Techmeme
May 5, 2022, 7:20 PM

Top News

Dan Primack / Axios:
Filing: Elon Musk raises $7.14B for his Twitter bid from Saudi Prince Alwaleed, Larry Ellison, Sequoia, VyCapital, Binance, a16z, and others; Ellison gives $1B  —  Elon Musk on Thursday disclosed a group of co-investors in his Twitter takeover.  The names are impressive, but most of their check sizes aren't.
Annie Palmer / CNBC:
Sources: Elon Musk is expected to serve as the temporary CEO of Twitter for a few months after he completes his $44B takeover of the company  —  - Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media company, according to CNBC's David Faber.
New York Times:
Elon Musk's hate for ads conflicts with Twitter's business model, as ad execs say they will move spending elsewhere if the company relaxes content moderation  —  Many marketers were already lukewarm on the service.  Now, some may move their money elsewhere if the content moderation policies are relaxed.
Edwin Chan / Bloomberg:
Filing: Elon Musk's new $7.14B in equity financing for Twitter, which includes a $375M investment from Qatar, reduces his $12.5B margin loan to $6.25B  —  Elon Musk has secured about $7.1 billion of new financing commitments for his proposed $44 billion takeover of Twitter Inc., the company said in a filing Thursday.
Ian Sherr / CNET:
Apple, Google, and Microsoft plan to offer the FIDO Alliance's passwordless tech on websites and apps, using fingerprint readers, face scanners, and smartphones  —  What's happening  —  Why it matters  —  What it means for you  —  If Apple, Google and Microsoft have their way …
Wall Street Journal:
Whistleblowers: Meta deliberately took down Pages for hospitals and other Australian institutions in 2021 as a negotiating tactic over the news bargaining law  —  When Facebook blocked news pages last year to pre-empt Australian legislation that would force it to pay for content …
Ian Sherr / CNET:
Joe Warminsky / The Record:
The White House instructs federal agencies to ramp up preparations over the next six months for quantum computers capable of breaking public-key cryptography  —  A memorandum issued Wednesday by President Joe Biden orders federal agencies to ramp up preparations for a day when quantum computers …
Luke Taylor / Rest of World:
Survey of 1,800 households in El Salvador finds ~61% abandoned the Chivo bitcoin wallet after withdrawing the $30 sign-up incentive  —  Those who stayed are not on the Chivo app for what was intended, using it to keep their dollars safe rather than for crypto.  —  • BOGOTÁ, COLOMBIA
Jordan Novet / CNBC:
Amazon stock closes down ~8%, Meta ~7%, Apple ~6%, Alphabet ~5%, and Microsoft ~4% as a Big Tech selloff pushes the Nasdaq to its steepest drop since June 2020  —  - Cloud and e-commerce stocks were among the biggest losers on Thursday on disappointing earnings reports and after the U.S. central bank raised interest rates.
Jackie Davalos / Bloomberg:
DoorDash reports Q1 revenue up 35% YoY to $1.46B, vs. $1.38B est., 404M orders, up 23% YoY, gross order value up 25% to $12.4B, vs. $11.7B est.; stock up 5%+  —  DoorDash Inc. reported revenue that beat analysts' estimates, a sign that customers' craving for the convenience of ordering online …
More: Reuters and CNBC
Natasha Mascarenhas / TechCrunch:
Sources: On Deck, which connects founders with capital and advice, laid off 25% of its staff, or ~72 people, after raising ~$40M of a planned $100M-$150M fund  —  On Deck, a tech company that connects founders to each other, capital and advice, has laid off 25% off its staff, per sources familiar with the company.
Stefanie Marotta / Bloomberg:
Shopify reports Q1 revenue up 22% YoY to $1.2B, below $1.25B est., and GMV up 16% YoY to $43.2B; Shopify acquires Deliverr for $2.1B; stock closes down 14.92%  —  Shopify Inc. shares plunged below their pre-pandemic level after the company missed revenue and profit estimates …
Bloomberg:
Latin American e-commerce site MercadoLibre reports Q1 revenue up 63% YoY to $2.2B, vs. $2B est., and gross merchandise volume up 27% YoY to $7.7B; stock up 8%+  —  MONTEVIDEO, Uruguay, May 5 th , 2022 (GLOBE NEWSWIRE) — MercadoLibre, Inc. (Nasdaq: MELI) (http://www.mercadolibre.com) …
Joshua Bote / SFGATE:
A look at buy now, pay later services, popularized by social media culture and Gen Z, and the risks involved; Afterpay says 73% of Gen Z purchases are fashion  —  Do a quick scan of TikTok and you'll find trendy young people casually blowing hundreds or thousands of dollars on clothes and jewelry …
Aislinn Keely / The Block:
The CFTC orders the three cofounders of BitMEX, Arthur Hayes, Benjamin Delo, and Samuel Reed, to pay $10M each in civil penalties for illegal trading  —  The Commodity Futures Trading Commission (CFTC) has hit the founders of crypto exchange BitMEX with a total of $30 million in civil monetary penalties.
More: CFTC
Casey Newton / Platformer:
At a Senate hearing on Wednesday, CrowdTangle co-founder Brandon Silverman and researchers explained why the US needs laws requiring Big Tech to share data  —  Everyone wants answers about social networks.  These experts know where to look  —  On Wednesday, Congress was treated …
Kris Holt / Engadget:
AMD launches several C-series Ryzen 5000 CPUs designed for Chrome OS, starting with the Acer Chromebook Spin 514, the HP Elite c645 G2 Chromebook, and others  —  AMD has at last made chips with its Zen 3 architecture for higher-end Chromebooks.  It created several C-series Ryzen 5000 processors that are designed for Chrome OS.

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Adi Robertson / The Verge:
Jordan Novet / CNBC: