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Daily Crunch: Spotify Tickets rollout lets concertgoers buy passes for live gigs

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Hello, Minnesota! We’re back with another City Spotlight on September 7, where all eyes are on Minneapolis. Burnsy wrote up a teaser of the event for you. Because you read this newsletter and we love you, you can sign up completely for free here. Okay, we’ll be honest; it’s free for everyone. But you do read Daily Crunch, and we do love you. So we’ve got that going for us, like the big happy family we are. — Christine and Haje

The TechCrunch Top 3

  • Cutting out the middle ticket vendor: Move over Ticketmaster and Eventbrite, Spotify has a new website that sells certain live music tickets directly to account holders, Ivan writes.
  • Quite a run already: We’re not quite sure how long it should take a company to reach $100 million in annual recurring revenue, but if you are cloud security company Wiz, and it takes only 18 months to reach that milestone, we pay attention. Ron has more.
  • Nikola’s new CEO: Electric truck maker Nikola has found its next CEO in current president Michael Lohscheller, who will move into the position on January 1 following Mark Russell’s retirement, Jaclyn writes. The company has had some struggles, so we’ll keep an eye on this one for you.

Startups and VC

QED Investors, a U.S. fintech-focused venture capital firm, has made its first African investment. The firm deployed a rumored $50 million into TeamApt, a Nigerian fintech that provides business payments and banking platforms, Tage reports.

Looks like LongHash ventures are on a roll, Jacquelyn reports, as it launches its second fund, weighing in at $100 million. The firm is investing in startups that are supporting web3 infrastructure. The second fund is substantially larger than the first fund, which came in at $15 million.

How to conduct a reduction in force: Planning, execution and follow-up

Office chairs piled in corner of empty office
Image Credits: Pulp Photography (opens in a new window) / Getty Images (Image has been modified)

It’s hard to argue with “measure twice and cut once,” especially when it comes to laying off employees.

Few managers have overseen a reduction in force, which is why Nigel Morris, co-founder and managing partner of QED Investors, has been sharing a five-page document with his portfolio company CEOs to give them guidance.

“We broke the process down into three parts: planning, execution and follow-up,” he writes in a TC+ post that condenses the advice he’s giving the founders he works with.

“The unavoidable reality is that while you’ll need to conduct the RIFs in an organized manner that is grounded in strong business rationale, there is always an overarching need to deliver the message with empathy and respect.”

How to conduct a reduction in force: Planning, execution and follow-up

(TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

Big Tech Inc.

Jagmeet wins “Big Tech headline of the day” for his story, Snapchat+ arrives in India and it costs just 62 cents. The social media channel joins others in launching a paid version in India at a fraction of the cost it charges globally. Meanwhile, Manish brings us more news from India that the country is putting some guidelines in place for more lending app transparency and consumer controls.

Brian continues to be our Samsung guru with more from the electronics giant, including the new version of the Galaxy Buds, the latest additions to the Galaxy Watch and a look at the new foldable products coming out later this month.

The next time you go into Whole Foods, stick out your palm. Lauren reports that Amazon is expanding its palm-scanning payment technology to 65 more locations. Grocery tech is a hot topic these days, so look out for some TechCrunch+ love for the industry this week.

Again, we had a number of stories from yesterday that seem to still be on readers’ minds, so let’s dig in to a few: Elon Musk was having an “okay” good day. SpaceX’s Starship hit a milestone, Aria writes, but Rebecca reports Musk sold nearly $7 billion in Tesla shares, perhaps because that $44 billion check to Twitter is going to bite. Meanwhile, there were layoffs for Microsoft, iRobot and Hootsuite. And Coinbase’s earnings were as expected, Jacquelyn, Alex, and Anita write.

More TechCrunch

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Slack is making it difficult for its customers if they want the company to stop using its data for model training.

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Ember has partnered with HSBC in the U.K. so that the bank’s business customers can access Ember’s services from their online accounts.

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Kudos uses AI to figure out consumer spending habits so it can then provide more personalized financial advice, like maximizing rewards and utilizing credit effectively.

Kudos lands $10M for an AI smart wallet that picks the best credit card for purchases

The EU’s warning comes after Microsoft failed to respond to a legally binding request for information that focused on its generative AI tools.

EU warns Microsoft it could be fined billions over missing GenAI risk info

The prospects for troubled banking-as-a-service startup Synapse have gone from bad to worse this week after a United States Trustee filed an emergency motion on Wednesday.  The trustee is asking…

A US Trustee wants troubled fintech Synapse to be liquidated via Chapter 7 bankruptcy, cites ‘gross mismanagement’

U.K.-based Seraphim Space is spinning up its 13th accelerator program, with nine participating companies working on a range of tech from propulsion to in-space manufacturing and space situational awareness. The…

Seraphim’s latest space accelerator welcomes nine companies

OpenAI has reached a deal with Reddit to use the social news site’s data for training AI models. In a blog post on OpenAI’s press relations site, the company said…

OpenAI inks deal to train AI on Reddit data

X users will now be able to discover posts from new Communities that are trending directly from an Explore tab within the section.

X pushes more users to Communities

For Mark Zuckerberg’s 40th birthday, his wife got him a photoshoot. Zuckerberg gives the camera a sly smile as he sits amid a carefully crafted re-creation of his childhood bedroom.…

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Strava announced a slew of features, including AI to weed out leaderboard cheats, a new ‘family’ subscription plan, dark mode and more.

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We all fall down sometimes. Astronauts are no exception. You need to be in peak physical condition for space travel, but bulky space suits and lower gravity levels can be…

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Microsoft will launch its custom Cobalt 100 chips to customers as a public preview at its Build conference next week, TechCrunch has learned. In an analyst briefing ahead of Build,…

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What a wild week for transportation news! It was a smorgasbord of news that seemed to touch every sector and theme in transportation.

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Winston Chi, Butter’s founder and CEO, told TechCrunch that “most parties, including our investors and us, are making money” from the exit.

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The investor lawsuit is related to Bolt securing a $30 million personal loan to Ryan Breslow, which was later defaulted on.

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