Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade.
The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small neighborhood stores in Bengaluru, Mysore and Hubli. Wholesale Hinges Dealer
“We don’t take these decisions lightly. We are discontinuing this programme in a phased manner to take care of current customers and partners,” a company spokesperson said in a statement.
Amazon Distribution was designed to help kiranas, the neighborhood stores in India, pharmacies and department stores secure inventory from the e-commerce giant. The company didn’t say precisely when the service will be discontinued.
“We offer a wide range of products at competitive prices and the convenience of next day delivery at your door-step. As a member, you can purchase thousands of items for resale at any time of the day at competitive prices and in bulk quantities, pay via the various payment options available, get GST bill for your order, and convenient and reliable door-step deliveries the next day,” the company describes on Amazon Distribution website.
Amazon did not say why it was shutting down the wholesale distribution offering, but the move follows the company shutting down two other businesses — food delivery and online learning platform Academy — in the country amid a global restructuring of its business. Amazon is planning to cut about 10,000 jobs, according to media reports, and began eliminating roles in some divisions, including devices and services earlier this month. The closure of aforementioned Indian businesses also involves elimination of some roles.
In a memo, Amazon chief executive Andy Jassy warned employees that the company will undertake more layoffs next year.
The series of announcements in India have nonetheless prompted many to speculate that Amazon, which has deployed over $6.5 billion in its local business in the country, is slowly scaling down its operations in the South Asian market. The firm has seen several of its senior executives depart in recent months.
Amazon plans to continue to focus on its core e-commerce offerings in India, according to a source familiar with the matter. Last week, Amazon launched its second AWS region in India and pledged to invest $4.4 billion in its cloud operations in the country by 2030.
Forget winning, can Amazon survive in India?
India is a key overseas market for Amazon, but also one where it faces stiff competition from heavily backed rivals. Amazon is lagging Walmart’s Flipkart and struggling to make inroads in smaller Indian cities and towns, according to a recent report by Sanford C. Bernstein. Amazon’s 2021 gross merchandise value in the country stood between $18 billion to $20 billion, lagging Flipkart’s $23 billion, the analysts said in a report to clients.
Amazon also faces competition from billionaire Mukesh Ambani’s Reliance Retail, India’s largest retail chain that is increasingly going online, and social commerce startups SoftBank-backed Meesho and Tiger Global-backed DealShare. Amazon has so far offered “a weaker proposition in ‘new’ commerce” in the country, Bernstein analysts said.
At stake is one of the world’s last great growth markets. The e-commerce spending in India, the world’s second largest internet market, is expected to double in size to over $130 billion by 2025.
Amazon has been attempting to increase its presence in India through stakes in local firms and has also aggressively explored partnerships with neighborhood stores.
It also attempted to acquire Future Retail, once India’s second largest retail chain, but was outwitted by Ambani’s firm. (Amazon accused the estranged Indian partner and Reliance of fraud in newspaper ads.)
Amazon did not immediately say if it plans to close any other business line in the country.
As with its investments up to now, Plural’s main focus will continue to be on early-stage startups rather than growth rounds, he added.<\/p>\n
When Plural originally launched in June 2022<\/a>, the startup venture world was at a high-water mark. Just six months before, Atomico reported, in its annual survey, that startups in Europe had raised a record $100 billion 2021<\/a>. Plural’s \u20ac250 million debut fund itself was arguably a product of that: it was actually intended to be \u20ac150 million.<\/p>\n The fund being announced today is coming at a very different moment.<\/p>\n Venture capital in Europe, buffeted by a weak economy, has largely been in a state of retreat over the last year. Startup investment slumped in 2023 to $45 billion<\/a>. Two of the high-profile investors that arrived to set up shop in the region, Omers<\/a> and Coatue<\/a>, significantly downgraded or shut down their operations. Others have stayed but are playing it cool. Valuations have, overall, nosedived over missed growth targets and investors driving a hard bargain. Even Plural has sat on some of its money: Hinrikus said in an interview that it’s still making investments out of its first fund.<\/p>\n Plural’s latest fund still exceeded its original target — thanks in part to the participation of one LP in particular, an unnamed academic institution in the U.K., Hogarth said (other LPs included institutions and family funds out of the U.S. and Europe primarily). But it didn’t come without its own struggles.<\/p>\n “It would be wrong to say it was easy,” Hinrikus told TechCrunch.<\/p><\/div>\n Plural — whose partners also include co-founder Khaled Helioui<\/a> (the former CEO of gaming company Bigpoint) and more recently Carina Namih<\/a> (a veteran founder and investor who has a track record in health tech) — to date has made 26 investments out of the first fund. So far activity has gravitated around a few key categories that have proven to be strong in Europe overall.<\/p>\n Artificial intelligence accounts for nearly one-third of all of its investments, with “frontier tech” (scientific breakthroughs that have viable paths to products) taking up 16% and climate and energy-focused startups 14%.<\/p>\n Notable investments out of the first fund have included London-based Robin AI, which raised $26 million<\/a> earlier this month for a “legal copilot”; Isometric, another U.K. startup, which raised $25 million last year<\/a> for a new approach to building a carbon removal registry; a German energy generation disruptor called Proxima Fusion<\/a>; and Unitary AI<\/a>, a startup that has built a multimodal technique — reading visual, audio, and text-based cues — to improve video content moderation.<\/p>\n These are some of the same categories that Plural will continue to explore when investing its latest fund, although it will be taking a somewhat different partner approach when doing so.<\/p>\n After taking on a role leading<\/a> the government’s AI Foundation Model Taskforce and helping organize the high-profile AI Safety Summit<\/a> in the U.K. last year, Hogarth is currently<\/a> the Chair of the U.K. government’s newly formed AI Safety Institute.<\/p>\n As a result, Hogarth has essentially stepped away from investing in, and being involved with, AI companies that were a part of his portfolio. He declined to give specifics of how that’s being carried out, describing the process as “a series of mitigations” that have included divestments and other actions that have meant, he said, “there’s no way that I can benefit economically from having taken this role.”<\/p>\n AI may be the current flavor of the month, but it is far from the only game, or only opportunity, in town. The tighter market of the moment has given investors are lot more clarity, it seems, in the firm’s search for what Hinrikus describes as “consequential businesses.”<\/p>\n So while some might feel that the consumer ship has sailed, Plural is looking to board that ship. “We think there are some really special opportunities in consumer that will emerge in the next the next few years,” said Hogarth.<\/p>\n “What we really care about are founders going after a very singular vision, trying to do something that feels highly differentiated,” he added. “[With] AI right now, there’s a huge number of people building businesses that look identical to 500 other startups. So what is more interesting is when people have taken a slightly less usual route and they have a stronger point of view on how the world’s going to develop.”<\/p>\n","protected":false},"excerpt":{"rendered":" European VC Plural has carved out a reputation for itself as one of the few VC’s in the region started and led by entrepreneurs who grew their own startups, with its founders including Taaavet Hinrikus from Transferwise\/Wise; Sten Tamkivi; and Ian Hogarth, the founder of Songkick who more recently has also added a role with […]<\/p>\n","protected":false},"author":13119829,"featured_media":2655367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"58a7bc38-fa7f-3111-a683-6af867d5dce9","footnotes":"","apple_news_api_created_at":"2024-01-23T00:01:52Z","apple_news_api_id":"3c9f86f0-a5ce-4240-a140-b0f71e905285","apple_news_api_modified_at":"2024-01-23T00:01:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APJ-G8KXOQkChQLD3HpBShQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577030455],"tags":[],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nPlural, the VC led by founders, pulls together a new $432M fund to back European startups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The fund being announced today is coming at a very different moment.<\/p>\n
Venture capital in Europe, buffeted by a weak economy, has largely been in a state of retreat over the last year. Startup investment slumped in 2023 to $45 billion<\/a>. Two of the high-profile investors that arrived to set up shop in the region, Omers<\/a> and Coatue<\/a>, significantly downgraded or shut down their operations. Others have stayed but are playing it cool. Valuations have, overall, nosedived over missed growth targets and investors driving a hard bargain. Even Plural has sat on some of its money: Hinrikus said in an interview that it’s still making investments out of its first fund.<\/p>\n Plural’s latest fund still exceeded its original target — thanks in part to the participation of one LP in particular, an unnamed academic institution in the U.K., Hogarth said (other LPs included institutions and family funds out of the U.S. and Europe primarily). But it didn’t come without its own struggles.<\/p>\n “It would be wrong to say it was easy,” Hinrikus told TechCrunch.<\/p><\/div>\n Plural — whose partners also include co-founder Khaled Helioui<\/a> (the former CEO of gaming company Bigpoint) and more recently Carina Namih<\/a> (a veteran founder and investor who has a track record in health tech) — to date has made 26 investments out of the first fund. So far activity has gravitated around a few key categories that have proven to be strong in Europe overall.<\/p>\n Artificial intelligence accounts for nearly one-third of all of its investments, with “frontier tech” (scientific breakthroughs that have viable paths to products) taking up 16% and climate and energy-focused startups 14%.<\/p>\n Notable investments out of the first fund have included London-based Robin AI, which raised $26 million<\/a> earlier this month for a “legal copilot”; Isometric, another U.K. startup, which raised $25 million last year<\/a> for a new approach to building a carbon removal registry; a German energy generation disruptor called Proxima Fusion<\/a>; and Unitary AI<\/a>, a startup that has built a multimodal technique — reading visual, audio, and text-based cues — to improve video content moderation.<\/p>\n These are some of the same categories that Plural will continue to explore when investing its latest fund, although it will be taking a somewhat different partner approach when doing so.<\/p>\n After taking on a role leading<\/a> the government’s AI Foundation Model Taskforce and helping organize the high-profile AI Safety Summit<\/a> in the U.K. last year, Hogarth is currently<\/a> the Chair of the U.K. government’s newly formed AI Safety Institute.<\/p>\n As a result, Hogarth has essentially stepped away from investing in, and being involved with, AI companies that were a part of his portfolio. He declined to give specifics of how that’s being carried out, describing the process as “a series of mitigations” that have included divestments and other actions that have meant, he said, “there’s no way that I can benefit economically from having taken this role.”<\/p>\n AI may be the current flavor of the month, but it is far from the only game, or only opportunity, in town. The tighter market of the moment has given investors are lot more clarity, it seems, in the firm’s search for what Hinrikus describes as “consequential businesses.”<\/p>\n So while some might feel that the consumer ship has sailed, Plural is looking to board that ship. “We think there are some really special opportunities in consumer that will emerge in the next the next few years,” said Hogarth.<\/p>\n “What we really care about are founders going after a very singular vision, trying to do something that feels highly differentiated,” he added. “[With] AI right now, there’s a huge number of people building businesses that look identical to 500 other startups. So what is more interesting is when people have taken a slightly less usual route and they have a stronger point of view on how the world’s going to develop.”<\/p>\n","protected":false},"excerpt":{"rendered":" European VC Plural has carved out a reputation for itself as one of the few VC’s in the region started and led by entrepreneurs who grew their own startups, with its founders including Taaavet Hinrikus from Transferwise\/Wise; Sten Tamkivi; and Ian Hogarth, the founder of Songkick who more recently has also added a role with […]<\/p>\n","protected":false},"author":13119829,"featured_media":2655367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"58a7bc38-fa7f-3111-a683-6af867d5dce9","footnotes":"","apple_news_api_created_at":"2024-01-23T00:01:52Z","apple_news_api_id":"3c9f86f0-a5ce-4240-a140-b0f71e905285","apple_news_api_modified_at":"2024-01-23T00:01:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APJ-G8KXOQkChQLD3HpBShQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577030455],"tags":[],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nPlural, the VC led by founders, pulls together a new $432M fund to back European startups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Plural’s latest fund still exceeded its original target — thanks in part to the participation of one LP in particular, an unnamed academic institution in the U.K., Hogarth said (other LPs included institutions and family funds out of the U.S. and Europe primarily). But it didn’t come without its own struggles.<\/p>\n
