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Week in Review: Fidelity Sours on Reddit, Amazon Considers Low-Cost Mobile Service, and More
Welcome to Week in Review (WiR), ’s weekly newsletter that recaps the latest tech news. In this edition, we cover a range of stories, including Fidelity’s investment in Reddit, Amazon’s plans for a mobile service, and Uber’s gig workers receiving reimbursements. We also feature some of ‘s top podcasts and articles from + subscribers. Let’s dive in!
Mark Your Calendars: City Spotlight Highlighting Atlanta, Georgia
On June 7, 2021, is hosting City Spotlight, which will showcase Atlanta, Georgia. The event will highlight Atlanta’s booming cybersecurity and software-as-a-service sectors, among others. Mayor Andre Dickens is one of several speakers slated for the event. This is an excellent opportunity to gain insight into the current state of Atlanta’s startup scene.
Fidelity Sours on Reddit
One of the most significant stories of the week is Fidelity’s devaluation of its equity stake in Reddit by 41%. This comes as part of a broader trend affecting startups worldwide over the past year. The devaluation raises questions about whether Reddit can maintain its intent to go public around a $15 billion valuation.
Amazon’s Plans for a Mobile Service
According to a report from Bloomberg, Amazon is considering offering low-cost or free mobile phone service to U.S. Prime subscribers. The tech giant is said to be in talks with several companies, including Verizon, T-Mobile, Dish, and AT&T.
Uber’s Gig Workers Receive Reimbursements
Uber and other app-based ride-hail and delivery companies will have to reimburse gig workers in California millions of dollars for unpaid vehicle expenses between 2022 and 2023. The payments come from a provision in Proposition 22, which classified gig workers as independent contractors instead of employees, offering only partial protections.
Volkswagen Bets on the ID.Buzz Electric Van
Volkswagen is banking on the upcoming ID.Buzz electric van, with the vehicle availability still a year away. The automaker is counting on years of pent-up anticipation to sell the revived van while also drawing attention to its entire electric vehicle lineup.
Shopify Launches Shop Cash
Shopify’s popular Shop app is introducing a new rewards program called Shop Cash. Funded by Shopify, the program accrues rewards for shoppers when they purchase items using Shop Pay at checkout. Shoppers earn 1% back on their purchases, a small but significant discount.
Stripe Gets Into Credit
Stripe is making it simple for businesses to access credit with its new charge card program announced by Stripe Issuing. The new program helps with commercial cards, which are easier for businesses to access credit. Denise Ho, head of product at Stripe, gave exclusive information.
AI Conquers Minecraft
Researchers have developed an experimental AI that can work freely and purposefully in an environment. Named Voyager, this AI system is an example of an embodied agent, allowing it to learn through trial and error and GPT-4 queries. Voyager was designed to explore and expand its capabilities in Minecraft’s open world, and this type of AI has enormous potential applications.
YouTube Shorts in Minutes
Dumme, a startup backed by Y Combinator, is using AI to edit short-form videos from YouTube content. While the product is still in early stages, Dumme already has several hundred video creators testing its platform and a waitlist of 20,000 subscribers.
Some Top Podcasts and + Stories
offers several top podcasts, including Equity, Chain Reaction, and Found. This week, these podcasts covered topics ranging from Web Roulette and Okay acquisition to fintech, early-stage strategies, and AI doomerism. Additionally, + subscribers enjoy in-depth commentary, analysis, and surveys. Some highlights from this week’s articles include competition concerns in the age of AI, Salesforce becoming a data company, and why more scientists don’t become founders.
Frequently Asked Questions
When is the City Spotlight event, and what will it showcase?
The City Spotlight event will showcase Atlanta, Georgia, and it’s scheduled for June 7, 2021. The session will highlight Atlanta’s booming cybersecurity and software-as-a-service sectors and feature speeches from local leaders.
Why did Fidelity devalue its equity stake in Reddit?
The devaluation comes as part of a broader trend that’s impacted various startups across the globe over the past year. This activity raises uncertainties about whether Reddit can maintain its intent to go public for around a $15 billion valuation.
What is Shop Cash, and how do the rewards work?
Shopify’s new rewards program, Shop Cash, earns shoppers 1% cash back on their purchases when using Shop Pay to checkout. Additionally, the program is funded by Shopify and consequently encourages users to use the Shop app.
What’s Voyager, and what makes it different from other AI bots?
Voyager is an experimental AI bot that can freely and purposefully move and act in a simulated or actual environment. It works by trial and error, relying on GPT-4 queries to expand its capabilities in Minecraft’s open world. This embodied agent has tremendous potential for real-world applications.
What’s in + subscription, and how can I sign up?
+ offers in-depth commentary, analysis, and surveys to subscribers. To sign up, visit and find the Subscribe button. A monthly subscription to + starts at $10/month.
Conclusion
That’s all for this week’s WiR. Remember to mark your calendar for the upcoming City Spotlight event to hear from Atlanta’s industry leaders. Other highlights this week include Amazon’s potential plans of offering mobile services to U.S. Prime subscribers, eBay’s move into officially accepting cryptocurrency payments, and Brooklyn Nets player Dwyane Wade’s appointment to Supreme’s board of directors. Don’t forget to check out some top podcasts and articles from + subscribers to stay informed about the latest tech trends.
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