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- Shopify Q1 earnings, former OpenSea employee convicted of NFT insider trading, Fed hikes 25 bps
Shopify Q1 earnings, former OpenSea employee convicted of NFT insider trading, Fed hikes 25 bps
Shopify Q1 earnings: GMV: $49.6B (+15% y/y), revenue: $1.5B (+25% y/y), subscription revenue: $382M (+11% y/y), FCF: $86M, net income: $68M; shares are up 18% after CEO Tobi Lütke announced the company would be cutting staff by 20% - Link
Shopify has sold its logistics business to Flexport, after spending years building out its order-fulfillment business; Shopify will receive ~13% equity interest in Flexport - Link
Former OpenSea employee Nathaniel Chastain has been convicted in the first-ever NFT insider trading case, in which he made $50K+ in illegal profits - Link
The Fed approved a 25 basis point hike and signaled it may be done raising rates after bringing its benchmark federal funds rate between 5% and 5.25%, representing a 16-year high - Link
FTC Chair Lina Khan wrote a guest essay in the NYT calling for AI regulation due to large-scale risks, including monopoly consolidation, fraud, extortion, and bias - Link
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First up, Jason breaks down Uber’s huge Q1 results! (1:21) Then, Unlearn.AI CEO Charles Fisher joins to discuss the advancements his company is making in fast-tracking clinical trials (9:49), how machine learning is used in drug development (16:24), Unlearn’s business model (35:24), and more! - Link
WSJ sources: Unity, a company that develops game engine software, is cutting 600 jobs (~8% of staff), after laying off 500+ employees over two rounds of cuts in the past year - Link
The FTC proposed banning Meta from monetizing the data of children, accusing the Facebook-parent company of violating COPPA with its Messenger Kids app and more - Link
Pando, a SaaS platform for supply chain management and global logistics, raised a $30M Series B co-led by Uncorrelated Ventures and Pillar; Pando allows customers to build on top of its API and emphasizes no-code tools - Link
Coinbase is shutting down Coinbase Borrow in the US as of May 10th; the program allowed users to receive loans up to $1M against as much as 30% of their Bitcoin holdings - Link
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