“It would be wrong to say it was easy,” Hinrikus told TechCrunch.<\/p><\/div>\n Plural — whose partners also include co-founder Khaled Helioui<\/a> (the former CEO of gaming company Bigpoint) and more recently Carina Namih<\/a> (a veteran founder and investor who has a track record in health tech) — to date has made 26 investments out of the first fund. So far activity has gravitated around a few key categories that have proven to be strong in Europe overall.<\/p>\n Artificial intelligence accounts for nearly one-third of all of its investments, with “frontier tech” (scientific breakthroughs that have viable paths to products) taking up 16% and climate and energy-focused startups 14%.<\/p>\n Notable investments out of the first fund have included London-based Robin AI, which raised $26 million<\/a> earlier this month for a “legal copilot”; Isometric, another U.K. startup, which raised $25 million last year<\/a> for a new approach to building a carbon removal registry; a German energy generation disruptor called Proxima Fusion<\/a>; and Unitary AI<\/a>, a startup that has built a multimodal technique — reading visual, audio, and text-based cues — to improve video content moderation.<\/p>\n These are some of the same categories that Plural will continue to explore when investing its latest fund, although it will be taking a somewhat different partner approach when doing so.<\/p>\n After taking on a role leading<\/a> the government’s AI Foundation Model Taskforce and helping organize the high-profile AI Safety Summit<\/a> in the U.K. last year, Hogarth is currently<\/a> the Chair of the U.K. government’s newly formed AI Safety Institute.<\/p>\n As a result, Hogarth has essentially stepped away from investing in, and being involved with, AI companies that were a part of his portfolio. He declined to give specifics of how that’s being carried out, describing the process as “a series of mitigations” that have included divestments and other actions that have meant, he said, “there’s no way that I can benefit economically from having taken this role.”<\/p>\n AI may be the current flavor of the month, but it is far from the only game, or only opportunity, in town. The tighter market of the moment has given investors are lot more clarity, it seems, in the firm’s search for what Hinrikus describes as “consequential businesses.”<\/p>\n So while some might feel that the consumer ship has sailed, Plural is looking to board that ship. “We think there are some really special opportunities in consumer that will emerge in the next the next few years,” said Hogarth.<\/p>\n “What we really care about are founders going after a very singular vision, trying to do something that feels highly differentiated,” he added. “[With] AI right now, there’s a huge number of people building businesses that look identical to 500 other startups. So what is more interesting is when people have taken a slightly less usual route and they have a stronger point of view on how the world’s going to develop.”<\/p>\n","protected":false},"excerpt":{"rendered":" European VC Plural has carved out a reputation for itself as one of the few VC’s in the region started and led by entrepreneurs who grew their own startups, with its founders including Taaavet Hinrikus from Transferwise\/Wise; Sten Tamkivi; and Ian Hogarth, the founder of Songkick who more recently has also added a role with […]<\/p>\n","protected":false},"author":13119829,"featured_media":2655367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"58a7bc38-fa7f-3111-a683-6af867d5dce9","footnotes":"","apple_news_api_created_at":"2024-01-23T00:01:52Z","apple_news_api_id":"3c9f86f0-a5ce-4240-a140-b0f71e905285","apple_news_api_modified_at":"2024-01-23T00:01:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APJ-G8KXOQkChQLD3HpBShQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577030455],"tags":[],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nPlural, the VC led by founders, pulls together a new $432M fund to back European startups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Plural — whose partners also include co-founder Khaled Helioui<\/a> (the former CEO of gaming company Bigpoint) and more recently Carina Namih<\/a> (a veteran founder and investor who has a track record in health tech) — to date has made 26 investments out of the first fund. So far activity has gravitated around a few key categories that have proven to be strong in Europe overall.<\/p>\n Artificial intelligence accounts for nearly one-third of all of its investments, with “frontier tech” (scientific breakthroughs that have viable paths to products) taking up 16% and climate and energy-focused startups 14%.<\/p>\n Notable investments out of the first fund have included London-based Robin AI, which raised $26 million<\/a> earlier this month for a “legal copilot”; Isometric, another U.K. startup, which raised $25 million last year<\/a> for a new approach to building a carbon removal registry; a German energy generation disruptor called Proxima Fusion<\/a>; and Unitary AI<\/a>, a startup that has built a multimodal technique — reading visual, audio, and text-based cues — to improve video content moderation.<\/p>\n These are some of the same categories that Plural will continue to explore when investing its latest fund, although it will be taking a somewhat different partner approach when doing so.<\/p>\n After taking on a role leading<\/a> the government’s AI Foundation Model Taskforce and helping organize the high-profile AI Safety Summit<\/a> in the U.K. last year, Hogarth is currently<\/a> the Chair of the U.K. government’s newly formed AI Safety Institute.<\/p>\n As a result, Hogarth has essentially stepped away from investing in, and being involved with, AI companies that were a part of his portfolio. He declined to give specifics of how that’s being carried out, describing the process as “a series of mitigations” that have included divestments and other actions that have meant, he said, “there’s no way that I can benefit economically from having taken this role.”<\/p>\n AI may be the current flavor of the month, but it is far from the only game, or only opportunity, in town. The tighter market of the moment has given investors are lot more clarity, it seems, in the firm’s search for what Hinrikus describes as “consequential businesses.”<\/p>\n So while some might feel that the consumer ship has sailed, Plural is looking to board that ship. “We think there are some really special opportunities in consumer that will emerge in the next the next few years,” said Hogarth.<\/p>\n “What we really care about are founders going after a very singular vision, trying to do something that feels highly differentiated,” he added. “[With] AI right now, there’s a huge number of people building businesses that look identical to 500 other startups. So what is more interesting is when people have taken a slightly less usual route and they have a stronger point of view on how the world’s going to develop.”<\/p>\n","protected":false},"excerpt":{"rendered":" European VC Plural has carved out a reputation for itself as one of the few VC’s in the region started and led by entrepreneurs who grew their own startups, with its founders including Taaavet Hinrikus from Transferwise\/Wise; Sten Tamkivi; and Ian Hogarth, the founder of Songkick who more recently has also added a role with […]<\/p>\n","protected":false},"author":13119829,"featured_media":2655367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"58a7bc38-fa7f-3111-a683-6af867d5dce9","footnotes":"","apple_news_api_created_at":"2024-01-23T00:01:52Z","apple_news_api_id":"3c9f86f0-a5ce-4240-a140-b0f71e905285","apple_news_api_modified_at":"2024-01-23T00:01:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APJ-G8KXOQkChQLD3HpBShQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577030455],"tags":[],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nPlural, the VC led by founders, pulls together a new $432M fund to back European startups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Artificial intelligence accounts for nearly one-third of all of its investments, with “frontier tech” (scientific breakthroughs that have viable paths to products) taking up 16% and climate and energy-focused startups 14%.<\/p>\n
Notable investments out of the first fund have included London-based Robin AI, which raised $26 million<\/a> earlier this month for a “legal copilot”; Isometric, another U.K. startup, which raised $25 million last year<\/a> for a new approach to building a carbon removal registry; a German energy generation disruptor called Proxima Fusion<\/a>; and Unitary AI<\/a>, a startup that has built a multimodal technique — reading visual, audio, and text-based cues — to improve video content moderation.<\/p>\n These are some of the same categories that Plural will continue to explore when investing its latest fund, although it will be taking a somewhat different partner approach when doing so.<\/p>\n After taking on a role leading<\/a> the government’s AI Foundation Model Taskforce and helping organize the high-profile AI Safety Summit<\/a> in the U.K. last year, Hogarth is currently<\/a> the Chair of the U.K. government’s newly formed AI Safety Institute.<\/p>\n As a result, Hogarth has essentially stepped away from investing in, and being involved with, AI companies that were a part of his portfolio. He declined to give specifics of how that’s being carried out, describing the process as “a series of mitigations” that have included divestments and other actions that have meant, he said, “there’s no way that I can benefit economically from having taken this role.”<\/p>\n AI may be the current flavor of the month, but it is far from the only game, or only opportunity, in town. The tighter market of the moment has given investors are lot more clarity, it seems, in the firm’s search for what Hinrikus describes as “consequential businesses.”<\/p>\n So while some might feel that the consumer ship has sailed, Plural is looking to board that ship. “We think there are some really special opportunities in consumer that will emerge in the next the next few years,” said Hogarth.<\/p>\n “What we really care about are founders going after a very singular vision, trying to do something that feels highly differentiated,” he added. “[With] AI right now, there’s a huge number of people building businesses that look identical to 500 other startups. So what is more interesting is when people have taken a slightly less usual route and they have a stronger point of view on how the world’s going to develop.”<\/p>\n","protected":false},"excerpt":{"rendered":" European VC Plural has carved out a reputation for itself as one of the few VC’s in the region started and led by entrepreneurs who grew their own startups, with its founders including Taaavet Hinrikus from Transferwise\/Wise; Sten Tamkivi; and Ian Hogarth, the founder of Songkick who more recently has also added a role with […]<\/p>\n","protected":false},"author":13119829,"featured_media":2655367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"58a7bc38-fa7f-3111-a683-6af867d5dce9","footnotes":"","apple_news_api_created_at":"2024-01-23T00:01:52Z","apple_news_api_id":"3c9f86f0-a5ce-4240-a140-b0f71e905285","apple_news_api_modified_at":"2024-01-23T00:01:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APJ-G8KXOQkChQLD3HpBShQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577030455],"tags":[],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nPlural, the VC led by founders, pulls together a new $432M fund to back European startups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
These are some of the same categories that Plural will continue to explore when investing its latest fund, although it will be taking a somewhat different partner approach when doing so.<\/p>\n
After taking on a role leading<\/a> the government’s AI Foundation Model Taskforce and helping organize the high-profile AI Safety Summit<\/a> in the U.K. last year, Hogarth is currently<\/a> the Chair of the U.K. government’s newly formed AI Safety Institute.<\/p>\n As a result, Hogarth has essentially stepped away from investing in, and being involved with, AI companies that were a part of his portfolio. He declined to give specifics of how that’s being carried out, describing the process as “a series of mitigations” that have included divestments and other actions that have meant, he said, “there’s no way that I can benefit economically from having taken this role.”<\/p>\n AI may be the current flavor of the month, but it is far from the only game, or only opportunity, in town. The tighter market of the moment has given investors are lot more clarity, it seems, in the firm’s search for what Hinrikus describes as “consequential businesses.”<\/p>\n So while some might feel that the consumer ship has sailed, Plural is looking to board that ship. “We think there are some really special opportunities in consumer that will emerge in the next the next few years,” said Hogarth.<\/p>\n “What we really care about are founders going after a very singular vision, trying to do something that feels highly differentiated,” he added. “[With] AI right now, there’s a huge number of people building businesses that look identical to 500 other startups. So what is more interesting is when people have taken a slightly less usual route and they have a stronger point of view on how the world’s going to develop.”<\/p>\n","protected":false},"excerpt":{"rendered":" European VC Plural has carved out a reputation for itself as one of the few VC’s in the region started and led by entrepreneurs who grew their own startups, with its founders including Taaavet Hinrikus from Transferwise\/Wise; Sten Tamkivi; and Ian Hogarth, the founder of Songkick who more recently has also added a role with […]<\/p>\n","protected":false},"author":13119829,"featured_media":2655367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"58a7bc38-fa7f-3111-a683-6af867d5dce9","footnotes":"","apple_news_api_created_at":"2024-01-23T00:01:52Z","apple_news_api_id":"3c9f86f0-a5ce-4240-a140-b0f71e905285","apple_news_api_modified_at":"2024-01-23T00:01:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APJ-G8KXOQkChQLD3HpBShQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577030455],"tags":[],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nPlural, the VC led by founders, pulls together a new $432M fund to back European startups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
As a result, Hogarth has essentially stepped away from investing in, and being involved with, AI companies that were a part of his portfolio. He declined to give specifics of how that’s being carried out, describing the process as “a series of mitigations” that have included divestments and other actions that have meant, he said, “there’s no way that I can benefit economically from having taken this role.”<\/p>\n
