To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3pm PDT, subscribe here.
There’s a lot of tech reports, but it’s not boring with the ongoing turmoil surrounding Twitter, crypto and layoffs. I think you’ve done a pretty decent job.Here’s a selection of what’s been going on with tech in the last 24 hours. Christine When Haje.
TechCrunch Top 3
- another domino falls: It was probably already a fiasco, but Binance’s decision not to buy FTX has led Sequoia Capital to claim its minority stake in FTX as nothing more than an unrealized gain. Connie report. Investor letters and all.
- Meanwhile in another of our favorite hot messes: Elon Musk was right when he tweeted that his company would do “a lot of nonsense”. Darrell reports on one of the latest takebacks (because they seem to accumulate before we even have time to breathe). All of these accounts promised a small blue checkmark in exchange for $8. Creating a fake account will prevent you from getting anything good.
- Other Twitter changes: Another group of Twitter’s top dogs have decided to leave the nest. This time they are followed by Lea Kissner, Chief Information Security Officer, Marianne Fogarty, Chief Compliance Officer, and Damien Kieran, Chief Privacy Officer.The latter two reportedly resigned today. Zack When Ingridteamed up to track down the details.
Startups and VC
Denver-based VC firm SpringTime Ventures is moving away from its initial focus on its home state of Colorado, despite being the only local fund in two of Colorado’s 10 unicorn companies. . Becca report. Fund II also allowed him to grow the team thanks to a 3x increase in funding. This allows SpringTime to have enough cash to finally pay its partners “real salaries.”
Amid the implosion of FTX, a new crypto startup stepped forward during the Alliance DAO demo day on Wednesday. The newest cohort of the Web3 accelerator and builder community, Alliance DAO, known as All9, unveiled their ideas on Wednesday’s demo day. Jacqueline.
And here are some others that caught our little eye like our beads today:
Use IRS Code Section 1202 to sell your multi-million dollar startup tax-free
Founding teams typically choose corporate structures such as LLCs and S-Corps, but those who want to exit with $10 million or more should consider launching as a Qualified Small Business (QSB) C-Corporation. advises tax accountant Vincent Aiello.
Under IRS Code Section 1202, founders who have held QSB shares for five years or more are exempt from paying post-sale capital gains tax.
“This creates significant tax savings for entrepreneurs and small business investors,” says Aiello. “However, the effect of the exclusion ultimately depends on when the shares were acquired, whether the transaction or business is operating, and a variety of other factors.”
Three more from the TC+ team:
TechCrunch+ is a membership program that keeps founders and startup teams a step ahead. You can sign up hereUse code ‘DC’ and get 15% off your annual subscription!
Big Tech Co., Ltd.
Elon Musk wants Twitter employees in his office to fight spam. These were part of the messages the new owners sent to their social media staff. Ivan I am writing. Oh, he also said to prepare for “the difficult times ahead.” This is what leaders always want to hear about the future of your work.
After the failed Binance deal, FTX founder Sam Bankman-Fried cut back on trading at Alameda Research, curtailed its fundraising prowess, mannish report.
We promise no more FTX or Twitter below.