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| Hello Insiders! Today's business newsletter covers: - Mr. Beast hit with a $100M lawsuit.
- Zoom calls employees to come to the office at least twice a week.
- Palantir reports Q2 revenue growth.
Also, tell us how businesses can adapt to changing consumer behaviors and preferences here! If you find this newsletter helpful, please share it with your friends and colleagues. Arbër
p/Arber | |
| 1 | | Mr. Beast, known for having 174 million YouTube subscribers, has been hit with a $100M lawsuit from Virtual Dining Concepts LLC. The company had partnered with the YouTube creator for a burger delivery business. More: - In 2020, Mr. Beast launched MrBeast Burger, a virtual restaurant available in the U.S., Australia, the U.K., Mexico, UAE, etc.
- Mr. Beast, whose real name is James Donaldson, sued Virtual Dining Concepts for negligence that led to a lack of quality.
- The suit, filed today, claims that Donaldson has damaged the company's relationship with suppliers, has turned away customers, and has caused severe financial damage to hundreds of restaurants across the U.S.
- The company claims that Donaldson has caused financial damage in the nine-figure range.
- Furthermore, Virtual Dining claims that James Donaldson failed to fulfill his contractual obligations by not promoting the company properly and making untruthful statements.
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| 2 | | What the numbers say: Zoom has seen a significant increase in revenue since the pandemic in 2020, as remote work became more common globally. The company's revenue skyrocketed from $0.6B in 2020 to $2.6B in 2021. Relevance: Zoom has told its employees to come to the office at least twice a week, a shift from the remote policy implemented during the pandemic. The rule will apply to employees who live within 50 miles of one of the company's locations. The San Francisco-based company stated that the decision reflects a balanced approach toward hybrid work and that forcing employees back to the office full-time has become difficult since the pandemic. More data: Zoom became the symbol for remote work during the COVID-19 pandemic, as the company saw a 400% revenue increase in 2020 and a 473% increase in user growth. The new policy will go into effect during August, affecting around 7,400 employees. 
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| 3 | | Palantir's Q2 revenue grew 13% compared to 2022, as the company is forecasting more growth in Q3. More: - Palantir's net income was $28M, compared to the $179M net loss in the same period in 2022.
- The company forecasts that its revenue in Q3 will reach $557M, ahead of the $552M forecast by analysts.
- Government revenue represented 57% of total sales.
- The company's fastest-growing revenue stream was international government contracts, which increased 31% YoY, reaching $76M.
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| 4 | | Tesla CFO Zach Kirkhorn has stepped down after 13 years with the company. Kirkhorn had been the chief financial officer since 2019. More: - Zach Kirkhorn joined Tesla at a time when the company had not been consistently profitable. In 2022, the company ended the year with $12B in net profit.
- Kirkhorn will be replaced by Vaibhav Taneja, who has served as the chief accounting officer since 2019.
- Taneja, who joined Tesla in 2017 after the SolarCity acquisition, will take over the CFO position starting in 2024.
- Before working for SolarCity, Vaibhav Taneja worked for PwC for 17 years.
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| 5 | | Resilience has raised $100M to scale its cyber risk analysis platform. The round was led by Intact Insurance Specialty Solutions, with participation from General Catalyst and Founders Fund. More: - Resilience offers a digital platform that offers cyber insurance and helps companies assess their cyber risk.
- Its cyber action plan reduces the chance of exceeding coverage by 17%, according to the company.
- Its clients operate in the United States, United Kingdom, Canada, Ireland, Italy, Spain, and Scandinavia.
- Resilience aims to use this funding round to further scale the platform globally.
- The company is based in San Francisco.
Zoom Out: - By 2025, companies globally are estimated to spend $1.75T in cybersecurity services, but the cost of global cybercrime over the same period is expected to reach $10.5T.
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| 6 | | Enterprise learning platform Disprz has raised a $30M Series C funding round. Companies such as Amazon, Thrasio, and Mint Dentistry have used the platform. More: - Disprz offers an online platform that helps companies onboard employees, as well as train them in compliance, product, leadership, etc.
- Besides Amazon, Thrasio, and Mint, the company claims that its platform has been used by over 350 clients globally.
- Lumos Capital and 360 ONE Asset led the round, with participation from Kae Capital, KOIS, and Dallas Venture Capital.
- Disprz aims to use the Series C funding to expand in India and Southeast Asia.
- The company is based in Mumbai, India.
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| 7 | | Quick Hits: - Wiz partnered with Wiley to create the AWS Security Foundations Guide For Dummies. This free 46-page guide includes techniques for securing AWS resources.*
- Netherlands-based Meatable, a biotech company that specializes in cultured meat, has raised $35M.
- According to economists, the U.S. will have to forgive at least $5B in student debt owed from over 300,000 people who have died since the pandemic in 2020.
- Meesho, an Indian e-commerce company backed by Meta, has announced that it has become profitable.
- BrightDrop, GM's commercial EV delivery business subsidiary, is planning to expand to Mexico.
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Term of the Day Activation: Marketing activation is the process of reaching a specific target audience and increase brand or product awareness and engagement. Question of the Week Do you think the 9-to-5 workday still relevant in today's modern workplace? Join the conversation |
INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Writer | | 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. | | This newsletter was edited by Aaron Crutchfield | |
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