AI may be the current flavor of the month, but it is far from the only game, or only opportunity, in town. The tighter market of the moment has given investors are lot more clarity, it seems, in the firm’s search for what Hinrikus describes as “consequential businesses.”<\/p>\n
So while some might feel that the consumer ship has sailed, Plural is looking to board that ship. “We think there are some really special opportunities in consumer that will emerge in the next the next few years,” said Hogarth.<\/p>\n
“What we really care about are founders going after a very singular vision, trying to do something that feels highly differentiated,” he added. “[With] AI right now, there’s a huge number of people building businesses that look identical to 500 other startups. So what is more interesting is when people have taken a slightly less usual route and they have a stronger point of view on how the world’s going to develop.”<\/p>\n","protected":false},"excerpt":{"rendered":"
European VC Plural has carved out a reputation for itself as one of the few VC’s in the region started and led by entrepreneurs who grew their own startups, with its founders including Taaavet Hinrikus from Transferwise\/Wise; Sten Tamkivi; and Ian Hogarth, the founder of Songkick who more recently has also added a role with […]<\/p>\n","protected":false},"author":13119829,"featured_media":2655367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"58a7bc38-fa7f-3111-a683-6af867d5dce9","footnotes":"","apple_news_api_created_at":"2024-01-23T00:01:52Z","apple_news_api_id":"3c9f86f0-a5ce-4240-a140-b0f71e905285","apple_news_api_modified_at":"2024-01-23T00:01:52Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APJ-G8KXOQkChQLD3HpBShQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577030455],"tags":[],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nPlural, the VC led by founders, pulls together a new $432M fund to back European startups | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Ingrid is a writer and editor for TechCrunch, joining February 2012, based out of London.<\/p>\r\n\r\n
Before TechCrunch, Ingrid worked at paidContent.org, where she was a staff writer, and has in the past also written freelance regularly for other publications such as the Financial Times. Ingrid covers mobile, digital media, advertising and the spaces where these intersect.<\/p>\r\n\r\n
When it comes to work, she feels most comfortable speaking in English but can also speak Russian, Spanish and French (in descending order of competence).<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/tbebbexwnizrc5qurxt4.jpg.jpg","twitter":"ingridlunden","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/13119829"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"author":[{"id":13119829,"name":"Ingrid Lunden","url":"","description":"","link":"https:\/\/techcrunch.com\/author\/ingrid-lunden\/","slug":"ingrid-lunden","avatar_urls":{"24":"https:\/\/secure.gravatar.com\/avatar\/6648ec93043f0f368091adece63c6d52?s=24&d=identicon&r=g","48":"https:\/\/secure.gravatar.com\/avatar\/6648ec93043f0f368091adece63c6d52?s=48&d=identicon&r=g","96":"https:\/\/secure.gravatar.com\/avatar\/6648ec93043f0f368091adece63c6d52?s=96&d=identicon&r=g"},"yoast_head":"\nIngrid Lunden, Author at TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n
Ingrid is a writer and editor for TechCrunch, joining February 2012, based out of London.<\/p>\r\n\r\n
Before TechCrunch, Ingrid worked at paidContent.org, where she was a staff writer, and has in the past also written freelance regularly for other publications such as the Financial Times. Ingrid covers mobile, digital media, advertising and the spaces where these intersect.<\/p>\r\n\r\n
When it comes to work, she feels most comfortable speaking in English but can also speak Russian, Spanish and French (in descending order of competence).<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/tbebbexwnizrc5qurxt4.jpg.jpg","twitter":"ingridlunden","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/13119829"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"wp:featuredmedia":[{"id":2655367,"date":"2024-01-22T16:01:16","slug":"plural_ues-group_040_v2","type":"attachment","link":"https:\/\/techcrunch.com\/2024\/01\/22\/plural-the-vc-led-by-founders-pulls-together-a-new-432m-fund-to-back-european-startups\/plural_ues-group_040_v2\/","title":{"rendered":"PLURAL_UEs-Group_040_v2"},"author":13119829,"jetpack_sharing_enabled":true,"license":"","authors":[13119829],"caption":{"rendered":""},"alt_text":"","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":5029,"height":3353,"file":"2024\/01\/PLURAL_UEs-Group_040_v2.jpg","filesize":5734477,"sizes":{"thumbnail":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=150,100","width":150,"height":100,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=150"},"medium":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=300,200","width":300,"height":200,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=300"},"medium_large":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=768,512","width":768,"height":512,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=1024"},"large":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=680,453","width":680,"height":453,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=680"},"1536x1536":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=1536,1024","width":1536,"height":1024,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=1536"},"2048x2048":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=2048,1365","width":2048,"height":1365,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=2048"},"tc-social-image":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=1200,800","width":1200,"height":800,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=1200"},"guest-author-32":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=32,32","width":32,"height":32,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=50,50","width":50,"height":50,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=64,64","width":64,"height":64,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=96,96","width":96,"height":96,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=128,128","width":128,"height":128,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"PLURAL_UEs-Group_040_v2.jpg?resize=50,33","width":50,"height":33,"filesize":5734477,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg?w=50"},"full":{"file":"PLURAL_UEs-Group_040_v2.jpg","width":1024,"height":683,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg"}},"image_meta":{"aperture":"5.6","credit":"","camera":"Canon EOS 5D Mark III","caption":"","created_timestamp":"1701864838","copyright":"","focal_length":"24","iso":"800","shutter_speed":"0.005","title":"","orientation":"1","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/01\/PLURAL_UEs-Group_040_v2.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2655367"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2655367"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/13119829"}]}}],"wp:term":[[{"id":577030455,"description":"Our venture capital news features interviews and analysis on all the VCs, the VC-backed startups, and the investment trends that founders, investors, students, academics \u2013 and anyone else interested in the way that tech is transforming the world \u2013 should be tracking.","link":"https:\/\/techcrunch.com\/category\/venture\/","name":"Venture","slug":"venture","taxonomy":"category","parent":0,"yoast_head":"\nVenture Capital News | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
It’s not just Netflix<\/a>, Spotify<\/a>, and YouTube<\/a> that don’t have apps for Apple’s Vision Pro<\/a> at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just 150+ apps that were updated for the Vision Pro explicitly, according to data from market intelligence firm Appfigures<\/a> — a sliver of the App Store’s 1.8 million apps.<\/a><\/p>\n That’s not the number of apps available<\/em>, to be clear.<\/p>\n The Vision Pro is theoretically compatible with iOS and iPad apps, unless a developer opts out. But it is indicative of how many companies rushed to build for the new platform, specifically<\/em> — and given the size of Apple’s wider developer base, it’s a smaller number.<\/p>\n There are several reasons why developers may not be customizing their apps or building new ones just for Apple’s latest platform, including a limited supply of Vision Pro headsets for testing and an understanding that the market opportunity for their apps may be small for some time, thanks to the device’s hefty price point of $3,499<\/a> and up, depending on storage size. Developers may also be struggling with translating their small, touchscreen-optimized apps to a different sort of computing environment.<\/p>\n Still, one can’t overlook the negative sentiment that Apple has stoked among its developer community after the fallout of Epic Games’ antitrust lawsuit<\/a> against the tech giant. Though Apple largely won the case, as the court ruled it was not a monopolist, it did require that Apple modify its App Store rules to allow developers to point to other means of purchasing subscriptions and other in-app purchases via their own websites. Apple rather maliciously complied<\/a> with the ruling, tacking on a number of other caveats and guidelines<\/a> around who can apply for this “exception” to its App Store rules and how the link is to be implemented within their apps, right down to the language developers can use.<\/p>\n The company also said it would only reduce commissions down to 27% from 30%, making the option a non-starter for many app makers, given that credit card processing fees could be even higher than the 3% discount.<\/p>\n This developer-hostile attitude could have a chilling effect on Apple’s wider developer community — a community that had previously rushed to embrace Apple’s new platforms, despite diminishing returns. The Apple iMessage App Store never fully took off, for example, having faced discoverability challenges<\/a> due to its placement in the iMessage app drawer. Meanwhile, the watchOS App Store has seen several high-profile departures following its launch, including the removal of top apps from Meta<\/a>, Slack<\/a>,\u00a0Uber, <\/a>and\u00a0Twitter<\/a>.<\/p><\/div>\n With Vision Pro, Apple rivals like YouTube<\/a>, Netflix<\/a>, and Spotify have chosen not to build for Apple’s latest platform, as the Cupertino tech giant increasingly competes in their same markets with its own video and music streaming services. Meta, which makes its own VR headset, has also unsurprisingly opted not to specifically build native apps for the Vision Pro, Appfigures’ list reveals. (Its apps are also not yet compatible, reports MacStories<\/a>).<\/p>\n That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
That’s not the number of apps available<\/em>, to be clear.<\/p>\n The Vision Pro is theoretically compatible with iOS and iPad apps, unless a developer opts out. But it is indicative of how many companies rushed to build for the new platform, specifically<\/em> — and given the size of Apple’s wider developer base, it’s a smaller number.<\/p>\n There are several reasons why developers may not be customizing their apps or building new ones just for Apple’s latest platform, including a limited supply of Vision Pro headsets for testing and an understanding that the market opportunity for their apps may be small for some time, thanks to the device’s hefty price point of $3,499<\/a> and up, depending on storage size. Developers may also be struggling with translating their small, touchscreen-optimized apps to a different sort of computing environment.<\/p>\n Still, one can’t overlook the negative sentiment that Apple has stoked among its developer community after the fallout of Epic Games’ antitrust lawsuit<\/a> against the tech giant. Though Apple largely won the case, as the court ruled it was not a monopolist, it did require that Apple modify its App Store rules to allow developers to point to other means of purchasing subscriptions and other in-app purchases via their own websites. Apple rather maliciously complied<\/a> with the ruling, tacking on a number of other caveats and guidelines<\/a> around who can apply for this “exception” to its App Store rules and how the link is to be implemented within their apps, right down to the language developers can use.<\/p>\n The company also said it would only reduce commissions down to 27% from 30%, making the option a non-starter for many app makers, given that credit card processing fees could be even higher than the 3% discount.<\/p>\n This developer-hostile attitude could have a chilling effect on Apple’s wider developer community — a community that had previously rushed to embrace Apple’s new platforms, despite diminishing returns. The Apple iMessage App Store never fully took off, for example, having faced discoverability challenges<\/a> due to its placement in the iMessage app drawer. Meanwhile, the watchOS App Store has seen several high-profile departures following its launch, including the removal of top apps from Meta<\/a>, Slack<\/a>,\u00a0Uber, <\/a>and\u00a0Twitter<\/a>.<\/p><\/div>\n With Vision Pro, Apple rivals like YouTube<\/a>, Netflix<\/a>, and Spotify have chosen not to build for Apple’s latest platform, as the Cupertino tech giant increasingly competes in their same markets with its own video and music streaming services. Meta, which makes its own VR headset, has also unsurprisingly opted not to specifically build native apps for the Vision Pro, Appfigures’ list reveals. (Its apps are also not yet compatible, reports MacStories<\/a>).<\/p>\n That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The Vision Pro is theoretically compatible with iOS and iPad apps, unless a developer opts out. But it is indicative of how many companies rushed to build for the new platform, specifically<\/em> — and given the size of Apple’s wider developer base, it’s a smaller number.<\/p>\n There are several reasons why developers may not be customizing their apps or building new ones just for Apple’s latest platform, including a limited supply of Vision Pro headsets for testing and an understanding that the market opportunity for their apps may be small for some time, thanks to the device’s hefty price point of $3,499<\/a> and up, depending on storage size. Developers may also be struggling with translating their small, touchscreen-optimized apps to a different sort of computing environment.<\/p>\n Still, one can’t overlook the negative sentiment that Apple has stoked among its developer community after the fallout of Epic Games’ antitrust lawsuit<\/a> against the tech giant. Though Apple largely won the case, as the court ruled it was not a monopolist, it did require that Apple modify its App Store rules to allow developers to point to other means of purchasing subscriptions and other in-app purchases via their own websites. Apple rather maliciously complied<\/a> with the ruling, tacking on a number of other caveats and guidelines<\/a> around who can apply for this “exception” to its App Store rules and how the link is to be implemented within their apps, right down to the language developers can use.<\/p>\n The company also said it would only reduce commissions down to 27% from 30%, making the option a non-starter for many app makers, given that credit card processing fees could be even higher than the 3% discount.<\/p>\n This developer-hostile attitude could have a chilling effect on Apple’s wider developer community — a community that had previously rushed to embrace Apple’s new platforms, despite diminishing returns. The Apple iMessage App Store never fully took off, for example, having faced discoverability challenges<\/a> due to its placement in the iMessage app drawer. Meanwhile, the watchOS App Store has seen several high-profile departures following its launch, including the removal of top apps from Meta<\/a>, Slack<\/a>,\u00a0Uber, <\/a>and\u00a0Twitter<\/a>.<\/p><\/div>\n With Vision Pro, Apple rivals like YouTube<\/a>, Netflix<\/a>, and Spotify have chosen not to build for Apple’s latest platform, as the Cupertino tech giant increasingly competes in their same markets with its own video and music streaming services. Meta, which makes its own VR headset, has also unsurprisingly opted not to specifically build native apps for the Vision Pro, Appfigures’ list reveals. (Its apps are also not yet compatible, reports MacStories<\/a>).<\/p>\n That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
There are several reasons why developers may not be customizing their apps or building new ones just for Apple’s latest platform, including a limited supply of Vision Pro headsets for testing and an understanding that the market opportunity for their apps may be small for some time, thanks to the device’s hefty price point of $3,499<\/a> and up, depending on storage size. Developers may also be struggling with translating their small, touchscreen-optimized apps to a different sort of computing environment.<\/p>\n Still, one can’t overlook the negative sentiment that Apple has stoked among its developer community after the fallout of Epic Games’ antitrust lawsuit<\/a> against the tech giant. Though Apple largely won the case, as the court ruled it was not a monopolist, it did require that Apple modify its App Store rules to allow developers to point to other means of purchasing subscriptions and other in-app purchases via their own websites. Apple rather maliciously complied<\/a> with the ruling, tacking on a number of other caveats and guidelines<\/a> around who can apply for this “exception” to its App Store rules and how the link is to be implemented within their apps, right down to the language developers can use.<\/p>\n The company also said it would only reduce commissions down to 27% from 30%, making the option a non-starter for many app makers, given that credit card processing fees could be even higher than the 3% discount.<\/p>\n This developer-hostile attitude could have a chilling effect on Apple’s wider developer community — a community that had previously rushed to embrace Apple’s new platforms, despite diminishing returns. The Apple iMessage App Store never fully took off, for example, having faced discoverability challenges<\/a> due to its placement in the iMessage app drawer. Meanwhile, the watchOS App Store has seen several high-profile departures following its launch, including the removal of top apps from Meta<\/a>, Slack<\/a>,\u00a0Uber, <\/a>and\u00a0Twitter<\/a>.<\/p><\/div>\n With Vision Pro, Apple rivals like YouTube<\/a>, Netflix<\/a>, and Spotify have chosen not to build for Apple’s latest platform, as the Cupertino tech giant increasingly competes in their same markets with its own video and music streaming services. Meta, which makes its own VR headset, has also unsurprisingly opted not to specifically build native apps for the Vision Pro, Appfigures’ list reveals. (Its apps are also not yet compatible, reports MacStories<\/a>).<\/p>\n That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Still, one can’t overlook the negative sentiment that Apple has stoked among its developer community after the fallout of Epic Games’ antitrust lawsuit<\/a> against the tech giant. Though Apple largely won the case, as the court ruled it was not a monopolist, it did require that Apple modify its App Store rules to allow developers to point to other means of purchasing subscriptions and other in-app purchases via their own websites. Apple rather maliciously complied<\/a> with the ruling, tacking on a number of other caveats and guidelines<\/a> around who can apply for this “exception” to its App Store rules and how the link is to be implemented within their apps, right down to the language developers can use.<\/p>\n The company also said it would only reduce commissions down to 27% from 30%, making the option a non-starter for many app makers, given that credit card processing fees could be even higher than the 3% discount.<\/p>\n This developer-hostile attitude could have a chilling effect on Apple’s wider developer community — a community that had previously rushed to embrace Apple’s new platforms, despite diminishing returns. The Apple iMessage App Store never fully took off, for example, having faced discoverability challenges<\/a> due to its placement in the iMessage app drawer. Meanwhile, the watchOS App Store has seen several high-profile departures following its launch, including the removal of top apps from Meta<\/a>, Slack<\/a>,\u00a0Uber, <\/a>and\u00a0Twitter<\/a>.<\/p><\/div>\n With Vision Pro, Apple rivals like YouTube<\/a>, Netflix<\/a>, and Spotify have chosen not to build for Apple’s latest platform, as the Cupertino tech giant increasingly competes in their same markets with its own video and music streaming services. Meta, which makes its own VR headset, has also unsurprisingly opted not to specifically build native apps for the Vision Pro, Appfigures’ list reveals. (Its apps are also not yet compatible, reports MacStories<\/a>).<\/p>\n That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The company also said it would only reduce commissions down to 27% from 30%, making the option a non-starter for many app makers, given that credit card processing fees could be even higher than the 3% discount.<\/p>\n
This developer-hostile attitude could have a chilling effect on Apple’s wider developer community — a community that had previously rushed to embrace Apple’s new platforms, despite diminishing returns. The Apple iMessage App Store never fully took off, for example, having faced discoverability challenges<\/a> due to its placement in the iMessage app drawer. Meanwhile, the watchOS App Store has seen several high-profile departures following its launch, including the removal of top apps from Meta<\/a>, Slack<\/a>,\u00a0Uber, <\/a>and\u00a0Twitter<\/a>.<\/p><\/div>\n With Vision Pro, Apple rivals like YouTube<\/a>, Netflix<\/a>, and Spotify have chosen not to build for Apple’s latest platform, as the Cupertino tech giant increasingly competes in their same markets with its own video and music streaming services. Meta, which makes its own VR headset, has also unsurprisingly opted not to specifically build native apps for the Vision Pro, Appfigures’ list reveals. (Its apps are also not yet compatible, reports MacStories<\/a>).<\/p>\n That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
With Vision Pro, Apple rivals like YouTube<\/a>, Netflix<\/a>, and Spotify have chosen not to build for Apple’s latest platform, as the Cupertino tech giant increasingly competes in their same markets with its own video and music streaming services. Meta, which makes its own VR headset, has also unsurprisingly opted not to specifically build native apps for the Vision Pro, Appfigures’ list reveals. (Its apps are also not yet compatible, reports MacStories<\/a>).<\/p>\n That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
That’s not to say there’s nothing for Vision Pro users to do with their new headset at launch. Apple has said that the Vision Pro will allow users to download and stream<\/a> content from Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. Apple’s own apps are also available, as others you may know<\/a> like Temu, Uber\/Uber Eats, Tinder, Notion, CNN, Washington Post, Reddit, Discord and more.<\/p>\n Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Plus, Appfigures reveals<\/a> a few other big brands and popular apps that have been built for Vision Pro specifically, including Box, Carrot Weather, Webex, Zoom, Fantastical, and others. Many, however, were not household names.<\/p>\n Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Several more have opted out, meaning they don’t have the “compatible” flag, Appfigures tells us. This includes apps like Facebook, Instagram, Messenger, WhatsApp, TikTok, Spotify, YouTube, Google Drive, Gmail, Google Meet, Chrome, Google Home, Roku, Pandora, DoorDash, Amazon, Candy Crush, Bumble, Nike, Nest, and more.<\/p>\n
Apple told developers their existing iPhone and iPad apps would be made available to Vision Pro users automatically<\/a> unless the developer edits their apps’ availability in App Store Connect. This is possible because the apps for Vision Pro run natively and “use the same frameworks, resources, and runtime environment as they do on iOS and iPadOS,” an Apple support document explains.<\/p>\n Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Likely, many app developers are just allowing their existing apps to be ported over until the Vision Pro has a big enough user base to warrant the extra attention.<\/p>\n\n Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Netflix confirms it won\u2019t have a dedicated app for the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n\n I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
I spent the morning with the Apple Vision Pro<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
It’s not just Netflix, Spotify, and YouTube that don’t have apps for Apple’s Vision Pro at launch. New App Store data indicates the new mixed reality headset and Apple’s foray into virtual reality has so far seen only a tepid response from app developers. As of this weekend, the AR\/VR device’s App Store has just […]<\/p>\n","protected":false},"author":2414667,"featured_media":2553405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"134fa776-8e7b-3874-8d3d-4b4d788e82c7","footnotes":"","apple_news_api_created_at":"2024-01-22T18:27:17Z","apple_news_api_id":"e5dd6138-612d-45fb-9413-a6dc9a00e03b","apple_news_api_modified_at":"2024-01-23T00:53:06Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/A5d1hOGEtRfuUE6bcmgDgOw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577051039],"tags":[291,449557101,20054,577153707,27264],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nOnly 150+ apps have been designed specifically for Apple's Vision Pro, so far | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/lwzxxnshgj71bonwbik3.jpg.jpg","twitter":"sarahpereztc","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/2414667"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"author":[{"id":2414667,"name":"Sarah Perez","url":"","description":"","link":"https:\/\/techcrunch.com\/author\/sarah-perez\/","slug":"sarah-perez","avatar_urls":{"24":"https:\/\/secure.gravatar.com\/avatar\/5225bb627e112543aa03bf3b2958be3f?s=24&d=identicon&r=g","48":"https:\/\/secure.gravatar.com\/avatar\/5225bb627e112543aa03bf3b2958be3f?s=48&d=identicon&r=g","96":"https:\/\/secure.gravatar.com\/avatar\/5225bb627e112543aa03bf3b2958be3f?s=96&d=identicon&r=g"},"yoast_head":"\nSarah Perez, Author at TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n
Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.<\/p>","cbAvatar":"https:\/\/techcrunch.com\/wp-content\/uploads\/2021\/01\/lwzxxnshgj71bonwbik3.jpg.jpg","twitter":"sarahpereztc","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/2414667"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users"}]}}],"wp:featuredmedia":[{"id":2553405,"date":"2023-06-05T12:24:25","slug":"cmc_6538","type":"attachment","link":"https:\/\/techcrunch.com\/2023\/12\/29\/startups-yearly-the-biggest-startup-stories-from-2023\/cmc_6538\/","title":{"rendered":"Apple Vision Pro"},"author":699688,"jetpack_sharing_enabled":true,"license":{"person":"Brian Heater"},"authors":[699688],"caption":{"rendered":"
Apple Vision Pro<\/p>\n"},"alt_text":"Apple Vision Pro headset","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":4464,"height":2976,"file":"2023\/06\/CMC_6538.jpg","filesize":983525,"sizes":{"thumbnail":{"file":"CMC_6538.jpg?resize=150,100","width":150,"height":100,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=150"},"medium":{"file":"CMC_6538.jpg?resize=300,200","width":300,"height":200,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=300"},"medium_large":{"file":"CMC_6538.jpg?resize=768,512","width":768,"height":512,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=1024"},"large":{"file":"CMC_6538.jpg?resize=680,453","width":680,"height":453,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=680"},"1536x1536":{"file":"CMC_6538.jpg?resize=1536,1024","width":1536,"height":1024,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=1536"},"2048x2048":{"file":"CMC_6538.jpg?resize=2048,1365","width":2048,"height":1365,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=2048"},"tc-social-image":{"file":"CMC_6538.jpg?resize=1200,800","width":1200,"height":800,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=1200"},"guest-author-32":{"file":"CMC_6538.jpg?resize=32,32","width":32,"height":32,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"CMC_6538.jpg?resize=50,50","width":50,"height":50,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"CMC_6538.jpg?resize=64,64","width":64,"height":64,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"CMC_6538.jpg?resize=96,96","width":96,"height":96,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"CMC_6538.jpg?resize=128,128","width":128,"height":128,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"CMC_6538.jpg?resize=50,33","width":50,"height":33,"filesize":983525,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg?w=50"},"full":{"file":"CMC_6538.jpg","width":1024,"height":683,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg"}},"image_meta":{"aperture":"2.8","credit":"","camera":"Canon EOS 5D Mark IV","caption":"","created_timestamp":"1685978936","copyright":"","focal_length":"50","iso":"200","shutter_speed":"0.025","title":"","orientation":"1","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/06\/CMC_6538.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2553405"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2553405"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/699688"}]}}],"wp:term":[[{"id":577051039,"description":"The app economy continues to grow, having produced a record number of downloads and consumer spending across both the iOS and Google Play stores. Keep up with this fast-moving industry in one place, with the latest from the world of apps, including news, updates, startup fundings, mergers and acquisitions, and much more.","link":"https:\/\/techcrunch.com\/category\/apps\/","name":"Apps","slug":"apps","taxonomy":"category","parent":0,"yoast_head":"\nApps | Read the latest app news on TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
