U.S. bans Chinese EVs

Top News

• OpenAI launches tasks: OpenAI’s new beta feature, Tasks, lets users schedule reminders and recurring updates, like daily weather or weekly news briefings, and even suggests actions based on chats—though users can opt out. The launch positions ChatGPT as a competitor to Amazon’s Alexa, now revamped with generative AI, and Apple’s Siri, which recently integrated ChatGPT’s capabilities. Rolling out this week to Plus, Team, and Pro users on the web, Tasks signals OpenAI’s push to make ChatGPT an everyday assistant.

• U.S. cracks down on Chinese AVs: The government just banned connected vehicles from China and Russia, citing national security risks tied to data and interference. The rules, which start phasing in by 2027, will block companies like Pony AI and WeRide from testing or selling in the U.S. BYD’s electric buses are exempt for now, but California’s DMV is expected to start pulling AV testing permits soon.

• CBRE acquires Industrious: The real estate giant is acquiring the rest of Industrious, valuing the co-working startup at over $800 million. Industrious, which grew 24x under Riverwood Capital’s backing, took a different path from WeWork by partnering with property managers instead of signing costly leases. The deal will fold Industrious into CBRE’s new “Building Operations & Experience” unit, led by CEO Jamie Hodari. With WeWork’s collapse still fresh, this move signals that co-working isn’t dead—it just needed a smarter business model.

TWiST500

Maddie here. Today, I’m adding Revolut to the TWiST500. The U.K.-based fintech company reported $2.2 billion in revenue and $545 million in pre-tax profits in 2023—a 95% increase in revenue from the prior year. Its ability to scale while maintaining profitability makes it an obvious pick for the TWiST500 and potentially a public market debut in 2025.

Founder Nik Storonsky recently sold around $400 million worth of shares as part of a $1 billion secondary share sale, which also allowed employees to cash in—a testament to the company’s valuation of $45 billion. With over 45 million customers globally, Revolut has firmly established itself as one of Europe’s most valuable private fintech companies.

In 2024, the company secured a U.K. banking license, a milestone that strengthened its position in its home market. Looking ahead, Revolut is rumored to be eyeing a Nasdaq IPO as early as 2025. Its trajectory invites comparisons to Nubank, the Brazilian neobank that went public in 2021 and has since seen its valuation grow significantly.

With market momentum and regulatory progress, Revolut is a company we will be keeping a close eye on in 2025 for an IPO

Got a company you think belongs in the TWiST500? Let me know: [email protected]!—Maddie

A message from Paddle

Self-serve software is global by default. But selling to every country is complicated. Paddle's Merchant of Record manages payments, sales tax, chargebacks and refunds, so you don't have to. Wherever you want to take your business, go there with Paddle. Go to paddle.com/twist to get started with your exclusive listener fee-free period.

This Week in Startups

E2071: Alex opens the show and dives into Mark Zuckerberg's Joe Rogan interview, OpenAI's economic pitch, and the pending IPO of India’s Groww. Alex interviews two of our TWiST500 members, James Cadwallader (Profound) and Martin Rehak (Resistant AI), who discuss their companies' innovative approaches to SEO and fraud detection. The episode also covers the Biden administration's AI diffusion plan and shifts in the global tech landscape.

E2070: Jason shares highlights from his recent trip to Japan before tackling pressing issues like the LA wildfire crisis, federal aid challenges, and the potential for lawsuits against California over damages. The conversation shifts to the economic impact of inflation, the latest job report, and how automation and AI are transforming the labor market. Plus, they cover TikTok’s Supreme Court case and highlight wildfire relief efforts through the LA Fire Department Wildfire Fund.

E2069: Jason and Alex kick off the episode with a discussion about the recent fires in Pacific Palisades and Malibu, exploring the implications for insurance and startup opportunities. They dive into Meta's new content moderation strategy, analyzing Zuckerberg's motivations and potential actions from leadership. The conversation shifts to NVIDIA's AI supercomputer chip, Lenovo's rollable laptop, and Slack's iOS integration, showcasing cutting-edge innovations in tech. The episode wraps with a look at BYD's new supercar, Anthropic's valuation, and Jason’s experience with luxury Japanese minivans.

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• Paddle: Self-serve software is global by default. But selling to every country is complicated. Paddle's Merchant of Record manages payments, sales tax, chargebacks and refunds, so you don't have to. Wherever you want to take your business, go there with Paddle. Go to paddle.com/twist to get started with your exclusive listener fee-free period.

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Founder University

Applications are open for Founder University Cohort 10, a 12-week remote pre-accelerator program tailored towards navigating early-startup practices, building an MVP, and growing traction. Submit your application at Founder University— Cohort 10 will kick off Spring 2025!

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