So, what happened this week in the Tech & Startup world? 🌍
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The Grapevine Newsflash 🔥
9 tech & startup stories in 122 super short seconds.
❌ FT-Bust In the latest chapter of the FTX debacle, the company has disclosed they’ve ‘located’ more than $5bn of assets. This comes as SBF has released his own explanation of the collapse, and (of course) denying that he stole any funds. 2023 is going to be interesting.
🥊 Microsoft’s Comeback First it was crypto, now it’s AI and specifically OpenAI. Having built the most powerful generative model in the world, they’ve attracted a lot of interest - most notably from Microsoft. This week it came out that the tech giant has invested $3bn in OpenAI to-date and is considering a further $10bn investment. They’ll also integrate the models into Microsoft’s suite of products. If you haven’t checked out GPT-3 yet, you can here.
📉 An Unwanted Record Elon Musk has had a tough few months and the beginning of 2023 hasn’t treated him any better. Reports show that he’s lost $182bn since November 2021 - the largest loss of personal fortune in history. Still, we’re sure he’ll manage with the $138bn he still has.
⚖️ JP Morgan Sues…Itself? The US bank has sued ‘Frank’, a college financial planning platform it bought in 2021 for $175m. Why? JP Morgan believes that their founder created 4m fake accounts to prop up numbers. Read the latest here.
😎 Magic leap Changes Control! For about a decade Magic Leap has been quietly working behind the scenes to build the worlds greatest AR headset. This month the Saudi Arabia Sovereign Wealth Fund bought a controlling stake in Magic Leap for $450m, a huge reduction from what it was once worth. Read more here.
😕 WTF is Account Abstraction? Vitalik Buterin (the founder of Ethereum) recently wrote about ‘account abstraction’ in web3. Argent, a web3 crypto wallet, has written a brilliant breakdown of what this actually is, and what it means for you. This could be a breakthrough concept in web3. Read the article here.
✍️ Resume No Go’s! We’ve read a lot of blogs on what NOT to put on your resume. We think this one is the best, have a read here.
❤️ Gary & Steve! Steven Bartlett has released an INCREDIBLE 75 minute podcast with entrepreneurship legend Gary V. The conversation is fast paced, random and un-structured, but it’s fantastic. Please please watch this below 👇
📺 Logan Paul’s Crypto Scam Coffeezilla, a YouTuber and crypto journalist, has released an incredible video outlining a crypto ‘scam’ launched and run by Logan Paul. Earlier this week, after initially fighting the allegations, Logan Paul apologised for the (non-existent) game’s failure. This is a must watch 👇
Managing teams was hard.
Most of you reading have worked in both small and large teams, in offices and remotely, and with colleagues around the world. The future of work truly is distributed and for any one who has managed teams - that makes things challenging.
Fortunately, a close friend of The Grapevine Tim Ryan, is bringing context and empathy back to the workplace - without having to set another meeting. They’ve built a Slack app that empowers managers to gather actionable insights from their teams throughout the week, all asynchronously.
If you’re managing people in a remote or hybrid environment, and you want to reduce the number of meetings but increase context dramatically - this is the solution for you. You can get early access by visiting Atomic8 and if you let them know The Grapevine sent you, you’ll get 50% off for the first 6 months!
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Over & Out,
Nick & Louis
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