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Just 23 years ago, the world's richest man had to introduce himself, and even spell out his name: E-L-O-N M-U-S-K. Watch Video
Economic Times
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1m ago
Medial
A resurfaced video showcases a young Elon Musk introducing himself as CEO of SpaceX, spelling his name for clarity. Just 23 years ago, Musk was an aspiring entrepreneur, sharing his cosmic ambitions. Today, he is a monumental figure, leading Tesla, Neuralink, and SpaceX toward revolutionary goals, like colonizing Mars. The video serves as a nostalgic reminder of Musk's transformative journey from relative obscurity to being the world's richest and most influential innovator.
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AM Naik steps down as Chairman of LTIMindtree; SN Subrahmanyan to succeed
Livemint
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1y ago
Medial
A. M. Naik will step down as Chairman of L&T Mindtree, with S. N. Subrahmanyan taking over the role on June 27, 2024. Naik has been praised for significantly increasing shareholder value and transforming L&T Mindtree into a global leader. He expressed pride in the company's growth and confidence in Subrahmanyan's leadership. Known as SNS, Subrahmanyan played a key role in L&T Mindtree's growth, including the acquisition of Mindtree and its subsequent merger. He acknowledged Naik's efforts and expressed gratitude for the opportunity to continue L&T Mindtree's legacy.
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Jeff Bezos just sold off $2 billion in Amazon shares in what could be a strategy to make him the richest man in the world — again
Business Insider
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1y ago
Medial
Jeff Bezos has sold 12 million shares of Amazon stock, worth $2 billion, in a move that could potentially make him the world's richest man again. This is part of a plan announced by Amazon earlier this year for Bezos to sell off 50 million shares. The surge in Amazon's stock this year has increased Bezos' estimated wealth by $22.6 billion. The sale also narrows the gap between Bezos and Elon Musk's net worth, making it possible for Bezos to overtake Musk and reclaim the title of the world's richest person.
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Musk's Tesla, Starlink entry to India be boosted by Trump: Report
Inshorts
·
8m ago
Medial
Elon Musk's plans about Tesla and Starlink's entry into India may get a boost with newly-elected US President Donald Trump's support, a report said. Trump's influence could ease the regulatory hurdles that the world's richest man faces in India, the report added. Notably, Musk has actively endorsed Trump in the elections.
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True: Musk as X user says he got into US politics to colonise Mars
Inshorts
·
9m ago
Medial
World's richest man Elon Musk reacted after an X user said that one of the main reasons the billionaire became more active in US politics is because of his goal to reach Mars & make life possible there. Musk, who's supporting Donald Trump, replied, "True." He added, "I think...Trump winning makes a big difference in humanity getting to Mars."
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Musk built AI firm after me, he should try something new: Bhavish
Inshorts
·
11m ago
Medial
Speaking about people drawing comparisons between him and world's richest man Elon Musk, Ola CEO Bhavish Aggarwal said Musk is "someone we all look up to". "I don't know why [Musk] does the businesses I do. Maybe he should try something new for a change," Bhavish joked. "I started Krutrim before he launched his AI venture (xAI)," Bhavish added.
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BIS Unveils Two New Standards To Enhance EV Safety In India
Inc42
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1y ago
Medial
India has introduced two new standards for electric vehicles (EVs), known as IS 18590: 2024 and IS 18606: 2024. These standards focus on the categories of L, M, and N EVs and set strict requirements for powertrains and batteries in terms of safety and performance. With the addition of these standards, India now has a total of 30 local standards dedicated to EVs and their accessories, including charging systems.
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Musk shares pic of 4 new Starship rockets days after it exploded
Twitter
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1y ago
Medial
World's richest man Elon Musk shared a picture showing four new Starship rockets days after it exploded for the second time during a test flight. "Four more Starships, the last of V1," Musk wrote. SpaceX, Musk's startup that launched the rocket, clarified that the rocket blew itself up in air based on "available vehicle performance data" after loss of telemetry.
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Is Elon Musk buying the new iPhone 15?
Livemint
·
1y ago
Medial
Elon Musk, the world's richest man, has expressed interest in buying the latest iPhone 15 series from Apple. This comes as a surprise, considering Musk's past criticism of Apple and its CEO Tim Cook. However, Musk seems to have had a change of heart and praised the beauty of iPhone pictures and videos in response to a post by Cook showcasing the iPhone 15 Pro Max. It remains to be seen if Musk will indeed make the purchase.
