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<ul class="summary-list"><li>Supersonic aviation startup Exosonic shut down in November after five years in business.</li><li>The California-based startup was working on faster-than-sound jets for commercial and military use.</li></ul>A handful of startups are vying to revive supersonic flight, but one contender just dropped out of the race.<a target="_blank" class="" href="https://www.businessinsider.com/see-the-supersonic-passenger-planes-will-connect-cities-1-hour-2022-7">Exosonic, </a>which had been working for five years to build faster-than-sound jets for commercial and military use, announced its shutdown on Friday, citing a lack of continued funding and low customer interest.The company had two main projects: a quiet passenger plane capable of Mach 1.8 speed and an uncrewed supersonic aircraft for fighter jet target practice. It had backing from private equity investors, <a target="_blank" class="" href="https://www.businessinsider.com/hypersonic-air-force-one-hermeus-mach-5-2020-8">a contract from the US Air Force</a>, and a flying sub-scale prototype.In an interview with Business Insider, Exosonic CEO Norris Tie said the company hoped its Mach-speed airliner would drastically cut travel time between faraway nations.Crucial to the company's promise was work to eliminate the <a target="_blank" class="" href="https://www.businessinsider.com/sonic-boom-explained-2016-1">sonic boom</a> that prevents supersonic planes from flying over land — an issue that severely handicapped the <a target="_blank" class="" href="https://www.businessinsider.com/concorde-supersonic-jet-history-2018-10">legendary Concorde</a> when it pioneered supersonic passenger travel in 1976."The goal was that by the time we were ready to hammer out the commercial design, all the regulatory framework for the boom would have more or less been established," Tie said. "Then we could go back to designing the airliner after what we hypothesized would have been a successful UAS (uncrewed aircraft systems) business at that point."<div type="image" title="A photo of Exosonic CEO Norris Tie standing to the right of another Exosonic employee examining an aircraft wing." height="1080" width="1920" msid="115266488" hostid="261" sizebytes="70466"></div>Since 2020, the company had raised about $4 million in funding, according to PitchBook estimates. Its closure leaves fewer players working to achieve the faster-than-sound dream."As history shows, in many areas with new technology, there are often many more players initially than the market can support," University of Illinois aerospace engineering professor Michael Bragg told BI. "It was inevitable that there would be a downselect of supersonic aircraft makers. Let's hope someone is successful before they are all gone."<h2 id="edb327cf-4cd9-4561-b931-8796991c5f4c">A new Mach-speed passenger jet would be too expensive and time-intensive</h2>Supersonic travel was already achieved nearly decades ago with the Concorde, which could cross the Atlantic in as little as three hours and operated commercially for about 30 years.But it was <a target="_blank" class="" href="https://www.businessinsider.com/concorde-supersonic-plane-tour-photos-2024-10">extremely costly and ended in disaster,</a> stoking concerns that largely convinced the industry to end flights."Some investors said the timeline for a supersonic commercial aviation product was too long and capital intensive," he said, adding passenger Mach flight was the company's main focus for the first two years.Tie said with full capital, meaning billions more dollars, it could take 10-15 years to build, certify, and deliver a new supersonic plane. And that's if the supply chain, potential design setbacks, and other factors <a target="_blank" class="" href="https://www.businessinsider.com/boeing-777x-why-so-important-delays-future-airlines-2024-7">don't add abnormal expenses.</a>Tie also said engine manufacturers aren't investing in supersonic flight — hindering one of the industry's most vital components: power.<div type="image" title="Boom Supersonic." height="1406" width="2500" msid="115266487" hostid="261" sizebytes="78552"></div><a target="_blank" class="" href="https://www.businessinsider.com/supersonic-jet-boom-overture-costs-technology-experts-skeptical-2024-4">Boom Supersonic</a>, another faster-than-sound startup, has been forced to build its own engine after failing to make a deal with major engine manufacturers, who remain focused on conventional jet engines. The company has been in business for about a decade and has <a target="_blank" class="" href="https://www.businessinsider.com/see-boom-jet-used-test-worlds-next-supersonic-airliner-2024-3">developed a sub-scale prototype</a>."Boom has said it would cost up to $8 billion to build its supersonic plane, and that's a low number," Tie said. "The company has only publicly <a target="_blank" class="" href="https://boomsupersonic.com/newsroom/fact-sheet">funded</a> less than $1 billion. It's a long road, and I don't know how it's going to get done."Boom has announced <a target="_blank" class="" href="https://www.businessinsider.com/meet-overture-the-boom-supersonic-aircraft-that-united-just-ordered-2021-6">billions of dollars worth of orders from American Airlines</a> and United Airlines for its supersonic Overture jet, which is planned to fly as soon as 2029.American has agreed to purchase up to 20 with options for another 40, while United has ordered 15 with options for 35 more.<h2 id="ac0faea2-919d-4208-94b1-f52c80a4c14a">The US Air Force changed its mind about Exosonic's training drones</h2>Investors pushed Exosonic to focus on military contracts instead of a commercial airliner, Tie said. This was the smallest product the company could develop while still generating some revenue — until the Air Force changed its mind."They didn't want fighter jet drones focused on training; they wanted one focused on combat, which has been a priority for the past two or three years," he said. "That's what took away all of the funding that we were going after, and we couldn't recover."<div type="image" title="A rendering of three Exosonic's supersonic Revenant military drones flying." height="1080" width="1920" msid="115266490" hostid="261" sizebytes="71432"></div>He said commercial air combat companies' interest in Exosonic hinged on the USAF. Once the Air Force's interest faded, so did the interest of any potential commercial players, like Drakken International, who could have used the uncrewed drones for training or other military needs.Without a defense arm of the business, Tie said the commercial side didn't have a chance.<h2 id="04b7056c-e60d-4441-a240-6d64e9c0d514">Tie said hypersonic travel is a more likely commercial option</h2>Tie said part of the problem with getting supersonic funding is because it isn't a shiny new concept. Humans have been doing it <a target="_blank" class="" href="https://www.businessinsider.com/70-years-since-chuck-yeager-broke-the-sound-barrier-what-it-was-like-2017-10">since the 1940s,</a> and there isn't any "terribly new technology to develop there."He said a better approach for Exosonic would have been to focus on <a target="_blank" class="" href="https://www.businessinsider.com/see-the-supersonic-passenger-planes-will-connect-cities-1-hour-2022-7">hypersonic travel.</a> <div type="image" title="Rendering of Venus Aerospace's Stargazer in flight." height="543" width="1024" msid="115266491" hostid="261" sizebytes="37582"></div>A handful of hypersonic startups, including Venus Aerospace, Hermeus, <a target="_blank" class="" href="https://www.businessinsider.com/see-hypersonic-jet-will-fly-new-york-paris-90-minutes-2023-6">Destinus</a>, and Spectre Aerospace, plan to build ultrafast jetliners. <a target="_blank" class="" href="https://www.venusaero.com/venus-aerospace-inaugural-supersonic-drone-flight/">Venus</a> is testing its high-Mach-speed advanced propulsion system and has achieved supersonic flight with a drone using a rocket engine.Tie believes SpaceX's Starship could be one of the likeliest contenders. Elon Musk's project is set to transport satellites and astronauts to space but could also shoot into orbit and back to connect nearly any two cities in an hour or less."Hypersonic is certainly in vogue, and so that makes sense to go in that direction," he said. "Supersonic is unfortunately not in vogue."

CEO of failed supersonic plane startup on what went wrong — and how other companies might find success 

