Plus: Bitget closes $100M fund to invest in Web3 companies
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 Tesla has announced plans to build a new Shanghai Megapack factory. The factory will add to Tesla's current megapack production in California. More: - According to the company, the Shanghai Megapack factory will produce around 10,000 Megapacks per year.
- This makes the Shanghai plant roughly equal to the California factory.
- Once built, the plant will help Tesla produce 40 gigawatt-hours of energy storage.
- Tesla reportedly will begin construction in late 2023 and aims to start production in Q2 2024.
Zoom Out: - Megapack factories are strategically important for Tesla's goal of becoming a multi-faceted energy company. The batteries produced at these factories help stabilize large grids and enable them to interoperate between different networks more efficiently.
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A potential West Coast port strike could cost the U.S. $500M per day, according to a shipping analyst. Dockworkers in Los Angeles and Long Beach are currently negotiating with their employers. More: - According to industry experts, the risk of a breakdown between dockworkers and employers could cause the next supply chain crisis in the U.S.
- While a breakdown is still considered an unlikely scenario, a ship already missed its scheduled docking due to the ongoing negotiations.
- According to a report from The National Association of Manufacturers in 2021, a strike could cost the U.S. $500M a day.
- A 15-day strike could result in 41,000 job losses.
- The Biden Administration is unlikely to let a work stoppage go on for long, given the fragile economy. The President could invoke the Taft-Hartley Act to call workers back to the docks.
Zoom Out: - A similar situation happened in 2012 when an eight-day lockout in the Port of Long Beach caused an $8B loss for the U.S.
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Tupperware has stated in a regulatory filing that it could go bankrupt soon. The company's shares fell 50% today following the news. More: - Tupperware stated unless it raises money, it risks shutting down its operations.
- In order to do so, the company is reportedly thinking about restructuring its real estate portfolio.
- The company claims that it may also lay off a significant percentage of its workforce.
- Founded 77 years ago, Tupperware used to be a market leader in selling kitchen gadgets, storage containers, etc.
- The company has failed to improve its stagnant sales and attract young customers despite a partnership with Target it hoped would help reverse the negative trend.
- Its stock is currently trading at $1.24 ($TUP).
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Cryptocurrency exchange Bitget has closed a $100M fund to invest in Web3 companies. The company has raised over $120M since its inception in 2018. More: - Bitget is a cryptocurrency exchange and digital asset trading platform.
- The platform has over 8 million users.
- The fund will be deployed mostly toward Web3 companies based in Asia.
- Bitget recently raised a $10M funding round to invest in product development and growth.
- Bitget has partnerships with the football team F.C. Juventus and Lionel Messi.
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Missafir has raised $26M to serve as an all-in-one rental property management platform. The company has so far raised $40M. More: - Missafir helps users list their properties on rental platforms, take professional photographs, hire interior designers, etc. The company also serves as a rental platform itself, highlighting the fact that it has:
- 24/7 customer support,
- 24/7 check-in,
- and cleaning services.
- The company aims to use the funds to accelerate its expansion into the European market and increase its technology development investments.
- Ege Yapı Technology Ventures led the funding round.
- Missafir was founded in 2018.
- The company is based in Istanbul, Turkey.
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Chroma has raised an $18M funding round to enable companies to connect their data with AI-powered chatbots. Naval Ravikant was one of the investors in the round. More: - The company aims to take advantage of the recent popularity of AI chatbots by helping enterprises plug their data into Language Learning Models.
- Chroma claims its solution lets developers add state and memory to their AI-enabled applications.
- The open-source technology has been downloaded over 35,000 times in five weeks, according to Chroma.
- This round was led by Astasia Myers, with participation from different angel investors.
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Quick Hits: - They're "realigning" the $19.4B joint surgery market…with robotics. Invest in Monogram ahead of their planned Nasdaq listing.*
- Enote has raised a $10.8M funding round to digitize classical sheet music using artificial intelligence.
- The decision by the Central Bank of Australia to lower its interest rates is being seen as a sign that consumer confidence in the country has improved.
- MakerVerse, a platform where companies source materials for their supply chain, has raised a $10.2M round led by 9.5 Ventures, with participation from Siemens Energy and ZEISS
- Put your data where your computer is — close to your users. Turso brings the SQLite database experience to the Edge. Get Started Free.*
*This is sponsored content.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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