Tesla’s layoffs and executive departures took a bite out its share price this week.
The well-known electric vehicle company shed around 10% of its staff, impacting an estimated 14,000 staff or more.
It missed delivery estimates for the first quarter, has reportedly reduced hours for the production-line of its Cybertruck, and is seeing rivals in China stack market share with low-priced EVs.
Tesla, in other words, helped foster the global electric vehicle market, but is losing some of its primacy in that same market.
In human terms, for every dollar of car that Tesla sells, it generates far more company worth than its rivals.
Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups.
Most interesting startup stories this weekCES 2024 was like a futuristic carnival for transportation geeks, flaunting an array of electric everything — from cars and bikes to scooters and aircraft.
Of course, AI was everywhere, and Cody wrote a round-up detailing how AI tech showed up in the good, the bad, and the weird.
Most interesting fundraises this weekIn the wake of a challenging 2023 and a significant downturn in public offerings, tech startups and high-growth companies are once again turning their sights toward initial public offerings (IPOs).
This trend is also visible in the field of artificial intelligence startups, which continue to attract attention in venture capital circles.
Last week, Artifact, a buzzy news app from Instagram’s co-founders, announced it was shutting down after failing to gain critical mass.
New data indicates that Artifact couldn’t catch up to the competition and struggled to grow its user base outside the U.S.
According to data from app intelligence provider Appfigures, Artifact saw an estimated 444,000 downloads since its February 2023 launch.
Artifact also struggled to gain an international following, which could have helped it thrive even if U.S. downloads stalled.
By adding more functionality, Artifact may have potentially confused users as to when or why they should use it.
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Yes, the International Entrepreneur Parole (IEP) program remains available, but the time it takes for the U.S.
“The [IEP] program requires private venture capital firms to justify their track record and that they’ve made good investments,” says Newbold.
Let me describe how the IEP program works and dive into how to qualify for IEP and offer alternatives.
Adding to the market turbulence in the tech sector, Silicon Valley Bank announced that it was selling off assets and borrowing more money. The stock price crashed right after opening…
