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10 things in tech: Bezos tax credits, Facebook smartwatch, Mars helicopter landing

MANDEL NGAN/AFP via Getty Images Good morning and welcome to 10 Things in Tech. If this was forwarded to you, sign up here.Let's get started.1. Jeff Bezos reportedly claimed a tax credit intended for families earning less than $100,000 - but he was worth $18 billion. In 2011, Bezos received a $4,000 tax credit for his children, according to tax documents obtained by ProPublica. We explain how he was able to do that.2. Facebook's first-ever smartwatch is slated to roll out next s...
Tags: Facebook, Senate, US, Newsletter, Trends, Tech, Nasa, Pegasus, Miami, Silicon Valley, Mars, Jeff Bezos, Bezos, Newsletters, Tech Insider, Frank Slootman


It's smackdown season in techland

Hello, and welcome to this week's edition of the Insider Tech newsletter, where we break down the biggest news in tech, including:Facebook's latest user privacy fiascoSnowflake and Databricks are on a collision courseThe $300 face mask for your cyborg makeover Did someone forward this newsletter to you? Sign up here. Soundtrack: This week's newsletter has been specially designed to be consumed while listening to Blue Öyster Cult's "Godzilla" This week: It's smackdown season i...
Tags: Apple, Google, Facebook, Mark Zuckerberg, Spacex, Elon Musk, Enterprise, China, US, Newsletter, Trends, Beijing, Tim Cook, Silicon Valley, Warner Bros, KKR


HighRadius raises $300M, triples valuation to $3.1B for AI-powered fintech software

HighRadius , which has developed AI-powered fintech software, announced Tuesday it has raised $300 million in a Series C funding round led by D1 Capital and Tiger Global. The round values Houston-based HighRadius at $3.1 billion, triple its valuation of “more than $1 billion” at the time of its $125 million Series B in January of 2020. With this latest financing, HighRadius has raised $475 million in funding. Existing backers ICONIQ Growth and Susquehanna Growth Equity also participated in...
Tags: TC, Tech, Houston, Procter Gamble, Susquehanna Growth Equity, Frank Slootman, Procore Technologies, Tooey Courtemanche, Airtable, Michael Scarpelli, Walmart Nike, Howie Liu HighRadius, Treasury Management, EIPP, John Curtius Partner at Tiger Global Management


America's billionaires got 44% richer during the pandemic while more than 80 million people in the US lost their jobs

As of March 24, 2021, Sergey Brin and Larry Page have seen the biggest year-over-year net-worth growth among American billionaires. Chris Hondros/Getty Images There are 657 billionaires in America. Their combined wealth grew by 44.6% during the pandemic, a study from the Institute for Policy Studies shows. Meanwhile, 80 million people in the US lost their jobs from March 2020 to February 2021. See more stories on Insider's business page. The combined wealth of America's 657 billion...
Tags: Google, News, US, America, Trends, Bloomberg, Larry Page, Billionaires, Sergey Brin, Warren Buffett, Jeff Bezos, Biden, Inequality, Brian Chesky, IPS, Forbes


Snowflake gave up its dual-class shares. Should you?

Snowflake announced earlier this month that it would give up its dual-class shareholder structure, a corporate governance setup that often gives founders and executives superior voting rights, typically involving 10 times as many votes for their own shares as others receive. The mechanism can enable founders to maintain control despite later dilution and may sometimes even grant ironclad control to an individual in perpetuity. For many companies, these supervoting shares represent a highly power...
Tags: Fundings & Exits, Startups, TC, Cloud, Microsoft, Entertainment, Tech, Snowflake, Bob Muglia, Yext, Madrona, Scarpelli, Sutter Hill, Frank Slootman, Costanoa Ventures, Mike Speiser


How Snowflake CEO Frank Slootman became a billionaire by ripping up the 'nice guy' Silicon Valley playbook

Frank Slootman Todd Johnson/San Francisco Business Times Insiders say Snowflake CEO Frank Slootman doesn't care about social causes. He's focused on making shareholders money. While some in Silicon Valley warn of a backlash, Slootman's main concern is winning. Visit the Business section of Insider for more stories. Technology executive Frank Slootman took software company Snowflake public in one of the biggest tech IPOs of 2020, raising $3.4 billion at a $33.3 billion valuation...
Tags: Elon Musk, Ipo, San Francisco, Trends, Ibm, Silicon Valley, Teaser, Snowflake, Palantir, Greylock, Servicenow, George S Patton, Tech Insider, Frank Slootman, Slootman, Asheem Chandna


Pete Buttigieg brought star power to the Transportation Department. Insiders explain how he's winning over his new staff, the White House, and Republicans.

