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Archivo del Autor: Belen De Leon

Walmart passes Apple to become No. 3 online retailer in U.S.

Walmart has overtaken Apple to become the No. 3 online retailer in the U.S., according to a report this week from eMarketer. While Amazon still leads by a wide margin, accounting for 48 percent of e-commerce sales in 2018, Walmart – including also Sam’s Club and Jet.com – is poised to capture 4 percent of all online retail spending in the U.S. by year-end, totaling $20.91 billion.

The news of the shift in e-commerce rankings comes alongside Walmart’s strong earnings which saw the retailer reporting a 43 percent increase in online sales and upping its year-end forecast for both earnings and sales.

The company had beat Wall St.’s expectations in its fiscal third quarter, with $1.08 earnings per share instead of the expected $1.01. However, it fell short on revenue with $124.89 billion versus the $125.55 billion expected, due to currency complications, it said.

eMarketer had estimated in July that Walmart would capture a 3.7 percent e-commerce share in the U.S. this year, but increased that to 4 percent based on its quickly growing online sales.

This year, Walmart’s online sales will grow by 39.4 percent – just slightly behind the growth rate for online furniture and home goods retailer Wayfair, which is expected to see sales grow by 40.1 percent, the firm also noted.

Apple, meanwhile, will grow just over 18 percent in 2018 – a slowdown related to slowing domestic sales for smartphones and other devices. Its portion of the e-commerce market is relatively unchanged from 2017 to 2018, going from 3.8 percent to 3.9 percent.

Walmart, by comparison, is increasing its share from 3.3 percent to 4.0 percent.

But both are behind eBay, now at 7.2 percent. And they’re both vastly outranked by Amazon, which will account for a whopping 48 percent of the U.S. e-commerce market in 2018, up from 43.1 percent last year.

Amazon will take in more than $252.10 billion domestically this year, eMarketer said.

“Walmart’s e-commerce business has been firing on all cylinders lately,” said eMarketer principal analyst Andrew Lipsman, said in a statement. “The retail giant continues to make smart acquisitions to extend its e-commerce portfolio and attract younger and more affluent shoppers. But more than anything, Walmart has caught its stride with a fast-growing online grocery business, which is helped in large part by the massive consumer adoption of click-and-collect.”


Source: TechCrunch

The Boring Company goes brick-and-mortar with The Brick Store

Elon Musk has shot out some crazy, unbelievable tweets over the last year, but he wasn’t joking about the bricks. Musk has started a company called The Brick Store LLC to produce and sell bricks, according to public documents obtained by TechCrunch.

The new company, which was founded in July, will be managed by Steve Davis, the ex-SpaceX engineer who is also running The Boring Company (TBC).

TBC is developing new tunneling and transportation technologies, and the bricks will be made from soil displaced by the company’s tunnel-boring machines. Elon Musk has tweeted that the bricks could cost as little as 10 cents each, and might even be given away to affordable housing projects.

The Brick Store’s first physical outlet will be a far cry from Tesla’s sleek, designer showrooms. Planning documents submitted to Hawthorne, a city in southwestern Los Angeles County, show a rundown stucco building about a mile from TBC and SpaceX’s headquarters. Forbidding black steel security grilles “will be utilized … to accent the entrances and windows,” TBC wrote in its application to repaint the building.

Despite these design flourishes, TBC did not select the building for its aesthetic appeal. The building — formerly housing a kitchen cabinet business — is located above an exit tunnel that TBC is digging to extract the boring machine from its first test tunnel. This is intended to showcase Loop, a proposed underground transportation system carrying people or cars on self-contained electric skates traveling at up to 150 miles per hour.

The tunnel was originally planned to stretch around two miles under public roads from a parking structure next to SpaceX. However, in April this year, TBC used a subsidiary to quietly buy the Hawthorne corner lot, which sits about halfway along the planned route, for $2 million.

In July, TBC asked Hawthorne for permission to use that lot to build an access shaft to extract its tunnel-boring machine, which, because it cannot move backwards, would otherwise have been abandoned at the end of the excavation.

The same month, Musk founded The Brick Store, whose purpose, according to state filings, is the “manufacture and sale of bricks.” TBC has already produced some structures from bricks made from tunnel spoil, and Musk tweeted yesterday that they would be used to build a watchtower at the entrance to the tunnel.

