Sequoia Capital writes off its $210M funding in crypto trade FTX • TechCrunch

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Tech reporting is numerous issues, however it positive ain’t boring, because the chaos round Twitter, crypto, and layoffs continues. We’re simply making an attempt to hold on for expensive life to attempt to make some sense of all of it. We predict we did a reasonably first rate job, and right here, we’ve received a collection of what’s been taking place up to now 24 hours of tech. — Christine and Haje.

The TechCrunch High 3

  • Another domino falls: It was in all probability already a fiasco, however Binance deciding to not buy FTX led Sequoia Capital to assert its minority stake in FTX as nothing greater than some unrealized good points, Connie studies. Investor letter and the whole lot.
  • Meanwhile, over at our other favorite hot mess: Elon Musk was proper when he tweeted that the corporate can be doing “numerous dumb issues.” Darrell studies on one in every of its newest take-backs (as a result of they appear to build up earlier than we even have time to take a breath), the place all of those accounts have been promised that little blue checkmark in trade for $8, however as you all know, while you make faux accounts, which means we will’t have good issues.
  • More Twitter changes: One other group of high canines at Twitter determined to go away the nest. This time it’s chief data safety officer Lea Kissner, adopted by chief compliance officer Marianne Fogarty and chief privateness officer Damien Kieran. The latter two have reportedly resigned right now, in accordance with Zack and Ingrid, who teamed as much as chase down the main points.

Startups and VC

Denver-based VC agency SpringTime Ventures is pivoting away from its original focus on its dwelling state of Colorado, regardless of being the one native fund in two of the state’s 10 unicorn corporations, Becca studies. It’s additionally now in a position to increase its workforce due to elevating 3 times as a lot cash for Fund II, giving SpringTime sufficient money available to permit its companions to lastly pay themselves “an actual wage.”

New crypto startups solid forward throughout Alliance DAO’s demo day on Wednesday amid the FTX implosion. The latest cohort, often known as All9, for Alliance DAO, a web3 accelerator and builder group, presented their ideas on Wednesday during a demo day, completely lined by Jacquelyn.

And right here’s a smattering of different issues that caught our beady little eyes right now:

Use IRS Code Part 1202 to promote your multimillion-dollar startup tax-free

Piggy bank with sunglasses on the beach at the seaside

Picture Credit: BrianAJackson (opens in a new window) / Getty Pictures

Founding groups normally choose a company construction like an LLC or S-Corp, however those that hope to exit for $10 million or extra ought to contemplate beginning up as a Certified Small Enterprise (QSB) C-Company, advises tax legal professional Vincent Aiello.

Underneath IRS Code Part 1202, founders who maintain QSB inventory for 5 years or longer will likely be exempt from paying capital good points tax after a sale.

“It constitutes a big tax financial savings profit for entrepreneurs and small enterprise buyers,” Aiello says. “Nevertheless, the impact of the exclusion finally will depend on when the inventory was acquired, the commerce or enterprise being operated, and numerous different elements.”

Three extra from the TC+ workforce:

TechCrunch+ is our membership program that helps founders and startup groups get forward of the pack. You can sign up here. Use code “DC” for a 15% low cost on an annual subscription!

Huge Tech Inc.

Elon Musk desires Twitter staff within the workplace and desires them battling spam. These have been a few of the messages the new owner had for his social media employees, Ivan writes. Oh, he additionally advised them to be prepared for “tough instances forward,” which is all the time one thing you wish to hear out of your chief with regard to the way forward for your job.

After the Binance deal fell by way of, FTX founder Sam Bankman-Fried has some new focuses: winding down buying and selling at Alameda Analysis and winding up his fundraising prowess, Manish studies.

We promise, no extra FTX or Twitter beneath:

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