Sequoia Capital writes off its $210M funding in crypto trade FTX • TechCrunch
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Tech reporting is numerous issues, but it surely positive ain’t boring, because the chaos round Twitter, crypto, and layoffs continues. We’re simply making an attempt to hold on for pricey life to attempt to make some sense of all of it. We predict we did a fairly respectable job, and right here, we’ve received a choice of what’s been taking place previously 24 hours of tech. — Christine and Haje.
The TechCrunch Prime 3
- One other domino falls: It was most likely already a fiasco, however Binance deciding to not purchase FTX led Sequoia Capital to say its minority stake in FTX as nothing greater than some unrealized positive aspects, Connie stories. Investor letter and every thing.
- In the meantime, over at our different favourite sizzling mess: Elon Musk was proper when he tweeted that the corporate can be doing “a lot of dumb issues.” Darrell stories on certainly one of its newest take-backs (as a result of they appear to build up earlier than we even have time to take a breath), the place all of those accounts had been promised that little blue checkmark in trade for $8, however as you all know, whenever you make pretend accounts, meaning we are able to’t have good issues.
- Extra Twitter modifications: One other group of prime canine at Twitter determined to go away the nest. This time it’s chief data safety officer Lea Kissner, adopted by chief compliance officer Marianne Fogarty and chief privateness officer Damien Kieran. The latter two have reportedly resigned at the moment, in accordance with Zack and Ingrid, who teamed as much as chase down the small print.
Startups and VC
Denver-based VC agency SpringTime Ventures is pivoting away from its unique focus on its dwelling state of Colorado, regardless of being the one native fund in two of the state’s 10 unicorn firms, Becca stories. It’s additionally now capable of develop its workforce due to elevating thrice as a lot cash for Fund II, giving SpringTime sufficient money available to permit its companions to lastly pay themselves “an actual wage.”
New crypto startups solid forward throughout Alliance DAO’s demo day on Wednesday amid the FTX implosion. The latest cohort, referred to as All9, for Alliance DAO, a web3 accelerator and builder neighborhood, offered their concepts on Wednesday throughout a demo day, solely coated by Jacquelyn.
And right here’s a smattering of different issues that caught our beady little eyes at the moment:
Use IRS Code Part 1202 to promote your multimillion-dollar startup tax-free
Founding groups often choose a company construction like an LLC or S-Corp, however those that hope to exit for $10 million or extra ought to think about beginning up as a Certified Small Enterprise (QSB) C-Company, advises tax legal professional Vincent Aiello.
Beneath IRS Code Part 1202, founders who maintain QSB inventory for 5 years or longer can be exempt from paying capital positive aspects tax after a sale.
“It constitutes a big tax financial savings profit for entrepreneurs and small enterprise traders,” Aiello says. “Nevertheless, the impact of the exclusion in the end is determined by when the inventory was acquired, the commerce or enterprise being operated, and numerous different elements.”
Three extra from the TC+ workforce:
TechCrunch+ is our membership program that helps founders and startup groups get forward of the pack. You possibly can enroll right here. Use code “DC” for a 15% low cost on an annual subscription!
Huge Tech Inc.
Elon Musk needs Twitter employees within the workplace and desires them battling spam. These had been a few of the messages the brand new proprietor had for his social media workers, Ivan writes. Oh, he additionally advised them to be prepared for “tough occasions forward,” which is at all times one thing you need to hear out of your chief with regard to the way forward for your job.
After the Binance deal fell by, FTX founder Sam Bankman-Fried has some new focuses: winding down buying and selling at Alameda Analysis and winding up his fundraising prowess, Manish stories.
We promise, no extra FTX or Twitter beneath: