Author: TechBrunch
Shares of social forum giant Reddit opened at $47 per share on Thursday, but quickly soared to around $55, up about 60% from its IPO price of $34 per share. It recovered to stabilize at around $50 per share. The company had indicated a target range of $31 to $34 per share for its public market debut, but ultimately settled on the higher end of that range. The highest stock price at the time of this writing was $57.80, but it is currently a few dollars below that price and down a few percentage points. With $804 million in revenue…
The Justice Department and 17 state attorneys general filed a massive lawsuit against Apple Thursday morning, accusing it of monopolistic smartphone practices. Meanwhile, Fortnite maker Epic Games has been accusing Apple's iOS App Store of antitrust violations for years, in an ongoing bitter legal battle. Although Epic is not explicitly named in the 88-page lawsuit, the game company's complaints echo a broader discussion about the App Store's anti-competitive practices. “Apple often enforces App Store rules arbitrarily,” the complaint states. “And we use App Store rules and restrictions to punish and restrict developers who use technologies that threaten to disrupt, disintermediate,…
Intuit is shutting down its budgeting app Mint this week, which is good news for rival Copilot. Founder Andres Ugarte told TechCrunch that Mint's demise marks the end of an era and proof that consumers expect more from the company's financial apps. The New York-based CEO launched a subscription-based personal finance tracker in January 2020 to provide an alternative to Mint. Copilot currently has over 100,000 subscribers, the majority of whom use the app at least once a day. Some users use the app multiple times a week, and Ugarte considers his 20% of users to be “heavy users,” who…
Microsoft's latest move to steal much of its talent from Inflection AI is making waves this week. Redmond had previously invested in the company, but is now absorbing many of its employees into a new division created for that purpose. The subtext is clear enough. Microsoft doesn't want to run into regulatory scrutiny in the form of antitrust laws. Such regulatory actions have become more common in recent years, crippling huge deals like Visa-Plaid and Adobe-Figma. Regardless of your views on deal-killers like this, it seems Microsoft has found a way around the issue here. At least so far. Elsewhere…
Build is still about a month away, but Microsoft is doing a little experiment this week in the form of an online-only event. Billed as a Windows event, the focus is predictably on AI efforts, with Copilot leading the charge. His two refreshes to the Surface series announced at the event will, as expected, put the software giant's chatbots at the forefront. The new Surface Pro 10 for Business and Surface Laptop 6 for Business both feature a dedicated Copilot key sandwiched between the Alt key and an arrow. In a post published this morning, Surface General Manager Nancy Gaskill…
Microsoft announced two new Surface devices and a host of new accessories at today's virtual event, but the first part of the presentation focused on how the company's AI Copilot will be more deeply integrated into Windows. I was guessed. However, for the most part, this was a hardware event with enterprise software dressing. But this is the current situation at Microsoft. Everything requires a Copilot perspective, even the simplest hardware events. The actual Copilot story that Microsoft tells at length here is primarily a summary of previously announced updates, customer testimonials, and meetings they didn't attend or documents they…
Decentralized cryptocurrency exchange Rails has raised $6.2 million in an attempt to fill the void left by FTX after its 2022 crash, company co-founder and CEO Satraj Bambra tells TechCrunch exclusively. told. We are currently in the early stages of launching offshore services in some crypto-friendly countries, excluding the United States. The crypto community is paying attention to Rails because it attempts to bridge the gap between crypto exchanges by building both centralized and decentralized underlying technology. The round was led by Slow Ventures, with additional investment from CMCC Global, Round13 Capital, and Quantstamp. The capital will be used to…
The expense management space is crowded, with deep-pocketed companies like Brex, Ramp, and Navan vying for market share. These companies typically focus on technology startups and large corporations. But Coast, a four-year-old competitor, is managing a different type of customer: the so-called “real world” field personnel of trucking companies, plumbers, HVAC providers, last-mile delivery companies, and more. We are pursuing companies that have vehicles that meet the needs of our customers. Founded by Daniel Simon in late 2020, Coast describes itself as a “modern financial services platform for the future of transportation.” The company has been compared to the likes…
The Browser Company, which makes the Arc browser, has raised $50 million in a round led by Pace Capital at a valuation of $550 million, TechCrunch has learned exclusively. Nasir Moeen, the company's head of storytelling, confirmed the investment to TechCrunch. “Now, more than ever, we continue to believe that a successor to the personal computer (PC) is imminent. And it starts in the browser. See you there,” Muen said in a statement. Founded in 2019, the company has raised a total of $1 in multiple rounds with notable investors including LinkedIn's Jeff Weiner, Medium's Ev Williams, Figma's Dylan Field,…
DoorDash is expanding its partnership with Alphabet's Wing to bring drone delivery pilots to the United States, the company announced Thursday. Select customers in Christiansburg, VA will be able to order eligible menu items at their local Wendy's. DoorDash first launched its drone delivery pilot program in Australia in 2022 and currently operates drone deliveries with more than 60 merchants. DoorDash users near the Wendy's at 2355 N. Franklin Street will see a new delivery option on their checkout page. Once you select the drone option, your order will be prepared and delivered by a Wing drone within 30 minutes.…