Hello everyone!Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.What we're going over today:Our profile of Secretary Pete's quest to make the Transportation Department cool again.67 powerful Black women CEOs and executives on their time in corporate America.The rise and fall of Nikola founder Trevor Milton, who convinced the world he was the next Elon Musk.An inside look at Google's ...
Tags: Google, Amazon, Facebook, White House, America, Trends, Tesla, Joe Biden, Chicago, Democrats, Gop, Ted Cruz, Iowa, Sergey Brin, Silicon Valley, Biden


Snowflake latest enterprise company to feel Wall Street’s wrath after good quarter

Snowflake reported earnings this week, and the results look strong with revenue more than doubling year-over-year. However, while the company’s fourth quarter revenue rose 117% to $190.5 million, it apparently wasn’t good enough for investors, who have sent the company’s stock tumbling since it reported Wednesday after the bell. It was similar to the reaction that Salesforce received from Wall Street last week after it announced a positive earnings report. Snowflake’s stock closed down around 4%...
Tags: TC, Cloud, Enterprise, Wall Street, Tech, Earnings, Snowflake, Alex Wilhelm, Frank Slootman, Slootman, Data Lakes


Snowflake rally continues, with shares up 6% despite lockup expiration

Cloud storage play Snowflake rallies. courtneyk/Getty Images Snowflake jumped 13.5% on Thursday, and continued the rally Friday morning with shares up over 6%. The price has defied the prospect of a selloff as a lockup expiration on Thursday allowed early investors to offload 37.9 million shares. Snowflake's rally comes after shares of the data storage company fell from December highs of over $350. CEO Frank Slootman noted in an interview with CNBC that the company was set to take advantag...
Tags: Cloud, Cloud Storage, San Francisco, Trends, Markets, Deutsche Bank, SEC, Stock Market, Snowflake, Cnbc, Tech Stocks, Frank Slootman, Slootman, Squawk Alley, Will Daniel, Getty Images Snowflake


Airbnb’s first-day pop caps off a stellar week for tech IPOs

After pricing above its raised range last night, Airbnb opened this morning at $146 per share, up around 115% to kick off its life as a public company. The company is now worth $158 per share. Using its IPO share count inclusive of shares reserved for underwriters, the company is worth $95.1 billion, but on a fully diluted basis, including shares that could be exercised or awarded in the future, Airbnb is worth much more. The home-sharing unicorn initially targeted $44 to $50 per share in its...
Tags: TC, Tech, Airbnb, Doordash, Forbes, Frank Slootman, The Exchange, Alex Konrad, C3.AI


Warren Buffett's Berkshire Hathaway discloses Snowflake stake, confirming a rapid $800 million gain

Berkshire Hathaway chairman Warren Buffett sings and plays his ukulele with The Quebe Sisters Band at the Berkshire Hathaway annual meeting in Omaha May 1, 2010. REUTERS/Rick Wilking Warren Buffett's Berkshire Hathaway confirmed the size of its Snowflake stake in a regulatory filing on Monday.The billionaire investor's company owns about 5.1 million Class A shares, or 2.2%, of the cloud-data platform's outstanding stock.Berkshire has notched a $800 million gain, as it spent $735 million...
Tags: Ipo, Trends, Berkshire Hathaway, Omaha, Warren Buffett, Snowflake, Berkshire, Buffett, GEICO, Yahoo Finance, Todd Combs, Frank Slootman, Slootman, Theron Mohamed, Rick Wilking Warren Buffett, Robert Muglia


Was Snowflake’s IPO mispriced or just misunderstood?

Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s broadly based on the daily column that appears on Extra Crunch , but free, and made for your weekend reading.  Ready? Let’s talk money, startups and spicy IPO rumors. Was Snowflake’s IPO mispriced or just misunderstood? With an ocean of neat stuff to get through below, we’ll be quick today on our thought bubble focused on Snowflake’s IPO. Up front it was a for the data-focused unicorn. At issue is ...
Tags: Fundings & Exits, Startups, Microsoft, Ipo, Tech, Snowflake, Berkshire, Cnbc, Shasta, Wix, Forbes, EBITDA, Roth, GAAP, Sumo, Jeff Richards


3 Snowflake founders are now officially billionaires after the Buffett-backed data storage company's record-breaking IPO

Snowflake CEO Frank Slootman is now a billionaire. Snowflake Snowflake CEO Frank Slootman, former CEO Bob Muglia, and cofounder Benoit Dageville are now billionaires after the data storage firm's blockbuster IPO, reported. The eight-year-old data storage firm shot up as much as 165% in mid-day trading in what is so far the biggest IPO of 2020, and the biggest software IPO of all time. Even before his official induction into the three-comma club, Slootman was already paid more than the CE...
Tags: Life, Ipo, Trends, Billionaires, Salesforce, Snowflake, Bob Muglia, Billionaire, Buffett, Arts & Culture, Frank Slootman, Slootman, Muglia, Oracle Microsoft, Benoit Dageville, Dageville


