Ellison says SBF instructed her to invest with customer funds, Shift files for bankruptcy

Caroline Ellison testified that SBF instructed her to use FTX customer deposits to finance venture investments and loan repayments by Alameda Research - Link

Shift, an SF-based online used car marketplace that went public via SPAC in 2020, has filed for bankruptcy and will wind down operations - Link

The Information sources: Lambda Labs, a startup that rents out servers with Nvidia GPUs to AI developers, is in advanced talks to raise ~$300M from Thomas Tull’s fund and others - Link

CA Governor Gavin Newsom signed into law a bill that would require any VC firm with a portfolio company based in California to report annual metrics on founder diversity starting in 2025 - Link

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Zach Coelius joins Jason to discuss the phases of early-stage startups (2:01), break down the state of VC (13:17), answer live questions from the audience (22:36), and much more! - Link

The Information sources: Tesla is building a bunker-like structure that will house part of its Dojo supercomputer to run its self-driving software; eventually, sources note Dojo could be used to sell cloud services to other companies - Link

kennek, a London-based startup building SaaS tools for open banking, open finance, and payments infrastructure, raised a $12.5M Seed round led by HV Capital - Link

Saronic, an ATX-based defense startup building autonomous ships, raised a $55M Series A led by Caffeinated Capital - Link

The state of Utah sued TikTok, accusing it of harming kids with powerful algorithms and manipulative UI that mimics slot machines - Link

This Week in Startups

E1826: State of early-stage VC, finding PMF, Caroline Ellison testifies & more with Zach Coelius

E1825: Bill Gurley and Sunny Madra talk open-source vs. proprietary AI

E1824: NEWS: Breaking down SBF's trial and the downfall of FTX

E1823: NEWS: Anthropic targets $20B+ valuation, Flexport chaos & more!

E1822: Kayak CEO Steve Hafner of the state of travel, AI's place, hospitality trends, and more!

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