Jack Altman, founder of Alt Capital, is joining Benchmark as a general partner, according to TechCrunch. This move marks a significant shift for Altman, who has been running his own venture capital firm since at least 2024. The news comes as Ford plans to release a $30,000 electric truck next year, and Thrive Capital announced a $10 billion fundraise, its largest yet. Meanwhile, Apple is reportedly developing AI wearables, and Meta's research revealed parental supervision has little impact on teens' social media use.
Altman's Alt Capital raised a $150 million Fund I in early 2024 and a $274 million Fund II last September, as reported by TechCrunch. The firm invested in at least 52 companies, including Rippling, Antares Nuclear, and CompLabs, according to PitchBook. Altman described the past two years as an investor as the most rewarding of his life, adding that he loved new ideas and being part of a team with a mission, according to his LinkedIn post. It remains unclear what will happen to Alt Capital or its portfolio.
Ford's new EV truck strategy involves 3D-printed parts, Formula 1 thinking, and a bounty program, according to TechCrunch. The company is aiming to compete with Chinese automakers without sacrificing profit margins. Ford took a $19.5 billion hit in December and ended production of its battery-electric F-150 Lightning, making this new strategy crucial for the company's future. The plan began several years ago with a skunkworks team led by a 12-year Tesla veteran, Alan Clarke.
Thrive Capital's new $10 billion fund, called Thrive X, is nearly double the size of its last fund, TechCrunch reported. Of this, $1 billion is dedicated to early-stage investments, with the remainder for growth-stage investments. The firm told Bloomberg that the fundraise was oversubscribed. Thrive's notable investments include OpenAI, Stripe, and SpaceX, which continue to increase in value. The firm also incubates companies, having spun up 12 so far, with at least six reaching unicorn status. Thrive's strategy is to commit deeply to a small number of founders, according to the firm.
Apple is accelerating the development of AI wearables, including an AirTag-sized pendant with cameras and AI-powered smart glasses, according to Bloomberg, as reported by TechCrunch. The company aims to stay competitive with other tech giants in this space. Meta and Snap are also working on similar products.
Meta's internal research, conducted in partnership with the University of Chicago, found that parental supervision and controls had little impact on teens' compulsive social media use, according to TechCrunch. The study also revealed that kids experiencing stressful life events were more likely to struggle with moderating their social media use. This finding was revealed during testimony at a social media addiction trial in Los Angeles County Superior Court. The plaintiff, identified as KGM or Kaley, along with her mother and others, is accusing social media companies of creating addictive and dangerous products.
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