Industry experts say it’s full speed ahead as Snowflake files S-1

When Snowflake filed its S-1 ahead of an upcoming IPO yesterday, it wasn’t exactly a shock. The company which raised $1.4 billion had been valued at $12.4 billion in its last private raise in February. CEO Frank Slootman, who had taken over from Bob Muglia in May last year, didn’t hide the fact that going public was the end game. When we spoke to him in February at the time of his mega $479 million raise, he was candid about the fact he wanted to take his company to the next level, and predicted...
Tags: Google, Amazon, Fundings & Exits, Startups, TC, Cloud, Enterprise, Ipo, Tech, SaaS, Salesforce, Snowflake, S-1, Bob Muglia, Exit, Forrester


Snowflake's IPO will likely lead to a hefty payday for investors like Sutter Hill Ventures, ICONIQ and Sequoia — and for the $12.4 billion cloud startup's execs, including ex-CEO Bob Muglia

Snowflake's upcoming IPO is bound to be a big payday for its investors, including Sequoia Capital, ICONIQ and Sutter Hill Ventures. The Silicon Valley startup's IPO will likely also benefit its current and former executives, including former CEO Bob Muglia, who left suddenly last year and was replaced by current CEO Frank Slootman. Slootman, who led the successful IPOs of such tech names as ServiceNow and Data Domain, has a 5.9% stake in the cloud startup which was last valued at $12.4 billion...
Tags: Mark Zuckerberg, Texas, Ipo, Trends, Diamond, Silicon Valley, Dell, New York Stock Exchange, Snowflake, Redpoint Ventures, Bob Muglia, Sutter Hill Ventures, Vmware, Securities And Exchange Commission, Sequoia, Servicenow


A quick peek at Snowflake’s IPO filing

Snowflake filed to go public today joining a bushel of companies making their S-1 documents public today. TechCrunch has a longer digest of all the IPO filings coming soon, but we could not wait to get into the Snowflake numbers given the huge anticipation that the company has generated in recent quarters. Why? Because the cloud data warehouse company has been on a fundraising tear in recent years, including a $450 million Series F in late 2018 and a $479 million Series G in February of this ...
Tags: Fundings & Exits, Startups, TC, Microsoft, Ipo, Tech, Airbnb, Snowflake, Bob Muglia, Frank Slootman, Slootman, Cloud Data Warehouses, Snowflake 's IPO, Snowflake S 1, Peng Corsair


The IPO market is on fire after a short-lived drought — here are the hottest public debuts to keep an eye on, and which banks are eyeing big fees for pulling them off.

After some big successes in the 2020 IPO class, investors are looking ahead to a big-name slate of more unicorns and decacorns coming to the public market.  Palantir and Asana could go public, perhaps via direct listings, by the end of September. Other big names eyeing IPOs include Airbnb and Snowflake.  Visit Business Insider's homepage for more stories. After a dip in initial public offerings in the spring, the market is back in full swing. Tech companies that sat out market volatility and ...
Tags: Facebook, Spotify, Microsoft, Corporate America, Australia, Ipo, Softbank, US, San Francisco, Trends, Adidas, Bloomberg, Paypal, Cnn, Walgreens, Peter Thiel


Former Snowflake CEO Bob Muglia and Okta veteran Eric Berg are joining the leadership team of the data startup Fauna, just as it closes a $27 million round

On Wednesday, the data startup Fauna announced it brought on Okta veteran Eric Berg as CEO and former Snowflake CEO Bob Muglia as executive chairman.  Fauna also announced it closed $27 million in funding led by Madrona Venture Group. Fauna cofounder Evan Weaver, who started the company after his experiences in scaling Twitter in its early days, will become its CTO. Visit Business Insider's homepage for more stories. Evan Weaver, now the cofounder of startup Fauna, remembers his days as the 1...
Tags: Amazon, Twitter, Microsoft, Okta, Trends, Api, Bob Muglia, Madrona Venture Group, Bessemer, Weaver, Berg, Fauna, Frank Slootman, Eric Berg, Muglia, Evan Weaver


Here's why $12.4 billion cloud startup Snowflake's reported IPO plans could make it 'the blockbuster enterprise listing for 2020'

