TechCrunch Summary (2023-06-05 09AM)

Source: Liveblog: Watch live as Apple unveils its AR/VR headset and more at WWDC 2023

Summary
Today at WWDC, Apple is expected to unveil a mixed reality headset after 7 years of development. The company may call it the “Reality Pro” and the headset is speculated to be priced at $3,000. Other announcements include updates to iOS, macOS, and watchOS and new versions of MacBooks, including a 15-inch version of the Air.

Fact

👓 Apple is expected to unveil a mixed reality headset after 7 years of development.

📱 Updates to iOS, macOS, and watchOS will also be announced.

💻 New versions of MacBooks, including a 15-inch version of the Air, will be revealed.

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Source: SEC sues Binance and CEO Zhao over alleged mishandling funds, lying to regulators

Summary
Binance, its CEO Changpeng Zhao, BAM Trading and BAM Management are being sued by the SEC for not registering with the agency and lying to regulators about its operations. The regulator charged the defendants with 13 counts, including violating US securities laws.

Fact

🤥 Binance and BAM Trading were under the control of CEO Zhao and operated without registering with the SEC.

🧐 The platform had over 1.47 million US customers, of which 3,500 were referred to as “VIPs” who provided substantial revenue and liquidity to the platform.

🙈 Samuel Lim, Binance’s CCO, said in December 2018, “we are operating as a fking unlicensed securities exchange in the USA bro.”

🚨 The SEC also alleged that the operation was part of Binance and Zhao’s plan to “shield themselves from US regulation.”

💰 The charges include misleading investors, as well as misleading investors about Binance’s systems to detect and control manipulative trading.

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Source: How far have Twitter’s advertising revenues fallen?

Summary
The social media company Twitter, which went private under the ownership of Elon Musk, has suffered painful revenue declines since the same period last year. Twitter has reduced its staffing, expanded its subscription-revenue footprint and worked on a new tonal direction, and is onboarding a new CEO.

Facts

💸 In the five-week period from April 1, 2023 through the first week of May, Twitter’s advertising revenues from the US were $88 million.

📉 This represents a decline of 59% from the previous year.

👀 Twitter expects that its US ad revenue this month will be down by at least 56% each week compared to a year ago.

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Source: Ten questions early-stage founders should be asking investors

Summary
Although VC investing is turning back to early-stage investing, activities are still lower than before with a significant decrease in deal count and value across all early stages. As an inception-stage firm, the author believes that early-stage investing is a craft that requires time, skill, and patience, and founders should be cautious when choosing potential investors.

Facts

🚀 Inception-stage investing is a craft that requires time, skill, and patience.

🤝 Founders need to build a mutual zone of trust with investors for the long journey.

🏃‍♂️ Company building is a marathon, not a sprint.

💪 Inception-stage investors should be willing to roll up their sleeves and work closely with founders at the fragile stage of company formation.

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