E58: ByteDance $15b 2022 net profit, Wiz $10b valuation, Parade sells, Yieldstreet acquires Cadre, Epic Games + Lego = Fortnite, SpaceX Q1 $55m profit | Pre-IPO Stock Market Update – Aug 18, 2023

Send us Fan Mail 00:31 | ByteDance $15b 2022 net profit - Revenue growth decreased from 68% to 25%, prompting a search for a new growth engine - TikTok's access to the US ad and commerce market is becoming increasingly vital, TikTok's e-commerce business 01:15 | Wiz $10b valuation - Wiz, a cloud security company, raised $300 million in a Series D at a $10b valuation - Wiz claims to be the fastest to reach $100 million in ARR, 35% of the Fortune 100 as customers 02:00 | Parade sells to Ariela & Associates - Parade, valued at nearly $200 million last year, struggled to convert its Instagram following into profitable growth - Deal terms not disclosed - Instagram to no-profits is a trend, including Cuup and Great Jones, selling themselves in recent months 02:41 | Yieldstreet acquires Cadre - Asset manager Yieldstreet nearing deal to acquire Cadre, a real estate investment firm, for $100m - Cadre’s peak valuation of $800m six years ago - Cadre's shareholders expected to receive stock in Yieldstreet 03:18 | Happy Money, Sable sell - Happy Money, an online lending startup, is in talks to sell itself, valued at $1.1b in Feb 2022 - Sable, a Y Combinator-funded credit card startup, sold to specialty lender Snap Finance 04:12 | Epic Games + Lego = Fortnite, sounds like Minecraft? - Epic Games and Lego are creating a shared online space within Fortnite, where children can play, build, and communicate - Aims to provide a child and family-friendly "immersive, creatively inspiring, and engaging digital experience" - Expected to be launched within the year 05:21 | SpaceX Q1 $55m profit - In Q1 2023, SpaceX generated a profit of $55 million on revenue of $1.5 billion - SpaceX continues to invest heavily in ambitious projects, including the Starship rocket and the Starlink satellite internet service. - $2 billion in proceeds from issuing stock last year - $150b valuation as of last round in Jun 2023 05:52 | Big capital raises - Capital Rx (www.cap-rx.com) | $72m Series D, $1.0b valuation - Resilience (www.cyberresilience.com) | $100m Series D, $950m valuation - ADARx Pharma (www.adarx.com) | $200m Series C, $840m valuation - Modula (www.modular.com) | Series A, $600m valuation - Tome (www.tome.app) | $60m Series C, $600m valuation 07:03 | Pre-IPO +1.25% for week - Week’s winners: Discord +22.3%, Airtable +5.3%, Reddit +4.9%, Ramp +4.5% - Week’s losers: Snyk -3.0%, Revolut -1.6%, Databricks -1.4% - Top 5 largest companies by valuation: ByteDance $209b, SpaceX $147b, Stripe $49b, Databricks $33b, OpenAI $32b