Home Entrepreneurs GoMechanic lays off 70% after investors discover ‘founders knowingly misstated facts’ • TechCrunch

GoMechanic lays off 70% after investors discover ‘founders knowingly misstated facts’ • TechCrunch

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GoMechanic lays off 70% after investors discover ‘founders knowingly misstated facts’ • TechCrunch

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Hello Crunchers! The heavy freight train of tech news keeps rolling on the tracks (and sometimes off them).

Speaking of tracks, we’ve been a bit in love with this absolutely gorgeous music video of Ren this week. It’s full of surprises and powerful parts – take a 9 minute break and give it a listen! — christina Y Haha

TechCrunch Top 3

  • more layoffs: Sequoia-backed GoMechanic is latest to make sweeping layoffs after funding failed to materialize on time. manish reports. The India-based auto services company is cutting 70% of its workforce. But wait, there’s more: GoMechanic’s founders misrepresented financials to investors and GoMechanic co-founder Amit Bhasin said the startup made “serious errors in judgment as we followed growth at all costs, particularly with regard to financial reporting.” which we deeply regret.”
  • Can your robot do this?: In the latest Atlas video from Boston Dynamics, we see your robot running, jumping, and now grabbing and throwing things with the use of its hands. Mate share more.
  • If you’ve never seen a car that looks like its name, now you have it.: Roman He has his sights set on Kate, a new French car manufacturer that develops tiny cars for your everyday use, from driving to work to driving on the beach. They remind us of a really fast golf cart only cuter.

Startups and VCs

At a press conference on Wednesday, the United States Department of Justice announced that it has arrested Anatoly Legkodymov, founder of cryptocurrency exchange Bitzlatofor allegedly processing more than $700 million in illicit funds, amanda reports. “Overnight, the Department worked with key partners here and abroad to disrupt Bitzlato, the China-based money laundering engine that fueled a high-tech cryptocrime hub, and to arrest its founder, Russian citizen Anatoly Legkodymov,” said Deputy Prosecutor General. Lisa O. Monaco.

There’s a lot more going on in the world of startups today:

Dear Sophie, What are some quick options for hiring someone with an expiring grace period?

lone figure at the entrance to the hedge maze that has an American flag in the center

Image Credits: Bryce Durbin/TechCrunch

Dear Sophie,

I am a co-founder of a very early stage startup. My co-founder and I are considering bringing in a third co-founder, who was recently laid off. He is currently in the United States on an H-1B with a grace period that will expire soon.

What are the fastest and least risky immigration options that we should consider? What is happening with possible increases in USCIS filing fees?

— Careful co-founder

Three more from the TC+ team:

TechCrunch+ is our membership program that helps start-up founders and teams get ahead of the rest. You can sign up here. Use code “DC” to get 15% off an annual subscription!

big tech inc

The layoffs keep coming at Tech World. the latest is Microsoft, which announced 10,000 job cutsreports Pablo. The company already made a few layoffs last year, but this last one represents a sizeable part of its workforce: 5%. CEO Satya Nadella echoed other tech companies that have made layoffs recently by saying the company accelerated its growth as customers grew, but when that slowed, Microsoft had to follow suit.

Cybersecurity company Sophos is making a similar move, lay off 450 employees worldwideor about 10% of its employees, jag reunion reports.

Meanwhile, in happier news, Apple has a new HomePod with better sound and “intelligence”, darrell write And now that you know this, Brian has some thoughts on the newly returned smart speaker.

Here are five more for you:

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