3AC liquidation chaos, Taibbi’s USDC deep dive, startup employee advice + more | E1506

This Week in Startups

Jason Calacanis

Technology

4.4 • 1.3K Ratings

🗓️ 13 July 2022

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

First, we break down the 3AC situation where the founders were reportedly MIA for about 12 hours (1:52). It’s a complex situation, and we try and make sense of it. Then, we cover Matt Taibbi’s deep-dive article on Circle (8:10). Jason also gives his thoughts on a recent Twitter thread about how to succeed as a low-level startup employee (33:27). And we wrap with a little M&A story from Spotify (40:50)!

(0:00) Jason tees up today’s topics!

(1:52) Bloomberg reported that liquidators in charge of handling Three Arrow Capitals bankruptcy have NOT been able to locate the founders

(8:10) Investigative reporter Matt Taibbi spent time researching the Crypto Crash, and warns against investing in Circle’s stablecoin USDC

(11:51) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist

(13:08) Red flags Taibbi found

(24:11) Embroker - Get an extra 10% off insurance for your business at https://Embroker.com/twist

(25:25) Making sense of the crypto crash

(32:16) Assure - To get 20% off your first Special Purpose Vehicle (SPV) visit https://Assure.co/twist

(33:27) Zach Weinberg had an interesting thread about how to stand out as a low or mid-level startup employee

(40:50) Spotify has acquired a Wordle-like daily game for your ears called: Heardle!

(46:56) Previewing the week ahead

(53:17) Outro + Plugs!

Transcript

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0:00.0	Okay, everybody. Welcome to the show. We got a great show for you today. First, we're going to
0:03.3	break down the 3AC situation where the founders were reportedly on the LAMMIA for about 12 hours.
0:09.9	They've now surfaced and it's a really complex situation. We'll try to make sense of it then.
0:13.7	We cover Matt Taibi's awesome deep dive article on Circle. I'm going to give some thoughts on a recent
0:19.0	Twitter thread about how to succeed as a low-level quote-unquote startup employee. And then we talk about
0:24.8	a very interesting M&A story from Spotify and I'll tell you why companies, there's really two
0:31.0	lessons here. Why companies buy? Why large companies buy very small startups? What is the thesis there?
0:37.7	And then why screens want to move and be clicked? It's going to be a great show. Stick with us.
0:44.0	This week in startups is brought to you by lemon.io. Need to speed up your product development
0:50.8	without draining your budget. Hire vetted engineers from Europe at lemon.io. Go to lemon.io
0:59.1	slash twist to get 15% off for the first four weeks. Embroker. Embroker startup insurance program
1:07.5	helps startups secure the most important types of insurance at a lower cost and with less hassle.
1:13.9	Save up to 20% off of traditional insurance today. At Embroker.com slash twist. While you're there,
1:22.5	get an extra 10% off using offer code twist. And a sure. A sure is the leading provider of
1:30.8	special purpose vehicles and fund administration. With over 5,000 completed transactions in 2.5
1:38.6	billion dollars under administration. Twist listeners can get 20% off their first SPV at a sure.co
1:47.5	slash twist. That's a sure.co slash twist. All right. What's first on the docket Molly? I mean, look,
1:58.4	we have to keep talking about crypto. We don't want to, but it just keeps happening. And this is like
2:02.9	was a kind of bonkers 24 hour situation. Yesterday Bloomberg reported that the liquidators
2:08.4	who are in charge of handling this three arrows capital bankruptcy, which of course we talked
2:12.4	about on the show, have not been able to locate the founders. Okay. Seemed for a moment that they
2:19.9	might be on the land. They're whereabouts were as of yesterday quote currently unknown. And then
	...

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