Luckin Coffee, the online coffee-delivery startup that challenged Starbucks in China, said its COO fabricated some $300 million of sales. Shares of the Nasdaq-listed company fell some 70% after the announcement. The company had earlier denied allegations by short seller Muddy Waters that it had made up its figures. The company said an internal investigation had revealed that its chief...
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Live from SF, It’s Tech Week
Hi, welcome to your Weekend.It was the boom-iest of times, it was the doom-iest of times. At least that’s how it feels right now in Dickensian San Francisco, where AI companies are setting up shop on every avenue, while fentanyl dealers are hanging out in every alley. I joke—but seriously, it’s wild out here. No fewer than 17 of the 35 startups listed on The Information’s new Generative AI...
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