Meta to cut thousands of more jobs, Embark to shut down, Overhaul raises $38M

Mar 8

Bloomberg sources: Meta plans to cut thousands of more jobs as soon as this week after cutting ~13% of staff (11K employees) in November - Link

Overhaul, an Austin-based startup that uses AI and real-time data to reduce shipping delays, raised $38M in funding led by Edison Partners; the company has >350 customers and anticipates hitting $90M in ARR by EOY - Link

Embark, an autonomous trucking company that went public via SPAC in 2021, is cutting 70% of staff (230 employees) and will begin winding down operations and selling off its assets; the company never generated revenue - Link

WeightWatchers has acquired Sequence, a telehealth company that prescribes weight loss drugs such as Ozempic and Wegovy, for $106M in cash and stock; Sequence has $25M in ARR and 24K members - Link

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Jason is BACK with Molly to break down the news! They cover Sequoia leaving Citizen's board after passing on a "pay to play" round (5:46), two significant companies reportedly going public in 2023: Instacart and ARM (27:11), and the recent turmoil at Dapper Labs (50:44). - Link

NYT sources: The Biden Administration is considering supporting legislation that would give it more legal power to deal with technology that could expose American data to China and other countries, including TikTok - Link

TikTok will allow a select group of creators to sell premium content in bundles of up to 80 videos at 20 minutes each with a new feature called Series; for a limited time; the company plans to open applications in the coming months - Link

Microsoft has made its email product Outlook free for Mac users without needing a Microsoft 365 subscription or Office license to access the client - Link

Meta is testing bringing Facebook direct messaging back into its mobile app and splitting it off from its separate Messenger app - Link