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Happy Friday! Haje is enjoying some down time on the East Coast, so I am running solo. As you can see from the not-so-surprising move by Elon Musk last night and the sheer number of Twitter stories from our fabulous consumer tech team today, it has been all Twitter, all day. We promise to give you a little bit of that, of course, and a little of what else we’ve been working on. Let’s dive in, shall we? — Christine
For more news on the blue bird, head down to the Big Tech Inc. section, where we have you covered.
Unfortunately, the hits keep coming for 54gene, an African genomics startup focused on providing more African genetic material to pharmaceutical research — there is just 3% now, Tage reports. After some months of layoffs and a CEO exit, the company confirmed that it not only made yet another round of layoffs — this time of 100 people — but it also slashed its valuation by over $100 million.
And we have three more for you:
Thanks to R&D and clinical trials, life science startups have long lead times before they can bring their capital-intensive products to market.
“But,” asks Omar Khalil, a partner at Santé Ventures, “what happens when the funding suddenly dries up?”
In a guest post for TC+, he shares five strategies for biotech startups that are trying to stay warm through the winter ahead.
“It’s still too early to know whether this is a short-term correction, or if it’s a new normal that will be maintained for the foreseeable future.”
Three more from the TC+ team:
TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!
As promised, we have even more Twitter news for you to enjoy. As I write this, several of my colleagues hopped on Twitter Spaces to talk about all this. One of the latest bits of news from Taylor was that Elon Musk was forming a content moderation “council” to make certain decisions — for example, about account reinstatements for, cough, Donald Trump. Here’s two more:
Catching you up on more earnings reports:
And we have four more for you:
Source @TechCrunch
