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OpenAI has secured a $1.5 billion investment from SoftBank, enabling employees to sell shares in a tender offer. This move allows current and former employees to cash out while SoftBank increases its stake in the AI startup, which has seen its valuation soar to $157 billion since launching ChatGPT. The tender offer is open until December 24 for eligible employees, reflecting a shift in OpenAI's approach to liquidity amid a competitive AI landscape.
Elon Musk is assembling a group of investors and tech entrepreneurs, characterized as budget-slashing billionaires, who aim to significantly reduce the size of the federal government. This coalition is poised to influence major policy decisions and reshape government spending priorities.
Ashley and Kenny Green launched Kaans Designs, a family apparel brand, from their garage in Indiana, inspired by the importance of capturing memories through photos. After appearing on "Shark Tank," they secured a $75,000 loan from guest investor Todd Graves, aiming to expand their product line and meet growing demand. The business, which made $44,000 last year, could reach $300,000 in sales by the end of 2024, having been featured on Oprah's "favorite things" list twice.
Pawel Skonieczka of Deutsche Bank discusses the burgeoning space economy, projecting it could reach $1 trillion by 2040, driven by sectors like direct-to-device connectivity and Earth observation. He highlights the critical role of regulatory frameworks and advancements in satellite technology, such as laser optical links, in fostering growth. The conversation also touches on Deutsche Bank's support for companies like SES and AST SpaceMobile, emphasizing the bank's commitment to both established and emerging players in the space sector.
Yubi, an Indian fintech platform backed by Insight Partners and Peak XV, is planning to raise between $150 million and $200 million in early 2024 to support its global expansion. The company aims to secure funding after successfully narrowing its losses, according to CEO Gaurav Kumar.
ShareChat has reported a 67% reduction in adjusted EBITDA losses for FY24, down to Rs 793 crore from Rs 2,400 crore in FY23, while total losses before tax decreased by 63% to Rs 1,898 crore. Revenue grew by 33% year-on-year to Rs 718 crore, with the platform achieving profitability and Moj nearing full profitability by FY25. The company boasts over 325 million monthly active users across its platforms.
Justin Sun, the founder of cryptocurrency firm Tron, has invested $30 million in Donald Trump's World Liberty Financial, becoming the largest investor in the decentralized finance project. Sun praised the U.S. as a blockchain hub and credited Trump for Bitcoin's success, stating, “TRON is committed to making America great again and leading innovation.”
ID.me has successfully closed a tender offer that values the online verification company at $1.8 billion, an increase from its previous valuation of $1.73 billion two years ago. The transaction was led by new investor Ribbit Capital, with participation from existing investors Viking Global Investors and CapitalG.
UCB Ventures and AXA Venture Partners have formed a partnership to foster innovation in digital health, enhancing their understanding of the complex healthcare ecosystem. This collaboration allows UCB to access AXA's expertise and network, facilitating investments in promising startups and therapeutic innovations. With a combined focus on digital health and a robust investment strategy, both organizations aim to transform creative ideas into effective healthcare solutions.
Vertical Aerospace Ltd., a flying taxi startup, has secured up to $50 million in funding from Mudrick Capital Management. This includes $25 million in upfront funding and a commitment for an additional $25 million, contingent on third-party investments. Additionally, $130 million in convertible notes will be converted into equity at $2.75 per share.
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