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It’s Tuesday, May 10, and the end of an era where Apple is officially retiring the iPod after 20 years of facing the facts, with white earbuds dangling against brightly colored backgrounds. † Christine and hi
The MovieUpdates Top 3
- The rough ride of the peloton: For a bike that’s not going anywhere, Peloton missing its first quarter earnings estimates is putting the company on a downhill trajectory. We now watch CEO Barry McCarthy lead his team to turn the red knob to the right, get out of the saddle and kick Peloton into a course correction.
- IBM tips its hat: To Red Hat of course. Ron gave us a look at how the company has been doing since joining IBM in 2018 – really well, as far as we can tell – with Red Hat giving IBM “some cloud credibility it had been missing” and one of the reasons why IBM did well in its first quarter results.
- Bitcoin goes goodbye† Jacquelyn spoke to some crypto experts trying to understand Bitcoin’s decline in value, which at the time was down more than 50% from its November 2021 peak. It seems like a complicated mess with lots of acronyms flying around. So much so that even investors in China (remember, cryptocurrency is banned) who have found a way to still buy and sell tokens are keeping an eye out.
Startups and VC
It’s a hardware feast this news cycle on Ye Olde MovieUpdates: DJI launched its entry-level quadcopter for under $700. Remarkable raised a round of funding for its e-paper notebook at a unicorn rating, and the team behind viral sensation IkeaBot raised $4 million to further develop its Eureka controller.
We loved this piece of Connie about Bonobos shoe company founder Andy Dunn and his work destigmatizing mental health problems, speaking out about his “secret fight” against bipolar disorder.
BNPL in 2022: 4 fintech investors discuss regulation, trends and how to differentiate themselves
Globally, sluggish wage growth and rising inflation have prompted shoppers to delay payments on everything from groceries to durable goods.
Affirm, Afterpay and Klarna own 75% of the industry in the US, leaving little room for startups hoping to join the fray. Founders targeting emerging markets such as Latin America and India may have it easier, but only if their products and services are clearly differentiated.
To learn more about the state of the sector, Karan Bhasin interviewed four fintech investors:
- Frances Schwiep, partner, Two Sigma Ventures
- Melissa Guzy, Co-Founder and Managing Partner, Arbor Ventures
- Jonathan Whittle, Co-Founder and Partner, Quona Capital
- Jason Brown, partner, Victory Park Capital
In addition to their direct advice to the founders of fintech, they spoke about managing fraud and default risks, the growing popularity of BNPL as a point of sale option and what kind of investment opportunities they are looking for.
(MovieUpdates+ is our membership program that helps founders and startup teams get ahead. You can sign up here.)
Big Tech Inc.
It seems that Thierry Breton, Commissioner for the EU’s internal market, had a good day yesterday. “harmonize content” and consumer protection, while also fining those who violate it. Meanwhile, the UK is moving forward with its data reform bill targeting Big Tech.
A few more tidbits from Tuesday:
- Nintendo today shared another milestone: more than 100 million users who play annually. That’s a lot of Super Mario Bros. at the same time. Oh wait, we’re running behind; maybe it’s better to say Splatoon.
- The US and some of its allies have decided to formally blame Russia for the Viasat cyber attack that took place in February.
- Salesforce has acquired Troops.ai, which will become part of Slack and build a number of Slack bots for sales teams to more easily retrieve and update data.
- The parent company of Tinder, Match and OkCupid, sued Google for trying to maintain a monopoly on how people pay through the Google Play app marketplace. We think the language of the lawsuit says it all: “Ten years ago, Match Group was Google’s partner. We are now its hostage.”
- While Google is working on it, it is also working with Microsoft, Yahoo and others to support a New York bill banning the use of controversial search warrants. If passed, New York would be the first state to ban some Bag reported were “so-called geofence and keyword search warrants, which rely on demanding technology companies transferring data about users who were near the scene of a crime or searched for certain keywords at a specific time.”