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Sequoia Capital writes off its $210M funding in crypto trade FTX • TechCrunch


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Tech reporting is a number of issues, however it positive ain’t boring, because the chaos round Twitter, crypto, and layoffs continues. We’re simply making an attempt to hold on for pricey life to attempt to make some sense of all of it. We expect we did a fairly respectable job, and right here, we’ve obtained a collection of what’s been occurring prior to now 24 hours of tech. — Christine and Haje.

The TechCrunch Prime 3

  • One other domino falls: It was in all probability already a fiasco, however Binance deciding to not purchase FTX led Sequoia Capital to assert its minority stake in FTX as nothing greater than some unrealized features, Connie studies. Investor letter and all the pieces.
  • In the meantime, over at our different favourite sizzling mess: Elon Musk was proper when he tweeted that the corporate could be doing “a lot of dumb issues.” Darrell studies on certainly one of its newest take-backs (as a result of they appear to build up earlier than we even have time to take a breath), the place all of those accounts have been promised that little blue checkmark in trade for $8, however as you all know, once you make faux accounts, meaning we are able to’t have good issues.
  • Extra Twitter adjustments: One other group of high canine at Twitter determined to go away the nest. This time it’s chief data safety officer Lea Kissner, adopted by chief compliance officer Marianne Fogarty and chief privateness officer Damien Kieran. The latter two have reportedly resigned immediately, in accordance with Zack and Ingrid, who teamed as much as chase down the small print.

Startups and VC

Denver-based VC agency SpringTime Ventures is pivoting away from its unique focus on its house state of Colorado, regardless of being the one native fund in two of the state’s 10 unicorn firms, Becca studies. It’s additionally now capable of broaden its crew due to elevating 3 times as a lot cash for Fund II, giving SpringTime sufficient money available to permit its companions to lastly pay themselves “an actual wage.”

New crypto startups cast forward throughout Alliance DAO’s demo day on Wednesday amid the FTX implosion. The newest cohort, generally known as All9, for Alliance DAO, a web3 accelerator and builder group, introduced their concepts on Wednesday throughout a demo day, solely lined by Jacquelyn.

And right here’s a smattering of different issues that caught our beady little eyes immediately:

Use IRS Code Part 1202 to promote your multimillion-dollar startup tax-free

Piggy bank with sunglasses on the beach at the seaside

Picture Credit: BrianAJackson (opens in a brand new window) / Getty Photos

Founding groups often choose a company construction like an LLC or S-Corp, however those that hope to exit for $10 million or extra ought to think about beginning up as a Certified Small Enterprise (QSB) C-Company, advises tax legal professional Vincent Aiello.

Below IRS Code Part 1202, founders who maintain QSB inventory for 5 years or longer will likely be exempt from paying capital features tax after a sale.

“It constitutes a major tax financial savings profit for entrepreneurs and small enterprise traders,” Aiello says. “Nevertheless, the impact of the exclusion in the end is dependent upon when the inventory was acquired, the commerce or enterprise being operated, and numerous different elements.”

Three extra from the TC+ crew:

TechCrunch+ is our membership program that helps founders and startup groups get forward of the pack. You possibly can join right here. Use code “DC” for a 15% low cost on an annual subscription!

Large Tech Inc.

Elon Musk desires Twitter employees within the workplace and needs them battling spam. These have been among the messages the brand new proprietor had for his social media employees, Ivan writes. Oh, he additionally informed them to be prepared for “troublesome occasions forward,” which is all the time one thing you need to hear out of your chief with regard to the way forward for your job.

After the Binance deal fell by means of, FTX founder Sam Bankman-Fried has some new focuses: winding down buying and selling at Alameda Analysis and winding up his fundraising prowess, Manish studies.

We promise, no extra FTX or Twitter under:



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