Hello,
In what could be the biggest initial public offering of all time, Elon Musk’s rocket company SpaceX is planning to raise $80 billion or more. It will likely debut on June 12, according to multiple media sources. For that to happen, it has to make its IPO papers public by the middle of next week.
Musk, meanwhile, has said he is not selling any SpaceX shares. “I’m not selling any shares,” Musk wrote on X, responding to a user post that suggested he sold the stock post the lockup period.
In the world of technology, it is a case of billionaires versus billionaires. In a trial that centres around artificial intelligence startup OpenAI, Musk alleges that the company betrayed its non-profit origins when ut created a for-profit arm and raised capital from outside investors, including Microsoft. OpenAI and Microsoft, meanwhile, counter that the ChatGPT maker is still controlled by a non-profit. They even say that Musk agreed with them about the need to raise money.
While the case itself might appear as one about corporate rivalry, given that Musk owns an AI startup of his own–xAI–it also laid bare the wealth held by tech tycoons. NBC News describes the drama that occurred outside and inside the court during the trial, including fancy butt cushions that some billionaires brought with them to protect themselves from the hard wooden courtroom benches.
In today’s newsletter, we will talk about
- Building a menstrual wellness solution
- Rapido lifts weekly startup funding
Here’s your trivia for today: Which Apollo mission carried Neil Armstrong and his team to the Moon?
Social impact
Building a menstrual wellness solution
A group of government school students from Haryana has developed a menstrual wellness solution after observing how period pain was disrupting the daily lives of girls in their school, causing absenteeism, discomfort, and difficulty focusing in class.
Built through the Kushal Business Challenge, a Haryana government-led school entrepreneurship programme, Her Ease was conceptualised by Pallavi Kaswan, Pritam Suthar, Anand Bansal, and Neha Loura, students of Aarohi Model Senior Secondary School in Hisar.
Key takeaways:
- At the heart of Her Ease’s innovation is a specially designed bag that combines a portable heating pouch, natural herbal remedies, and dedicated storage, enabling girls and women to discreetly and conveniently manage menstrual discomfort while going about their daily routine with greater ease and confidence.
- The Kushal Business Challenge encourages students to identify real-world problems, develop practical solutions, and test their ideas in market environments through experiential learning.
- The students’ research in Hisar indicated that nearly 70% of women experienced menstrual pain, and there was a growing demand for natural, portable remedies that can be used discreetly during women’s daily routine.
Venture capital
Rapido lifts weekly startup funding
Ride hailing platform Rapido's $240 million primary funding deal lifted venture capital momentum into Indian startups in the second week of May.
Single large transactions lifting overall funding in the startup ecosystem has emerged as a trend in the last few weeks, reflecting the challenges faced by companies in raising capital.
Key takeaways:
- The total VC funding amount raised during the week came in at $323 million from 22 transactions. In contrast, the previous week saw a total amount of $129 million.
- Investments were spread across stages and sectors. Funding was raised by startups representing segments such as ride hailing, semiconductor, agritech, and fintech.
- Fabless semiconductor startup HrdWyr raised $13 million from Ideaspring Capital, Singularity AMC, Avatar Growth Capital, and Persistent Systems.
News & updates
- Price hike: Tesla raised the prices of its Model Y cars in the United States on Saturday, Reuters reported. The company increased the price of its Model Y premium all-wheel drive and Model Y premium rear-wheel drive by $1000 to $49,990 and $45,990 respectively.
- James Bond: Auditions have finally begun for the next instalment in the blockbuster James Bond movie franchise, according to a statement from Amazon MGM Studios. A-listers Idris Elba, Henry Cavill and Cillian Murphy floated as potential successors to Daniel Craig.
Which Apollo mission carried Neil Armstrong and his team to the Moon?
Answer: Apollo 11
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Source: YourStory - Startups
