A Sea of Red - This Month In Tech + Startups & Venture (Pt.2)

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2022May 19

A sea of red - public markets are being hit hard

Even with Xero revenue hits $NZ1b led by acquisitions and subscriber growth, shares were down 12% the lowest since March 2020
Tiger Global, hit by $17B in hedge fund losses, has nearly depleted its latest VC fund during this year’s tech stock sell-off. One of the biggest dollar declines for a hedge fund in history.
On-demand grocery players Send, Quicko collapse into voluntary administration
Zoom below pre-pandemic with market cap of $25b
Atlassian down from the high of $100b market cap to $43b today

Global

Elon Musk secures $7.1 billion from investors for Twitter bid including Sequoia Capital, Andreessen Horowitz and more
Elon Musk’s Boring Company raises $675M to scale Loop projects
Jack Dorsey’s title changes from CEO of Block to Block Head
iPod is dead