Snowflake has reportedly filed confidential paperwork for an IPO and is aiming for a $20 billion valuation, according to the Financial Times. Snowflake has declined to comment. The cloud data warehousing company is one of the hottest startups in tech. "It's going to be the blockbuster enterprise listing for 2020," Constellation Research analyst Ray Wang told Business Insider. Here are 5 reasons Snowflake has drawn much attention in the tech world — from its  Click here for more BI Prime storie...
Tags: Google, Amazon, Microsoft, Ebay, Ipo, Berlin, US, Trends, Nike, Bill Gates, Larry Ellison, Gartner, Steve Ballmer, Ibm, Silicon Valley, Snowflake


Wing, founded by veterans of Accel and Sequoia, rounds up $450 million for its third fund

Wing, an early-stage, Palo Alto, Ca.-based venture firm that was formed in 2013 by veteran VCs Peter Wagner and Gaurav Garg, has closed its third fund with $450 million in capital commitments. That’s substantially larger than the $300 million that the firm raised for its second fund — and it was raised entirely virtually, says Wagner. What’s so interesting that investors agreed to back Wing through highly uncertain market conditions? A few things, seemingly, beginning with the team itself. Wa...
Tags: Google, Tech, Nvidia, Silicon Valley, Sequoia Capital, Snowflake, Accel, Palo Alto Networks, Wing, Wagner, Palo Alto Ca, Garg, Frank Slootman, Gaurav Garg, Peter Wagner, Snowflake Computing


Former Tesla and Lyft exec Jon McNeill just launched a fund that plans to spin out its own companies

Lyft’s former COO Jon McNeill has had a fairly storied career as an operator.  A Northwestern University economics major who worked at Bain & Co. out of college, he went on to start and sell five companies before being introduced in 2015 to Elon Musk by Sheryl Sandberg and spending 2.5 years as Tesla’s president of global sales and service. He was apparently so good at his job that Lyft’s investors asked him to join the car-share company to help it go public. There, he helped build up the com...
Tags: Google, Amazon, Lyft, Ge, Tech, Tesla, United States, Delta, Cambridge, Symantec, Evergreen, Sheryl Sandberg, Sutter Hill Ventures, Bay Area, Northwestern University, Bcg Digital Ventures


Startups are helping cloud infrastructure customers avoid vendor lock-in

For much of the history of enterprise technology, companies tended to buy from a single vendor because it made managing the entire affair much easier while giving them a “single throat to choke” when something went wrong. On the flip side, it also put customers at the mercy of said vendor — and it wasn’t always pretty. As we move deeper into the cloud model, many IT pros are looking for more flexibility than they had in the past, avoiding the vendor lock-in from the previous generation of enterp...
Tags: TC, Cloud, Enterprise, Tech, Snowflake, Egnyte, Cloud Infrastructure, Vineet Jain, Frank Slootman, Cloud Native, Extra Crunch


After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step

Snowflake, the cloud-based data warehouse company, doesn’t tend to do small rounds. On Friday night word leaked out about its latest mega round. This one was for $479 million on a $12.4 billion valuation. That’s triple the company’s previous $3.9 billion valuation from October 2018, and CEO Frank Slootman suggested that the company’s next finance event is likely an IPO. Dragoneer Investment led the round along with new investor Salesforce Ventures. Existing Snowflake investors Altimeter Capit...
Tags: Google, Startups, TC, Cloud, Enterprise, Ipo, Funding, Tech, Salesforce, Snowflake, Sutter Hill Ventures, PitchBook, AWS Microsoft, Cloud Data Warehouse, Frank Slootman, Slootman


This veteran CFO moved from hot $3.9 billion startup Snowflake to hot $4 billion startup TripActions, and it taught him the importance of having the CEO set a corporate culture

TripActions just named Thomas Tuchscherer as its first CFO, in a major move for the hot $4 billion travel services platform startup. Tuchscherer was also the first CFO of another buzzy startup, Snowflake, valued at $3.9 billion. He left after a management shakeup that led to the sudden exit of CEO Bob Muglia who was replaced by Frank Slootman. Tuchscherer said he was "super disappointed" that he had to leave. But he said he was drawn to TripActions' culture, adding that the change helped him a...
Tags: Google, Trends, Andreessen Horowitz, Bob, Jay, Snowflake, Diddy, Sap, Bob Muglia, Servicenow, Frank, Frank Slootman, Slootman, Tuchscherer, Muglia, Tripactions


Former SAP chief exec Bill McDermott is stepping up as the new CEO of cloud software giant ServiceNow because the old one is taking over Nike (NOW, SAP)