After a full day of meetings at Julie, a startup that sells a morning-after pill, CEO Amanda E/J Morrison jumped a flight from New York to Boston and headed to a small, private college, where a trivia night awaited her. Dozens of students shuffled into a classroom with plates of chicken tenders, Texas toast, and bright blue boxes of the emergency contraceptive.Morrison had worked with the Planned Parenthood Generation Action club at Suffolk University to sponsor the event, part of Julie's efforts to win a new generation of consumers. However, she had another, more pressing reason for being there. Julie is doing more campus events to clear up some of the confusion about emergency contraception — namely, that it isn't medication abortion.Standing at the head of the classroom, Morrison read off a projector screen, "Emergency contraceptives like Julie are legal in how many states? 25, 48, 50, 37." Students tapped their answers into a quiz app. "It's 37," Lily, a spirited sophomore, whispered to her teammates.In a minute, the correct answer appeared on screen, and the quiet chatter rose to a clamor. Half the teams said 37 states."Fifty states, guys. It's everywhere," Morrison said.When asked why she said 37, Lily said, "Just the way things are going."In states that outlaw abortion, some patients and politicians worry that contraception could be in legal jeopardy, too. There's no federal law preserving access to birth control, rather, a patchwork of state laws and court decisions holding it in place. Another Trump term <a target="_blank" href="https://www.politico.com/news/2024/05/29/trump-birth-control-contraception-00159555">could change that</a>.For Julie, "that's the million dollar question of this election," Morrison said.<div type="image" title="TK" height="2000" width="2667" msid="114460252" hostid="261" sizebytes="193282"></div>"We're not worried about some big ban happening in the first hundred days. But how those decisions trickle down — what is presented in Congress as a bill, how the Supreme Court reacts, what trickles down to the states — becomes a real secondary concern," she said.Founders of women's health startups feel doubly invested in this election, one of the closest presidential races of the century. Half a dozen founders and investors of women's health companies, all women, told Business Insider that if Vice President Kamala Harris wins, it's business as usual. They said another Trump victory creates uncertainty for reproductive health startups, from period trackers to online abortion clinics to embryo banks.<div type="image" title="TK" height="1610" width="2147" msid="114460254" hostid="261" sizebytes="109206"></div>While Harris's presidential campaign has been marked by unrelenting support for reproductive healthcare, including contraception and abortions, Trump's position has been a moving target.The former president suggested <a target="_blank" href="https://www.politico.com/news/2024/05/29/trump-birth-control-contraception-00159555">in May</a> that he was "looking at" restrictions on birth control, then walked that position back in a social media post later that day. During the September presidential debate, he called himself a "leader" on IVF, a move that <a target="_blank" href="https://www.politico.com/news/2024/09/12/trump-ivf-gop-roe-abortion-00178760">angered</a> parts of his base that have sought to restrict fertility treatments. He said <a target="_blank" href="https://www.cbsnews.com/news/donald-trump-says-he-would-veto-federal-abortion-ban/">in October</a> that he'd veto a national abortion ban after deflecting the question for months but would support states ordaining their own abortion bans.Trump's waffling on reproductive rights has put founders of women's health startups on notice. "It is one of the major issues that we're discussing and that our CEOs are focused on — how to continue to provide care to women, especially women of childbearing age," said Trish Costello, founder of Portfolia, an investing platform that pools money from female accredited investors.The day after the presidential debate, Mika Eddy was vibrating with the weight of the election. The race's outcome could drastically change reproductive rights, foreign policy, gun safety, and climate law — all issues close to Eddy, a 35-year-old Californian and mother of two.But Eddy also has skin in the game as the chief executive officer of Malama Health, a startup helping women with gestational diabetes access better care. Its doula network assists patients on Medicaid with applying for benefits such as diabetes-friendly meals and medical transport.Eddy worries that if Trump wins, he would restrict access to the coverage and benefits that her users rely on, weakening one of Malama Health's key services."There is this common misperception that, 'we're in California, we're in a liberal state, and so we're safe.' And I don't think that's the case," Eddy said.For some founders of women's health startups, this election is more than a political contest; it has ramifications for their livelihoods. With so much at stake, they're planning how to handle a scenario where states or courts might impose more limits on reproductive rights.<div type="image" title="US Vice President Kamala Harris taking pictures with some young teen girls." height="3000" width="4000" msid="114460257" hostid="261" sizebytes="755478"></div><a target="_blank" class="" href="https://www.businessinsider.com/abortion-telemedicine-startup-hey-jane-roe-v-wade-2022-10">Hey Jane</a> is a telehealth startup that connects patients to medical providers who offer online appointments and delivers abortion pills to their doorsteps. A year after the Supreme Court overruled Roe v. Wade, ending the constitutional right to abortion, Hey Jane started selling birth control and treatments for urinary tract infections, yeast infections, and herpes, both oral and genital. The new products cushion the business against a "plan E" scenario of a national abortion ban, said Carli Sapir, a Hey Jane investor and founding partner of Amboy Ventures."We're thinking about how to make sure those other verticals are in a good place to continue carrying the company forward," said Sapir.This time last year, one of Hey Jane's rivals, Choix, shut down <a target="_blank" class="" href="https://www.businessinsider.com/vcs-backing-online-abortion-sites-say-its-good-business-2021-9">after three years in service</a>. The company said in a <a target="_blank" class="" href="https://finance.yahoo.com/news/choix-closes-virtual-doors-launches-130300919.html">press release</a> that "the stigma and politics surrounding abortion care posed significant fundraising challenges." It raised a $1 million seed round in 2022.While direct providers of abortion, like Hey Jane, could see major restrictions or shutdowns to their core businesses if Trump returns to the White House, a wider range of companies expect to feel the ripple effects. Startups that seem removed from the front lines, such as those involved with period tracking and fertility treatments, are also preparing for potential challenges.<div type="image" title="Then-President Donald Trump addresses the anti-abortion &quot;March for Life&quot;" height="750" width="1000" msid="114460247" hostid="261" sizebytes="53678"></div>If a national abortion ban were to occur, apps like Flo Health or Clue might face increased scrutiny, according to <a target="_blank" href="https://www.businessinsider.com/why-lux-capital-deena-shakir-wrote-childrens-book-2024-9">Deena Shakir</a>, a general partner at Lux Capital. These apps track when women have their periods and when they miss them. In today's post-Roe America, privacy experts worry that such data could be used to suggest that someone has had or is thinking about having an abortion, potentially putting women at risk of prosecution in certain states.The stakes could be equally high for companies involved with fertility treatments.The demand for services like in vitro fertilization, or IVF, and surrogacy has been climbing for years as people have kids later in life and infertility rates increase. That's birthed a <a target="_blank" href="https://www.businessinsider.com/fertility-startups-booming-despite-market-downturn-2023-6">global fertility market</a> that includes companies that operate clinics to provide services like egg freezing and IVF, companies that run labs and tests, and firms that help people pay for the procedures.However, the industry's future is uncertain following attacks on abortion access. The end of Roe v. Wade opened up the legal terrain for states to interfere with access to other reproductive care, said Lauren Berson Sugarman, founder and chief executive officer of Conceive, a startup that offers personalized fertility guidance, including text support from nurses and peer groups.In Alabama, the state Supreme Court ruled that frozen embryos should be considered children. That put patients and fertility clinics on edge that they could be criminally charged for destroying extra embryos. A handful of Alabama clinics paused IVF treatments while patients throughout the South began moving their embryos to jurisdictions with more stable legal protections."We see a lot of patients come to us and say, should I move my embryos out of a red state? Because what happens if they come after IVF?" said Berson Sugarman.The push for "embryo rights" could have wide-reaching repercussions for startups like Maven Clinic or Carrot Fertility, which offer fertility benefits for employers, and TMRW Life Sciences, a biotech company creating robots for the safe storage of frozen sperm, eggs, and embryos.Moreover, it could influence the type of research that startups conduct and where. Alice Zheng, a principal at women's health investor RH Capital, explains how the shifting legal landscape might affect companies like Vitra Labs. As a biotech startup working on developing eggs from stem cells for IVF, "they're doing really cutting-edge research for fertility, but they need to think very carefully about where they set up shop," Zheng said. "Some of their research might involve certain types of tissue, which is more closely scrutinized in some areas than others."<div type="image" title="TK" height="2000" width="2667" msid="114460250" hostid="261" sizebytes="243576"></div>Two years ago, in the hours after the Supreme Court ended the constitutional right to an abortion, Morrison's phone started ringing and didn't stop. Investors wanted to know if the ruling would kill Julie's launch in Walmart stores that fall. Job candidates wondered if the company would still exist in six months. Morrison's mom called, concerned for her daughter's future."For probably two weeks straight, I was just doing reassurance calls," Morrison said.While emergency contraception is not the abortion bill and is currently legal in all 50 states, it is continuously confused with the abortion pill, which can have damaging consequences. In June, the medical journal JAMA Network Open published a <a target="_blank" href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2820370?%20utm_source=For_The_Media">study</a> that found retail pharmacy fills of Plan B, a leading morning-after pill brand, fell by 65% in states with near-total abortion bans the year after the Dobbs decision, partly due to clinic closures and confusion about its legal status.That confusion could threaten Julie's sales, and puts the onus of the company to better educate consumers. It sponsors events like trivia nights and sorority house brunches. It has enlisted TikTok influencers to share videos of their drugstore hauls showing how easy it is to buy Julie. In one video, a young woman going back-to-school shopping walks off with a two-count pack of the emergency contraceptive pill. The caption reads, "double majors, not double strollers."Other startups are urging consumers to fight for reproductive rights at the polls. Eddy's Malama Health has reminders to register to vote in its app and will tell users where their nearest polling station is closer to election day. The company asks for their ZIP codes during onboarding, Eddy explained."When you have a baby, you're like, 'I want to vote, but I don't know where to go,'" Eddy said. She hopes the emails will get more pregnant women and new moms to head to the polls. Eddy added that the emails won't support a candidate and are meant as a "nonpartisan resource."<div type="image" title="TK" height="2000" width="2667" msid="114460255" hostid="261" sizebytes="192114"></div>Julie's content isn't political, either. It's not trying to change any minds about abortion rights. The goal is simply to spread awareness among young adults that emergency contraception helps prevent pregnancy, not end it. This way, Morrison said, a woman who is anti-abortion and has unprotected sex can feel confident taking Julie knowing that she isn't compromising her abortion stance.It was past 9 o'clock on a weekday, and the competition at trivia night was heating up. Students in teams of two or three screamed with delight as they watched their names climb the leaderboard. They competed to win prizes like sex toys and T-shirts with the phrase, "A Better Morning After.""Morning-after pills end pregnancy. True or false," the club president called out.Thirty seconds later, the screen showed that every team had answered correctly.Morrison pumped both fists in the air, beaming her approval.<a target="_blank" rel="" href="https://www.businessinsider.com/author/melia-russell">Melia Russell</a> is a senior correspondent at Insider covering startups and venture capital. She can be reached via the encrypted messaging app Signal at +1 603-913-3085 and email at <a target="_blank" href="mailto:mrussell@businessinsider.com">mrussell@businessinsider.com</a>.<a target="_blank" class="" href="https://www.businessinsider.com/author/rebecca-torrence">Rebecca Torrence</a> is a correspondent at Business Insider writing about healthcare startups and venture capital. Send her an email at <a target="_blank" class="" href="mailto:rtorrence@businessinsider.com">rtorrence@businessinsider.com</a>.

