delivery of a vehicle, according to the company.…

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Elon Musk challenges Twitter CEO Parag Agrawal to a debate on bots

Centi-billionaire Elon Musk provoked Twitter and challenged the company’s CEO Parag Agrawal to a “public debate” about fake accounts and spam in the midst of a contentious legal battle over a $44 billion acquisition. Musk filed a bid with the Securities and Exchange to acquire Twitter back in April this year. After the companies agreed to move ahead with a take-private deal, Musk said he was terminating his acquisition, and accused Twitter of presenting false numbers, including in its SEC filings, pertaining to the amount of monetizable daily active users, and…

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California DMV accuses Tesla of deceptive practices in marketing Autopilot and Full Self-Driving options

Brand new Tesla cars sit in a parking lot at a Tesla showroom on June 27, 2022 in Corte Madera, California.  Justin Sullivan | Getty Images News | Getty Images The California Department of Motor Vehicles has accused Tesla of engaging in deceptive practices around the marketing of its driver assistance systems, which are branded Autopilot and Full Self Driving in the U.S., according to filing with a state administrative agency. Elon Musk’s electric car business risks more than its reputation — in a worst-case scenario, the company could temporarily…

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Twitter-Musk drama escalates as both sides hurl claims of bad behavior in new filings

The Twitter-Elon Musk saga continued this week, as the two parties traded barbs in legal filings ahead of a five-day trial that’s scheduled to start Oct. 17. Newly released legal documents from lawyers representing Musk in a countersuit against Twitter claim the social media company engaged in a scheme to “mislead investors” by providing false numbers in financial filings with the Securities and Exchange Commission. Musk charges Twitter’s platform has at least double the number of bots the company claims in SEC filings and fewer “monetizable daily active users” than…

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