It\u2019s a dirty<\/span> little secret in business that everybody has a boss, even the bosses. Top executives report to the CEO, the CEO answers to the board, and the board serves at the whim of the shareholders.<\/p>\n Exxon\u2019s management has now decided that it doesn\u2019t like what its bosses have to say.<\/p>\n On Sunday evening, the oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution at its next annual meeting. The resolution was proposed by Arjuna Capital<\/a> and Follow This<\/a>, two activist investors that are seeking to compel Exxon to rein in its vast carbon emissions.<\/p>\n Hang on a minute, aren\u2019t shareholders supposed to be sacrosanct? Isn\u2019t the whole point of a corporation to please its shareholders? That\u2019s what Milton Friedman said when he argued<\/a> in favor of shareholder primacy back in 1970:<\/p>\n In a free\u2010enterprise, private\u2010property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society<\/em>, both those embodied in law and those embodied in ethical custom.<\/em>\u00a0(Emphases added.)<\/p><\/blockquote>\n The new shareholder resolution calls on the oil company to reduce its Scope 3 emissions or those that result from the use of its products. In Exxon\u2019s case, that\u2019s mostly the burning of fossil fuels.<\/p>\n The problem Exxon faces is that the \u201cbasic rules of society,\u201d specifically \u201cthose embedded in ethical custom,\u201d are changing, and the company now finds itself on the wrong side of them. Two-thirds of Americans say we should prioritize alternative energy over fossil fuels, and 69% say the U.S. should move toward net-zero emissions by 2050, according to the Pew Research Center<\/a>. Internationally, most people<\/a> want their governments to do something about climate change.<\/p>\n Exxon would normally take its grievances to the SEC, filing a request with the regulator to omit the proposal from this year\u2019s proxy statement. But under the Biden administration, the SEC has been siding more frequently with shareholders. After all, who\u2019s the boss?<\/p>\n Years ago, the only shareholders who were a thorn in managements\u2019 sides were activist investors who would amass substantial positions in a bid to gain board seats and steer company strategy. Other shareholders tended to be deferential to management, letting them run their business as they saw fit.<\/p>\n But as shareholder primacy took root in the public consciousness, more shareholders began to exercise their rights<\/a>. Even larger asset managers, including BlackRock, Vanguard and State Street, have warmed<\/a> to shareholder proposals that seek to push companies to adhere to what Friedman called \u201cethical custom.\u201d<\/p>\n <\/div>","protected":false},"excerpt":{"rendered":" The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Exxon\u2019s management has now decided that it doesn\u2019t like what its bosses have to say.<\/p>\n
On Sunday evening, the oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution at its next annual meeting. The resolution was proposed by Arjuna Capital<\/a> and Follow This<\/a>, two activist investors that are seeking to compel Exxon to rein in its vast carbon emissions.<\/p>\n Hang on a minute, aren\u2019t shareholders supposed to be sacrosanct? Isn\u2019t the whole point of a corporation to please its shareholders? That\u2019s what Milton Friedman said when he argued<\/a> in favor of shareholder primacy back in 1970:<\/p>\n In a free\u2010enterprise, private\u2010property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society<\/em>, both those embodied in law and those embodied in ethical custom.<\/em>\u00a0(Emphases added.)<\/p><\/blockquote>\n The new shareholder resolution calls on the oil company to reduce its Scope 3 emissions or those that result from the use of its products. In Exxon\u2019s case, that\u2019s mostly the burning of fossil fuels.<\/p>\n The problem Exxon faces is that the \u201cbasic rules of society,\u201d specifically \u201cthose embedded in ethical custom,\u201d are changing, and the company now finds itself on the wrong side of them. Two-thirds of Americans say we should prioritize alternative energy over fossil fuels, and 69% say the U.S. should move toward net-zero emissions by 2050, according to the Pew Research Center<\/a>. Internationally, most people<\/a> want their governments to do something about climate change.<\/p>\n Exxon would normally take its grievances to the SEC, filing a request with the regulator to omit the proposal from this year\u2019s proxy statement. But under the Biden administration, the SEC has been siding more frequently with shareholders. After all, who\u2019s the boss?<\/p>\n Years ago, the only shareholders who were a thorn in managements\u2019 sides were activist investors who would amass substantial positions in a bid to gain board seats and steer company strategy. Other shareholders tended to be deferential to management, letting them run their business as they saw fit.<\/p>\n But as shareholder primacy took root in the public consciousness, more shareholders began to exercise their rights<\/a>. Even larger asset managers, including BlackRock, Vanguard and State Street, have warmed<\/a> to shareholder proposals that seek to push companies to adhere to what Friedman called \u201cethical custom.\u201d<\/p>\n <\/div>","protected":false},"excerpt":{"rendered":" The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Hang on a minute, aren\u2019t shareholders supposed to be sacrosanct? Isn\u2019t the whole point of a corporation to please its shareholders? That\u2019s what Milton Friedman said when he argued<\/a> in favor of shareholder primacy back in 1970:<\/p>\n In a free\u2010enterprise, private\u2010property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society<\/em>, both those embodied in law and those embodied in ethical custom.<\/em>\u00a0(Emphases added.)<\/p><\/blockquote>\n The new shareholder resolution calls on the oil company to reduce its Scope 3 emissions or those that result from the use of its products. In Exxon\u2019s case, that\u2019s mostly the burning of fossil fuels.<\/p>\n The problem Exxon faces is that the \u201cbasic rules of society,\u201d specifically \u201cthose embedded in ethical custom,\u201d are changing, and the company now finds itself on the wrong side of them. Two-thirds of Americans say we should prioritize alternative energy over fossil fuels, and 69% say the U.S. should move toward net-zero emissions by 2050, according to the Pew Research Center<\/a>. Internationally, most people<\/a> want their governments to do something about climate change.<\/p>\n Exxon would normally take its grievances to the SEC, filing a request with the regulator to omit the proposal from this year\u2019s proxy statement. But under the Biden administration, the SEC has been siding more frequently with shareholders. After all, who\u2019s the boss?<\/p>\n Years ago, the only shareholders who were a thorn in managements\u2019 sides were activist investors who would amass substantial positions in a bid to gain board seats and steer company strategy. Other shareholders tended to be deferential to management, letting them run their business as they saw fit.<\/p>\n But as shareholder primacy took root in the public consciousness, more shareholders began to exercise their rights<\/a>. Even larger asset managers, including BlackRock, Vanguard and State Street, have warmed<\/a> to shareholder proposals that seek to push companies to adhere to what Friedman called \u201cethical custom.\u201d<\/p>\n <\/div>","protected":false},"excerpt":{"rendered":" The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In a free\u2010enterprise, private\u2010property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society<\/em>, both those embodied in law and those embodied in ethical custom.<\/em>\u00a0(Emphases added.)<\/p><\/blockquote>\n The new shareholder resolution calls on the oil company to reduce its Scope 3 emissions or those that result from the use of its products. In Exxon\u2019s case, that\u2019s mostly the burning of fossil fuels.<\/p>\n The problem Exxon faces is that the \u201cbasic rules of society,\u201d specifically \u201cthose embedded in ethical custom,\u201d are changing, and the company now finds itself on the wrong side of them. Two-thirds of Americans say we should prioritize alternative energy over fossil fuels, and 69% say the U.S. should move toward net-zero emissions by 2050, according to the Pew Research Center<\/a>. Internationally, most people<\/a> want their governments to do something about climate change.<\/p>\n Exxon would normally take its grievances to the SEC, filing a request with the regulator to omit the proposal from this year\u2019s proxy statement. But under the Biden administration, the SEC has been siding more frequently with shareholders. After all, who\u2019s the boss?<\/p>\n Years ago, the only shareholders who were a thorn in managements\u2019 sides were activist investors who would amass substantial positions in a bid to gain board seats and steer company strategy. Other shareholders tended to be deferential to management, letting them run their business as they saw fit.<\/p>\n But as shareholder primacy took root in the public consciousness, more shareholders began to exercise their rights<\/a>. Even larger asset managers, including BlackRock, Vanguard and State Street, have warmed<\/a> to shareholder proposals that seek to push companies to adhere to what Friedman called \u201cethical custom.\u201d<\/p>\n <\/div>","protected":false},"excerpt":{"rendered":" The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The new shareholder resolution calls on the oil company to reduce its Scope 3 emissions or those that result from the use of its products. In Exxon\u2019s case, that\u2019s mostly the burning of fossil fuels.<\/p>\n
The problem Exxon faces is that the \u201cbasic rules of society,\u201d specifically \u201cthose embedded in ethical custom,\u201d are changing, and the company now finds itself on the wrong side of them. Two-thirds of Americans say we should prioritize alternative energy over fossil fuels, and 69% say the U.S. should move toward net-zero emissions by 2050, according to the Pew Research Center<\/a>. Internationally, most people<\/a> want their governments to do something about climate change.<\/p>\n Exxon would normally take its grievances to the SEC, filing a request with the regulator to omit the proposal from this year\u2019s proxy statement. But under the Biden administration, the SEC has been siding more frequently with shareholders. After all, who\u2019s the boss?<\/p>\n Years ago, the only shareholders who were a thorn in managements\u2019 sides were activist investors who would amass substantial positions in a bid to gain board seats and steer company strategy. Other shareholders tended to be deferential to management, letting them run their business as they saw fit.<\/p>\n But as shareholder primacy took root in the public consciousness, more shareholders began to exercise their rights<\/a>. Even larger asset managers, including BlackRock, Vanguard and State Street, have warmed<\/a> to shareholder proposals that seek to push companies to adhere to what Friedman called \u201cethical custom.\u201d<\/p>\n <\/div>","protected":false},"excerpt":{"rendered":" The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Exxon would normally take its grievances to the SEC, filing a request with the regulator to omit the proposal from this year\u2019s proxy statement. But under the Biden administration, the SEC has been siding more frequently with shareholders. After all, who\u2019s the boss?<\/p>\n
Years ago, the only shareholders who were a thorn in managements\u2019 sides were activist investors who would amass substantial positions in a bid to gain board seats and steer company strategy. Other shareholders tended to be deferential to management, letting them run their business as they saw fit.<\/p>\n
But as shareholder primacy took root in the public consciousness, more shareholders began to exercise their rights<\/a>. Even larger asset managers, including BlackRock, Vanguard and State Street, have warmed<\/a> to shareholder proposals that seek to push companies to adhere to what Friedman called \u201cethical custom.\u201d<\/p>\n <\/div>","protected":false},"excerpt":{"rendered":" The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/div>","protected":false},"excerpt":{"rendered":" The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution, sidestepping the SEC.<\/p>\n","protected":false},"author":133574548,"featured_media":2628168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"82d6722e-8bf9-3b33-ab60-e5d4191cac8e","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576957003],"tags":[576858236,445887283,35630,576995962],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[576796356],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nExxon throws a fit over shareholders exercising their rights | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