'The million-dollar question of this election': Women's health startups are confronting a shifting legal landscape   

<a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Halfway to the weekend! For much of the US, the cold weather is settling in and it's getting darker earlier. Here's some advice from a therapist on <a href="https://www.insider.com/tips-for-seasonal-depression-from-therapist-who-experiences-it-2023-11" target="_blank" rel="noopener">how to get through</a> what can be a difficult time of year for many of us. In today's big story, a Business Insider reporter gives her unique perspective on <a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11" target="_blank" rel="noopener">navigating life as a startup founder's wife</a>.What's on deck: <ul><li>Markets: Inflation <a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11" target="_blank" rel="noopener">cooled in October</a>, leading one market expert to label it a "<a href="https://newsletter.businessinsider.com/click/33372156.1298281/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3MvZmVkLXJhdGUtY3V0cy1mb3JlY2FzdC0yMDI0LW9jdG9iZXItaW5mbGF0aW9uLWRyb3AtY3BpLWdhbWVjaGFuZ2VyLTIwMjMtMTE_dXRtX21lZGl1bT1uZXdzbGV0dGVyJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX2NhbXBhaWduPUluc2lkZXJfVG9kYXk/63c964d0fd0e8ffc6308a4aeB6a43f2fc" target="_blank" rel="noopener">gamechanger</a>."</li><li>Tech: Amazon is <a href="https://www.businessinsider.com/amazon-suspends-promotions-employees-not-meeting-rto-mandate-2023-11" target="_blank" rel="noopener">blocking promotions for employees</a> who don't comply with its RTO policy.</li><li>Business: A long-time Airbnb host sounds off on the <a href="https://www.businessinsider.com/nyc-airbnb-ban-short-term-rentals-craigslist-scams-2023-11" target="_blank" rel="noopener">impact of NYC's de-facto ban</a>.</li></ul>But first, let's talk this out.<h3>The big story</h3><h2>A founder's other backer</h2><a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11"></a><div type="image" title="A man on the left writes ideas on post-it notes, while a woman on the right types on her computer." height="960" width="1920" msid="105240099" hostid="261" sizebytes="225932"></div>The startup world is not for the faint of heart.Long hours, stressful work, and layoffs are commonplace. And for your efforts, you're more than likely to fail. Still, tech entrepreneurs know what they're signing up for. For most, it's better to fail trying than to just be a cog in the wheel of a corporate giant. But what about their significant others? For many founders, there is a spouse or partner by their side. And while it's not their dream, that doesn't make navigating the heartache and turmoil any easier. Business Insider's Melia Russell knows those challenges all too well. <a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11" target="_blank" rel="noopener">In this fascinating essay</a>, she details her life as a founder's wife, watching from the sidelines as her husband's company tries to stay afloat during an <a href="https://www.businessinsider.com/silicon-valley-fears-exctinction-event-startup-failure-rate-increase-2023-6" target="_blank" rel="noopener">unprecedented time for startups</a>.Melia's account of her relationship with Kyle and his startup is equal parts entertaining, heartwrenching, and informative. It also provides another perspective on the <a href="https://www.businessinsider.com/news-today-october-25-startup-workers-layoffs-morale-tech-2023-9" target="_blank" rel="noopener">high-stress world of launching a company</a>.<a href="https://businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11"></a><div type="image" title="Kyle works out with dumbells." height="450" width="900" msid="105240100" hostid="261" sizebytes="58220"></div>As if being a founder spouse wasn't difficult enough, Melia has the bonus of <a href="https://www.businessinsider.com/author/melia-russell" target="_blank" rel="noopener">covering the space as a reporter</a>.Imagine spending a good chunk of your workday researching and writing about all the things that can go wrong in an industry the person you love is endlessly pursuing. It's like an emergency-room doctor marrying a stunt performer.(To be sure, everything Melia writes isn't <a href="https://www.businessinsider.com/ypo-young-presidents-organization-secret-club-for-ceos-2021-4" target="_blank" rel="noopener">doom</a> and <a href="https://www.businessinsider.com/women-venture-capital-change-maternity-leave-policy-culture-2022-10" target="_blank" rel="noopener">gloom</a>.)When I asked Melia about the piece, she said it was the hardest thing she's ever written. But she found the process cathartic. Working on the story forced her to have difficult but important conversations with Kyle, and address issues head-on she's long fostered but rarely communicated.That, in a nutshell, is one of the biggest takeaways Melia said she hopes other founders' partners will get from the piece: communication is critical. And while that's true of any relationship, it's especially pertinent in the volatile startup ecosystem.Bottling up those emotions to be a spouse's "relentlessly positive cheerleader" can weigh on a person, Melia told me. She also recommends finding people in similar situations. Being a founders' partner is the type of thing that can only be understood by being a founders' partner.Never one to miss an opportunity, Melia told me she's happy to chat. You can <a href="mailto:mrussell@businessinsider.com" target="_blank" rel="noopener">ping her here</a>.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11"></a><div type="image" title="a customer shops for halloween candy" height="667" width="889" msid="105240101" hostid="261" sizebytes="73024"></div><ol><li> Inflation cools off. The Consumer Price Index <a href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11" target="_blank" rel="noopener">increased 3.2% on an annual basis</a>, which was lower than expected and a smaller bump than September's 3.7% increase. PIMCO's former chief economist called it a "gamechanger," and said the <a href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-forecast-2024-october-inflation-drop-cpi-gamechanger-2023-11" target="_blank" rel="noopener">Fed's next move will be to cut rates</a>. Bank of America also seems optimistic <a href="https://www.businessinsider.com/cpi-inflation-october-outlook-economy-markets-fed-rate-hike-bofa-2023-11?miRedirects=1" target="_blank" rel="noopener">the rate-hiking cycle is over</a>, while Fundstrat's Tom Lee said inflation <a href="https://markets.businessinsider.com/news/stocks/stock-market-face-ripper-rally-inflation-hits-wall-cpi-fundstrat-2023-11" target="_blank" rel="noopener">might be finally hitting a wall</a>.</li><li> What to expect when you're expecting… a bonus. We're a few months away from bonus season, where finance employees find out how big — or little — the discretionary part of their compensation is. One expert predicts another tough year, with exceptions in areas like equity underwriting and wealth management. <a href="https://www.businessinsider.com/bonuses-at-banks-hedge-funds-private-equity-alan-johnson-report-2023-11" target="_blank" rel="noopener">Here's a breakdown by division of what to expect.</a></li><li>While Wall Street's titans worry about a world war, the market shrugs. Big names like Ray Dalio and Jamie Dimon have warned about the state of the world following Hamas' attack on Israel. <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-jamie-dimon-billionaire-investors-world-war-iii-outlook-2023-11" target="_blank" rel="noopener">But the market seems unbothered</a>, with the S&amp;P 500 and Nasdaq Composite both up since the October 7 attacks.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-suspends-promotions-employees-not-meeting-rto-mandate-2023-11"></a><div type="image" title="amazon logo in a building lobby" height="667" width="889" msid="105240102" hostid="261" sizebytes="19966"></div><ol><li> Leaked doc: Amazon is blocking the promotion of employees who don't comply with the company's return-to-office policy. Those who aren't going into the office at least three times a week will <a href="https://www.businessinsider.com/amazon-suspends-promotions-employees-not-meeting-rto-mandate-2023-11" target="_blank" rel="noopener">need a VP's approval</a> to get the proposed promotion, internal messages show. It's the latest update to Amazon's unusually contentious return-to-office process.</li><li>Google's lawyer reportedly "visibly cringed" when a confidential metric was revealed in court. Apple and Google have both been fighting against revealing <a href="https://www.businessinsider.com/google-lawyer-cringed-court-confidential-apple-payment-ad-revenue-report-2023-11" target="_blank" rel="noopener">details of their search-engine agreement</a>. But an expert witness accidentally leaked that Google hands over 36% of its Safari search ad revenue to Apple.</li><li>AI is going to force millions of workers to train for new jobs. The US has historically been terrible at this — just look at the loss of millions of US manufacturing jobs in the early 2000s. To <a href="https://www.businessinsider.com/jobs-ai-chatgpt-career-change-reskilling-tech-training-workers-disruptions-2023-11" target="_blank" rel="noopener">avoid the same catastrophe</a>, US companies need to make major retraining investments.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/nyc-airbnb-ban-short-term-rentals-craigslist-scams-2023-11"></a><div type="image" title="red-brick buildings on a nyc street" height="666" width="888" msid="105240104" hostid="261" sizebytes="112126"></div><ol><li>"Why NYC's Airbnb ban is a slap in the face to people like me." A New York City resident who rented their spare bedroom for years didn't qualify for a license under the city's new short-term-rental rules. Their <a href="https://www.businessinsider.com/nyc-airbnb-ban-short-term-rentals-craigslist-scams-2023-11" target="_blank" rel="noopener">finances now feel less secure</a>, and finding guests has become more difficult. </li><li>A Q&amp;A with the chief product officer at Discovery Education. Pete Weir dishes on <a href="https://www.businessinsider.com/how-ai-helps-employees-according-to-a-chief-product-officer-2023-11">how they're testing and using AI</a>. Weir said that the tech isn't meant to replace teachers — it's meant to augment them.</li><li>Meet the typical HENRY. The <a href="https://www.businessinsider.com/henry-student-loans-six-figure-income-millennial-gen-z-retirement-2023-11" target="_blank" rel="noopener">typical profile of a high earner, not rich yet</a> is a 32-year-old with a college degree, six-figure income, and no kids. They also live in a city but have $80,000 in student-loan debt to pay off.</li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/will-there-be-government-shutdown-house-passes-laddered-bill-funding-2023-11" target="_blank" rel="noopener">The House managed to pass a bill avoiding a government shutdown just days before funding runs out</a></li><li><a href="https://www.insider.com/le-bal-des-debutantes-paris-participant-preparation-impact-2023-11" target="_blank" rel="noopener">Inside the most exclusive debutante ball in the world, where the children of the rich and famous come out to high society</a>.</li><li><a href="https://www.businessinsider.com/supreme-court-ethics-rules-missing-word-should-shall-2023-11" target="_blank" rel="noopener">There's one word missing from the Supreme Court's new code of conduct that makes the whole thing toothless</a>.</li><li><a href="https://www.businessinsider.com/goldman-sachs-boost-trading-business-social-networks-data-analytics-2023-11">Here's how Goldman Sachs is aiming to win more trades from its biggest institutional clients</a>.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-dow-sees-death-cross-in-bearish-signal-2023-11" target="_blank" rel="noopener">The Dow Jones has seen a dreaded "death cross." Here's what it means</a>.</li><li><a href="https://www.businessinsider.com/overemployed-workers-multiple-jobs-guide-lingo-tips-2023-11" target="_blank" rel="noopener">How to talk to your secretly "overemployed" friends</a>.</li><li><a href="https://www.businessinsider.com/new-slack-ui-update-design-custom-themes-colors-ranked-2023-11" target="_blank" rel="noopener">A definitive ranking of the new theme colors on the godawful Slack update</a>.</li><li><a href="https://www.businessinsider.com/whoopi-goldberg-criticized-for-gen-z-millennial-work-ethic-comments-2023-11" target="_blank" rel="noopener">Whoopi Goldberg is criticized online for saying Gen Z and millennials can't afford a house because they 'only want to work four hours' a day</a></li><li><a href="https://www.businessinsider.com/jeff-bezos-yacht" target="_blank" rel="noopener">Jeff Bezos' yacht reportedly cost $500 million and is the largest sailing yacht in the world. Here's what we know about it.</a></li><li><a href="https://markets.businessinsider.com/news/bonds/investors-bullish-bond-market-crash-economy-inflation-yields-fed-rates-2023-11" target="_blank" rel="noopener">CHART OF THE DAY: Investors haven't been this bullish on bonds since the depths of the Great Financial Crisis</a>.</li></ul><h2>What's happening today</h2><ul><li>The 16th annual Steve Irwin Day at the Australia Zoo is today. It celebrates the Crocodile Hunter's life — he died in 2006 from a stingray attack.</li><li>Microsoft Ignite, an annual developer and IT professional conference, kicks off today. CEO Satya Nadella is expected to give a keynote related to AI.</li><li>Earnings today: Target, Cisco, <a href="https://markets.businessinsider.com/earnings-calendar" target="_blank" rel="noopener">and other companies</a>.</li></ul><h3>For your bookmarks</h3><h2>Centenarian longevity tips</h2><a href="https://www.insider.com/longevity-tips-centenarian-who-played-golf-younger-friends-2023-11"></a><div type="image" title="Janet Gibbs, 102, pictured at a Centenarian Club tea party" height="750" width="1000" msid="105240105" hostid="261" sizebytes="27212"></div>A 102-year-old woman revealed her tips for living to 100. Her <a href="https://www.insider.com/longevity-tips-centenarian-who-played-golf-younger-friends-2023-11" target="_blank" rel="noopener">top longevity tips</a> include walking a lot and having younger friends.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

