To get TechCrunch’s biggest and most important stories delivered to your inbox every day at 3pm PDT; Register here.
Tech reporting is a lot, but the chaos around Twitter, crypto, and layoffs continues to be boring. We are trying to hang on for dear life so we can make sense of it all. We think we’ve done a pretty good job, and here, we’ve got a selection of what’s been happening in tech in the last 24 hours. – Christine And came.
TechCrunch’s Top 3
- Another domino falls: Maybe it was already a fiasco, but Binance’s decision not to buy FTX is nothing more than some windfall of Sequoia Capital’s minority stake in FTX; Connie Reports. Investor letter and everything.
- Meanwhile, on the other favorite hot controversyElon Musk tweeted that the company does “a lot of stupid things.” Darrell He reported in one of the recent back-talks (because they seemed to be piling up before we had time to breathe) that all these bills were promised with a little blue check mark to exchange for $8, but as you all know, making fake accounts when you are means we can’t have anything good.
- More Twitter changes: Another group of Twitter top dogs decided to leave the nest. This time it’s Chief Information Security Officer Leah Kisner, followed by Chief Compliance Officer Marianne Fogarty and Chief Privacy Officer Damien Kieran. The last two are reported to have resigned today Zach And IngridThe one who cooperated to chase the details.
Startups and VCs
Denver-based VC firm Springtime Ventures is the only local fund in two of the state’s 10 unicorn companies, but it’s focusing primarily on its home state of Colorado. Becca Reports. He’s also now managed to expand the team by raising nearly three times the amount for Fund II, giving Springtime enough cash on hand to finally pay its partners “real wages.”
Amidst the FTX implosion on Wednesday, new crypto startups futures were formed at Alliance DAO’s demo day. The latest batch of the Web 3 accelerator and builder community known as All9 presented their ideas on Wednesday at a special-themed demo day. Jacqueline.
And here are some other things that caught our little eye today:
Use IRS Code Section 1202 to sell your multi-million dollar startup tax-free
Image Credits: Brian Jackson (Opens in a new window) / Getty Images
Founding groups often choose a corporate structure like an LLC or S-Corp, but those hoping to raise $10 million or more should consider starting a C-corporation as a Qualified Small Business (QSB), advises tax attorney Vincent Aiello.
Under IRS Code Section 1202, founders who hold QSB stock for five years or more are exempt from paying capital gains taxes after the sale.
“It creates a significant tax savings advantage for entrepreneurs and small business investors,” says Aiello. However, the effect of the exclusion depends on when the shares were last purchased, when the trade or business was carried on and various other factors.
Three more from the TC+ team:
TechCrunch+ Our membership program helps founders and startup teams stay ahead of the pack. You can register here.. Use code “DC” for 15% off annual subscription!
Big Tech Inc.
Elon Musk wants Twitter employees in the office and wants them to fight spam. These are some of the messages the new owner sent to his staff on social media. Ivan He wrote. Oh, he also told them to be prepared for “tough times,” which is something you always want to hear from your boss about the future of your career.
After the Binance deal fell through, FTX founder Sam Bankman-Fried has some new focuses: ramping up business at Alameda Research and strengthening its fundraising capabilities; Manish Reports.
We promise, no FTX or Twitter below:
