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...The San Francisco- and Dublin-headquartered company is among the most valuable private businesses in the US, alongside Elon Musk’s SpaceX and artificial intelligence company OpenAI....
...by venture capitalists in an industry-wide boom during the coronavirus pandemic....
...After the collapse of SVB, high-profile investors including Y Combinator president Garry Tan predicted an “extinction level event” for US start-ups....
...Additional reporting by Michael Acton in San Francisco and David Keohane in Tokyo...
...Venture capital firms Sequoia Capital and GGV have also said they will spin off their units in the country....
...To resolve its dilemma, Stripe is tapping existing investors, including Josh Kushner’s venture fund Thrive Capital, for more than $2bn, according to people briefed on the fundraising effort....
...Yass, an avid poker player who got his start with horseracing, pushed the firm towards venture investing....
...Stripe, which is based in San Francisco and Dublin, was Silicon Valley’s most feted start-up as it rode frothy private markets to secure investments from top venture funds....
...“His behaviour is affecting the perception of Tesla in the marketplace, and he has been selling his own stock like crazy” to fund other ventures like X, said Ross Gerber, a long-standing Tesla shareholder...
...This month’s meeting between presidents Xi Jinping and Joe Biden at the Apec summit in San Francisco has led to hopes of a thaw in relations between the two superpowers, which have resumed high-level military...
...Venture funds raised an unprecedented amount of cash during the coronavirus pandemic....
...The San Francisco company is battling a claim from the US markets regulator, which has for years pursued the company over its associated currency, XRP....
...“OpenAI, Inc has been transformed into a closed-source de facto subsidiary of the largest technology company in the world: Microsoft,” Musk’s lawsuit alleged....
...He said he needed to own 25 per cent of the company, suggesting if his demands were not met, he would pursue ventures outside of Tesla....
...Musk posted on X this month that he would like another Tesla stock grant in order to ensure a larger stake, which he said would encourage him to put other nascent ventures under the Tesla umbrella....
...But Tan’s political dalliance proved to be humiliating....
...Elsewhere in tech Venture capitalist Marc Andreessen thinks the tech sector doesn’t get enough plaudits....
...San Francisco start-up Humane, created by former Apple employees, has already raised over $100mn for its AI lapel pin....
...Co-founder Kalanick had propelled Uber from a San Francisco start-up to a global business, raising vast amounts of venture capital in an effort to dominate the ride-hailing market....
...Additional reporting by Euan Healy in London and Tabby Kinder in San Francisco...
...“In our portfolio we would advise: unless you really need to, hold back,” said Mike Volpi, a general partner at venture capital firm Index Ventures....
...As you might expect, app-based services are already popular here in San Francisco....
...George Hammond and Tabby Kinder in San Fran have more....
...The price is at the top end of the $28-to-$30-per-share range Instacart gave investors last week and values the San Francisco-based group at $8.3bn....
...Pinegrove will buy up stakes in start-ups from venture backers who are under pressure to deliver returns to their own investors, as well as shares in venture funds from people looking to cash out....
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