E-commerce and payments job cuts are piling up as the pandemic-fueled boom in online shopping fades and inflation and recession fears weigh on consumer spending. Payments giant Stripe’s Thursday announcement that it cut around 1,100 jobs, or 14% of its workforce, marked a prominent example of the e-commerce slowdown. Founders John and Patrick Collison said they had been “too optimistic”...
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Pro Weekly: Generative AI Spurs Cloud Demand—and Competition
Welcome back!To help readers track the frenzy around generative artificial intelligence, we launched The Information's Generative AI Database, listing 39 startups that make AI models or build services on top of them. Together, those companies have raised more than $15 billion from more than 50 investors.OpenAI, whose ChatGPT fueled the generative AI craze, has seen the bulk of that haul,...
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MoonPay CEO, Other Executives Cashed Out Before Crypto Business Dropped
In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.