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Elon Musk is lashing out at MacKenzie Scott, Jeff Bezos' ex, for donating billions to charities for women and minorities

Business InsiderBusiness Insider · 1y ago
Elon Musk is lashing out at MacKenzie Scott, Jeff Bezos' ex, for donating billions to charities for women and minorities
Medial

Elon Musk criticized MacKenzie Scott's charitable donations, suggesting that "super rich ex-wives who hate their former spouse" are a reason for the decline of Western civilization. Musk has been vocal about his opposition to diversity and inclusion efforts. This isn't the first time he has targeted Scott for her philanthropy. Scott, on the other hand, has donated billions of dollars to various organizations supporting underserved communities with a no-strings-attached approach. Musk himself engages in philanthropy through the Musk Foundation, which has donated to causes such as renewable energy and space exploration. Neither Musk nor Scott has commented on this matter.

Google-backed ShareChat raises $49 Mn debt

EntrackrEntrackr · 1y ago
Google-backed ShareChat raises $49 Mn debt
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has raised around $49 million in debt from existing investors. The company has passed a board resolution to issue 4,895 Series I debentures at an issue price of $10000 each to raise $49 million, regulatory filing with RoC shows. Existing investors including Temasek, Lightspeed, HarbourVest, Moore Strategic, Rimco and Alkeon invested in the debt round. Inc42 reported the development first. The fresh funding comes at a time when ShareChat was looking to raise $50 million in a down round to the tune of $1.5 billion. The firm was valued at $5 billion during its last fundraise in June 2022. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. ShareChat has been eyeing a large equity round but the company is finding it difficult to rope in new and existing backers. It also put several cost-cutting measures and laid off 700 employees across two phases in 2023. The company’s struggle is largely driven by its inability to monetise from the user base which has low-purchasing power. Even after nine-year of its operations, ShareChat had to spend nearly Rs 4,000 crore in FY23 to earn Rs 533 crore in revenue. On a unit level, it spent Rs 7.16 to earn a rupee of operating revenue in the last fiscal. This is one of the highest expense-to-revenue ratios for a unicorn in FY23. The surge in losses was primarily due to the write-off undertaken by the company for the acquisition of Moj’s competitor MxTakaTak. The company spent heavily ($700 million via cash and stock) to acquire the Times Internet-backed company. While ShareChat has almost no competition after the blanket ban on China-origin apps like Bytedance-owned Helo, its short video app Moj competes with Dailyhunt’s Josh, YouTube Shorts and Instagram.

MacKenzie Scott pledged to give $640 million to 361 organizations this year despite Elon Musk's insults. This video is a prime example of why that matters.

Business InsiderBusiness Insider · 1y ago
MacKenzie Scott pledged to give $640 million to 361 organizations this year despite Elon Musk's insults. This video is a prime example of why that matters.
Medial

MacKenzie Scott, the ex-wife of Jeff Bezos, announced that she will be donating $640 million to 361 nonprofits, exceeding her original pledge of $250 million. One beneficiary of Scott's giving is I AM ALS, a nonprofit founded by Brian Wallach, who has ALS. Wallach and his wife, Sandra Abrevaya, expressed their joy and gratitude in a video reacting to the news. Wallach, a former Obama staffer, was diagnosed with ALS in 2017 and has been advocating for better access to ALS drug trials. Scott has gained attention for her no-strings-attached approach to philanthropy and has been praised for supporting organizations that promote equality and overcome systemic obstacles.

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