The hidden woes of being in a relationship with a startup founder

<ul class="summary-list"><li>A startup mass extinction event started earlier this year. </li><li>It's resulted in a wave of startup bankruptcies and shutdowns. </li></ul>In June, we told you about a <a target="_blank" href="https://www.businessinsider.com/startup-mass-extinction-event-has-begun-venture-capital-2023-6">startup mass extinction event</a> that was just beginning.Four months later, this wave of shutdowns is rising fast, and it's beginning to drag on the cloud sector.212 startups went bankrupt or dissolved in some other way during the third quarter, according to data from <a target="_blank" href="https://www.businessinsider.com/carta-startup-discrimination-harassment-boys-club-allegations-henry-ward-lawsuit-2023-10">Carta</a>, which tracks startup shutdowns closely.This doesn't capture all the closures as not every startup is a client of Carta. But the rate of change is notable. So far this year, Carta has seen 543 startup shutdowns. That was by far the most of any year going back to 2019.This is bad news for cloud providers because their revenue and growth partly <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/facebook-google-tiktok-among-the-40-biggest-vendors-for-startups-2023-1">relies on spending by startups</a>. If these young businesses are dying, it will be harder for the cloud sector to grow at the same pace it used to.Startup shutdowns will continue at an elevated pace for the next 2 to 3 quarters, <a target="_blank" href="https://affiliate.insider.com?amazonTrackingID=biauto-62316-20&amp;h=f585c4b949620b645c0600fa38c3174bc55ccaa16bc7397ef53b9b24096b1dd5&amp;postID=65395635cf767c5e2eb40529&amp;postSlug=startup-extinction-wave-beginning-to-wash-over-cloud-industry-aws-2023-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Fpeterjameswalker_cartadata-startups-founders-activity-7112949181815656448-06cy%2F">according to</a> Peter Walker, head of insights at Carta.When startups run out of money and shut down, they stop spending on cloud services. When more than 500 companies go bust in a few quarters, that can really add up.<h2>AWS's startup exposure</h2><a target="_blank" href="https://www.businessinsider.com/aws-ceo-adam-selipsky-stressed-about-amazon-day2-culture-2023-7">Amazon Web Services</a> is likely the most exposed to this phenomenon. The cloud pioneer built its early lead by catering to startups better than any other provider.During the long startup boom period, this really drove AWS revenue growth. When companies like Airbnb go from tiny businesses to huge corporations in a few years, they spend a heck of a lot more on cloud services. And AWS cleaned up.On its <a target="_blank" href="https://aws.amazon.com/startups">website</a>, AWS says it has helped "more startups launch, build, and succeed than any other cloud provider." It notes that more than 250,000 startups use the platform and 83% of the 1,000 unicorns around the world run on AWS.<h2>From boom to headwind</h2>Now, though, this focus is turning into a headwind.When Amazon reports on Thursday, Bernstein analysts are expecting AWS to have generated year-over-year revenue growth of 12.5% in the third quarter."We tweaked our AWS revenue model in our AWS preview note, adjusting for slower-than-expected ramp of new accounts, spend, and workload migrations," they wrote on Wednesday.This is down from 30% to 40% year-over-year AWS growth rates in 2021, when startups were flush with cash and very few were shutting down. The company has become a <a target="_blank" href="https://www.businessinsider.com/amazon-cloud-industry-growth-laggard-microsoft-ai-google-2023-4">growth laggard</a> in the sector.<h2>Cloud 'optimization' continues</h2>There are other signs of weaker demand too. Late on Tuesday, Google reported slower growth for its cloud business and executive Ruth Porat blamed that on "customer optimization efforts."Google shares slumped 10%, while Amazon shares fell 6% on Wednesday.Microsoft CFO Amy Hood mentioned these optimization efforts on Tuesday, too.Customer optimization means startups and other companies are still trying to find ways to control their cloud bills, even if they're not going bankrupt.<h2>There's one big caveat to these concerns</h2>The generative AI boom is firing up demand for AI cloud services. In the midst of the startup extinction wave, some AI-focused startups are managing to raise healthy new funding rounds. And they're using some of that new money to spend on AI cloud services.So far, though, Microsoft looks to be the main beneficiary of this. The company's cloud growth was healthy in the third quarter, helped by demand for new AI services.When Amazon reports on Thursday, we'll see if AWS has been able to jump on the AI bandwagon, too. The company has been rolling out a slew of AI cloud offerings lately.