MIAMI, FLORIDA – JANUARY 31: An Exxon sign hangs at a gas station on January 31, 2023 in Miami, Florida. Exxon Mobil Corp. reported its highest-ever annual profit last year of $55.7 billion (Photo by Joe Raedle\/Getty Images)<\/p>\n"},"alt_text":"A close-up of a red Exxon sign at a gas station in Florida.","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":2500,"height":1667,"file":"2023\/11\/GettyImages-1461166964.jpg","filesize":547810,"sizes":{"thumbnail":{"file":"GettyImages-1461166964.jpg?resize=150,100","width":150,"height":100,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=150"},"medium":{"file":"GettyImages-1461166964.jpg?resize=300,200","width":300,"height":200,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=300"},"medium_large":{"file":"GettyImages-1461166964.jpg?resize=768,512","width":768,"height":512,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=1024"},"large":{"file":"GettyImages-1461166964.jpg?resize=680,453","width":680,"height":453,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=680"},"1536x1536":{"file":"GettyImages-1461166964.jpg?resize=1536,1024","width":1536,"height":1024,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=1536"},"2048x2048":{"file":"GettyImages-1461166964.jpg?resize=2048,1366","width":2048,"height":1366,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=2048"},"tc-social-image":{"file":"GettyImages-1461166964.jpg?resize=1200,800","width":1200,"height":800,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=1200"},"guest-author-32":{"file":"GettyImages-1461166964.jpg?resize=32,32","width":32,"height":32,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"GettyImages-1461166964.jpg?resize=50,50","width":50,"height":50,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"GettyImages-1461166964.jpg?resize=64,64","width":64,"height":64,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"GettyImages-1461166964.jpg?resize=96,96","width":96,"height":96,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"GettyImages-1461166964.jpg?resize=128,128","width":128,"height":128,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"GettyImages-1461166964.jpg?resize=50,33","width":50,"height":33,"filesize":547810,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg?w=50"},"full":{"file":"GettyImages-1461166964.jpg","width":1024,"height":683,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg"}},"image_meta":{"aperture":"2.8","credit":"Getty Images","camera":"Canon EOS R3","caption":"MIAMI, FLORIDA - JANUARY 31: An Exxon sign hangs at a gas station on January 31, 2023 in Miami, Florida. Exxon Mobil Corp. reported its highest-ever annual profit last year of $55.7 billion (Photo by Joe Raedle\/Getty Images)","created_timestamp":"1675179455","copyright":"2023 Getty Images","focal_length":"135","iso":"100","shutter_speed":"0.0008","title":"Exxon Posts Record $55.7 Billion In Profits In 2022","orientation":"1","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/11\/GettyImages-1461166964.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2628168"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2628168"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/133574547"}]}}],"wp:term":[[{"id":576957003,"description":"Our climate news coverage consists of the latest startups and investments in solar energy, greentech, renewables, food tech, alternative proteins, as well as circular economy and carbon capture efforts. We also cover research into climate change and how technology can be used to track and mitigate severe weather and climate-related disasters.","link":"https:\/\/techcrunch.com\/category\/climate\/","name":"Climate","slug":"climate","taxonomy":"category","parent":0,"yoast_head":"\nClimate News | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
Singapore-based\u00a0Terraform Labs (TFL)<\/a>, the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022.<\/p>\n Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation pending in Singapore and U.S. litigation involving the Securities and Exchange Commission.\u201d\u00a0 The outfit\u00a0also said it would \u201cmeet all financial obligations to employees and vendors during the Chapter 11 case\u201d without requiring additional financing.<\/p>\n According toa court document filed today<\/a>, Terraform Labs\u2019 estimated assets and liabilities range from $100 million to $500 million, while the number of creditors is between 100 and 199.<\/p>\n Terraform Labs plans to continue expanding its web3 business, according to its statement. The company recently acquired Pulsar Finance<\/a>, a cross-chain portfolio manager and data provider, and\u00a0launched Station v3<\/a>, a cryptocurrency wallet, earlier this month.<\/p>\n \u201cThe Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding,\u201d said Chris Amani, CEO of Terraform Labs.<\/p>\n Founded in 2018, Terraform Labs wiped out at least $40 billion in market value and collapsed the crypto industry in May 2022.\u00a0<\/p>\n The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against<\/a> Terraform Labs and the co-founder Do Kwon over an alleged $40 billion cryptocurrency fraud to March 25 from January 29. Kwon is currently in custody in Montenegro for using falsified travel documents to leave the country in March. The Terraform Labs co-founder could be extradited to the U.S. or South Korea in March after the final ruling on extradition, which will rest with Montenegro\u2019s justice minister.<\/p><\/div>\n In February last year<\/a>,\u00a0the U.S. SEC charged Kwon and Terraform Labs with defrauding the U.S. investors<\/a>\u00a0who purchased the digital assets Terra USD and Luna.<\/p>\n Kwon owns a 92% stake in Terraform Labs, and Daniel Shin, another co-founder of the company, has an 8% in TFL, per the court filing.<\/p>\n\n US, South Korea both seek Do Kwon’s extradition to face charges<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation pending in Singapore and U.S. litigation involving the Securities and Exchange Commission.\u201d\u00a0 The outfit\u00a0also said it would \u201cmeet all financial obligations to employees and vendors during the Chapter 11 case\u201d without requiring additional financing.<\/p>\n
According toa court document filed today<\/a>, Terraform Labs\u2019 estimated assets and liabilities range from $100 million to $500 million, while the number of creditors is between 100 and 199.<\/p>\n Terraform Labs plans to continue expanding its web3 business, according to its statement. The company recently acquired Pulsar Finance<\/a>, a cross-chain portfolio manager and data provider, and\u00a0launched Station v3<\/a>, a cryptocurrency wallet, earlier this month.<\/p>\n \u201cThe Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding,\u201d said Chris Amani, CEO of Terraform Labs.<\/p>\n Founded in 2018, Terraform Labs wiped out at least $40 billion in market value and collapsed the crypto industry in May 2022.\u00a0<\/p>\n The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against<\/a> Terraform Labs and the co-founder Do Kwon over an alleged $40 billion cryptocurrency fraud to March 25 from January 29. Kwon is currently in custody in Montenegro for using falsified travel documents to leave the country in March. The Terraform Labs co-founder could be extradited to the U.S. or South Korea in March after the final ruling on extradition, which will rest with Montenegro\u2019s justice minister.<\/p><\/div>\n In February last year<\/a>,\u00a0the U.S. SEC charged Kwon and Terraform Labs with defrauding the U.S. investors<\/a>\u00a0who purchased the digital assets Terra USD and Luna.<\/p>\n Kwon owns a 92% stake in Terraform Labs, and Daniel Shin, another co-founder of the company, has an 8% in TFL, per the court filing.<\/p>\n\n US, South Korea both seek Do Kwon’s extradition to face charges<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Terraform Labs plans to continue expanding its web3 business, according to its statement. The company recently acquired Pulsar Finance<\/a>, a cross-chain portfolio manager and data provider, and\u00a0launched Station v3<\/a>, a cryptocurrency wallet, earlier this month.<\/p>\n \u201cThe Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding,\u201d said Chris Amani, CEO of Terraform Labs.<\/p>\n Founded in 2018, Terraform Labs wiped out at least $40 billion in market value and collapsed the crypto industry in May 2022.\u00a0<\/p>\n The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against<\/a> Terraform Labs and the co-founder Do Kwon over an alleged $40 billion cryptocurrency fraud to March 25 from January 29. Kwon is currently in custody in Montenegro for using falsified travel documents to leave the country in March. The Terraform Labs co-founder could be extradited to the U.S. or South Korea in March after the final ruling on extradition, which will rest with Montenegro\u2019s justice minister.<\/p><\/div>\n In February last year<\/a>,\u00a0the U.S. SEC charged Kwon and Terraform Labs with defrauding the U.S. investors<\/a>\u00a0who purchased the digital assets Terra USD and Luna.<\/p>\n Kwon owns a 92% stake in Terraform Labs, and Daniel Shin, another co-founder of the company, has an 8% in TFL, per the court filing.<\/p>\n\n US, South Korea both seek Do Kwon’s extradition to face charges<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
\u201cThe Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding,\u201d said Chris Amani, CEO of Terraform Labs.<\/p>\n
Founded in 2018, Terraform Labs wiped out at least $40 billion in market value and collapsed the crypto industry in May 2022.\u00a0<\/p>\n
The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against<\/a> Terraform Labs and the co-founder Do Kwon over an alleged $40 billion cryptocurrency fraud to March 25 from January 29. Kwon is currently in custody in Montenegro for using falsified travel documents to leave the country in March. The Terraform Labs co-founder could be extradited to the U.S. or South Korea in March after the final ruling on extradition, which will rest with Montenegro\u2019s justice minister.<\/p><\/div>\n In February last year<\/a>,\u00a0the U.S. SEC charged Kwon and Terraform Labs with defrauding the U.S. investors<\/a>\u00a0who purchased the digital assets Terra USD and Luna.<\/p>\n Kwon owns a 92% stake in Terraform Labs, and Daniel Shin, another co-founder of the company, has an 8% in TFL, per the court filing.<\/p>\n\n US, South Korea both seek Do Kwon’s extradition to face charges<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In February last year<\/a>,\u00a0the U.S. SEC charged Kwon and Terraform Labs with defrauding the U.S. investors<\/a>\u00a0who purchased the digital assets Terra USD and Luna.<\/p>\n Kwon owns a 92% stake in Terraform Labs, and Daniel Shin, another co-founder of the company, has an 8% in TFL, per the court filing.<\/p>\n\n US, South Korea both seek Do Kwon’s extradition to face charges<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Kwon owns a 92% stake in Terraform Labs, and Daniel Shin, another co-founder of the company, has an 8% in TFL, per the court filing.<\/p>\n\n US, South Korea both seek Do Kwon’s extradition to face charges<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
US, South Korea both seek Do Kwon’s extradition to face charges<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n\n SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
SEC charges Terraform Labs and founder Do Kwon with defrauding investors<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Singapore-based\u00a0Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. Terraform Labs, which confirmed its Chapter 11 bankruptcy protection filing, said the filing is \u201ca strategic step that will enable it to continue its operations and support litigation […]<\/p>\n","protected":false},"author":133574478,"featured_media":2450109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"572c5606-09b7-3af5-9bda-57a73da92133","footnotes":"","apple_news_api_created_at":"2024-01-22T06:49:50Z","apple_news_api_id":"b9948e31-f080-4bff-bfce-754963d0b73b","apple_news_api_modified_at":"2024-01-23T01:07:03Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAABQ==","apple_news_api_share_url":"https:\/\/apple.news\/AuZSOMfCAS_-_znVJY9C3Ow","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[576601119],"tags":[89194,577015875,576901140],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037497,577037507,577183601,577037509],"yoast_head":"\nTerraform Labs files for Chapter 11 bankruptcy\u00a0 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
South Korean prosecutors seek arrest warrants for Terraform Labs co-founder, investors and engineers<\/p>\n"},"alt_text":"Terraform logo on a smartphone screen","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":5000,"height":3333,"file":"2022\/11\/GettyImages-1243702697.jpg","filesize":4625864,"sizes":{"thumbnail":{"file":"GettyImages-1243702697.jpg?resize=150,100","width":150,"height":100,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=150"},"medium":{"file":"GettyImages-1243702697.jpg?resize=300,200","width":300,"height":200,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=300"},"medium_large":{"file":"GettyImages-1243702697.jpg?resize=768,512","width":768,"height":512,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=1024"},"large":{"file":"GettyImages-1243702697.jpg?resize=680,453","width":680,"height":453,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=680"},"1536x1536":{"file":"GettyImages-1243702697.jpg?resize=1536,1024","width":1536,"height":1024,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=1536"},"2048x2048":{"file":"GettyImages-1243702697.jpg?resize=2048,1365","width":2048,"height":1365,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=2048"},"tc-social-image":{"file":"GettyImages-1243702697.jpg?resize=1200,800","width":1200,"height":800,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=1200"},"guest-author-32":{"file":"GettyImages-1243702697.jpg?resize=32,32","width":32,"height":32,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"GettyImages-1243702697.jpg?resize=50,50","width":50,"height":50,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"GettyImages-1243702697.jpg?resize=64,64","width":64,"height":64,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"GettyImages-1243702697.jpg?resize=96,96","width":96,"height":96,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"GettyImages-1243702697.jpg?resize=128,128","width":128,"height":128,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"GettyImages-1243702697.jpg?resize=50,33","width":50,"height":33,"filesize":4625864,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg?w=50"},"full":{"file":"GettyImages-1243702697.jpg","width":1024,"height":683,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg"}},"image_meta":{"aperture":"2.8","credit":"SOPA Images\/LightRocket via Gett","camera":"ILCE-6400","caption":"BRAZIL - 2022\/10\/03: In this photo illustration, the Terraform Labs logo is displayed on a smartphone. (Photo Illustration by Rafael Henrique\/SOPA Images\/LightRocket via Getty Images)","created_timestamp":"1664755200","copyright":"\u00a9 2022 SOPA Images","focal_length":"50","iso":"160","shutter_speed":"0.02","title":"In this photo illustration, the Terraform Labs logo is","orientation":"1","keywords":["terraform","logos","brand","online","smartphone","cellphone","phone","device"]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2022\/11\/GettyImages-1243702697.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2450109"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2450109"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/133574269"}]}}],"wp:term":[[{"id":576601119,"description":"Cryptocurrency coverage and news on Bitcoin, Ethereum and the blockchain startups building the future of crypto, web3 using tokens and NFTs.","link":"https:\/\/techcrunch.com\/category\/cryptocurrency\/","name":"Crypto","slug":"cryptocurrency","taxonomy":"category","parent":0,"yoast_head":"\nCrypto News | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
