TechCrunch’s Week in Review (WiR) – June 4: Reddit, Amazon, Uber, Volkswagen, Shopify, Stripe, Minecraft, and YouTube Shorts
TechCrunch’s regular newsletter, Week in Review (WiR), provides a roundup of the latest news and events in the tech industry. This week’s edition highlights various updates such as investor Fidelity cutting the estimated value of its equity stake in Reddit by 41%, Amazon considering offering a low-cost or possibly free nationwide mobile phone service to Prime subscribers in the United States, and Uber, Lyft, DoorDash, and other app-based ride and delivery companies reimbursing California temporary workers for unpaid vehicle expenses between 2022 and 2023. The newsletter also features an article on Volkswagen’s upcoming ID.Buzz electric van, Shopify’s new rewards program called Shop Cash, Stripe’s new credit card program called stripe emission, and an AI that can explore and expand its capabilities in Minecraft’s open world. Additionally, TechCrunch recommends several podcast episodes from its various shows and offers insights and analysis for subscribers through TechCrunch+.
Reddit’s Value Decreases by 41% – A Broad Trend that has Affected Startups Globally
Fidelity, the main investor in Reddit’s most recent funding round in 2021, has cut the estimated value of its equity stake in the social media platform by 41% from the investment. This devaluation is part of a broader trend that has affected a variety of growth-stage startups worldwide over the past year, raising concerns about whether Reddit will stick with its initial intention to go public at a valuation of around $15 billion.
Amazon Mulls Offering Low-Cost or Free Mobile Phone Service to Prime Subscribers in US
According to a new report from Bloomberg, Amazon is reportedly in talks with Verizon, T-Mobile, Dish Network, and AT&T to offer a low-cost or possibly free nationwide mobile phone service to Prime subscribers in the United States. This move by the tech giant is seen as a strategy to make Amazon’s loyalty program more attractive while challenging its competitors’ mobile offerings.
Uber, Lyft, DoorDash, and Other App-Based Ride and Delivery Companies Will Reimburse California Temporary Workers for Unpaid Vehicle Expenses Between 2022 and 2023
After a provision in Proposition 22 (a controversial law that classifies temporary workers as independent contractors, rather than employees, and promises them half-baked protections and benefits) was scrutinized, ride and delivery companies such as Uber, Lyft, DoorDash, and others will have to reimburse California temporary workers for potentially millions of dollars for unpaid vehicle expenses between 2022 and 2023.
Volkswagen Bets Big on ID.Buzz Electric Van to Attract Customers and Sell the Brand’s Electric Vehicles
Volkswagen is betting big on the upcoming ID.Buzz electric van, which will be available in a year, to not only sell the nostalgia-wrapped bus but also act as a halo product to attract customers to the entire vehicle lineup. With this van, Volkswagen aims to attract customers who are nostalgic about their old Volkswagen buses and those who are looking to invest in electric vehicles.
Shopify Launches Shop Cash, a New Rewards Program Funded by Shopify that Offers Shoppers 1% Cashback on Purchases
Shopify’s Shop app launched a new rewards program called Shop Cash on Friday, June 4. The ecommerce platform announced that the new program is funded by Shopify and gives shoppers 1% cash back on purchases made through its Shop Pay online payment service.
Stripe’s New Credit Card Program Stripe Emission Aims to Make it Easier for Businesses to Access Credit
Stripe, the private financial infrastructure giant, is aiming to make it easier for businesses to access credit through its new commercial card issuance product called stripe emission. This new credit card program aims to provide a one-stop-shop for businesses to manage their payments and access credit.
AI Researchers Create Minecraft Bot that Wrote its Code Through Trial and Error
AI researchers have created a Minecraft bot called Voyager, which can explore and expand its capabilities in the game’s open world. Unlike other bots, this AI basically wrote its own code through trial and error and lots of GPT-4 inquiries. Voyager is an example of an “embodied agent,” an AI that can move and act freely and purposefully in a simulated or real environment.
YouTube Shorts’ AI Video Editing Start-up Silly Already Aims to Cater to Hundreds of Video Creators
Silly, a start-up that puts AI to practical use in video editing, is already building demand before opening up to the public. The Y Combinator-backed company leverages AI to create short videos from YouTube content. Silly has hundreds of video creators testing its product and a waiting list of more than 20,000 pre-releases.
Additional Piece: The Importance of AI in Start-ups and the Future of Technological Growth
AI is rapidly changing the way companies perceive, reason, and adapt to the market. These innovative capabilities are creating a sea change in the way companies interact with competitors and consumers. In the years ahead, AI will continue to transform the way we work and live, and start-ups, in particular, will play an essential role in driving this technological growth. AI can help start-ups develop innovative products, reduce costs, enhance the customer experience, and improve accuracy. In conclusion, AI is no longer a buzzword or the purview of tech giants alone. Instead, it is an essential part of the DNA of every start-up that aims to thrive in an increasingly competitive business landscape.
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Hi folks, welcome to Week in Review (WiR), TechCrunch’s regular newsletter that rounds up the week in tech. Hope the summer is treating you guys well – it’s a nice 90 degrees here in New York! – and that some much-needed R&R is on the agenda.
Speaking of “agenda,” mark your calendars for Interrupt, TC’s annual conference, which begins in September. Whether you’re a startup newbie learning the ropes or a founder hell-bent on changing the world, Disrupt will give you the tools, knowledge, and connections to help you get there. You don’t want to miss it.
Elsewhere, keep an eye out for city focus on June 7 (Wednesday), which will highlight Atlanta, Georgia, this round. Atlanta has become one of the nation’s liveliest new hubs, with booming cybersecurity and software-as-a-service sectors, as well as a slew of investors looking to back new startups emerging from the metro. Speakers at City Spotlight will include Mayor Andre Dickens; we are eager to hear his perspective.
Now, with the PSAs out of the way, here’s your WiR!
most read
Loyalty sours on Reddit: This week, Fidelity, the main investor in Reddit’s most recent funding round in 2021, it cut the estimated value of its equity stake in the social media platform by 41% from the investment. The devaluation, part of a broader trend that has affected a variety of growth-stage startups around the world over the past year, raises concerns about whether Reddit will stick with its initial intention to go public at a valuation of around $15 billion.
Amazon Main Facts: Amazon is considering offering a low-cost or possibly free nationwide mobile phone service to Prime subscribers in the United States, according to a new report from Bloomberg. The tech giant is reportedly in talks with Verizon, T-Mobile, Dish Network, and AT&T.
Contract workers are paid: Uber, Lyft, DoorDash and other app-based ride and delivery companies will have to reimburse California temporary workers for potentially millions of dollars for unpaid vehicle expenses between 2022 and 2023. The back payments stem from a provision in proposition 22the controversial law that classifies temporary workers as independent contractors rather than employees and promises them half-baked protections and benefits.
The ace up the sleeve of Volkswagen: Volkswagen is betting big on the upcoming ID.Buzz electric van. With the vehicle’s availability still a year away, the automaker is counting on years of pent-up anticipation to not only sell the nostalgia-wrapped bus, but also have it act as a halo product to attract customers to the entire vehicle lineup. brand electrical. .
Shopify launches Shop Cash: Shopify’s Shop app introduces a new rewards program called Shop Cash, the ecommerce platform announced Friday. The new program is funded by Shopify and gives shoppers 1% cash back on purchases made through its Shop Pay online payment service.
Stripe gets credit: Stripe wants to make it easier for businesses to access credit. The private financial infrastructure giant today announced a new credit card program stripe emission, your commercial card issuance product. Denise Ho, Stripe’s head of product, gave TechCrunch the exclusive details: go read the article from maria anna.
AI conquers Minecraft: AI researchers have created a Minecraft bot that can explore and expand its capabilities in the game’s open world, but unlike other bots, this one basically wrote its own code through trial and error and lots of GPT-4 inquiries Called Voyager, this experimental system is an example of an “embodied agent,” an AI that can move and act freely and purposefully in a simulated or real environment.
YouTube shorts, in minutes: Silly, a startup that puts AI to practical use in video editing, is already building demand before opening up to the public. The Y Combinator-backed company has hundreds of video creators testing its product, which leverages AI to create short videos from YouTube content, and has a waiting list out of more than 20,000 pre-releases, he says.
Audio
Need a new podcast to start your weekend off right? Good news: TC has you covered (and then some). In EquityThe team took a look at the latest from Web Roulette, Stripe’s acquisition of Okay, what Klarna’s first quarter means for the fintech market, and early strategies from QED and a16z. Found spoke with Dr. Stacy Blain, Co-Founder and Chief Scientific Officer of Concarlo Therapeutics, about the company’s novel therapeutic solutions for drug-resistant cancer. About Chain reaction, Gary Vaynerchuk, President of VaynerX and CEO of VaynerMedia and NFT collection VeeFriends, spoke about his experiences in the creative media industry. And the Tech Crunch live people dove into how AI doomerism is exaggerated, and why blowing braggarts want it that way.
TechCrunch+
TC+ subscribers get access to detailed feedback, analysis and surveys, which you know about if you’re already a subscriber. If you’re not here consider signing up. Here are some highlights from this week:
Concerns about competition in the age of AI: AI is rapidly changing the way companies perceive, reason and adapt to the market. But these innovative capabilities are creating a sea change in the way companies interact with competitors and consumers. henry hauser is a lawyer in coie perkinsThe antitrust and litigation practice groups of . Reflect on this in an informative piece.
Salesforce Becomes a Data Company: Could the depleted data generated by the Salesforce family of products become more valuable than the products themselves, at least in terms of added new revenue? This piece explores possibility.
Why aren’t more scientists becoming founders?: Why is it so common to see outsiders taking research out of the lab and not the scientists themselves? It’s a complex subject to unravel, but Rebecca does it deftly.
Gig workers get paid, Fidelity slashes Reddit’s valuation and AI conquers Minecraft
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