Welcome back to Equity, the podcast about the startup business, where we unravel the numbers and nuances behind the headlines. Natasha is back in the Bay after five weeks away, so some might say San Francisco is back.
- Big tech: real quick, you should know that Elliott Management took a multi-billion dollar stake in Salesforce, while Thoma Bravo launched a digital forensics company for $1.34 billion. Aside from that, the big tech news this week is Microsoft’s multi-year, multi-billion dollar investment in OpenAI. The expanded partnership comes with many resources, quirks, and legal issues.
- Big Idea: I’m still thinking about this Anna Heim analysis, “The Dry Powder Mirage.” I’m talking about wet capital and failed capital calls, to contextualize (not to close) some of the optimism in the market right now. (Use the code “EQUITY” for 50% of an annual TC+ membership).
- Big innovation (or reductions in this case): Google’s internal incubator, Area 120, was hit hard by the layoffs at Alphabet and Spotify cut 6% of its staff — two layoff stories that got me thinking about how technology seems to to have forgotten his umbrella. We end with a high-profile comment about Quordle, which has just been picked up by Merriam-Webster.
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