MrBeast made over $263,000 in ad revenue from posting his latest video on X, but the YouTube icon says he thinks this number is “a bit of a facade.”<\/p>\n
“Advertisers saw the attention it was getting and bought ads on my video (I think) and thus my revenue per view is prob higher than what you\u2019d experience,” MrBeast said in a tweet<\/s> X post.<\/p>\n\n\n MY FIRST X VIDEO MADE OVER $250,000! \ud83d\ude32<\/p>\n But it\u2019s a bit of a facade. Advertisers saw the attention it was getting and bought ads on my video (I think) and thus my revenue per view is prob higher than what you\u2019d experience pic.twitter.com\/nViVpZbWBb<\/a><\/p>\n — MrBeast (@MrBeast) January 22, 2024<\/a><\/p><\/blockquote>\n
MY FIRST X VIDEO MADE OVER $250,000! \ud83d\ude32<\/p>\n
But it\u2019s a bit of a facade. Advertisers saw the attention it was getting and bought ads on my video (I think) and thus my revenue per view is prob higher than what you\u2019d experience pic.twitter.com\/nViVpZbWBb<\/a><\/p>\n — MrBeast (@MrBeast) January 22, 2024<\/a><\/p><\/blockquote>\n
— MrBeast (@MrBeast) January 22, 2024<\/a><\/p><\/blockquote>\n
Since taking over Twitter (now X), Elon Musk has tried to lure creators to the platform with new ways to earn money, like earning a share of ad revenue<\/a> from their posts. And perhaps the best thing Musk could to do get creators to take the platform seriously is to woo internet megastar MrBeast, who has more subscribers than any other individual on YouTube.<\/p>\n Luckily for Musk, MrBeast is a fan of his — but, business comes first. When Musk (sort of?<\/a>) asked the 25-year-old creator to post his videos on X, he replied, “My videos cost millions to make and even if they got a billion views on X it wouldn\u2019t fund a fraction of it […] I\u2019m down though to test stuff once monetization is really cranking!”<\/p><\/div>\n Apparently, monetization is “really cranking” now, because MrBeast posted a 16 minute video last week, saying he was “curious how much ad revenue a video on X would make.”<\/p>\n After a week, MrBeast shared a screenshot showing that the video got over 156 million impressions, 5 million engagements, and $263,655 in ad revenue.<\/p>\n Throughout MrBeast’s test, though, some users raised concern that the video was being treated by X as though it were an advertisement, which could possibly juice engagement. Maybe that’s what the YouTuber means when he calls his monetization success “a facade.”<\/p>\n\n\n this has shown up in my feed maybe 7 times now<\/p>\n it is both missing the post time next to the username (indicative of a normal user post) and the Ad indicator on the top right<\/p>\n so is there a third, secret type of post you get when you\u2019re a YouTuber and Elon wants you to post here? pic.twitter.com\/ESNKognTuk<\/a><\/p>\n — \u2588\u0336\u0333\u0318\u035b\u0304\u0303\u0352\u0304\u0303\u035c\u2588\u0334\u0347\u0331\u0305\u0352\u0305\u2588\u0335\u033b\u0323\u031d\u0352\u0308\u0304\u0308\u035d\u035d\u2588\u0334\u031e\u031c\u033b\u031d\u034d\u0302\u033d\u035c\u2588\u0337\u0322 (@SHL0MS) January 19, 2024<\/a><\/p><\/blockquote>\n
Luckily for Musk, MrBeast is a fan of his — but, business comes first. When Musk (sort of?<\/a>) asked the 25-year-old creator to post his videos on X, he replied, “My videos cost millions to make and even if they got a billion views on X it wouldn\u2019t fund a fraction of it […] I\u2019m down though to test stuff once monetization is really cranking!”<\/p><\/div>\n Apparently, monetization is “really cranking” now, because MrBeast posted a 16 minute video last week, saying he was “curious how much ad revenue a video on X would make.”<\/p>\n After a week, MrBeast shared a screenshot showing that the video got over 156 million impressions, 5 million engagements, and $263,655 in ad revenue.<\/p>\n Throughout MrBeast’s test, though, some users raised concern that the video was being treated by X as though it were an advertisement, which could possibly juice engagement. Maybe that’s what the YouTuber means when he calls his monetization success “a facade.”<\/p>\n\n\n this has shown up in my feed maybe 7 times now<\/p>\n it is both missing the post time next to the username (indicative of a normal user post) and the Ad indicator on the top right<\/p>\n so is there a third, secret type of post you get when you\u2019re a YouTuber and Elon wants you to post here? pic.twitter.com\/ESNKognTuk<\/a><\/p>\n — \u2588\u0336\u0333\u0318\u035b\u0304\u0303\u0352\u0304\u0303\u035c\u2588\u0334\u0347\u0331\u0305\u0352\u0305\u2588\u0335\u033b\u0323\u031d\u0352\u0308\u0304\u0308\u035d\u035d\u2588\u0334\u031e\u031c\u033b\u031d\u034d\u0302\u033d\u035c\u2588\u0337\u0322 (@SHL0MS) January 19, 2024<\/a><\/p><\/blockquote>\n
Apparently, monetization is “really cranking” now, because MrBeast posted a 16 minute video last week, saying he was “curious how much ad revenue a video on X would make.”<\/p>\n
After a week, MrBeast shared a screenshot showing that the video got over 156 million impressions, 5 million engagements, and $263,655 in ad revenue.<\/p>\n
Throughout MrBeast’s test, though, some users raised concern that the video was being treated by X as though it were an advertisement, which could possibly juice engagement. Maybe that’s what the YouTuber means when he calls his monetization success “a facade.”<\/p>\n\n\n this has shown up in my feed maybe 7 times now<\/p>\n it is both missing the post time next to the username (indicative of a normal user post) and the Ad indicator on the top right<\/p>\n so is there a third, secret type of post you get when you\u2019re a YouTuber and Elon wants you to post here? pic.twitter.com\/ESNKognTuk<\/a><\/p>\n — \u2588\u0336\u0333\u0318\u035b\u0304\u0303\u0352\u0304\u0303\u035c\u2588\u0334\u0347\u0331\u0305\u0352\u0305\u2588\u0335\u033b\u0323\u031d\u0352\u0308\u0304\u0308\u035d\u035d\u2588\u0334\u031e\u031c\u033b\u031d\u034d\u0302\u033d\u035c\u2588\u0337\u0322 (@SHL0MS) January 19, 2024<\/a><\/p><\/blockquote>\n
this has shown up in my feed maybe 7 times now<\/p>\n
it is both missing the post time next to the username (indicative of a normal user post) and the Ad indicator on the top right<\/p>\n
so is there a third, secret type of post you get when you\u2019re a YouTuber and Elon wants you to post here? pic.twitter.com\/ESNKognTuk<\/a><\/p>\n — \u2588\u0336\u0333\u0318\u035b\u0304\u0303\u0352\u0304\u0303\u035c\u2588\u0334\u0347\u0331\u0305\u0352\u0305\u2588\u0335\u033b\u0323\u031d\u0352\u0308\u0304\u0308\u035d\u035d\u2588\u0334\u031e\u031c\u033b\u031d\u034d\u0302\u033d\u035c\u2588\u0337\u0322 (@SHL0MS) January 19, 2024<\/a><\/p><\/blockquote>\n
— \u2588\u0336\u0333\u0318\u035b\u0304\u0303\u0352\u0304\u0303\u035c\u2588\u0334\u0347\u0331\u0305\u0352\u0305\u2588\u0335\u033b\u0323\u031d\u0352\u0308\u0304\u0308\u035d\u035d\u2588\u0334\u031e\u031c\u033b\u031d\u034d\u0302\u033d\u035c\u2588\u0337\u0322 (@SHL0MS) January 19, 2024<\/a><\/p><\/blockquote>\n
TechCrunch reported in September that X was running unlabeled ads<\/a> in users’ feeds; then, an ads watchdog filed a complaint<\/a> with the FTC over the ongoing, unlabeled ads issue. Ryan Broderick hypothesized<\/a> that videos might be wrongly labeled as ads if a pre-roll ad plays before the video, but this still causes a lot of confusion on the user end. A representative from X did not respond for comment.<\/p>\n\n The new American Dream is to get MrBeast to pay off your debt<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" MrBeast made over $263,000 in ad revenue from posting his latest video on X, but the YouTube icon says he thinks this number is “a bit of a facade.” “Advertisers saw the attention it was getting and bought ads on my video (I think) and thus my revenue per view is prob higher than what […]<\/p>\n","protected":false},"author":133574468,"featured_media":2577172,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a5642ef6-575e-3a14-a93a-6a9eb74e1ce5","footnotes":"","apple_news_api_created_at":"2024-01-22T22:17:44Z","apple_news_api_id":"3e3ffb60-c352-401d-a00e-02cb024f0fea","apple_news_api_modified_at":"2024-01-22T22:17:45Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APj_7YMNSQB2gDgLLAk8P6g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577055593],"tags":[576849806,1244446,576865147,1700],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nMrBeast made $263K from a video on X, but calls the payout 'a bit of a facade' | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
The new American Dream is to get MrBeast to pay off your debt<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" MrBeast made over $263,000 in ad revenue from posting his latest video on X, but the YouTube icon says he thinks this number is “a bit of a facade.” “Advertisers saw the attention it was getting and bought ads on my video (I think) and thus my revenue per view is prob higher than what […]<\/p>\n","protected":false},"author":133574468,"featured_media":2577172,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a5642ef6-575e-3a14-a93a-6a9eb74e1ce5","footnotes":"","apple_news_api_created_at":"2024-01-22T22:17:44Z","apple_news_api_id":"3e3ffb60-c352-401d-a00e-02cb024f0fea","apple_news_api_modified_at":"2024-01-22T22:17:45Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APj_7YMNSQB2gDgLLAk8P6g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577055593],"tags":[576849806,1244446,576865147,1700],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nMrBeast made $263K from a video on X, but calls the payout 'a bit of a facade' | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":" MrBeast made over $263,000 in ad revenue from posting his latest video on X, but the YouTube icon says he thinks this number is “a bit of a facade.” “Advertisers saw the attention it was getting and bought ads on my video (I think) and thus my revenue per view is prob higher than what […]<\/p>\n","protected":false},"author":133574468,"featured_media":2577172,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a5642ef6-575e-3a14-a93a-6a9eb74e1ce5","footnotes":"","apple_news_api_created_at":"2024-01-22T22:17:44Z","apple_news_api_id":"3e3ffb60-c352-401d-a00e-02cb024f0fea","apple_news_api_modified_at":"2024-01-22T22:17:45Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APj_7YMNSQB2gDgLLAk8P6g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577055593],"tags":[576849806,1244446,576865147,1700],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nMrBeast made $263K from a video on X, but calls the payout 'a bit of a facade' | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
MrBeast made over $263,000 in ad revenue from posting his latest video on X, but the YouTube icon says he thinks this number is “a bit of a facade.” “Advertisers saw the attention it was getting and bought ads on my video (I think) and thus my revenue per view is prob higher than what […]<\/p>\n","protected":false},"author":133574468,"featured_media":2577172,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"a5642ef6-575e-3a14-a93a-6a9eb74e1ce5","footnotes":"","apple_news_api_created_at":"2024-01-22T22:17:44Z","apple_news_api_id":"3e3ffb60-c352-401d-a00e-02cb024f0fea","apple_news_api_modified_at":"2024-01-22T22:17:45Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/APj_7YMNSQB2gDgLLAk8P6g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577055593],"tags":[576849806,1244446,576865147,1700],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[],"yoast_head":"\nMrBeast made $263K from a video on X, but calls the payout 'a bit of a facade' | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
LOS ANGELES, CALIFORNIA – MARCH 04: MrBeast speaks onstage during the 2023 Nickelodeon Kids’ Choice Awards at Microsoft Theater on March 04, 2023 in Los Angeles, California. (Photo by Alberto E. Rodriguez\/Getty Images)<\/p>\n"},"alt_text":"MrBeast speaks onstage during the 2023 Nickelodeon Kids' Choice Awards at Microsoft Theater in LA","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":2000,"height":1329,"file":"2023\/08\/mrbeastburger.jpg","filesize":83426,"sizes":{"thumbnail":{"file":"mrbeastburger.jpg?resize=150,100","width":150,"height":100,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=150"},"medium":{"file":"mrbeastburger.jpg?resize=300,199","width":300,"height":199,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=300"},"medium_large":{"file":"mrbeastburger.jpg?resize=768,510","width":768,"height":510,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=1024"},"large":{"file":"mrbeastburger.jpg?resize=680,452","width":680,"height":452,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=680"},"1536x1536":{"file":"mrbeastburger.jpg?resize=1536,1021","width":1536,"height":1021,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=1536"},"tc-social-image":{"file":"mrbeastburger.jpg?resize=1200,797","width":1200,"height":797,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=1200"},"guest-author-32":{"file":"mrbeastburger.jpg?resize=32,32","width":32,"height":32,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"mrbeastburger.jpg?resize=50,50","width":50,"height":50,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"mrbeastburger.jpg?resize=64,64","width":64,"height":64,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"mrbeastburger.jpg?resize=96,96","width":96,"height":96,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"mrbeastburger.jpg?resize=128,128","width":128,"height":128,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"mrbeastburger.jpg?resize=50,33","width":50,"height":33,"filesize":83426,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg?w=50"},"full":{"file":"mrbeastburger.jpg","width":1024,"height":680,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg"}},"image_meta":{"aperture":"5.6","credit":"Getty Images","camera":"NIKON D4S","caption":"LOS ANGELES, CALIFORNIA - MARCH 04: MrBeast speaks onstage during the 2023 Nickelodeon Kids' Choice Awards at Microsoft Theater on March 04, 2023 in Los Angeles, California. (Photo by Alberto E. Rodriguez\/Getty Images)","created_timestamp":"0","copyright":"2023 Getty Images","focal_length":"500","iso":"4000","shutter_speed":"0.008","title":"Nickelodeon's 2023 Kids' Choice Awards - Show","orientation":"0","keywords":[]}},"source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2023\/08\/mrbeastburger.jpg","_links":{"self":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media\/2577172"}],"collection":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/media"}],"about":[{"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/types\/attachment"}],"replies":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/wp\/v2\/comments?post=2577172"}],"author":[{"embeddable":true,"href":"https:\/\/techcrunch.com\/wp-json\/tc\/v1\/users\/133574468"}]}}],"wp:term":[[{"id":577055593,"description":"Social networking shapes society and our news coverage reflects and directs that. We keep tabs on all the biggest social companies, including TikTok, Facebook, Instagram, Twitter, Snapchat and Reddit, as well as funding and acquisitions of new social startups.","link":"https:\/\/techcrunch.com\/category\/social\/","name":"Social","slug":"social","taxonomy":"category","parent":0,"yoast_head":"\nSocial Media News | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n
Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade.<\/p>\n
The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small neighborhood stores in Bengaluru, Mysore and Hubli.<\/p>\n
“We don’t take these decisions lightly. We are discontinuing this programme in a phased manner to take care of current customers and partners,” a company spokesperson said in a statement.<\/p>\n
Amazon Distribution was designed to help kiranas, the neighborhood stores in India, pharmacies and department stores secure inventory from the e-commerce giant. The company didn’t say precisely when the service will be discontinued.<\/p>\n
“We offer a wide range of products at competitive prices and the convenience of next day delivery at your door-step. As a member, you can purchase thousands of items for resale at any time of the day at competitive prices and in bulk quantities, pay via the various payment options available, get GST bill for your order, and convenient and reliable door-step deliveries the next day,” the company describes on Amazon Distribution website.<\/p>\n
Amazon did not say why it was shutting down the wholesale distribution offering, but the move follows the company shutting down two other businesses — food delivery<\/a> and online learning platform Academy<\/a> — in the country amid a global restructuring of its business. Amazon is planning to\u00a0cut about 10,000 jobs<\/a>, according to media reports, and began eliminating roles in some divisions, including devices and services<\/a> earlier this month. The closure of aforementioned Indian businesses also involves elimination of some roles.<\/p>\n In a memo, Amazon chief executive Andy Jassy warned employees that the company will undertake more layoffs next year.<\/p>\n The series of announcements in India have nonetheless prompted many to speculate that Amazon, which has deployed over $6.5 billion<\/a> in its local business in the country, is slowly scaling down its operations in the South Asian market. The firm has seen several of its senior executives depart in recent months<\/a>.<\/p>\n Amazon plans to continue to focus on its core e-commerce offerings in India, according to a source familiar with the matter. Last week, Amazon launched its second AWS region in India and pledged to invest $4.4 billion<\/a> in its cloud operations in the country by 2030.<\/p>\n\n Forget winning, can Amazon survive in India?<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n India is a key overseas market for Amazon, but also one where it faces stiff competition from heavily backed rivals. Amazon is lagging Walmart\u2019s Flipkart and struggling to make inroads in smaller Indian cities<\/a> and towns, according to a recent report by Sanford C. Bernstein. Amazon\u2019s 2021 gross merchandise value in the country stood between $18 billion to $20 billion, lagging Flipkart\u2019s $23 billion, the analysts said in a report to clients.<\/p>\n Amazon also faces competition from billionaire Mukesh Ambani\u2019s Reliance Retail, India’s largest retail chain that is increasingly going online<\/a>, and social commerce startups SoftBank-backed Meesho<\/a>\u00a0and\u00a0Tiger Global-backed DealShare<\/a>. Amazon has so far offered \u201ca weaker proposition in \u2018new\u2019 commerce\u201d in the country, Bernstein analysts said.<\/p>\n At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
In a memo, Amazon chief executive Andy Jassy warned employees that the company will undertake more layoffs next year.<\/p>\n
The series of announcements in India have nonetheless prompted many to speculate that Amazon, which has deployed over $6.5 billion<\/a> in its local business in the country, is slowly scaling down its operations in the South Asian market. The firm has seen several of its senior executives depart in recent months<\/a>.<\/p>\n Amazon plans to continue to focus on its core e-commerce offerings in India, according to a source familiar with the matter. Last week, Amazon launched its second AWS region in India and pledged to invest $4.4 billion<\/a> in its cloud operations in the country by 2030.<\/p>\n\n Forget winning, can Amazon survive in India?<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n India is a key overseas market for Amazon, but also one where it faces stiff competition from heavily backed rivals. Amazon is lagging Walmart\u2019s Flipkart and struggling to make inroads in smaller Indian cities<\/a> and towns, according to a recent report by Sanford C. Bernstein. Amazon\u2019s 2021 gross merchandise value in the country stood between $18 billion to $20 billion, lagging Flipkart\u2019s $23 billion, the analysts said in a report to clients.<\/p>\n Amazon also faces competition from billionaire Mukesh Ambani\u2019s Reliance Retail, India’s largest retail chain that is increasingly going online<\/a>, and social commerce startups SoftBank-backed Meesho<\/a>\u00a0and\u00a0Tiger Global-backed DealShare<\/a>. Amazon has so far offered \u201ca weaker proposition in \u2018new\u2019 commerce\u201d in the country, Bernstein analysts said.<\/p>\n At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Amazon plans to continue to focus on its core e-commerce offerings in India, according to a source familiar with the matter. Last week, Amazon launched its second AWS region in India and pledged to invest $4.4 billion<\/a> in its cloud operations in the country by 2030.<\/p>\n\n Forget winning, can Amazon survive in India?<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n India is a key overseas market for Amazon, but also one where it faces stiff competition from heavily backed rivals. Amazon is lagging Walmart\u2019s Flipkart and struggling to make inroads in smaller Indian cities<\/a> and towns, according to a recent report by Sanford C. Bernstein. Amazon\u2019s 2021 gross merchandise value in the country stood between $18 billion to $20 billion, lagging Flipkart\u2019s $23 billion, the analysts said in a report to clients.<\/p>\n Amazon also faces competition from billionaire Mukesh Ambani\u2019s Reliance Retail, India’s largest retail chain that is increasingly going online<\/a>, and social commerce startups SoftBank-backed Meesho<\/a>\u00a0and\u00a0Tiger Global-backed DealShare<\/a>. Amazon has so far offered \u201ca weaker proposition in \u2018new\u2019 commerce\u201d in the country, Bernstein analysts said.<\/p>\n At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Forget winning, can Amazon survive in India?<\/a><\/p><\/blockquote>\n <\/iframe><\/div>\n India is a key overseas market for Amazon, but also one where it faces stiff competition from heavily backed rivals. Amazon is lagging Walmart\u2019s Flipkart and struggling to make inroads in smaller Indian cities<\/a> and towns, according to a recent report by Sanford C. Bernstein. Amazon\u2019s 2021 gross merchandise value in the country stood between $18 billion to $20 billion, lagging Flipkart\u2019s $23 billion, the analysts said in a report to clients.<\/p>\n Amazon also faces competition from billionaire Mukesh Ambani\u2019s Reliance Retail, India’s largest retail chain that is increasingly going online<\/a>, and social commerce startups SoftBank-backed Meesho<\/a>\u00a0and\u00a0Tiger Global-backed DealShare<\/a>. Amazon has so far offered \u201ca weaker proposition in \u2018new\u2019 commerce\u201d in the country, Bernstein analysts said.<\/p>\n At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
<\/iframe><\/div>\n India is a key overseas market for Amazon, but also one where it faces stiff competition from heavily backed rivals. Amazon is lagging Walmart\u2019s Flipkart and struggling to make inroads in smaller Indian cities<\/a> and towns, according to a recent report by Sanford C. Bernstein. Amazon\u2019s 2021 gross merchandise value in the country stood between $18 billion to $20 billion, lagging Flipkart\u2019s $23 billion, the analysts said in a report to clients.<\/p>\n Amazon also faces competition from billionaire Mukesh Ambani\u2019s Reliance Retail, India’s largest retail chain that is increasingly going online<\/a>, and social commerce startups SoftBank-backed Meesho<\/a>\u00a0and\u00a0Tiger Global-backed DealShare<\/a>. Amazon has so far offered \u201ca weaker proposition in \u2018new\u2019 commerce\u201d in the country, Bernstein analysts said.<\/p>\n At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
India is a key overseas market for Amazon, but also one where it faces stiff competition from heavily backed rivals. Amazon is lagging Walmart\u2019s Flipkart and struggling to make inroads in smaller Indian cities<\/a> and towns, according to a recent report by Sanford C. Bernstein. Amazon\u2019s 2021 gross merchandise value in the country stood between $18 billion to $20 billion, lagging Flipkart\u2019s $23 billion, the analysts said in a report to clients.<\/p>\n Amazon also faces competition from billionaire Mukesh Ambani\u2019s Reliance Retail, India’s largest retail chain that is increasingly going online<\/a>, and social commerce startups SoftBank-backed Meesho<\/a>\u00a0and\u00a0Tiger Global-backed DealShare<\/a>. Amazon has so far offered \u201ca weaker proposition in \u2018new\u2019 commerce\u201d in the country, Bernstein analysts said.<\/p>\n At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Amazon also faces competition from billionaire Mukesh Ambani\u2019s Reliance Retail, India’s largest retail chain that is increasingly going online<\/a>, and social commerce startups SoftBank-backed Meesho<\/a>\u00a0and\u00a0Tiger Global-backed DealShare<\/a>. Amazon has so far offered \u201ca weaker proposition in \u2018new\u2019 commerce\u201d in the country, Bernstein analysts said.<\/p>\n At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
At stake is one of the world\u2019s last great growth markets. The e-commerce spending in India, the world\u2019s second largest internet market, is expected to double in size to over $130 billion by 2025.<\/p>\n
Amazon has been attempting to increase its presence in India through stakes in local firms and has also\u00a0aggressively explored partnerships with neighborhood stores<\/a>.<\/p>\n It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
It also attempted to acquire Future Retail, once India\u2019s second largest retail chain, but was outwitted by Ambani\u2019s firm<\/a>. (Amazon accused the estranged Indian partner and Reliance\u00a0of fraud in newspaper ads<\/a>.)<\/p>\n Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":" Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Amazon did not immediately say if it plans to close any other business line in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available to small […]<\/p>\n","protected":false},"author":133574269,"featured_media":1978562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"amp_status":"","relegenceEntities":[],"relegenceSubjects":[],"carmot_uuid":"f1529164-4362-3080-bc68-68a43904e488","footnotes":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false},"categories":[577052802],"tags":[6602,7516437,5250511,3054,15387],"crunchbase_tag":[],"tc_stories_tax":[],"tc_ec_category":[],"tc_event":[],"tc_regions_tax":[577037498],"yoast_head":"\nAmazon shutting down wholesale distribution in third business exit in India | Page 13 of 275 | TechCrunch<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n
Adjustable Shower Hinges Amazon CEO Jeff Bezos with Amazon India Chief Amit Agarwal during the Amazon’s annual Smbhav event in New Delhi earlier this year. Photo: Pradeep Gaur\/Mint via Getty Images<\/p>\n"},"alt_text":"","media_type":"image","mime_type":"image\/jpeg","media_details":{"width":6470,"height":4318,"file":"2020\/04\/GettyImages-1195397594.jpg","sizes":{"thumbnail":{"file":"GettyImages-1195397594.jpg?resize=150,100","width":150,"height":100,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=150"},"medium":{"file":"GettyImages-1195397594.jpg?resize=300,200","width":300,"height":200,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=300"},"medium_large":{"file":"GettyImages-1195397594.jpg?resize=768,513","width":768,"height":513,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=1024"},"large":{"file":"GettyImages-1195397594.jpg?resize=680,454","width":680,"height":454,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=680"},"1536x1536":{"file":"GettyImages-1195397594.jpg?resize=1536,1025","width":1536,"height":1025,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=1536"},"2048x2048":{"file":"GettyImages-1195397594.jpg?resize=2048,1367","width":2048,"height":1367,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=2048"},"tc-social-image":{"file":"GettyImages-1195397594.jpg?resize=1200,801","width":1200,"height":801,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=1200"},"guest-author-32":{"file":"GettyImages-1195397594.jpg?resize=32,32","width":32,"height":32,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=32&h=32&crop=1"},"guest-author-50":{"file":"GettyImages-1195397594.jpg?resize=50,50","width":50,"height":50,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=50&h=50&crop=1"},"guest-author-64":{"file":"GettyImages-1195397594.jpg?resize=64,64","width":64,"height":64,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=64&h=64&crop=1"},"guest-author-96":{"file":"GettyImages-1195397594.jpg?resize=96,96","width":96,"height":96,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=96&h=96&crop=1"},"guest-author-128":{"file":"GettyImages-1195397594.jpg?resize=128,128","width":128,"height":128,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=128&h=128&crop=1"},"concierge-thumb":{"file":"GettyImages-1195397594.jpg?resize=50,33","width":50,"height":33,"filesize":12071313,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg?w=50"},"full":{"file":"GettyImages-1195397594.jpg","width":1024,"height":683,"mime_type":"image\/jpeg","source_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2020\/04\/GettyImages-1195397594.jpg"}},"image_meta":{"aperture":"0","credit":"Hindustan Times via Getty Images","camera":"","caption":"NEW DELHI, INDIA - JANUARY 16: Amazon CEO Jeff Bezos with Amazon India Chief Amit Agarwal during the Amazon's annual Smbhav event at Jawahar Lal Nehru Stadium, on January 16, 2020 in New Delhi, India. 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