SoftBank posts surprise loss, but its Vision Fund sees first gain in 5 quarters

TechCrunch Newsletter [TechCrunch logo]( [The Daily Crunch logo]( By [Christine Hall]( Tuesday, August 08, 2023 Today, we received some [unexpected news from SoftBank]( along with a shockingly large loss figure for its Vision Fund business. However, all is not lost — the venture capital giant is easing back into investments, and here’s some proof as to how the firm [is getting its investing mojo back](. (TC+) Meanwhile, put on your dancing shoes because Apple Music has added a [new algorithmic radio station]( to find new music. Also, X continues to take people’s @ handles without asking. We have some speculation as to why the company wanted that @music handle so badly. [Read on](. And cloud data management company Rubrik is scooping up cybersecurity company Laminar for up to $250 million to expand in data security across public clouds. [Find out why this is becoming a trend](. [ image] Image Credits: Smith Collection/Gado / Getty Images More top reads Risking it all on AI: Nvidia’s SIGGRAPH event is happening this week, so we get to learn about the company’s leveraging of AI from a lot of angles, as well as about [the CEO](, a [new platform for model creation]( and a new [Hugging Face service](. I see you: WhatsApp introduces screen-sharing during video calls. [Start the experience](. Sold!: Sachin Bansal sells Navi’s microfinancing unit for $178.5 million. [Read more](. Are we done yet?: If you’re talking about Adobe’s acquisition of Figma, then no, no we’re not. [Get the scoop](. All things that vroom: We’ve got a lot here, so buckle up. Take a look at the [Volvo EX30’s interior](, then learn how [GM’s Ultium-based EVs]( will be able to power your home by 2026, and when we might see a[small, electric Land Rover Defender](. Finally, see where [Cruise is going next]( and how electric vehicles boosted [China over Japan as being the biggest auto exporter](. Game on: Peak XV–backed gaming startup MPL cut its workforce by 50%. [Find out what happened](. Let’s stream: Spotify expands its AI-powered DJ feature globally. [Learn more](. Meanwhile, Netflix launches a game controller app for playing games on your TV. [Read all about it](. Hope this gives you a charge . . . back: Chargeflow raises $14 million to fight chargebacks. [Find out how](. IDX, IDE, IDK: Google launches Project IDX, a new AI-enabled browser-based development environment. [Read more](. That vote was supposed to be private: Unfortunately, it did not end up that way for 40 million U.K. voters following the hack of the country’s voting system. [Get the scoop](. More for your Tuesday: [Seoul-based proptech Dongnae acquires co-living platform Dears]( [Simon Data is putting customer data to work with $54M Series D]( [Amazon is holding a Prime Day-like shopping event this fall once again]( [Paramount+ tops 61 million subscribers after Showtime merger]( [More top reads image] Image Credits: Getty Images [No, it’s never too early to make sure a founder is telling the truth]( Social app IRL shut down in June, but SoftBank — which led the platform’s $170 million Series C in 2021 — is now suing the company for $150 million. IRL told the world it had 20 million monthly active users, but an internal investigation later revealed that 95% of them were fake. According to SoftBank, those “impressive user numbers” encouraged them to invest, hence the fraud lawsuit. Because “younger startups are now increasingly getting caught in the act” when it comes to misleading investors, Rebecca Szkutak asked several VCs about the red flags they look for while assessing a pitch and performing due diligence. “There are 100 metrics they can show you, and they will pick the four that will make them look the best,” said 37 Angels founder Angela Lee. “Our job as a VC is to ask about the other 96.” [TechCrunch+]( is our membership program that helps founders and startup teams get ahead of the pack.[You can sign up here](. Use code “DC” for a 15% discount on an annual subscription. [Read More]( [No, it’s never too early to make sure a founder is telling the truth image] Image Credits: Getty Images [Read more stories on TechCrunch.com]( Newest Jobs from Crunchboard - [Senior Business Process Specialist - HCM at Pennsylvania Turnpike Commission (King of Prussia, PA, USA)]( - [Senior End User Support Technician at Pennsylvania Turnpike Commission (Middletown, PA, United States)]( - [Senior Full Stack Developer at Nylon Technology (New York, NY, USA)]( - [POLICY & RESEARCH ANALYST EDUCATIONAL EQUITY - Early Childhood at Catalyst California (Los Angeles, CA, USA)]( - [Systems Administrator I or II at City of Newport (Newport, OR, USA)]( [See more jobs on CrunchBoard]( [Post your tech jobs]( and reach millions of TechCrunch readers for only $200 per month. [Facebook]( [Twitter]( [Youtube]( [Instagram]( [Flipboard]( [View this email online in your browser]( [Privacy Policy]( | [Terms of Service]( | [Unsubscribe]( © 2023 Yahoo. All rights reserved. 110 5th St, San Francisco, CA 94103