Andreessen Horowitz's investment into Adam Neumann's new real estate company shows the industry is doomed
Andreessen Horowitz just invested millions in Adam Neumann's new company — and senior correspondent Linette Lopez says it's a sign the industry is doomed.
1. Are we on the brink of a VC apocalypse? Senior correspondent Linette Lopez believes we could be. In her latest piece, Linette argues that Andreessen Horowitz's $350 million investment into Adam Neumann's new real estate company shows the industry is doomed.
- This week, Marc Andreessen announced a massive investment in Flow, a new real-estate company from Adam Neumann, the controversial founder behind WeWork.
- The idea is, essentially, a rebrand of a venture Neumann launched during the WeWork days, WeLive. Much like WeLive, Flow will own and manage apartments that come with Neumann's special, culty touch, Linette writes.
- Andreessen's investment, she continues, demonstrates that he isn't actually interested in solving America's housing shortage — and money that could be used to create something productive for society will be wasted.
In other news:
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4. Apple could host its iPhone 14 event as soon as September 7. Bloomberg first reported that the company will unveil its iPhone 14 lineup — which is expected to include the base iPhone 14, the iPhone 14 Pro, and others — at the show. Get the latest on the product launch event.
5. Some Microsoft employees are "underwhelmed" by the company's promised raises. In May, the company promised widespread raises, meant to keep workers from going to rivals like Amazon. Some workers told Insider the raises aren't enough to keep them at Microsoft, and September 15 — the date they'll roll out — could kick off an employee exodus.
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7. Angel investors are writing the checks VCs won't for DTC startups. As investors' interest in direct-to-consumer companies wanes, early-stage brand founders are taking more money from angel investors. Why angels are "the most valuable" investors to have.
8. Airbnb is using new tech to prevent parties in the US and Canada. A new tool will "help identify potentially high-risk reservations" by using criteria like how far the guest lives from the listing, whether the booking is on a weekday or weekend, and the length of the trip. More on Airbnb's "anti-party tools."
Odds and ends:
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What we're watching today:
- Some 5,000 competitors will partake in the Pokemon World Championships today.
- The World Robot Conference starts today in Beijing, China.
- Sean Connery's 1964 Bond Car will be offered at auction.
- Axios is hosting a discussion titled "Reducing Recidivism Through Technology" at 12 p.m. ET.
- A Google engineer found out she had been laid off while she was on vacation when her boss sent her a LinkedIn message
- A laid-off Microsoft software engineer on an H1-B visa said she wonders 'where will I be living' with just 60 days to find a new job
- Laid-off Google employees are turning to a Discord server with nearly 18,000 members for emotional support and financial advice
- Twitter sued by advisory firm for not paying $1.9 mn as Musk deal fees
- Artist recycles e-waste from banks into 10-ft-tall statue
- Nine of top-10 firms add Rs 1.88 lakh cr in m-cap; ITC biggest gainer
- India biggest exporter of vaccines, mobile phones: Union Minister Thakur
- 'Waste to wonder' park coming up in Agra