Former employees at IRL, which is being sued by SoftBank for fraud, detail problems that were apparent from the start, such as outages and inflated user metrics
Financial Times : X: @gmomurder X: Punished Giorgio / @gmomurder : https://www.ft.com/... this is literally the first time i've heard about this app. what is softbank's batting average on this anyway...
IRL's co-founders sue SoftBank and two VCs, accusing them of deliberately “destroying” the Gen Z app and creating an “outrageous lie” over inflated user counts
Joe Miller / Financial Times : X: @joemillerjr X: Joe Miller / @joemillerjr : Exclusive: SoftBank's Vision Fund has been accused of deliberately “destroying” a Gen Z-focused social media company it o...
SoftBank sues former IRL CEO Abraham Shafi for fraud after investing $150M in IRL in 2021 on user metrics claims; IRL allegedly paid to fill the site with bots
There was a time Theranos was a unique story. Now we have IRL, Frank, FTX, Ozy Media, Headspin, etc. … X: Elon Musk / @elonmusk : @eringriffith Wow @zachweinberg : All you had to do to diligence IRL ...
SoftBank sues former IRL CEO Abraham Shafi for fraud after investing $150M in IRL in 2021 on user metrics claims; IRL allegedly paid to fill the site with bots
SoftBank sued former IRL CEO Abraham Shafi and five siblings and cousins for allegedly misleading the investor about the messaging app's growth …
Filings: FTX CEO John Ray III, who ran Enron's bankruptcy process, slams SBF's “unprecedented” management, describing a “complete failure of corporate controls”
Programming note: Money Stuff will be off tomorrow, back on Monday. Rohan Goswami / CNBC : Bahamas regulators confirm they're holding some of FTX's assets Laurie Dunn / Crypto Daily : Is The FTX Debac...
The SEC confirms it is investigating SoftBank, according to the SEC's response to a FOIA request; SoftBank was alleged to be a “Nasdaq whale” last year
Edward Ongweso Jr / VICE :
Arm has accused the ousted head of its China unit of hurting its business, in an escalating conflict that may hinder SoftBank's plans to sell the chip firm
Bloomberg :
WeWork co-founder Adam Neumann sues SoftBank, alleging breach of contract for withdrawing an offer to buy up to $3B in stock from him and other shareholders
The lawsuit accuses SoftBank of improperly backing out of an offer to buy shares held by Mr. Neumann, employees and other investors.
Intel sues SoftBank-owned Fortress, which has acquired a patent portfolio from NXP Semiconductors, claiming Fortress engages in patent troll-like behavior
Stephen Nellis / Reuters :
Sources: SoftBank is investigating who was behind the smear campaign that called for the ouster of its top execs Nikesh Arora and Alok Sama
Series of letters to board called for removal of Nikesh Arora and Alok Sama; ‘sabotage’ effort also involved media leaks, complaint to SEC