This Week in Startups 3AC liquidation chaos, Taibbi’s USDC deep dive, startup employee advice + more | E1506
Jul 13, 2022
A deep dive into the chaotic bankruptcy of Three Arrows Capital reveals difficulties in locating its elusive founders. Investigative insights from Matt Taibbi raise red flags about investing in Circle’s USDC stablecoin, spotlighting transparency issues. To aid those navigating the startup world, practical advice on standing out as a lower-level employee is shared. Plus, Spotify’s latest acquisition of a Wordle-like game adds an intriguing twist to the media landscape. Tune in for a mix of finance, career tips, and tech news!
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3AC Founders MIA
- Three Arrows Capital founders were briefly "MIA" amidst bankruptcy proceedings, raising concerns about their cooperation.
- They later appeared on a Zoom call with liquidators but remained on mute with cameras off, further complicating the situation.
3AC Red Flags
- Lack of cooperation and vacant offices suggest 3AC founders may be hiding information.
- Jason Calacanis expresses skepticism, drawing parallels to Theranos and emphasizing the importance of transparency.
Taibbi Investigates Circle
- Matt Taibbi investigated Circle's stablecoin, USDC, facing difficulties getting straightforward answers.
- He likened the experience to dealing with frustrating institutions and called Circle "the mother of all black boxes."