The startup extinction wave is rising and it's beginning to wash over the cloud industry

Hello, readers. Hallam Bullock here, writing from London. Venture capitalists are known to preach that <a href="https://www.businessinsider.com/why-businesses-fail-how-to-avoid-startup-death-founders-investors-2019-8">failure</a> is essential to innovation. It's just as well since, as Insider's Alistair Barr and Melia Russell write, they'll have a lot to preach about soon.Startups are facing a "Mass Extinction Event" — and most people can't even see it. That's because startups are not public companies. You can't watch a stock price tumble in real-time. However, if you look closer, you can see the slow trainwreck taking place. That's where we start today's newsletter. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here. </a><a href="https://www.businessinsider.com/startup-mass-extinction-event-has-begun-venture-capital-2023-6"></a>1. It's the beginning of the end for startups. That's according to Tom Loverro, a general partner at IVP, who said: "The Mass Extinction Event for startups is underway." As Loverro also noted, startups die quietly and slowly. VCs are known to let them wither in their portfolios while they bank on a small handful becoming the next Meta or Twitter. <ul><li>So, there's a natural run-rate of startup failures, but the problem is that the VC boom that peaked in 2021 put this natural order out of whack. </li><li>Now, the money spigot has run dry. On the horizon are painful asset sales, nasty <a href="https://www.businessinsider.com/cram-down-rounds-startups-dilute-shared-founders-and-investors-beware-2022-10">cram-down</a> recapitalizations, ultra-cheap <a href="https://www.businessinsider.com/why-so-many-startups-are-being-acqui-hired-2012-8">acqui-hires</a>, and yes, simple shutdowns and <a href="https://www.businessinsider.com/credit-crunch-corporate-bankruptcy-trends-risk-increase-debt-interest-rates-2023-5">bankruptcies</a>. </li><li>In our full analysis, we dive even deeper into this "Mass Extinction Event," including signs that can be gleaned from the fates of WeWork, Zume, and Plastiq. </li></ul><a href="https://www.businessinsider.com/startup-mass-extinction-event-has-begun-venture-capital-2023-6">Read the full story</a>.In other news: <a href="https://markets.businessinsider.com/news/stocks/jeff-bezos-amazon-stock-purchases-elon-musk-trolling-tech-stocks-2023-6"></a><div type="image" title="Jeff Bezos and Elon Musk" height="808" width="1078" msid="100965864" hostid="261" sizebytes="47348"></div>2. Is Jeff Bezos channeling Elon Musk and trolling Wall Street? Bezos unexpectedly bought a single Amazon share in May, marking his first known purchase of the company's stock in over two decades. But the timing of the trade — 4:20 — has some people asking questions. <a href="https://markets.businessinsider.com/news/stocks/jeff-bezos-amazon-stock-purchases-elon-musk-trolling-tech-stocks-2023-6">More here</a>. 3. Venture capital giant Andreessen Horowitz is set to open its first office outside of the US. "But where?" I hear you ask. Well, the Silicon Valley giant is betting on the UK to become a leader in crypto regulation. So, Andreessen Horowitz is coming to London. <a href="https://www.businessinsider.com/a16z-venture-capital-giant-to-open-first-non-us-office-in-london-2023-6">Read more</a>. 4. Footage shows police shouting at a self-driving car that stalled during a mass shooting. According to witnesses and videos posted online, a Cruise self-driving taxi disrupted emergency crews responding to a mass shooting in San Francisco on Friday night. <a href="https://www.businessinsider.com/cruise-driverless-car-blocks-first-reponders-mass-shooting-san-francisco-2023-6">The full report</a>.5. Tech companies are getting tougher on remote workers. A slew of Silicon Valley bosses are not backing down when it comes to return-to-office policies, even though many of them either embraced — or at least tolerated — remote work during the pandemic. Now, <a href="https://www.businessinsider.com/tech-ceos-remote-work-office-careers-2023-6">they're getting strict</a>. 6. Some of Steve Jobs' most iconic quotes came from a commencement address he made in 2005. Eighteen years later, three big lessons still resonate today. They include stories about love, death, and following your gut. <a href="https://www.businessinsider.com/steve-jobs-stanford-speech-commencement-anniversary-2023-6">Read them here</a>. 7. Investors shut out of traditional funding rounds are finding another way to snap up shares in buzzy AI startups. They are scouring the secondary markets, where founders, employees, and even investors and VC funds are selling their shares before an exit or IPO. <a href="https://www.businessinsider.com/investors-vc-hot-ai-startups-buying-shares-secondary-markets-2023-6">The full story</a>. 8. Twitter's new CEO shared her vision for "Twitter 2.0" — and it sounds a lot like Elon Musk's ambitions. In an email to Twitter employees, Linda Yaccarino said it's her mission to turn Twitter into "the world's most accurate real-time information source." She then shared the email in a public Twitter thread. <a href="https://www.businessinsider.com/twitter-ceo-linda-yaccarino-email-praises-freedom-speak-your-mind-2023-6">Read more</a>. Odds and ends:<a href="https://www.businessinsider.com/tesla-with-generator"></a><div type="image" title="Matt Mikka's &quot;Cordless Tesla.&quot;" height="1350" width="1801" msid="100965867" hostid="261" sizebytes="138820"></div>9. Can you charge a Tesla car while driving? Kind of. It is possible, but only in very specific situations. One YouTuber managed it by attaching a gas generator to his Tesla Model S. However, there are other ideas being developed, including electric roads and solar panels. <a href="https://www.businessinsider.com/tesla-with-generator">The full story</a>.10. The best streaming devices of 2023 for speed, reliability, and quality. Based on a combination of hands-on testing and a decade worth of experience covering home entertainment products, we've found the best streaming devices you can buy. <a href="https://www.businessinsider.com/guides/tech/best-streaming-devices">Check them out</a>. Curated by Hallam Bullock in London. (Feedback or tips? Email <a href="mailto:hbullock@insider.com" target="_blank" rel="nofollow noopener">hbullock@insider.com</a> or tweet <a href="https://twitter.com/hallam_bullock" target="_blank" rel="nofollow noopener">@hallam_bullock</a>). Edited by Shona Ghosh.

10 Things in Tech: Startups face mass extinction

Financial markets are being rocked by the shutdown of <keyword id="14902525" type="General" weightage="80" keywordseo="russias-nord-stream" source="Orion">Russias Nord Stream</keyword> 1 pipeline, as the energy squeeze on European economies intensifies as winter approaches. The euro fell to a two-decade low during early trading on Monday morning, after Russian energy major <keyword id="81857" type="General" weightage="80" keywordseo="gazprom" source="Orion">Gazprom</keyword> extended the shutdown of its gas pipeline to Germany on September 2, The <keyword id="6359268" type="General" weightage="80" keywordseo="guardian" source="Orion">Guardian</keyword> reported. Fears over sky-high energy prices, and possible shortages, pushed the euro further below parity against the US dollar sending the single currency as low as $0.9879 against the US dollar for the first time in two decades. <keyword id="1660673" type="General" weightage="80" keywordseo="nord" source="Orion">Nord</keyword> Stream 1 was due to restart operations on Saturday morning, after a three-day shutdown for maintenance. But Gazprom dashed hopes of a resumption the previous day, blaming a leak. Analysts predict gas prices will soar, having fallen back from recent highs last week, The Guardian reported. <keyword id="216117" type="General" weightage="80" keywordseo="michael-hewson" source="Orion">Michael Hewson</keyword> of CMC Markets said" "Russia's actions on Friday in indefinitely closing the pipeline could see renewed upward pressure on European and UK natural gas prices when markets reopen today, after seeing big falls in prices last week as UK natural gas prices fell 39 per cent, while European prices fell 33 per cent." European stock markets are heading for sharp losses at the open, with Germany's DAX down 2-3 per cent in the futures market, The Guardian reported. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/top-10-most-subscribed-youtube-channels-in-india/slidelist/94003182.cms">Top 10 most-subscribed YouTube channels in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-space-tech-startup-skyroot-aerospace-raises-51-million-in-gic-led-funding-round/articleshow/94003808.cms">Indian space tech startup Skyroot Aerospace raises $51 million in GIC-led funding round</a>

