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Friday, and all eyes are on the huge number of Twitter workers who were unceremoniously given the boot, many of them discovering they’d lost their jobs because they couldn’t log into their email accounts when they showed up for work in the morning. Yes. — Christine and Hey
The TechCrunch Top 3
- Not enough WARNING: Twitter is making a mass layoff, it says Amanda and Catherine. The company is now considering a class-action lawsuit that claims Elon Musk did not provide proper legal notice when he made the layoffs. Scree and Ivan they have more.
- More payment methods: Venmo and PayPal follow Stripe and Square to start supporting Apple’s Tap to Pay on iPhone, Ivan writes.
- Pedal to the metal: Connie is in Lisbon to cover the Web Summit and has this story about Formula 1’s Toto Wolff, who said he was looking for remote software to get his team to that checkered flag again.
Startups and VCs
If you run a company that ships hundreds of thousands of boxes of frozen meat, you probably don’t want to manage every detail of your supply chain yourself. That’s what outsourcing is for – so why did ButcherBox build two dry ice plants during the pandemic? Turns out it was a combination of de-risking and capitalizing on financial incentives, Hey References.
Commercial electric vehicle company Arrival has received a warning from the Nasdaq Stock Exchange because its share price is trading too low, Rebecca References. The company issued a press release saying it received a notice that it was not in compliance with Nasdaq’s requirement that common stock trade at more than $1.00 per share for 30 consecutive business days prior to the notification date.
And in other good news…
What investors really think about the TAM slide in your pitch deck
Are you ready to launch a billion dollar startup? Before you start: Are you planning to make a centaur, a unicorn or perhaps a decorator?
Startup pitching has become an existential drama, in part because so many founders exaggerate the size of the total addressable market (TAM) in which they hope to compete.
“The way it’s calculated and the way the founder thinks about it doesn’t necessarily tell us about the business or its future, but how the founder thinks about building the company,” said Deena Shakir, a partner at Lux Capital.
Three more from the TC+ team:
TechCrunch+ is our membership program that helps founders and startup teams get ahead. You can register here. Use code ‘DC’ for 15% off an annual subscription!
Big Tech Inc.
Sorry, we have to have another day on Twitter, but we promise to include some other really cool articles as well. First, Amanda wonders if porn is a way for the social media giant to recoup some of its losses and make more money. In the meantime, Kyle reached out to several Twitter advertisers to see what their plans are in light of Elon Musk’s acquisition. Spoiler, they stop spending.
And we have five more for you: