Welcome, ladies and gentlemen, to Week in Review (WiR), TechCrunch’s weekly newsletter that summarizes noteworthy events in the tech industry over the past few days. Life moves quickly, as Matthew Broderick once said, and we understand. Thankfully, WiR is here to bring you up to speed.
In this edition of WiR, we’ll discuss a hacker’s leak of millions of 23andMe customer records, X’s crackdown on pornography, Meta’s innovative Ray-Ban sunglasses, and Marc Andreessen’s controversial manifesto. We’ll also delve into the IRS’ upcoming free direct tax filing service, Web Summit’s clash with supporters of Israel, FTX executives’ extravagant spending, and Disney’s Hotstar’s impressive achievements.
We have a lot to cover, so let’s not waste any time. But before we dive in, make sure to sign up here to receive WiR in your inbox every Saturday if you haven’t already.
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– Hackers leak more 23andMe records: The same hacker responsible for leaking user data from 23andMe two weeks ago has now released millions of additional records on the dark web, as reported by Lorenzo. 23andMe is currently investigating the legitimacy of the new leak.
– Meta’s new smart glasses: Brian reviewed Meta’s latest Ray-Ban sunglasses, which not only feature a sleek and lightweight design but also introduce livestreaming capabilities through Facebook and Instagram. Brian believes that these $299 sunglasses offer a glimpse into the future of head-worn computing, complete with a microphone and virtual assistant, although it may take some time to reach that point.
– X cracks down on porn: When the platform formerly known as Twitter introduced paid subscription verification, many sex workers hoped it would help them reach new clients. However, X’s crackdown on explicit content has had a negative impact on sex workers who rely on the platform for promotion, especially as X’s traffic reportedly declines, according to Morgan.
Andreessen misses the mark: Venture capitalist Marc Andreessen recently posted a lengthy and frenzied manifesto on the a16z website, advocating for “techno-optimism.” TechCrunch offered a rebuttal to some of the more tone-deaf points made in his manifesto, noting its resemblance to Reaganomics and its proposals for outer space colonization.
Free, government-sponsored tax filing in the U.S.: The IRS plans to launch a free tax filing service called Direct File in 2024, targeting eligible taxpayers in up to 13 states. This move challenges paid tax preparation services like TurboTax and H&R Block, which have resisted free and simplified tax filing for many years.
Web Summit faces backlash: Web Summit, a prominent tech conference brand, is facing criticism from founders, investors, and others in the tech community in Israel over comments made by its founder, Paddy Cosgrave, regarding the conflict between Israel and Gaza. Ingrid writes about the growing outrage and the impact it may have on Web Summit’s upcoming flagship event in Lisbon.
FTX founders spend billions: Former FTX executive Nishad Singh testified that FTX CEO Sam Bankman-Fried and other executives spent $8 billion of customer funds on various expenses, including real estate, venture capital investments, campaign donations, endorsement deals, and even a sports stadium. Singh’s testimony offers new insights into where the money went as Bankman-Fried’s trial continues.
Hotstar achieves global streaming record: Disney’s Hotstar broke records this week with a highly anticipated cricket match between India and Pakistan. The streaming platform drew 35 million concurrent viewers, surpassing the previous record set by Viacom18’s JioCinema. This success comes at a crucial time for Hotstar, which has experienced a decline in subscribers and is actively seeking a buyer for its India operations.
Audio:
Looking for a podcast to enjoy during your morning commute? TechCrunch has a great lineup to choose from.
– Equity: Gené Teare from Crunchbase and Crunchbase News joined the show to discuss the venture capital market in Q3 2023 and highlight startups that attracted significant or minimal investments. Teare is a respected analyst in the global venture capital market and has been with Crunchbase since its early days.
– Found: This episode features a conversation with Hilary Mason from Hidden Door, an AI-driven narrative game engine. Recorded live at TechCrunch Disrupt, the episode explores how generative AI is transforming online gaming, the process of building a creative team, and the fundraising landscape in gaming.
– Chain Reaction: The guest on this episode is Katherine Dowling, the general counsel and chief compliance officer at Bitwise Asset Management, a leading crypto asset manager. Katherine shares her insights on compliance in the crypto space based on her experience at Bitwise and her previous roles.
TechCrunch+TC+ subscribers have access to in-depth commentary, analysis, and surveys. If you’re not yet a subscriber, consider signing up. Here are a few highlights from this week:
– Is now the time to raise again?: Rebecca explores the optimism among some early-stage founders about raising VC capital again, citing data from a survey conducted by January Ventures among pre-seed and seed-stage founders.
– A fair price for Loom: Alex and Ron offer their perspective on Atlassian’s acquisition of video messaging app Loom for $975 million. They caution against comparing 2021 valuations to the current reality, emphasizing the need to assess deals in the context of 2023.
– Plaid inches toward an IPO: The recent hiring of a CFO by Plaid has sparked speculation about when the startup will go public. Alex reports that while an IPO is not imminent, hiring a CFO is a significant step toward becoming a public company.
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