🧬 23andMe's entire board resigns

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TOP STORY
🧬 23andMe's entire board resigns

Earlier this week, seven of the eight members of 23andMe’s board resigned.

Talk about a clean sweep..

CEO Anne Wojcicki (sister of former YouTube CEO Susan Wojcicki) is now the only remaining member of the company’s board, and according to the now-former board, she’s the reason they left.

• In a letter sent out this week, the board said it was quitting because it didn’t receive a good enough offer to take the company private.

• Since April, Wojcicki has been trying to take 23andMe private, but the board says her proposals haven’t provided enough value for shareholders.

• In July, Wojcicki proposed to acquire all outstanding shares of 23andMe not owned by her or her affiliates for $0.40 a share.

• Currently, 23andMe is trading at around 35 cents a share, so this would be a premium. 

But the board still rejected her proposal because it didn’t raise the stock price, meaning the market wasn't down for the move either, and the company couldn’t secure the necessary financing.

And, even after giving her more time to improve the offer, they saw no progress and realized the 40 cents a share was all they were gonna get.

“After months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders,” said the seven directors.

“That we have not seen any notable progress over the last five months leads us to believe no such proposal is forthcoming.”

ARTIFICIAL INTELLIGENCE
🤑 BlackRock, Microsoft Launch $30B AI Fund

You think your great uncle Bob, who gives you a crisp $100 bill for Christmas, is rich?

BlackRock and Microsoft plan to launch a more than $30 billion AI investment fund… because why not? 

Earlier this week, the trillion-dollar giants announced plans to pour billions into building data centers and energy projects “to meet growing demands stemming from AI.”

BlackRock has some big names backing the fund. 

Along with Microsoft, MGX, an Abu Dhabi-backed investment firm, will also serve as a general partner, and Nvidia, the fastest-growing chipmaker in the world, will provide invaluable guidance on where to put all this money.

Talk to me more about the fund itself. 

The investment vehicle, we’ll call it, aims to tackle AI's high energy and infrastructure needs, which will soon face big issues like energy shortages and slow networks.

ENTERTAINMENT
📺️ Amazon is creating its own version of Shark Tank

In the next month or so, the retail giant plans to introduce a new competition show where entrepreneurs pitch their products to a studio audience and judges.

Sounds familiar, doesn’t it? Who’s going to judge the competition? Are they poaching Mark Cuban and Mr. Wonderful to be judges?

Nah, unfortunately, not.

The “Buy It Now” panel will include the founder of Goop, Iron Man’s wife Gwyneth Paltrow, designer Christian Siriano, Ring creator Jamie Siminoff, and a cohort of Amazon executives.

So, is it just like Shark Tank, where these judges have a chance to buy a stake in these companies?

Not exactly. “Finalists' inventions will be sold in a new Amazon “Buy It Now” online store, and the winner of each episode will earn $20,000.”

It’s really all about the founders, their products, and getting them well-deserved attention.

What’s the play for Amazon?

Amazon likely sees this as a way to compete with TikTok Shop, which lets users buy products directly through the app. 

By utilizing Prime Video, with its over 200 million monthly viewers, they’re hoping to attract the same audience of younger, tech-savvy shoppers.