Startup

Share to Twitter Share to Linkedin C how Shing Yuk, a former professional poker player who studied economics at Stanford University, has joined the billionaire ranks, but not because he drew a lucky hand. Over the past decade, Chow, 44, has steadily built Lalamove into a logistics and delivery giant from a base in Hong Kong, backed by the likes of Neil Shen’s Sequoia China and Lei Zhang’s Hillhouse Capital. On Tuesday, Chow’s company, whose formal name is Lalatech Holdings, filed for an initial public offering in Hong Kong that revealed he owns a 25% stake through a family trust. Based on Chow’s stake and proceeds of earlier share sales, Forbes estimates, his net worth to be $2.2 billion, making him a rare startup billionaire in Hong Kong. Lalatech’s last private fundraising was a $230 million Series G round in November 2021, during the startup bubble. According to a report by technology website the Information, that round valued Lalatech at a … [Read more...] about Former Pro Poker Player, Who Founded Asian Delivery Giant Lalamove With His Winnings, Becomes A Billionaire

The market value of CEO Elon Musk's electric vehicle (EV) company Tesla Inc. ( TSLA ) has rebounded by almost 92% and $29 billion from its 52-week low on June 3, 2019, on forecasts of rising profits and market share. Moreover, the outlook for Tesla in China, the world's largest vehicle market, may be brightening as would-be competitors face obstacles. To reduce air pollution, China plans to become a world leader in electric vehicles. As a result, dozens of Chinese EV startups have raised over $18 billion, but this may represent a speculative bubble, Bloomberg   reports. Key Takeaways China plans to be a major player in electric vehicles (EVs). Billionaire Chinese tycoons are spending billions in the EV market. However, becoming profitable is an uphill climb. Meanwhile, Tesla has opened its first plant in China. Significance For Investors Among the billionaire Chinese business tycoons who spending big money to become big players in the Chinese EV market … [Read more...] about Why Tesla Is Rebounding as China’s Electric Car Market Faces Shakeout

Share to Twitter Share to Linkedin Topline Elon Musk and Steve Wozniak are among hundreds of high-profile technologists, entrepreneurs and researchers calling on AI labs to immediately stop work on powerful AI systems, urging developers to step back from the “out-of-control race” to deploy ever more advanced products while we better assess the risks advanced artificial intelligence poses to humanity. Key Facts Any AI lab working on systems more powerful than GPT-4—the powerful engine driving OpenAI’s Chat-GPT—should “immediately pause” work for at least six months so humanity can take stock of the risks such advanced AI systems pose, urged an open letter published Wednesday by the Future of Life Institute and signed by more than 1,000 people. Any pause should be “public and verifiable” and include all key players, the letter said, urging governments to “step in” and force the issue for those who are too slow or unwilling to stop. The … [Read more...] about Elon Musk And Tech Leaders Call For AI ‘Pause’ Over Risks To Humanity

Share to Twitter Share to Linkedin Here is the published version of this week’s Forbes Careers newsletter, which brings the latest news, commentary and ideas about the workplace, leadership and the future of work straight to your inbox every Wednesday. Click here to get on the newsletter list ! I t started in tech. But could it be spreading beyond Silicon Valley and startup world to other major mainstream firms? I’m speaking of the “ rolling layoff ”—the name one former human resources executive gave to describe companies making job cuts in a series of rounds, rather than executing them all at one time. Disney said Monday it plans to cut 7,000 employees starting this week, my colleague Brian Bushard reported . “A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target,” … [Read more...] about The New Reality Of ‘Rolling Layoffs,’ AI’s Impact On Jobs And The Worst Email Sign-Offs

Share to Twitter Share to Linkedin David is the cofounder of Aloa , a platform for outsourcing software development. Aloa has helped 200+ startups/companies build their tech. Today, in 2023, we live in a unique world where so many have the opportunity to wrap work around life rather than life around work. No longer are the traditional days of long commutes and dry offices. While I'm generalizing here, as many still do have to go into the office, what I'm alluding to is the redefined landscape of work-life balance. The opportunities for travel and exploration are endless when you can work remotely. You can travel halfway around the world, live in an entirely new environment and immerse yourself in an enchantingly different culture—all while maintaining your job. However, what glitters isn't always gold. For nomads, that paradigm sits within FOMO (fear of missing out). It's a complaint inflated with privilege, but a common complaint I hear … [Read more...] about Digital Nomading: The Secret To Eliminating The Distractions Of Travel