Turning tunnel waste into a valuable commodity fits in with Musk’s environmental leanings — and will save TBC from the cost of disposing all that dirt. TBC has even suggested that the bricks could potentially be used as part of the tunnel lining itself. Musk has previously said that the tunnel would officially open on December 10.

TBC did not immediately respond to requests for comment on this story.

Bricks made from everyday soil, usually called compressed earth blocks (CEB), date back to ancient times. CEBs are still used in developing countries today, and are part of building codes in California and New Mexico. But even there, the market for them is tiny — possibly because CEB buildings can be awkward to build, wire and insulate. BC has even suggested that the bricks could potentially be used as part of the tunnel lining itself.

Dwell Earth sells machines that produce CEBs by applying pressure to a mixture of earth and a little cement.

“Elon seems to have a way of bringing energy and talent to big challenges, and we are happy to see that he may be as excited about [CEBs] as we are,” Dwell Earths founder Bob de Jong told TechCrunch.

The Boring Company

TBC received around $112 million from Musk earlier this year. These funds will be used to build a number of tunnels around the country, including a Loop to connect Dodger Stadium to the subway in L.A., one that would link Chicago and O’Hare airport, as well as an ambitious commuter Loop between Washington, D.C. and Maryland.

These projects could be thwarted, or at least delayed, because of an increasingly heated trade war between the U.S. and China.

TBC lawyers wrote to the United States Trade Representative in July that the tariffs imposed by President Trump on Chinese-tunneling machine parts, among other products, would delay its projects by up to two years and mean lost job opportunities. The company asked for an exemption from the tariffs that has not yet been granted.

If there’s anyone who can re-brand dirt and build a market for CEBs, it’s Elon Musk. But even if The Brick Store’s bricks don’t raise enough money for a Mars mission or save the planet, at least they are a little more practical than a novelty “not a flamethrower.”


Source: TechCrunch

PlayStation Store Black Friday 2018 sale features PS Plus, God of War discounts – CNET

Recent PS4 games like Red Dead Redemption 2, God of War and Assassin’s Creed: Odyssey are all on sale in Sony’s digital storefront.
Source: CNET

How Did the 'Freedom From Facebook' Campaign Get Its Start?

Facebook hired an opposition firm to fight the initiative, which was funded by hedge fund millionaire David Magerman.
Source: Wired

Unicorns aren’t special anymore

When Aileen Lee, the former Kleiner Perkins partner and founder of the seed-stage venture capital firm Cowboy Ventures, coined the term “unicorn” in 2013 on this very site, there were just 39 companies that had earned the title.

She called them “the lucky/genius few.” Her definition: U.S. software startups launched since 2003 worth more than $1 billion. When she authored the viral post, just four companies were garnering valuations that high each year, according to her calculations. Five years later, the rate at which startups are becoming unicorns has increased 353.1 percent, according to PitchBook’s latest research.

Today, there are 145 “active unicorns” in the U.S. alone, worth an aggregate valuation of $555.9 billion.

Why? A couple of reasons. Namely, because companies are staying private longer and longer, allowing the unicorn count to continue to swell with very few companies transitioning out and into another club — the public markets club. Plus, there is so much capital available in the market, $80.1 billion, to be exact, that late-stage companies are opting for “mini-IPOs” sponsored by SoftBank instead of airing their dirty laundry in an S-1 filing.

There are no signs pointing to a slowdown in new unicorns. The latest data shows that it only took the average U.S. unicorn six years to achieve such status, versus 7.5 years only three years ago. I can think of several examples of companies that did it much faster than that: Brex, Lime and Bird are some recent companies to be worth $1 billion or more in record time.

Valuation step-ups are meatier than ever, too. The median late-stage valuation has increased by 50.7 percent year-over-year. Meanwhile, early-stage and seed-stage median valuations have jumped roughly 28 percent and 12 percent, respectively. Not to mention venture capital investment in 2018 is expected to reach highs not seen since the dot-com boom.

At the end of the day, a startup’s valuation, regardless of how large it is or how quickly it reached the billion-dollar milestone, shouldn’t matter. But these are metrics in which others in the startup ecosystem measure success and they determine the worth of a company — or at least the amount an investor is willing to pay for a piece. 

As much as I’d like to do away with the term, even the concept entirely, the proliferation of billion-dollar companies isn’t something I can ignore.


Source: TechCrunch

US airport security is slowly getting just a bit better – CNET

A different security checkpoint design that’s finally landing at US airports could speed up your holiday travel… if you know how to use it.
Source: CNET

Facebook Messenger may soon let you watch videos with friends over chat – CNET

The company is reportedly testing a feature called “Watch Videos Together.”
Source: CNET

Feeling left out of a hot market? This new outfit has a fund with shares of 30 top ‘unicorns’ to sell you

When Equidate, a venture-backed secondaries marketplace based in San Francisco, closed its most recent round of funding with $50 million four months ago, it was hardly a surprising bet on the part of its backers. As startups linger ever longer as private companies, more people are looking to lock up shares wherever they can find them.

Investors have plenty of platforms from which to choose. In addition to Equidate, other companies that match investors with “pre-IPO” company shares include EquityZen, SharesPost, and Seedrs. Still, individual investors have mostly been relegated to choosing this or that company on a piecemeal basis as shares have become available. Among few exceptions to this rule include investors in venture funds like 137 Ventures, whose express aim is creating a portfolio of secondary shares that have been acquired from earlier investors, founders, and employees, or in Industry Ventures, which has been buying up later-stage secondary shares since its founding in 2000. (Investing in SoftBank’s Vision Fund, which is piecing together a portfolio of unicorn companies, might be another option for people with enough access, though it comes with certain strings attached.

No wonder Equidate thinks there’s a better way, And with the financial wind at its back, it just began testing out its theory. How? By spinning off a new asset management business whose sole purpose is to acquire shares in the “top” private companies that are currently valued at more than a billion dollars but that still trade privately.

It isn’t going to buy 5 or 20 or 100 stakes. Instead, the portfolio will maintain positions in exactly 30 companies, and these will be adjusted on a quarterly basis, led by the person leading this new spin-off: Ziad Makkawi, a longtime investment advisor who recently spent two years as CEO of Qatar First Bank.

As Equidate founder and President Sohail Prasad see it, his company is already spending time learning an awful lot about Palantir and Stripe and WeWork and Pinterest. It tracks bid and ask activity, along with how pricing and valuations are reflected by both new transactions and time decay. To underscore how much data is coursing through Equidate, he says that company now sees $1 billion in transaction volume on its platform annually.

After a point, he and the rest of Equidate’s management concluded that it made sense to create an index to track the health of these companies in a way that makes it easier to understand their performance relative to their peers (it rolled this out yesterday). It also decided to create a product around the index. Enter its new fund and accompanying asset management firm.

“We’re excited,” says Prasad. “This is going to let people buy for the first time a basket of all of these companies, which are vetted and that are already in their growth stages and in, really, in previous years, would have been public already.”

It’s easy to see other investors getting excited about a kind of exchange traded fund filled with unicorns, too. But first things first. The new fund is still being raised, sounds like. It’s looking to close with between $50 million and $100 million in capital. It’s also worth noting that although SEC Chairman Jay Clayton has said he’d like the agency to allow more retail investors a shot at companies that have been out of their reach, Equidate’s new spin-off, Equiam, will still only accept checks from accredited investors, and they need to invest at least $250,000 .

There’s also the prickly question of whether the companies that investors want most are accessible to Equiam. Unsurprisingly, Prasad, argues that it’s not an issue. “Because we’ll be a larger fund, we’ll be able to buy blocks of preferred stock where traditionally a person might not have access. We do have access at this scale.”

As for what Equiam is charging in management fees, the fund is “incredibly low cost,” says Prasad. Investors will have to decide whether they agree, but those who write the fund a $1 million or bigger check will pay a 1.5 percent management fee. Investors who come in at between $250,000 and $1 million will pay a 2.5 percent management fee.

If you’re curious about to learn more, you can learn more by checking out Equiam’s site here.


Source: TechCrunch

The best Black Friday 2018 deal on Apple AirPods: Get $19 to $39 off – CNET

Who’s got the best price on these wire-free earbuds?
Source: CNET

Kairos founder countersues his own company for $10 million

The turmoil continues at facial recognition startup Kairos . Last night, Kairos founder Brian Brackeen filed a counter lawsuit against Kairos and its interim CEO Melissa Doval that seeks $10 million in damages.

Kairos is a facial recognition startup that has become well-known for its stance to never sell to law enforcement. At Disrupt SF 2018, Brackeen showed his technology and spoke on a panel about the hazards of facial recognition and algorithmic bias.

