Shopify took a $437 million loss when it sold its robotics division 6 River Systems, Ocado financial docs show
Ocado paid just $12.7 million to buy 6 River Systems from Shopify. Shopify paid $450 million for 6 River Systems in 2019. The 6 River Systems sale was part of a major pivot away from logistics by Shopify. According to Ocado’s mid-year financial report released on July 18, the UK grocery giant Ocado paid only…
A real-estate investor with 150 units says he almost quit after problems like termites, flooding, and tenants selling drugs. He shares 4 tips for overcoming them — and why investing is still ‘100%’ worth it.
Guido Nunez almost quit real-estate investing after facing several problems in one of his buildings. But he stuck with it, and now has a portfolio of 150 units. Nunez said having cash reserves and a Rolodex of contacts can help landlords overcome problems. Guido Nunez has dealt with his fair share of issues as a…
Salesforce quietly terminated the employment of a popular diversity executive
Salesforce quietly released diversity executive Jacalyn Chapman in May, sources tell Insider. The company told some employees Chapman’s role was being eliminated, one of the people said. Salesforce is facing a discrimination lawsuit from another diversity executive. Salesforce fired a popular diversity, equity, and inclusion executive in May, according to people familiar with the situation. People who asked not…
Amazon influencers have become a big part of Prime Day. Here are the top products they sold this year, from teeth whitening strips to a ‘colster’ for hard seltzer cans.
Amazon’s marketing strategy for Prime Day this year included leveraging social-media influencers. This Prime Day, Amazon influencers earned 21.6 times what they do on an average day. Here’s a breakdown of the top-selling products from Amazon’s influencer network during Prime Day. Amazon’s marketing strategy relies heavily on influencers, and Prime Day is no exception. The…
Snapchat has a new program that will pay augmented-reality creators up to $7,200 for lenses that go viral
Snapchat is launching a new fund for augmented-reality lens creators. The company will offer payments of up to $7,200 for lenses that drive engagement on the app. Traditionally, AR creators have leaned on branded effects to make money. For years, augmented-reality creators who create amusing Snapchat visual effects have relied on brand work to make…
The number of partners to leave Goldman Sachs since David Solomon took over as CEO just hit 90
It’s been a busy summer for Goldman Sachs’ partner departures. Two more farewell memos went out on Tuesday, including for Lisa Opoku and David Rusoff. The bank said goodbye to Julian Salisbury and Takashi Murata on Friday. David Solomon may want to forget this summer. Just weeks after reporting a 58% drop in profit, Goldman…
Union Square Ventures slashed the value of 7 of its funds by 26%. Insiders say this will be the ‘start of a cascade’ of lower valuations for VC funds.
Union Square Ventures is widely considered to be one of the top performing venture firms of all time. USV marked down seven of its funds by nearly 26% this year, a far steeper writedown than other firms. Insider obtained the data through a public-records request. Returns are usually a closely guarded secret. Union Square Ventures,…
A Wall Street titan who called the 2008 recession shares 7 top trades to make before the US economy enters into another downturn with stocks ‘priced for perfection’
David Rosenberg says the US economy is headed for a recession. He said stocks were priced for a perfect soft-landing scenario even if a recession was avoided. He said he liked Treasurys, Japanese stocks, utilities, REITs, banks, and telecommunications stocks. According to David Rosenberg, a renowned economist who predicted the 2008 recession, the US economy…
Paper, the online tutoring unicorn, just had a second round of layoffs. The cuts come a year-and-a-half after raising $270 million in Series D funding.
Paper, an edtech unicorn focused on online tutoring for K-12 students, has laid off staff. The startup raised $270 million in Series D funding last year but had recently come under scrutiny. The cuts come as edtech startups are facing increasing pressure amid a downturn. Insider has learned that the Canadian online tutoring startup Paper…
