'The markets crushed us.’ Convoy leaders address employees in internal call

GeekWire Summit recap | Microsoft shareholders letter ADVERTISEMENT [GeekWire]( SPONSOR MESSAGE: Explore our immersive expo: [Meet and learn from hundreds of AWS Partners all in one place.]( TODAY'S TOP STORIES “I hoped this day would never come. In fact, I really couldn’t fathom it.” An emotional Convoy CEO Dan Lewis (picture above in 2019) addressed employees in an attempt to explain the sudden demise of one of the Seattle region’s most heavily funded and high-flying startups. - GeekWire obtained a recording of the video call, in which Lewis and Mark Okerstrom, president of the digital trucking marketplace, consoled hundreds of employees who are losing their jobs. “The truth is, the markets crushed us,” Okerstrom said. - Lewis broke down when explaining that employees wouldn’t receive severance. “Unfortunately, in the final hour of this, our ability to make that decision and our available budget was taken away by our lenders,” he said. - Convoy lined up an M&A deal in recent months but it fell through at the very last minute, according to sources familiar with the matter. [Read more](. 2023 GeekWire Summit recap: From the historic SIFF Cinema (formerly Cinerama) in Seattle, the focus was on futuristic technology as our annual conference attracted nearly 600 attendees under the banner “AI Gets Real.” [Read highlights and see photos from the event.]( Last call for Uncommon Thinkers! It’s the final day to submit nominations for GeekWire’s new “Uncommon Thinkers” program, presented in partnership with Greater Seattle Partners, recognizing the inventors, scientists, technologists and entrepreneurs who are transforming industries and driving positive change throughout the world. [Read more](. Two breakthroughs will define the new era of AI: natural language and the emergence of powerful new reasoning engines, Microsoft CEO Satya Nadella said in his annual letter to shareholders. This new era “is Microsoft’s moment,” he said. [Read more](. Hot Links - The Wall Street Journal editorial board calls Washington state’s new capital gains tax “two-faced” and says it violates federal law. The U.S. Supreme Court will soon decide whether it will hear a case challenging the tax. ([Wall Street Journal]( - Lessons for San Fran, from Seattle: Housing policies and a more relaxed lifestyle with proximity to good jobs helps Seattle stand out in comparison to San Francisco — and draw transplants from California. ([SF Chronicle]( - Amazon CEO Andy Jassy talks AI and plays a Foo Fighters album on vinyl in the hallway in a two-and-a-half-hour conversation with journalist Jessica Lessin. ([The Information]( Thanks for [subscribing]( to the GeekWire newsletter, and have a great weekend. — GeekWire managing editor Taylor Soper, taylor@geekwire.com; GeekWire reporter Kurt Schlosser, kurt@geekwire.com; and GeekWire co-founder Todd Bishop, todd@geekwire.com. SPONSOR MESSAGE [Having a high-quality greenspace with a 10-minute walk improves people’s health and helps neighborhoods mitigate the effects of climate change.]( Join [Trust for Public Land]( Mitsu Iwasaki at the Kirkland Outdoor Speaker Series on November 9 to learn about the power of parks and TPL’s vision for a future where every community has safe, equitable access to a high-quality park. [Get tickets here.]( LATEST HEADLINES [GeekWire Summit recap: AI gets real in Seattle as historic theater plays host to future-focused event]( [‘The markets crushed us’: In tearful farewell to employees, Convoy execs reflect on shutdown]( [‘This is Microsoft’s moment’: Satya Nadella details ‘new era of AI’ in annual shareholders letter]( GEEKWORK: TODAY'S TECH JOBS - [INRIX: Product Marketing Manager, Public Sector]( - [Seattle Sounders FC: Director of Lifecycle Marketing]( - [City of Redlands: Network Engineer]( - [GeekWork: Senior Backend Engineer]( - [NTTA- North Texas Tollway Authority: Sr ETL & Data Modeling Developer]( - [City of Portland Water Bureau: Technology Manager]( - [City of Redlands: IT Systems Supervisor]( - [Council for the Advancement of Science Writing: Communications Coordinator]( [FIND MORE JOBS ON GEEKWORK]( [HIRING? BUY A FEATURED LISTING TO APPEAR HERE]( [About GeekWire]( [Contact Us]( [Advertise]( Copyright © 2023 GeekWire LLC, All rights reserved. You are receiving this email because you opted to receive emails from GeekWire LLC.  Our mailing address is: GeekWire LLC 123 NW 36th St, Suite 203 Seattle, WA 98107  [change email frequency or address]( | [unsubscribe](