Alex Wilhelm
Alex Wilhelm
Journalist. @TechCrunchPlus EiC. Co-host: @EquityPod. I also write a little for myself. Introvert. NGMI. He/Him. #blacklivesmatterSource
Providence, Rhode Island
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Crypto exchange Kraken cuts 1,100 jobs

Crypto exchange Kraken cuts 1,100 jobs

Crypto exchange Kraken today announced it’s letting go of 1,100 staffers. The announcement came from a company blog post and follows similar news from DoorDash that it was also cutting staff.News that Kraken is cutting staff — and therefore costs — is not a surprise, given a generally gloomy macroeconomic climate and even worse climes in crypto-land. Prior to the Kraken news, we’ve seen several high-profile implosions in and amongst web3 companies, and layoffs from other exchanges including the American crypto giant Coinbase earlier in the year.Per Kraken, the 1,100 affected employees...

a day ago
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BigCommerce files to go public

BigCommerce files to go public

As , has . The Austin, Texas, based e-commerce company . The company’s IPO filing lists a $100 million placeholder figure for its IPO raise, giving us directional indication that this IPO will be in the lower, and not upper, nine-figure range.BigCommerce, similar to public market darling Shopify, provides e-commerce services to merchants. Given how enamored public investors are with its Canadian rival, the timing of BigCommerce’s debut is utterly unsurprising and is prima facie intelligent.Of course, we’ll know more when it prices. Today, however, the timing appears fortuitous.BigCommerce...

July 13, 2020
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Citing revenue declines, Airbnb cuts 1,900 jobs, or around 25% of its global workforce

Citing revenue declines, Airbnb cuts 1,900 jobs, or around 25% of its global workforce

This afternoon , a well-known private company that connects travelers with places to stay, announced that it was laying off around a quarter of its workforce. The company cited revenue declines and a need to curtail costs in a memo that TechCrunch viewed.In the note, written by Airbnb CEO and co-founder , the company said that 1,900 employees will be laid off, or 25.3% of its 7,500 workers. The layoffs will impact a number of internal product groups, including Transportation and Airbnb Studios, efforts that will be placed on hold, and its Hotels and Lux work, which will be “scale[d]...

May 5, 2020
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SaaS stocks defy gravity amid pandemic, record job losses

SaaS stocks defy gravity amid pandemic, record job losses

back to our regular morning look at private companies, public markets and the gray space in between.This week shares of SaaS and cloud companies reached new record highs as investors bid their equities higher following an earnings cycle that came in better than some expected.SaaS stocks, as measured by the , closed at a 1,484.93 yesterday, a record, and just a hair under its intraday high of 1,491.59.The raw numbers matter less than the index’s movement. From highs of around 1,400 in March, the index dropped to 892.60 during the early-year market selloff. Since then, SaaS and cloud...

May 8, 2020
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Unicorn layoffs keep piling up as the economy gets worse

Unicorn layoffs keep piling up as the economy gets worse

Earlier today a grip of new data presented a sharply negative picture of the American economy. And this afternoon, news broke that a trio of well-known, heavily-backed unicorns were cutting staff.With stocks down as well, we’ve received negative signals from the private market, the public market and the economy as a whole in the same day. Let’s take a minute to set the macro stage, and then go over the latest cuts from (), () and ().The backdrop for today’s cuts is a faltering American economy. A glance at recent news is sufficient. In the last few hours, home builder confidence recorded...

April 15, 2020
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Pangea.app raises $400K pre-seed round to help connect student workers with businesses

Pangea.app raises $400K pre-seed round to help connect student workers with businesses

, a Providence, Rhode Island-based startup has raised a $400,000 pre-seed round, it told TechCrunch this week. The company’s new capital, raised as a , comes from , a Boston-based venture capital firm and . Previously, Pangea.app raised money from angel investors.The company links “remote college freelancers,” per its website, to businesses around the country. College students want paid work and resume-building experience, while businesses need help with piece-work that students can help with, like graphic design. Today, with colleges and universities closing due to COVID-19, students stuck...

April 10, 2020
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As coronavirus pandemic spreads, demand for remote-work startups spikes

As coronavirus pandemic spreads, demand for remote-work startups spikes

coronavirus spreads around the world, many companies are asking their staff to work from home. The boom in working remotely may prove temporary — even if the trend behind it — but having more staff operating away from traditional offices is having an impact on the tools that many companies use to coordinate and communicate while apart.Switching to a remote-work setup isn’t easy. told TechCrunch that the “challenge of remote work isn’t just about physical location,” continuing to say that it is “also about the need for people to feel connected and stay informed.” That means intelligent...

March 7, 2020
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Coinbase crushes expectations in Q4 earnings, but stock sinks as it reports slower start to year

Coinbase crushes expectations in Q4 earnings, but stock sinks as it reports slower start to year

Shares of Coinbase, the American crypto trading giant, initially soared when it but investors quickly sold off the spike bringing the stock price down as much as 9%, hovering just above an all-time low.The company bested investor expectations in the trailing period. However, citing a “decline in crypto asset volatility and crypto asset prices,” Coinbase said that it expects retail monthly transacting users (MTUs, in its parlance) and total trading volume to decline sequentially in the first quarter.In the fourth quarter of 2021, Coinbase generated $2.50 billion in total revenue, up from...

Feb 24
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Dell is spinning out VMware in a deal expected to generate over $9B for the company

Dell is spinning out VMware in a deal expected to generate over $9B for the company

announced this afternoon that it’s spinning out , a move that has been . Dell acquired VMware as part of the (announced as $67 billion) in 2015.The way that the deal works is that Dell plans to offer VMware shareholders a special dividend of between $11.5 and $12 billion. As Dell owns approximately 81% of those shares that would work out to somewhere between $9.3 and $9.7 billion coming into Dell’s coffers when the deal closes later this year.“By spinning off VMware, we expect to drive additional growth opportunities for Dell Technologies as well as VMware, and unlock significant value for...

April 14, 2021
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Squarespace files for a direct listing on the NYSE

Squarespace files for a direct listing on the NYSE

Today Squarespace, a well-known software-and-hosting provider for SMB websites, released . The company is pursuing a direct listing on the New York Stock Exchange, or NYSE. It will trade under the ticker symbol “SQSP.”The company’s financial results paint the picture of a rapidly growing company that has a history of profitability. Squarespace also has listed financial results that are inclusive of some share conversions, among other matters. Its pro forma results presume that “all shares of our convertible preferred stock had automatically converted” into different types of common stock....

April 16, 2021
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