TechCrunch Summary (2023-06-01 03PM)

Source: Fidelity cuts Reddit valuation by 41%

Summary
Fidelity has devalued its equity stake in Reddit by 41 per cent, lowering its worth from $28.2m to $16.6m. The reduction raises questions over Reddit’s reported plan to go public with a valuation of around $15bn.

Fact

📉 Fidelity has devalued its stake in Reddit by 41 per cent, lowering its value from $28.2m to $16.6m.

💰 Reddit’s August 2021 fundraising gave it a value of $10bn.

🌍 The cutbacks are part of a trend affecting growth-stage start-ups worldwide as economic conditions deteriorate.

Source: NASA, Boeing delay the first crewed flight test of the Starliner capsule…again

Summary
The first crewed flight test of Boeing’s Starliner capsule will be further delayed due to two technical issues – one related to the parachute systems and another with the tape that wraps around wire harnesses in the spacecraft. The initial launch date was scheduled for April 2021, but it was pushed to July 21 because of technical issues.

Fact

🚀 Boeing’s Starliner capsule is experiencing technical issues, with the first crewed flight test being delayed due to parachute system and flammable adhesive tape problems.

🚀 The rescheduled launch date has not been given as leadership works out a plan to ensure the capsule’s safety for flight.

🚀 Officials say a launch at some point this year is feasible, but they do not want to commit until the issues are resolved.

🚀 Boeing has spent years developing Starliner, and both Boeing and SpaceX were awarded astronaut transportation contracts from NASA.

🚀 While SpaceX has nearly finished its six contracted missions, Boeing is still experiencing technical delays.

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