Euro hits 20-yr low as Russian pipe shutdown rocks markets

<ul class="summary-list"><li>Square Roots told staff it was closing most of its locations and cutting jobs, two former staff said.</li><li>One farm in Grand Rapids will remain open to service business partners, a source told Insider.</li></ul>Square Roots, a tech farming startup that was cofounded by Elon Musk's brother, Kimbal, shut down the majority of its remaining locations on Tuesday and laid off most of its staff, two employees who were laid off as a result of the closures told Insider.The vertical farming startup was founded in 2016 and quickly grew to five locations, announcing a partnership with Gordon Food Service in 2019. Square Roots grows herbs and salad greens using shipping containers and artificial light and aims to localize food sources, making farming a year-round process.The "smart farm" company had over $90 million in total funding as of April 2022, and some of its backers include close friends of Elon Musk, including David Sack's Craft Ventures, according to Pitchbook.Square Roots CEO Tobias Peggs, who cofounded the company alongside Kimbal Musk, notified employees on a Zoom call on Tuesday that the startup would halt production at its locations in Springfield, Ohio, Shepherdsville, Kentucky, and Kenosha, Wisconsin, the two sources said. <a href="https://kenoshanews.com/news/local/musk-square-roots-kenosha-farm-shutdown/article_dfc25d1a-25ee-11ee-ac69-17878afee82c.html">Kenosha News</a> was the first to report that the Wisconsin location was facing a shutdown and <a href="https://www.wdrb.com/news/business/urban-farming-startup-square-roots-abruptly-shutters-shepherdsville-ky-facility/article_4c17deda-2730-11ee-8b6b-abc6e7946736.html">WDRB later confirmed</a> the company planned to shut down four of its farms.A former employee at the company's Grand Rapids location said that they were told one of the two farms at the location had been shut down and the other would stay in use to support the company's new business model.All but about 10 of the workers at the Grand Rapids location, which employed over two dozen staff, were let go, the former worker said. All on-site employees at the other locations were terminated, the other ex-employee said.The exact number of layoffs couldn't be learned. The company was estimated to have around 198 employees as of June, according to PitchBook."It was framed as a temporary thing, but the layoffs didn't feel temporary," the former Grand Rapids worker said. "It wasn't like they were saying 'You guys will be offered your jobs back' at any point."<div type="image" title="Kimbal Musk" height="3056" width="4591" msid="102022979" hostid="261" sizebytes="394682"></div>The company shut down its original farm in Brooklyn earlier this year, laying off about 50 people at the time, according to a <a href="https://www.squarerootsgrow.com/blog/an-update-from-square-roots-about-today-and-the-future">January press release</a>.The recent layoffs came across as a surprise to staff, the ex-employees said. Square Roots had only just opened the Kenosha facility — its largest yet— in August and its Shepherdsville location had been operational for less than three months, they told Insider."It was just a normal day," the former Grand Rapids employee said of the latest layoffs and farm closures announced Tuesday. "We were in the middle of production and everyone received an email and Slack saying essentially 'Drop everything and attend this Zoom call.' There was really no context as to why this was happening so suddenly and everybody was kind of shocked."During the Zoom call, Peggs told employees the company was shifting its focus away from packaging its own product and focusing more on supporting business partners like Gordon Food Services, the ex-staffers said.A spokesperson for Gordon Food Service directed Insider to Square Roots and a spokesperson for the startup did not respond to multiple requests for comment ahead of publication. The company <a href="https://www.wdrb.com/news/business/urban-farming-startup-square-roots-abruptly-shutters-shepherdsville-ky-facility/article_4c17deda-2730-11ee-8b6b-abc6e7946736.html">told local news</a> that Square Roots was changing its business model to focus on "farming as a service."<div type="image" title="A photo of Square Roots CEO Tobias Peggs showing some of the company's vertical farming in New York." height="3280" width="4928" msid="102022981" hostid="261" sizebytes="455332"></div>"We're now operating our controlled climate farms exclusively for our strategic partners — whether that's to immediately secure the supply of high quality crops, or to explore novel ways of profitably growing high calorie food indoors," the company told WDRB. "As we've made this move, we have had to pause commercial production in some of our facilities while we reconfigure them to be more suitable for servicing customers under the Farming as a Service model, and we look forward to bringing these facilities back on line in the future."Employees were told they would learn via email shortly after the Zoom call whether their role had been impacted by the farm shut-downs. The Grand Rapids employee said the workers at their location learned they had been laid off after they were abruptly locked out of their work email."It was quite abrupt and has been very devastating to this wonderful team of people," the former Grand Rapids employee said. "A lot of us feel like we have to start from ground zero now. There's not a lot of hydroponic startups in Michigan, so it's tough on everybody."

Elon Musk's brother's 'smart farm' startup is shutting down most of its locations and gutting its workforce

<ul class="summary-list"><li>Startups raised a ridiculous amount of money in recent years through 2021. </li><li>That year, very few startups failed, making the market look artificially robust. </li></ul><a href="https://www.businessinsider.com/100-best-early-stage-seed-vc-investors-startups-2023-5">Venture capitalists</a> love to talk about how <a href="https://www.businessinsider.com/why-businesses-fail-how-to-avoid-startup-death-founders-investors-2019-8">failure</a> is essential to <a href="https://www.businessinsider.com/innovation">innovation</a>. They will have a LOT to discuss soon. The startup failure rate is beginning to increase, from artificially low levels in 2021, and there could be a wave of <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investor-exodus-capitulation-no-bottom-yet-bofa-2022-5">capitulation</a> in the next year where an unusually large number of startups shut down."The Mass Extinction Event for startups is underway," according to a <a href="https://twitter.com/tomloverro/status/1662107706973630467" target="_blank" rel="noopener">recent tweet</a> from <a href="https://www.businessinsider.com/ivp-tom-loverro-crypto-winter-venture-capital-investors-2022-7">Tom Loverro</a>, a general partner at IVP, which has backed companies including CrowdStrike, Datadog, Discord, Klarna, Slack, Snap and Twitter. "It is a news footnote most of the time. Don't be fooled. The market has changed. Funding announcements get lots of headlines. Bankruptcy filings…less so." The Wall Street Journal turned his insight into a <a href="https://www.wsj.com/articles/more-startups-throw-in-the-towel-unable-to-raise-money-for-their-ideas-eff8305b?mod=markets_lead_pos2" target="_blank" rel="noopener">great story here</a>.As Loverro notes, startups die quietly and slowly. They also shut down a lot. While VCs tweetstorm the latest <a href="https://www.businessinsider.com/mergers-and-acquisition-predictions-dealmaking-trends-bankers-2023-1">M&amp;A</a> or <a href="https://www.businessinsider.com/personal-finance/what-is-ipo">IPO</a> exit, there are many more young businesses in their portfolios that wither in the background. This is <a href="https://www.businessinsider.com/ted-lasso-apple-how-venture-capital-works-keeley-jones-pr-2023-6">the way venture capital is supposed to work</a>. VC funds back loads of startups and they expect most to fail. They only need a small handful to become the next Meta or Twitter or Snowflake to generate big returns. So there's a natural run-rate of startup failures. The problem is that the VC boom that peaked in 2021 put this natural order out of whack. There was a frenzy of investment, where startups raised massive amounts of money and some businesses got funding that maybe shouldn't have. The failure rate plunged as VCs money gushed everywhere. <a href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank</a> and <a href="https://www.businessinsider.com/tiger-global-venture-capital-bain-relationship-2022-6">Tiger Global</a> were major actors here, but there were many others.<h2>The money spigot has run dry</h2>Now, the money spigot has run dry (except if you're an <a href="https://www.businessinsider.com/most-promising-generative-artificial-intelligence-startups-according-vcs-venture-capital-2023-3">AI startup</a>). There was so much money raised in recent years that startups have a lot of runway to survive. But, at some point, struggling businesses will run out of cash and no one will want to fund them again. This will produce a series of painful asset sales, nasty <a href="https://www.businessinsider.com/cram-down-rounds-startups-dilute-shared-founders-and-investors-beware-2022-10">cram-down</a> recapitalizations, ultra-cheap <a href="https://www.businessinsider.com/why-so-many-startups-are-being-acqui-hired-2012-8">acqui-hires</a>, and yes, simple shutdowns and <a href="https://www.businessinsider.com/credit-crunch-corporate-bankruptcy-trends-risk-increase-debt-interest-rates-2023-5">bankruptcies</a>. You can't see this slow-motion train wreck happening right now because startups are not public companies. There's no stock price that you can watch tumble to see fortunes crumble in real-time.Looking closer, there are signs of Loverro's "Mass Extinction Event" building:<ul><li>WeWork, the epitome of VC largesse, went public via a SPAC in 2021 at the height of the boom. Its stock has plummeted from about $13 to 18 cents now. Here's <a href="https://www.businessinsider.com/will-wework-go-bankrupt-bankruptcy-fitch-thinks-default-real-possibility">how screwed WeWork is</a>. SoftBank was a huge investor there by the way. </li><li>Zume, a robot pizza delivery startup that raised $500 million from VC investors, got burned and <a href="https://www.businessinsider.com/robot-pizza-startup-zume-shutting-down-raised-500-million-softban-2023-6">will be baking no more pies</a> as of this month. Another SoftBank investment there. </li><li>Plastiq, which <a href="https://www.plastiq.com/blog/plastiq-raises-75-million-in-series-d-funding-to-accelerate-rollout-of-intelligent-payments-solution-for-small-and-medium-sized-businesses-smbs/">raised more than $140 million from VCs</a> including Kleiner Perkins and Khosla Ventures, <a href="https://www.businesswire.com/news/home/20230524005668/en/Priority-Technology-Holdings-Inc.-Has-Entered-Into-Stalking-Horse-Agreement-with-Plastiq-Inc." target="_blank" rel="noopener">filed for Chapter 11 bankruptcy protection</a> last month. </li><li>Neeva, which offered an awesome search engine and browser, gave up competing against Google, shut down and <a href="https://www.snowflake.com/blog/snowflake-acquires-neeva-to-accelerate-search-in-the-data-cloud-through-generative-ai/" target="_blank" rel="noopener">sold itself to Snowflake</a>. Sequoia and Greylock backed Neeva.</li></ul>Crunchbase is tracking <a href="https://www.crunchbase.com/hub/startups-that-failed-in-2023" target="_blank" rel="noopener">startups that have failed</a> so far this year, and the count is up to 72. There will be a lot more. Loverro's firm, IVP, has been urging founders to "<a href="https://www.businessinsider.com/vc-firm-ivp-thriving-in-a-bear-market-presentation-2022-10#-2">surgically pare down expenses</a>" to stave off extinction, according to an internal presentation seen by Insider.We'll leave you with Loverro's honest outlook. "Late '23 &amp; '24 will make the '08 financial crisis look quaint for startups," he wrote in this <a href="https://twitter.com/tomloverro/status/1620466827519496194?s=20" target="_blank" rel="noopener">insightful thread</a>. Do you have an insight to share? Contact Melia Russell via email at <a href="mailto:mrussell@insider.com" target="_blank" rel="noopener noreferrer">mrussell@insider.com</a> or send a message on encrypted messaging app Signal at 603-913-3085.

