Twitter layoffs, subscription fee, reduced cloud expense and potential impact to valuation

Twitter is estimated to lay off 50% of its workforce, or 3,250 people, today. Elon Musk recently purchased Twitter for $44b. Other announced changes include; – $8 per month for Twitter Blue subscriptions – $1.0b reduction in cloud expense (rumored to be deleting historical bot tweets … which naturally no one cares about anyway) Now … Read more

-0.61% weekly return for the AG Dillon Pre-IPO Equity Secondary Investable Market Index for the week of 28 Oct 2022 compared to +3.92% for the S&P 500 and +2.12% for the S&P 500 Growth.

Flexport was down -8%, Stripe down -7%, and Carta down 5%. Discord was up 4% this week after getting crushed down 9% the week prior. SpaceX posted a solid gain of 2.20%. Only 6 of 15 stocks in the index posted positive returns for the week. Visit the AG Dillon Pre-IPO Equity SIM Index page … Read more

Vesttoo (www.vesttoo.com), an AI re-insurance marketplace, raised a $80m Series C at a $1.0b valuation; a 762% increase from its $116m valuation Series B in Nov 2021, 12 months ago. Mouro Capital led.

Hanaco Venture Capital, Gramercy Ventures, and Black River Ventures participated. Vesttoo is a marketplace for non-catastrophe insurance-based risk transfer and investments. Their AI-based technology facilitates risk transfer between insurance companies and institutional investors, providing insurance-linked investments to asset managers of all types, while enhancing risk transfer and liquidity in the Life and P&C insurance markets. … Read more

OpenWeb (www.openweb.com), a social media platform for companies/brands, raised a $170m Series F at a $1.5b valuation; a 30% increase from its $1.2b valuation Series E in Nov 2021, 12 months ago.

Georgian led. OpenWeb’s mission is to improve the quality of conversations online, building a healthier web where content creators of all kinds are empowered to thrive. The company’s technology allows publishers and brands to build strong, direct relationships with their audiences. OpenWeb works with more than 1,000 top-tier publishers, hosting more than 100 million active … Read more

Bilt Rewards (www.biltrewards.com), a banking rewards program for renters, raised a $150m Series B at a $1.5b valuation; a 329% increase from its $350m valuation Series A in Sep 2021, 14 months ago.

Left Lane Capital led. Prosus Ventures, Invitation Homes, Fifth Wall, Camber Creek, Smash Ventures, Kairos HQ, Wells Fargo, and Greystar Real Estate Partners participated. Bilt Rewards is a loyalty program that allows renters to earn points on rent with no transaction fees and builds a path towards homeownership. Through a partnership with the country’s largest … Read more

Solugen (www.solugen.com), a green chemicals company, raised a $200m Series D at a $2.0b valuation; a 8% increase from its $1.9b valuation Series C1 in Sep 2021, 14 months ago.

Refactor Capital, Kinnevik, and Lowercarbon Capital led. Fifty Years, Baillie Gifford, Temasek Holdings participated. Solugen makes chemicals out of sugar and corn syrup that can replace industrial processes that require fossil fuels. The company sells to businesses in agriculture, defense and cosmetics. Solugen has been able to succeed because it can replicate its chemical engineering … Read more

Jetti Resources (www.jettiresources.com), a commodities tech company, raised a $100m Series D at a $2.6b valuation. Prior round valuations were not disclosed. The companies Series C was in Jun 2021, 17 months ago.

T. Rowe Price led. Mitsubishi, Freeport-McMoRan, BHP Ventures, Teck Resources, and Rothschild & Co participated. Jetti has developed a catalyst that can liberate copper from low-grade chalcopyrite ores — which can have a metal content of well below 1% — by disrupting the sulfur metal bond of the mineral. Traditional leaching methods, which dissolve the … Read more

Elon Musk bought Twitter last Thu for $44b. Below are the deal terms. My math has Musk owning 83.8% of the business.

18 investors were listed as investing into Twitter equity. $7.1b in cash. Total of 16.2% equity ownership. 6 banks put up 49% of the acquisition price, or $21.5b. Musk has articulated that he plans to take the company public again in as little as three years time. Loaning this kind of cash for only three … Read more

This Week in Pre-IPO Stocks – 26 Oct 2022

-0.20% weekly return* for the AG Dillon Pre-IPO Equity SIM** Index vs +4.66% for the S&P 500, +5.39% for the S&P 500 Growth Cap raise highlights: – $1.5b valuation for AI copywriter Jasper – logistic software company LogiNext’s 700% valuation increase – $63m Series C2 for MycoWorks to make “mushroom leather” This Week in Pre-IPO … Read more