Bill McDermott, who just stepped down as SAP's CEO, will be the next chief executive of ServiceNow. He'll be replacing John Donahoe, who was named the next Nike CEO on Tuesday. Donahoe has led ServiceNow since 2017, while McDermott had led SAP from 2010 until two weeks ago. There's a little game of musical chairs going on in the enterprise software business. ServiceNow said Tuesday that Bill McDermott, who has just stepped down as chief executive at software behemoth SAP, will be its next CEO...
Tags: Ebay, Trends, Nike, Columbia Law School, Sap, Servicenow, McDermott, Christian Klein, Donahoe, John Donahoe, Bill McDermott, Frank Slootman, Jennifer Morgan, John Donahoe McDermott


Red-hot startup Snowflake is adding support for Google's cloud in an effort to meet Wall Street's demand

Data storage startup Snowflake has plans to announce support for Google's public cloud, according to multiple sources. In doing so, Snowflake, which is valued at $3.5 billion, would be able to help clients work across the three main public clouds: Amazon Web Services, Microsoft Azure, and Google Cloud. The decision to extend support to Google Cloud was at least partially influenced by Wall Street, which wanted the platform included, according to one source.   One of the hottest startups in th...
Tags: Google, Amazon, Microsoft, Wall Street, US, Trends, Jp Morgan, Silicon Valley, Seattle, Snowflake, Amazon Web Services, Bob Muglia, Jpmorgan, San Francisco Read, Ray Wang, Google Cloud


JPMorgan has tapped buzzy startup Snowflake to help it solve one of the biggest issues firms face when moving to the cloud

JPMorgan is working with buzzy data storage company Snowflake as part of its public cloud strategy, according to a source familiar with the matter. Snowflake, which is valued at $3.5 billion, gives the bank flexibility to work between multiple public cloud providers.  On May 1, former Microsoft executive Bob Muglia stepped down as Snowflake's CEO.  JPMorgan is turning to one of Silicon Valley's hottest startups for help with its cloud strategy.  The bank has started working with cloud-based d...
Tags: Google, Amazon, Microsoft, US, Trends, Steve Ballmer, Silicon Valley, Snowflake, Bob Muglia, Jpmorgan, Capital One Growth Ventures, Amazon Web Services Microsoft, Frank Slootman, Muglia, Sequoia Red Point Sutter Hill


10 things in tech you need to know today

Good morning! This is the tech news you need to know this Thursday. Uber and Lyft drivers across the world went on strike on Wednesday over pay, conditions, and the firm's "orgy of greed." The strike came ahead of Uber's IPO, which promises to make investors such as founder and former CEO Travis Kalanick richer by potentially billions of dollars. Google took a major shot at Apple's iPhone camera while announcing its new $400 Pixel smartphone. "What other smartphone cameras try to do with expen...
Tags: Apple, Google, Amazon, Elon Musk, Washington Post, Disney, US, Trends, Tesla, SEC, Travis Kalanick, Bob Muglia, Alexa, Cto, Musk, Amazon Alexa


A week after the sudden departure of Bob Muglia, new Snowflake CEO Frank Slootman replaces 2 key executives with veterans of his previous employer (NOW)

Two more top Snowflake execs are out, a week after the sudden departure of CEO Bob Muglia. Snowflake has also hired two new execs from ServiceNow, the company once led by new CEO Frank Slootman. One analyst echoed speculation that Slootman was hired to lead Snowflake to an IPO, sooner rather than later — something that Muglia didn't seem in a rush to do.  Visit Business Insider's homepage for more stories A week after Bob Muglia's surprising exit as CEO of Snowflake, two top execs leading th...
Tags: Ipo, Trends, Snowflake, Bob Muglia, Servicenow, Business Insider, Frank, Wang, Ray Wang, Constellation Research, Frank Slootman, Slootman, Muglia, Bob Muglia Snowflake, Frank Slootman Margo Smith Snowflake, Kathy O Driscoll


Famous exec Bob Muglia is out as CEO of $3.5 billion Snowflake, just weeks after saying an IPO isn't imminent

The enterprise startup tech world was shocked on Wednesday by the news that Bob Muglia suddenly left hot startup Snowflake, replaced as CEO by Frank Slootman, another well-known name in the business. Under Muglia, Snowflake shot to unicorn status in just four years, and is now valued at some $3.5 billion. Things appeared to be going so well that in mid-April, Muglia told an interviewer that Snowflake had plenty of cash in the bank and didn't plan to do an IPO for another year or two. And then,...
Tags: Facebook, Microsoft, Satya Nadella, Trends, Bill Gates, Steve Ballmer, Dell, Bob, Seattle, Snowflake, Journal, WSJ, Amazon Web Services, EMC, Bob Muglia, Sutter Hill Ventures