A startup 'mass extinction event' has begun. You can't see it clearly yet, but it's going to be bad.

<ul><li>Ganesh <keyword id="79029" type="General" weightage="80" keywordseo="balakrishnan" source="Orion">Balakrishnan</keyword>, the co-founder of <keyword id="16008024" type="General" weightage="20" keywordseo="flatheads-shoes" source="Orion">Flatheads Shoes</keyword> received an offer that valued his company at ₹2.25 crore from two sharks on <keyword id="11924074" type="General" weightage="100" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> S2. </li><li>Balakrishnan, who had earlier invested personal money to keep the venture afloat, rejected the offer. </li><li>The shoe business that started right before the pandemic ran into trouble as lockdowns forced people to stay indoors. </li><li>After the episode aired last Friday, the startup managed to sell off its entire inventory over the weekend, Balakrishnan said on social media. </li></ul>Last Friday, Shark Tank India S2 aired the season’s most emotional episode when Ganesh Balakrishnan made a pitch for his venture, Flatheads Shoes. The startup <a href="https://www.linkedin.com/in/ganeshbalakrishnan/">creates </a>‘all-day casual shoes for the urban workforce’ priced between ₹1,000-₹5,000 a pair. It also <a href="https://www.flatheads.in/">offers </a>India’s first linen sneakers, and the world’s first banana fibre sneakers. At the time Balakrishnan’s episode was shot, his company was on the verge of a shutdown. He said <a href="https://www.sonyliv.com/shows/shark-tank-india-1700000741/investing-in-the-future-of-india-1000203475?watch=true">on the show </a>that he personally invested ₹35 lakh to keep the business afloat, in the last two months. His co-founder Utkarsh Biradar, who helped design the shoes, too invested the same amount. Biradar exited the startup in 2022 but still holds 30% equity. In spite of his mounting troubles, Balakrishnan rejected the only deal he received on the show. Sharks Peyush Bansal (co-founder, Lenskart) and <keyword id="246967" type="General" weightage="50" keywordseo="vineeta-singh" source="Orion">Vineeta Singh</keyword> (co-founder, Sugar Cosmetics), offered ₹75 lakh for 33.3% equity in the company. The offer values the company at ₹2.25 crore. Balakrishnan had asked for a valuation of ₹25 crore as its company generated sales to the tune of ₹3.4 crore in FY22. The company had raised ₹5.2 crore in April 2021, at a pre-money valuation of ₹28 crore, from angel investors. Pre-money valuation refers to the value of a startup that does not include external funding – basically a startup’s value before it raises funds. <cmsannotation type="cmsannotation" annotationid="Once in a generation troubles" comment="subhead2" text="Once in a generation troubles">Once in a generation troubles</cmsannotation> Balakrishnan started Flatheads Shoes in 2019, right before the pandemic struck. In less than a year, the company had no customers - as India stayed indoors, people barely needed shoes, much less urban workwear. “It’s not that I can’t run a company. I am capable of it. Thing is, when you step into the market and for 4 months nobody is wearing shoes, because nobody is stepping out only - such situations arise once in generations. And it happened to us,” said Balakrishnan on the show. He also said that angel investors were not willing to invest further in the business. <cmsannotation type="cmsannotation" annotationid="‘Need to evaluate my priorities in life’" comment="subhead2" text="‘Need to evaluate my priorities in life’">‘Need to evaluate my priorities in life’</cmsannotation> Even as he rejected the offer, Balakrishnan admitted that he needed to change his perspective, re-evaluate his priorities, and gain more experience before entering the D2C market. “I need to evaluate my priorities in life right now. I will go out there and work with a D2C brand and understand how to do this before I come back and try again. I need a couple of years. But that perspective needs to be built. And the best way to build it is to work with somebody who’s done this before,” said Balakrishnan on the show. Balakrishnan’s emotional admission left all the judges teary-eyed, with Shaadi.com’s founder Anupam Mittal remarking, “Shark Tank is not just about getting funding, but also perspective.” <cmsannotation type="cmsannotation" annotationid="Every tear has a silver lining" comment="subhead2" text="Every tear has a silver lining">Every tear has a silver lining</cmsannotation> When Balakrishnan pitched on the show, most of the Sharks asked him to shut down the business and instead, look to make a living through a regular job, leveraging his educational qualifications and work experience. While boAt’s founder Gupta shared his personal experience of going down the same road, Mittal even offered him a job. Shortly after the episode aired though, Flatheads Shoes trended on social media and consequently received enough orders that it almost sold out its inventory in India. “We've almost sold out our inventory in India, so pardon us if you aren't able to find your size on www.flatheads.in,” shared <a href="https://www.linkedin.com/feed/update/urn:li:activity:7017678455685226496?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A7017678455685226496%29">Balakrishnan on his LinkedIn account</a>. The product is featured on the Shark Tank India website. The brand also has international ambitions. It launched its products in the US in October 2021 and plans to expand its international market in the US and UAE. As Balakrishnan admitted on the show, Flatheads enjoys a ‘price advantage’ in the US because people are willing to pay a premium price for a sustainable product. <cmsannotation type="cmsannotation" annotationid="The serial entrepreneur" comment="subhead2" text="The serial entrepreneur">The serial entrepreneur</cmsannotation> After graduating as a mechanical engineer from IIT Bombay in 1999, Balakrishnan worked with an industrial technologies MNC Ingersoll-Rand International (India) for five years, before pursuing an MBA degree from IIM, Bangalore. He worked with Bain &amp; Company and Honeywell, before starting his entrepreneurial journey in 2013 with Windsleeve, a retail technology product company, and Momoe, a mobile payments product company. While Windsleeve shut down in a year, Momoe ran for three years, before being acquired by Shopclues in 2016, in a cash and stock deal. In 2019, Balakrishnan entered the startup space again with Flathead Shoes, inspired by his personal experience of dealing with reeking and ill-fitting shoes. Balakrishnan is married and has a 10-year-old daughter. Currently, his household income is managed by his wife, who’s working with a German company. His daughter is an artist who also wants to be an entrepreneur and is already taking orders for calendars created with her paintings. “Did I mention that my 10-year-old daughter wants to be an entrepreneur? She says she is a fan of Peyush's no-nonsense mindset, and I know that she admires Vineeta for her cheerfulness and positivity. She is super proud that I managed to get an offer from both of them,” stated Balakrishnan <a href="https://www.linkedin.com/feed/update/urn:li:activity:7017678455685226496?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A7017678455685226496%29">on his LinkedIn post</a>. His perseverance and honesty on the show left the Shark Tank India panel and the audience so impressed, that the admiration translated into sales. <div type="twitter" handle="AbstractAkarsh" handlename="Akarsh hp" image="http://pbs.twimg.com/profile_images/1608027655529730050/ZdAybBsg_normal.jpg" favoritecount="75" retweetcount="4" status="The #Flatheads pitch in #SharkTankIndia was one of the best I've seen across two seasons. Emotional. Real. Uplifting." createdat="1673025864000" id="1611413387547938816"></div> <div type="twitter" handle="dssagar93" handlename="Sagar Khatri 🇮🇳" image="http://pbs.twimg.com/profile_images/1508142401172385794/MMugvnlw_normal.jpg" favoritecount="20" retweetcount="0" status="This #Flatheads guy is so genuine and transparent with his story and failures. Saying that you couldn't make it wit… https://t.co/rjcGdmhUCo" createdat="1673026813000" id="1611417367736877056"></div> <div type="twitter" handle="banerjee_bapi" handlename="Bapi Banerjee" image="http://pbs.twimg.com/profile_images/975719104953962496/N_213Fro_normal.jpg" favoritecount="7" retweetcount="0" status="Nothing but respect for you. To be honest on the national television, it takes courage. And I am sure you will boun… https://t.co/3KSiXtM62Q" createdat="1673078555000" id="1611634388642729984"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-sri-lanka-odis-2023-match-date-and-time-head-to-head-stats-and-more/slidelist/96849348.cms">India vs Sri Lanka ODIs 2023 – match date and time, head-to-head stats and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/health-edtech-platform-virohan-raises-7-million-in-funding-led-by-blume-ventures/articleshow/96849208.cms">Health edtech platform Virohan raises $7 million in funding led by Blume Ventures</a>