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Contrasting fortunes for Musk and Zuckerberg this past year
Livemint
·
1y ago
Medial
Elon Musk and Mark Zuckerberg have had a long-standing rivalry, with Musk recently surpassing Zuckerberg to become the world's richest man. However, in the past year, Zuckerberg's net worth has tripled while Musk's has shrunk. Part of this decline is attributed to the shrinking market cap of Musk's companies, Tesla and SpaceX. Meanwhile, Zuckerberg's Meta Platforms has seen a significant increase in market capitalization. Tesla's drop in market cap is partly due to disappointing financial performance, increased competition, and price cuts. Meta has faced challenges with ad revenues and a decline in users for its new platform, Threads. However, Meta still owns top social media platforms and has reported revenue growth in recent quarters.
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Indian startups raise nearly $1.6 Bn in August
Entrackr
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11m ago
Medial
The Indian startup ecosystem seems to be bouncing back from the funding winter as venture capital investment has been steadily rising each month. August 2024 has been a standout, with several big funding rounds, important investments in growth-stage startups, many deals from tier II cities, IPOs, and major mergers and acquisitions. These factors make it unique compared to other months this year. Based on data compiled by TheKredible, homegrown startups raised nearly $1.6 billion across 112 deals in August. This total included 27 growth-stage deals worth $1.32 billion and 71 early-stage deals amounting to $267 million. Meanwhile, there were 14 undisclosed transactions mainly in early-stage deals. When compared, startups raised close to $1 billion in July. [Y-o-Y and M-o-M trend] The $1.6 billion raised in August is the second-highest funding amount of 2024, following June, and the third-highest in the past 12 months. On a year-over-year basis, August 2024 also ranked at the top for total funds raised. Also, Indian startups have raked in approximately $9.6 billion in the first eight months of 2024. If this trend persists, overall funding is likely to comfortably surpass the $11 billion achieved in 2023. For context, Indian startups received $38 billion in funding in 2021 and $25 billion in 2022. [Top 10 growth-stage deals] Among growth-stage deals, Zepto’s $340 million, DMI Finance’s $334 million, and OYO’s $175 million rounds together accounted for over 50% of the total funds raised last month. With the fresh funding, Zepto and DMI Finance attained $5 billion and $3 billion valuation milestones respectively. However, OYO saw more than 75% fall in its valuation to $2.4 billion from a peak of $10 billion. Just like in July, August saw the emergence of a new unicorn, as the Hero Moto-backed Ather Energy surpassed the $1 billion valuation mark with its latest funding round. Other notable growth-stage deals included Neo, Blue Tokai, Visit Health, Yubi, Livpure, and Syfe. Swiggy, which raised funds from Amitabh Bachchan’s Family Office, did not disclose the deal size. [Top 10 early-stage deals] EV startup Kinetic Green led the early-stage funding chart with a $25 million Series A round, followed by Even Healthcare with $20 million, FreshBus with $10.5 million, and both Beco and Investors AI, each raising $10 million. Agrizy’s $9.8 million funding was the fourth-largest in agritech for 2024, a sector that has been declining recently. Other major early-stage deals included Scimplify, a specialty chemicals firm; Kindlife, a new venture from ShopClues co-founder Radhika Ghai; automotive startup Kazam; and fintech startup Punch, all of which ranked among the top 10 early-stage investments. [Mergers and Acquisitions] In August, the number of merger and acquisition deals surged to 19, up from just 17 in July. Notably, the acquisition of Paytm’s movies and ticketing business by Zomato Limited for $244 million emerged as one of the largest M&A deals of 2024. Additionally, hospitality firm OYO acquired Checkmyguest for $27.4 million, and Fusebox Games Limited was purchased by Nazara in a $27.2 million deal. Some notable M&A deals in August included BrowserStack’s acquisition of Bird Eats Bug, Radio Mirchi’s parent ENIL’s purchase of Gaana, and VerSe’s acquisition of Valueleaf. Additionally, Emami Limited raised its stake in The Man Company from 50.4% to 100%, a development first reported by Entrackr in July. [City and segment-wise deals] In terms of city-wise funding, Bengaluru-based startups led with 38 deals totaling $265 million in August. However, startups