Family offices flock to secondaries, a Bitcoin thief receives a five-year-sentence, and a fried chicken Thanksgiving?

StrictlyVC Briefing Doc - November 15, 2024 Main Themes: AI Dominance: AI continues to be a major force in funding, acquisitions, and legal battles. Secondary Market Growth: Family offices are increasingly looking towards secondary deals for investment opportunities. Regulatory Scrutiny: Tech giants face increasing scrutiny from regulators, with the EU and FTC launching investigations into Meta and Microsoft respectively. Key Highlights: Legal Battles & Acquisitions: Musk vs. OpenAI: Elon Musk's amended lawsuit against OpenAI now includes Microsoft as a defendant, alleging anti-competitive practices and a "de facto merger" between OpenAI and Microsoft. The suit claims Microsoft's exclusive license of OpenAI technology and favorable access to compute resources harm competitors like Musk's xAI. "xAI has been harmed by, without limitation … an inability to license OpenAI technology given Microsoft’s exclusive license … an inability to obtain compute from Microsoft on terms anywhere near as favorable as OpenAI receives … and the exclusive exchange between OpenAI and Microsoft of competitively sensitive information." Bitsight Acquires Cybersixgill: Cybersecurity company Bitsight is acquiring dark web threat intelligence firm Cybersixgill for $115 million, highlighting the growing importance of proactive cybersecurity measures. Funding & Exits: Databricks Nears $55 Billion Valuation: Data analytics giant Databricks is reportedly negotiating a $1 billion tender offer led by Thrive Capital, pushing its valuation to $55 billion. Synthesia Doubles Valuation: AI video creation platform Synthesia is raising $150 million at a $2.1 billion valuation, demonstrating the surging investor interest in AI-driven content creation tools. Forward Shuts Down: Despite raising over $657 million, health tech startup Forward is closing its doors, highlighting the challenges of disrupting traditional healthcare models. People: François Chollet Departs Google: Prominent AI developer François Chollet has left Google to launch a new venture, potentially signaling further innovation in the AI space. Bitcoin Thief Sentenced: Ilya Lichtenstein, responsible for one of the largest Bitcoin heists, has been sentenced to five years in prison for money laundering. Tech Elite and the Trump Administration: The New York Times explores the increasing pressure on Silicon Valley leaders to join the Trump administration. Other Noteworthy Trends: VCs Struggle with IPOs Amidst AI Hype: The current AI frenzy makes it difficult for venture capitalists to take their companies public. Family Offices Embrace Secondaries: Family offices are increasingly participating in secondary deals, seeking access to mature private companies. Networking in "Social Saunas": Tech professionals are finding new ways to connect and network, including in "social saunas," a trend highlighted by The Wall Street Journal. Quotes of Note: "xAI has been harmed by, without limitation … an inability to license OpenAI technology given Microsoft’s exclusive license … an inability to obtain compute from Microsoft on terms anywhere near as favorable as OpenAI receives … and the exclusive exchange between OpenAI and Microsoft of competitively sensitive information." - Musk's amended complaint against OpenAI Further Reading: Links to articles from TechCrunch, Bloomberg, The Washington Post, The New York Times, and more are provided throughout the original document.