Archegos founder arrested, Bolt sued by Authentic Brands, $GOOG & $MSFT earnings, Apple sells repair parts, EV Corvette | E1445

This Week in Startups

Jason Calacanis

Technology

4.4 • 1.3K Ratings

🗓️ 28 April 2022

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

All news. First we break down the SEC's allegations from one of the craziest financial stories since Bernie Madoff, Archegos Capital (4:20). Then cover: Bolt being sued by its largest customer (28:47), Google and Microsoft's Q1 2022 earnings for the first quarter (42:45) and Apple selling iPhone spare parts and repair tools (1:02:10). We wrap with GM's EV corvette announcement (1:07:20).

00:00 Jason and Molly tee up today’s news stories
04:20 Archegos Capital owner Bill Hang and its CFO were arrested this morning for concealing billions of dollars of leverage that led to the firm closing last March
10:25 Cyvatar - Get your first 2 months free at https://cyvatar.ai/twist
11:42 More on the Archegos Capital fraud and losses
22:17 Odoo - Get your first app free and a $1000 credit at https://odoo.com/twist
23:23 Family Offices and the Archegos fraud
28:47 Bolt sued by their largest customer for failing to deliver on product & potentially, maybe, allegedly committing light securities fraud?
38:42 Coda - The All-in-one doc for teams, get a $1,000 credit at https://coda.io/twist
39:58 Facebook Q1 revenue up 7% y/y, net income down 21% y/y
42:45 Google reported earnings yesterday after the markets closed
51:58 Microsoft reported earnings yesterday after the markets closed
56:58 Manscaped released their Q4 and 2021 full year earnings
1:02:10 Apple acting on Right to Repair
1:07:20 Chevy is making an electric Corvette

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FOLLOW Molly: https://twitter.com/mollywood

Transcript

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0:00.0	Hey, everybody. Hey, everybody. It is Wednesday on the most insane newsweek of all time.
0:05.5	Thanks for making the show pop in the rankings, which is a lot to talk about. A lot of things going
0:11.2	on in the world. And today will be no difference. This first story is going to be a story that captures
0:17.6	the public's imagination for the next two or three years as this goes to trial. Explain
0:22.8	the lately. This is great. Bonkers cannot waste a lot, wait to watch this show on Hulu. It is one
0:28.8	of the craziest financial story since Bernie made off. Arcagos, capital owner, Bill Wang,
0:33.6	getting arrested today, along with this cheap financial officer on allegations that he had
0:38.6	billions in risks from banks. And then it caused massive losses, including, I believe, $20 billion
0:45.4	of his own money in two days. It's bonkers. And this is a level of fraud and detail that you
0:52.0	shouldn't understand. And we're going to go into detail about how these frauds occur in some
0:56.4	theories. But yeah, this is a crazy, crazy case. And the crazy is not limited to public markets.
1:02.8	It's happening in private markets as well, Molly. The one click checkout startup
1:08.0	bought founded by our pal friend of the show, Ryan Brezlow, who you remember said the entire
1:15.1	industry is run by the company here. It's all against him. It's all a conspiracy. Not only
1:20.1	is YC against him and venture capital and Stripe. It also turns out forever 21 and their
1:26.7	parent company or against them. Their largest customer is suing them, claiming they lost $100
1:31.9	million in lost revenue because bolts offer is terrible. And they're kind of accusing them of
1:39.5	securities fraud because they're saying that bolt claimed when they raised money that they were
1:45.1	being used by brands that the forever 21 parent company didn't even own yet. It's a hot mess.
1:50.3	It's a hot mess. It's a good, let's just say it's one of those lawsuit filings that you like to
1:55.2	read word for word. It's this one's going to be the gift that keeps giving. This is going to get
2:00.3	uglier before it gets cleaned up. It's my prediction. It's a fun day in business stories. I'll tell you
	...

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