in Delhi-NCR raised $724 million across 29 deals, more than double the amount raised by Bengaluru startups. Additionally, Mumbai-based startups surpassed Bengaluru in total funding, securing $453 million across 20 deals. Segment-wise, fintech startups led the show with 27 deals followed by e-commerce (including D2C brands), healthtech, SaaS, and proptech with 16, 8, 7, and 4 deals, respectively. Visit TheKredible for more details. Edtech was one of the least funded segments with 3 deals amounting to $5 million. It contributed only 0.3% to the total amount raised in August. [Stage-wise deals] Regarding funding stages, 35 startups raised capital in the seed round, 28 in Series A, 13 in pre-Series A, and 9 in Series B. Debt-only funding made up 2.56% of the total funding for the month. For the complete breakdown of stage-wise deals, visit TheKredible. [Layoffs, shutdowns, departures, and key hirings] Layoffs experienced a significant drop from 650 employees in July to 290 employees in August. Notably, Google and Reliance-backed Dunzo reportedly fired 150 employees, Beepkart let go of 100 staff, and ShareChat reduced its workforce by 30-40 employees. Additionally, Kenko Health, My Tirth India, and Airtel’s streaming app Wynk Music shut down their operations. Wynk’s closure is attributed to increasing competition, while Kenko Health and My Tirth India ceased operations due to funding difficulties. In August, there was an increase in both hiring and the departure of key executives. Notable exits included Manish Tiwary from Amazon India, Prashant Sinha from Metadome.ai, and Srinivasagopalan Ramamurthy from Freshworks. On the hiring front, Meesho, Swiggy Instamart, EvenFlow, Zetwerks, Perfios, and OYO brought new talent into roles such as chief executive, co-founder, and independent director, among others. [Trends] More IPOs in pipeline: In the first eight months of 2024, ten startups have gone public. In August alone, Ola Electric, Unicommerce, and FirstCry completed their IPOs. Swiggy is targeting a listing in the first week of September, while companies like Infra.Market, Bluestone, Ecom Express, OfBusiness, and OYO are also progressing on their IPO plans. Additionally, Zappfresh has filed draft IPO papers with SEBI to list on the BSE SME platform. Quick commerce in action: The quick commerce sector is intensifying in competition, highlighted by Zepto’s mega-round, Flipkart’s recent entry, and BigBasket’s complete shift to rapid delivery. Amazon is expected to enter the market early next year. The e-commerce giant was also in talks to acquire Swiggy’s quick commerce business. At present, Zomato-owned Blinkit stands as the leading player in quick commerce followed by Swiggy Instamart, Zepto, and Tata Digital-owned BigBasket. Startups from tier II cities: In addition to major metro areas and startup hubs such as Bengaluru, Delhi NCR, Mumbai, and Hyderabad, there has been a notable influx of deals from cities like Mangalore, Raipur, Dehradun, Udaipur, Surat, Jodhpur, Nashik, and Lucknow. This indicates a significant, albeit minor, shift in traditional startup funding patterns. Founders fueling growth: OYO’s $175 million funding round included a significant $100 million investment from the company’s founder, Ritesh Agarwal, showcasing another instance of a founder investing in their own startup. Similarly, Yubi secured $30 million from its founder and CEO, Gaurav Kumar, while Cambrian Bioworks received an undisclosed amount from its founder during its seed round. This practice of founder investment has previously been seen with Ather Energy, Byju’s, and BluSmart. [Conclusion] While the decline of debt funding is something to be welcomed, as it doesn’t seem to sit well with the idea of backing startups, we would add a note of caution here on the sustainability of the current recovery. While, as indicated earlier, an expected interest rate cut by the US Fed will ensure the momentum stays well into 2025, the fact remains that significant parts of public markets are well into ‘exuberance’ territory in terms of valuations. Unlike the public markets, however, the private VC markets remain much more dependent on foreign fund flows, and that could yet be a disruptor in the ecosystem, despite the rise of domestic capital. Although with the US-China issues, and now, even Brazil moving arbitrarily against Twitter, India could find itself in a sweet spot yet again for global investors. It would perhaps be fair to say that the bottom has been reached, and a bounce is well on its way for Indian startups when it comes to their funding environment.
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