Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
Here’s what’s happening:
- SoundCloud 🔊 is cutting 20% of its workforce ✂️
- Virgin Galactic delays space tourism flights 🚀
- Meta is expanding NFT support on Instagram 🌎
- Web3 software development Kurtosis gets funding 💰
- Youtube Rolls 📹 Out Pinch to Zoom Feature 🤏
We Have Our Latest Job Cutter ✂️: SoundCloud 🔊
Streaming company SoundCloud is joining the depressingly long list of tech companies letting staff go due to the economic downturn.
SoundCloud laid off about 40 percent of its workforce back in 2017 when it was struggling financially.
Since then, the company has secured hundreds of millions of investments and has announced its first profitable quarter in 2020.
However, now the company is reportedly cutting about 20 percent of its global workforce.
We may not like it. But there’s nothing we can do about it.
In an internal memo, SoundCloud CEO Michael Weissman told the staff that the change is primarily due to the current economic climate.
“Today’s change positions SoundCloud for the long run and puts us on a path to sustained profitability,” Weissman wrote in the memo.
“We have already begun to make prudent financial decisions across the company and that now extends to a reduction to our team,” he added.
The company will notify the affected employees in the US and the UK over the next several days.
Virgin Galactic 🚀 Delays Space Tourism Flights, Yet Again!
Space tourism company Virgin Galactic postponed the beginning of its commercial flights by another three months.
Why does this matter? 🤔
Aspiring space tourists will need to wait a little longer before soaring into suborbital space with the company’s aircraft.
- Virgin Galactic had previously pushed back the date from Q4 2022 to Q1 2023.
- It is now pushing its commercial service to the second quarter of 2023.
- The company is citing delays in work refurbishing its carrier aircraft.
Response from CEO Michael Colglazier: “While our short-term plans now call for commercial service to launch in the second quarter of 2023, progress on our future fleet continues.”
How is the company performing?
- Virgin Galactic reported a Q2 adjusted EBITDA loss of $93 million, up from a loss of $77 million in the previous quarter 🔽.
- The company has $1.1 billion in cash on hand 💵.
- It plans to sell up to $300 million in common stock, which the company says will add “financial flexibility going forward.”
Meta is expanding NFT support on Instagram Internationally 🌎
A month after testing NFTs 🧪 on Facebook profiles, Meta is starting its international expansion of nonfungible token (NFT) support on Instagram.
The company has also started integrating support for Dapper and Coinbase wallets 🤝.
What’s so great about this? 💡
The expansion will allow users and businesses in more than 100 countries in Africa, Asia-Pacific, the Middle East, and the Americas to share their NFTs on Instagram.
Before the expansion, the support was only available to select creators in the United States.
Instagram’s NFT functionality allows users to connect a digital wallet, share NFTs, and automatically tag a creator and collector for attribution.
That’s it? No
- The feature will also allow users to share NFTs in the main Instagram Feed, Stories, or messages.
- Once a user posts a digital collectible, it will have a shimmer effect and can display public information, such as a description of the NFT.
Kurtosis Raises $20 Million in Funding 💰
Kurtosis, an end-to-end developer tool system for distributed crypto apps, has raised $20 million in its Series A funding round.
What will they do with the money?
The company will use the capital to continue to scale up Web3 and blockchain app development and testing.
That’s great, right?
Who invested in the round?
The funding was led by Coatue, along with participation from Coinbase Ventures, Crosstimbers Ventures, the Chainsmokers’ Mantis VC, and angel investor Olivier Pomel (chief executive of Datadog).
Other participants in the round are Alchemy Ventures, Hustlefund, Figment, and Ilia Polosukhin (co-founder of NEAR protocol).
Kurtosis was founded in 2020 by Galen Marchetti and Kevin Today.
The platform was founded with a mission to deliver a best-in-class tooling environment for Web3 developers to construct and test peer-to-peer distributed apps like traditional centralized services.
With the platform, developers have access to a powerful end-to-end testing and development environment to create decentralized applications and manipulate the environment during execution.
Youtube Rolls Out Pinch to Zoom Feature 🤏
Video sharing platform YouTube is testing a new mobile app feature with its premium subscribers that will allow them to zoom in on any video.
The zoom feature will reportedly remain in testing until September 1, giving YouTube about a month to gather user feedback and refine things before potentially rolling it to a broader audience.
That’s a wrap for today, ladies & gents. See ya next week!
If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.