E96: OpenAI hits $2b in run rate revenue, launches Google Search competitor, launches Hollywood movie/tv killer; Canva CFO resigns ahead of IPO; X and MrBeast ad partnership, X locks sports betting deal with BetMGM; Musk’s SpaceX and Neuralink leave Delaw

Send us Fan Mail 00:10 | OpenAI hits $2b in run rate revenue - $0 to $2b revenue in only 1 year - Google 5 yrs to reach $1b in revenue, Meta 6 years - 92% of Fortune 500 use OpenAI - 100m weekly users - 18,000 OpenAI customers through Microsoft Azure - OpenAI currently raising a primary round at $100b valuation 01:16 | OpenAI launches Google Search competitor - Search partnership with Microsoft Bing - Goal is faster response times - Perplexity AI also competing in AI search; $100m raise at $520m valuation - Bing generates $18b in annual revenue, Google Search $150b 02:18 | OpenAI launches Hollywood movie/tv killer - OpenAI Sora creates 60-second highly realistic videos from text prompts - Potential to be massively disruptive to movie and tv industries - Directors and storytellers will take center stage vs actors in the future? 03:34 | Canva CFO resigns ahead of IPO - Damien Singh resigns - IPO expected in 2025 - New CFO will have experience scaling companies - Stripe, StubHub, Plaid all replaced CFOs recently and are also primed for an IPO - $2b in revenue, profitable since 2017, 165m monthly users - $1.5b tender offer in process at $26b valuation 04:29 | X and MrBeast ad partnership - MrBeast video on X generated 156m impressions last week driving ad revenue - X puts ads at beginning of video for selected creators, like MrBeast - 80,000 users participating in new ad program - X posted an internal valuation in Q4 2023 at $19b; a 57% decrease from Elon Musk’s purchase price 05:09 | X locks sports betting deal with BetMGM - BetMGM is exclusive live odds sports betting partner for X - X users can bet directly on X platform - X aims to be the “everything app”, more than just social media 05:46 | Musk’s SpaceX and Neuralink leave Delaware - SpaceX moved to Texax, Neuralink moved to Nevada - Delaware court invalidated Musk’s $55.8b Tesla compensation package after independent board and individual shareholders voted to approve in 2018 06:47 | Pre-IPO -0.83% for week, +1.46% for last 1yr - Week winners: Epic Games +8.68%, Anduril +0.95%, OpenAI +0.80%, Snyk +0.70%, Klarna +0.70% - Week losers: Flexport -17.39%, Anthropic -7.75%, Hugging Face -3.50%, SpaceX -3.09%, ByteDance -2.25% - Top valuations: ByteDance $283b, SpaceX $181b, OpenAI $95b, Stripe $59b, Databricks $49b lead in current valuation