This countersuit comes after Kairos terminated Brackeen from his role as chief executive officer, citing Brackeen misled shareholders and potential investors, misappropriated corporate funds, did not report to the board of directors and created a divisive atmosphere. Kairos followed that up with a lawsuit, alleging theft and breach of fiduciary duties — among other things.

In a countersuit, Brackeen now “seeks to hold Kairos and Doval accountable for intentionally destroying his reputation and livelihood through fraudulent conduct, the publication of malicious falsehoods, and the commission of illegal corporate acts.” The suit also alleges Kairos refused to pay him the compensation to which he was entitled.

In one example, Brackeen alleges Kairos, under the leadership of board chairperson Stephen O’Hara, did not pay him a salary for 34 weeks in order for Kairos to have a better cash flow.

“We’ve come to expect this behavior on his behalf,” Doval said in an email to TechCrunch. “We stand firmly with our original complaint and the courts will rule in our favor once they are presented with the evidence for the case. Our fiduciary duty is to our stakeholders, and we remain dedicated to doing right by them.”

The lawsuit alleges O’Hara also did not share Brackeen’s commitment to ensuring Kairos’ technology did not contribute to racial bias and other social injustices. It also alleges O’Hara pressured Brackeen to retract his promise to never sell the technology to law enforcement. That clash, the lawsuit alleges, resulted in O’Hara seeking to push Brackeen out of the company. O’Hara, in an email to TechCrunch, denies those claims.

“Of note, as far as I know as chairman of the board, we are not trying to sell this to law enforcement and have no plans to do so until such time we can insure [sic] any biases of facial recognition are solved and all privacy issues addressed,” O’Hara wrote. “Frankly, we are focused on much more attractive opportunities now.”

Cash-strapped

In the coming weeks, Kairos will hold a meeting of the shareholders, where Brackeen hopes they will vote to remove the board and reinstate him as CEO. That meeting was supposed to happen last week, but has since been rescheduled. Brackeen says he’s currently trying to get enough shareholders on his side to force a vote. In the last week, however, the company presented an offering to shareholders that was fully subscribed.

“Meanwhile, thanks to a vote of support from all classes of shareholders this past week, Kairos under Melissa Doval is focused on building its business behind its new on-premise product,” O’Hara wrote. In a follow-up email, O’Hara said, “Shareholders voted to approve the Rights offering which was fully subscribed, and included ratification of the Board and Ms. Doval.”

That offering valued the company at $1.5 million — a significant drop from Kairos’ previous $120 million valuation. That means shareholders were able to purchase 43,366,780 shares at a price of just $0.01153 per share.

“Though the emergency nature of this offering and the Company’s precarious financial position have led the Company to offer common stock in this offering at a price well below that received in prior fundraising transactions, the structure of the offering as a rights offering to all existing investors in the Company will allow the Company to raise needed capital without subjecting participating investors to dilution of their ownership stakes in the Company,” the memo, obtained by TechCrunch, states.

One of the conditions of that offering is to reconstitute the Kairos board of directors as a three-person board that consists of O’Hara, Kairos Director Mike Gardner and Doval.

The point of this offering is to raise $500,019 in “emergency capital” to be able to pay its employees and continue operating into 2019. As O’Hara noted, the offering was fully subscribed.

Thanks to this current legal situation, which Brackeen refers to as a “cram down,” his ownership in the company has decreased by 90 percent, which “shows a disrespect for founders.”

Kairos is pretty cash-strapped right now. Even with the emergency capital in place, Kairos is only set up to be able to operate through Q1 2019, “by the end of which management believes that revenue growth through sales either will enable the Company to become financially self-sustaining or will place the Company on a more sound financial footing that allows it to conduct further capital-raising,” the memo states.

Meanwhile, however, Brackeen says he has been able to raise $3.5 million in venture funding, and is targeting a total of $5 million. This funding, he hopes, will be successful in convincing shareholders to vote to replace the board. Brackeen raised this funding from Beyond Capital Markets, an impact investment fund.

But convincing them to invest given the current state of Kairos was quite the feat, Brackeen said.

“It’s like riding a bike backwards with one arm — and blind,” he told me.

The lesson for founders, Brackeen told me, is “when you’re taking those first investments and you’re really excited, you need to have callouts for the founder versus the current CEO.”

He added that “angel groups shouldn’t have that kind of power too late in a company’s lifecycle.” Additionally, once founders are starting to raise a Series A, “you need to make sure your lawyers are not meeting them halfway on docs and not necessarily playing nice.”


Source: TechCrunch

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