- Cash Nut
- Posts
- Bilt's killer bank deal 🏦, US sues Adobe
Together With
In Today’s Edition
Is Seat Based Pricing Dead
Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costing the Bank Dearly
US sues Adobe for ‘deceiving' subscriptions that are too hard to cancel
Warren Buffett's Berkshire Hathaway trims BYD stake
Apple's fancy new CarPlay will only work wirelessly
Scientists preserve DNA in an amber-like polymer
Boost Your Team, Slash Costs
Get access to untapped remote talent at 70% less cost than a US equivalent. Apple, Microsoft & IBM are hiring from the same labor pool.
Worried about scaling your team cost-effectively? Hire 4-5 full-time employees for the cost of 1 US employee, offshore. We act as your employer of record so you don't have to worry about compliance, payroll, & benefits.
Top talent starting at $2,000/month.
🚀Startups Nuts
The traditional SaaS pricing model may be in jeopardy as AI enables users to do more with fewer seats. Companies like Zendesk are already shifting to consumption-based pricing for AI products. In an AI-first world, the focus might shift from intuitive UIs to efficient data structures that empower AI agents. This could signal a fundamental shift in how pricing models operate moving forward.
Other News
Marea Therapeutics, a South SF-based developer of cardiometabolic medicines, raised $190m in Series A and B fundings.
Huntress, a Columbia, Md., cybersecurity startup focused on small businesses, raised $150m in Series D funding.
Talkiatry, a psychiatric care startup, raised $130m in Series C equity and debt funding
Finbourne, a British financial data management startup, raised £55m in Series B funding
CuspAI, a British AI engine for new materials, raised $30m in seed funding
Princeton NuEnergy, a Bordentown, N.J., direct recycler, raised $30m in Series A funding
🏭Business Nuts
Wells Fargo launched a credit card with Bilt Technologies in 2022. The card allows users to pay for rent without incurring fees from their landlords while also earning rewards points. Wells is reportedly losing as much as $10 million every month on the program. The bank has told Bilt that it doesn't intend to renew the contract, which is scheduled to end in 2029.
The US government is suing Adobe for allegedly hiding expensive fees and making it difficult to cancel a subscription. The complaint claims that Adobe failed to properly disclose an early termination fee that can amount to hundreds of dollars. Customers have to go through an onerous and complicated process when canceling their subscription that involves navigating through multiple webpages and pop-ups. They encounter similar obstacles when attempting to cancel their subscriptions over the phone or via live chats. A copy of the complaint against Adobe is available at the end of the article.
Other News
Wells Fargo launched a credit card with Bilt Technologies in 2022. The card allows users to pay for rent without incurring fees from their landlords while also earning rewards points. Wells is reportedly losing as much as $10 million every month on the program.
Sam Altman is reportedly considering making OpenAI a for-profit company that the current non-profit board wouldn't control. One possible option being considered is making the company a for-profit benefit corporation.
Apple has stopped offering its buy now, pay later program, Apple Pay Later, after partnering with outside companies, including Affirm.
Warren Buffett's Berkshire Hathaway trims BYD stake. In a stock exchange filing on Monday investment firm offloaded 1.3 million shares in BYD on 11 June, raising HK$310.5m ($39.8m). Berkshire’s stake in the Chinese electric vehicle leader is now at 6.9% of total H-shares, down from 7%. Shares in BYD jumped last week on news that the EU tariffs will be lower than previously anticipated.
Tesla sold out of its $450 Tesla Mezcal, which comes in a lightning-shaped glass bottle. Naturally, someone is now trying to hawk one on eBay for $5k.
Jeff Bezos’s space company has finally been approved as a military launch contractor. It will bid on 30+ Space Force liftoffs, worth a combined $5.6B, in competition with established contractors United Launch Alliance and SpaceX.
Microsoft and Nvidia will likely have a weight of around 21% in this tech ETF, while Apple will be down to about 4.5%, according to Matthew Bartolini, head of SPDR Americas Research.
Money management firm Fisher Investments agrees to sell up to $3B minority stake to private equity firm Advent International and sovereign wealth fund of Abu Dhabi.
📱Tech Nuts
Apple has released details on the architecture and design of next-gen CarPlay. This article discusses how next-gen CarPlay will work. Automakers will have a lot of control over how things look and work. They will be able to use their own interfaces for various features. Next-gen CarPlay will only support wireless connections.
Other News
YouTube is experimenting with Notes, a crowdsourced feature that lets users add context to videos. The feature will help minimize the spread of misinformation on the platform.
Apple plans to make its MacBook Pro, Apple Watch, and iPhone significantly thinner, starting with the recently launched ultra-thin M4 iPad Pro, according to Mark Gurman of Bloomberg.
US Surgeon General Dr. Vivek Murthy is urging Congress to introduce warning labels on social media platforms to alert parents and adolescents about potential mental health risks.
McDonald's is ending its artificial intelligence drive-thru order-taking program and will shut it off in all participating restaurants by July 26, 2024.
Photographer named Miles Astray won an AI-image competition with a real photograph of a head-scratching flamingo, resulting in his disqualification.
YouTube is experimenting with server-side ad injection to improve ads' performance and reliability, affecting some users with ad blockers installed.
According to the Irish Data Protection Commission, Meta has paused plans to “train its large language model using public content” from EU-based Instagram and Facebook users.
🎁Miscellaneous
MIT researchers have developed an amber-like polymer that can be used for long-term storage of DNA. It can store DNA at room temperature while protecting the molecules from damage caused by heat or water. The DNA can be easily removed from the polymer without damage. The process of embedding DNA into the polymer takes a few hours, but the researchers believe that the process can be sped up with further optimization.
💡What else are we reading and seeing?
The Modern Spirit Of Statistical Arbitrage
Apple won’t rush latest AI rollout
China's property drag is getting worse
How to create software quality
3 mindful alternatives to meditation
Global nuclear arms spending exceeded $91B in 2023
These are the best AI music generators you can use right now
The case against morning yoga, daily routines, and endless meetings
Microsoft’s “parallel bets” strategy won the PC Wars. Will it work for AI?
😎Fun Fact
On this day today, The US declares war against Great Britain (as War of 1812 begins)
🔥 Few tools many people are finding useful
PapaRap - Personalized rap song videos for dads
Melody Agents - When CrewAI meets SunoAI, we get singing agents
Magic Publish - Instantly generated metadata for your YouTube videos
BookSlice - Gamified book reader for busy people
Captain - Content that fills your sales pipeline
Sanctuary - Personalized guided meditation, generated daily
🐦Joke of the Day
Enjoy The Cash Nut? Consider forwarding it to a co-worker, colleague, classmate, or whoever you think might be interested.
Advertise With us - Link
Keep an Eye on our Weekly newsletter, where we gonna share resources like Financial Models, AI tools, and much more.
That’s it from our side for today.