This IIT-IIM startup founder denies Shark Tank offer, sells his entire inventory over the weekend

<ul class="summary-list"><li>You should restart your Windows computer periodically to retain your computer system's health and routine processes.</li><li>If you don't restart often enough, your computer is more liable to freeze, slow down, or glitch.</li><li>There are three ways you can restart your computer using your device's power button, keyboard commands, and Start menu. </li></ul>If you're like many people out there, you probably don't shut down or restart your computer as often as you should.But despite how easy it is to put your computer in Sleep mode once you're done with it for the day, it's essential to restart your computer at least once a week. While it seems like a time-suck, restarting your computer helps it to run more smoothly. A restart can flush your computer's memory, shutting down or updating programs that, in turn, free up your computer's processor. <h2>How to restart your Windows computer</h2>There are a few different ways to shut down or restart on a Windows computer, and some may not always work depending on how it's running. Below is a list of them, so whatever your situation, you have an option for getting your computer restarted. <h3>Use the on-screen Start button</h3>This is the most standard method for shutting down or restarting a Windows computer. Using the Start button, you can choose to restart your entire computer, effectively closing all your running apps, or shut your computer down and turn it back on. Selecting shut down will do all of the above outside of powering back up again. Here's how to do both. 1. Click the Start button in the lower-left corner of your screen. You can also press the Windows key on your keyboard to open the Start menu.2. Choose the Power icon.<div type="image" title="How to restart a Windows PC 1" height="900" width="1151" msid="79084982" hostid="261"></div>3. When you click the power button, you will have the option to put your computer to sleep, restart it, or power it down. <div type="image" title="How to restart your Windows PC 2" height="850" width="1150" msid="79084985" hostid="261"></div><h3>Use Ctrl + Alt + Delete</h3>This method only requires using the keyboard. It's likely your best option if your applications freeze or your computer's processing speeds take a sudden dip. 1. On your computer keyboard, hold down the control (Ctrl), alternate (Alt), and delete (Del) keys at the same time.2. Release the keys and wait for a new menu or window to appear. 3. In the bottom right corner of the screen, click the Power icon.<div type="image" title="How to restart your Windows PC 3" height="2374" width="3982" msid="79084987" hostid="261"></div>4. Select between Shut Down and Restart. <div type="image" title="How to restart your Windows PC 4" height="2759" width="3800" msid="79084993" hostid="261"></div><h3>Use the power button</h3>This method is best for when your computer has frozen entirely. A forced <keyword id="6379139" type="UNKNOWN" weightage="60" keywordseo="shutdown">shutdown</keyword> is not always great for your system, but if even Ctrl+Alt+Delete doesn't work, this will.Somewhere on your computer — depending on what kind you have — there is a power button. Laptop users can likely find it on the left or right side of their device. You may also find it in the upper left, center, or right-hand corners of your keyboard. On desktop <keyword id="6387283" type="UNKNOWN" weightage="60" keywordseo="computers">computers</keyword>, you'll likely find the power button on your vertical or horizontal tower. When your shutdown and restart is complete, you may be able to open any applications you had open when your computer shut down and recover the files you didn't get a chance to save. Here's how to restart your Windows computer using the power button. 1. Locate your computer's Power button. 2. Press and hold that button until your computer shuts down. 3. Wait until you hear the computer's fans shut off, and your screen goes completely black.4. Wait a few seconds before pressing and holding the power button to initiate your computer's normal startup. <h2>Related coverage from <a href="https://www.businessinsider.com/tech-reference" target="_blank" rel="noopener">Tech Reference</a>:</h2><ul><li><h3><a href="https://www.businessinsider.com/why-wont-my-pc-turn-on">Why won't my PC turn on? 10 ways to troubleshoot your Windows computer when it fails to start</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-boot-in-safe-mode-windows-10">How to boot your Windows 10 computer into 'Safe Mode,' to diagnose and troubleshoot problems</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-clear-cache-in-windows-10">How to clear the cache on a Windows 10 computer in 3 ways to help it run more efficiently</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-update-drivers-in-windows-10">How to update or reinstall your drivers in Windows 10 to keep your computer running smoothly</a></h3></li><li><h3><a href="https://www.businessinsider.com/blue-screen-of-death-windows">How to fix a 'Blue Screen of Death' on your Windows computer with 7 troubleshooting tips</a></h3></li></ul>

How to restart a Windows computer in 3 different ways, to speed up performance and solve software or connection issues

After temporarily suspending operations a few weeks back, <a href="http://www.businessinsider.in/searchresult.cms?query=gurgaon&amp;sortorder=effectivedate">Gurgaon</a>-based e-commerce website <a href="http://www.businessinsider.in/searchresult.cms?query=Askmebazaar&amp;sortorder=effectivedate">Askmebazaar</a> has now reportedly shut down and laid off 4000 employees owing to a severe fund crunch. As of the moment, the website is non-operational as well. 
 
However, the bad news for the company and its employees doesn’t just stop there. Alleging non-payment of dues running into crores, the vendors of the ecommerce site have also approached the <a href="http://www.businessinsider.in/searchresult.cms?query=economic+offences+wing&amp;sortorder=effectivedate">Economic Offences</a> Wing of the <a href="http://www.businessinsider.in/searchresult.cms?query=delhi+police&amp;sortorder=effectivedate">Delhi Police</a> to register a case against the company. The vendors have named twelve people, which include a host of Indian officials of Getit Infoservices, <keyword id="2629806" type="UNKNOWN" weightage="100" keywordseo="askmeBazaar">Askmebazaar</keyword>’s parent company and the top management of the website’s promoters- <a href="http://www.businessinsider.in/searchresult.cms?query=malaysia&amp;sortorder=effectivedate">Malaysia</a>-based Astro group. 
 
As it turns out, the company’s decision to suspend operations not only affected a host of vendors but has also hit the employees hard- who allege that their salaries too haven’t been paid for months. 
 The company on their part is shifting the blame on Astro Entertainment Networks Ltd (AENL) which owns 98.5% of AskMe through various shell companies. According to them, not only has Astro failed to clear dues, but they have also fallen through when it came to talks for a management buyout. This came after <keyword id="3005885" type="UNKNOWN" weightage="100" keywordseo="Astro-Holdings">Astro Holdings</keyword>’ unplanned exit from Askme last month. They also claim that Astro was supposed to pay them $5 million by August 5 which they have failed to do. 
 
However, the vendors are equally blaming the Indian arm while claiming that it has been four months since they’ve been paid, which in itself is a gross violation of the agreement signed. 
 
 
 
 
 
“The company enrolled thousands of sellers to complete the orders they were receiving on Askmebazaar. At the time, written agreements were made with the seller which stated that payments would be disbursed in lieu of orders fulfilled by sellers within 15 days from the date of the items being dispatched. Not only did the company never fulfilled this, but they also went a step ahead and refused to clear our dues for the last four months,” said a vendor on request on anonymity. He added that the company went on extending days for payments every now and then despite making various assurances. 
 
Rough estimates suggest that the company owes the vendors dues ranging between Rs 100-150 crores. 
 
Infact, another vendor claims that he wouldn’t be surprised if the directors of the company ran away from the country without honouring the dues they owe to the vendors and to the 4000 employees. 
 
The employees of Askme also have a similar story to tell. None of them have been paid their salaries since July. If that wasn’t bad enough, they also received an email from Getit in the first week of August advising them to reach out to the management of Astro with their demands as the Indian arm of AskMe was in no position to pay them their salaries. The email listed the names, phone numbers and email ids of the Astro management team for the employees to contact. 
 This was followed by a mail from the CFO, <keyword id="3609779" type="UNKNOWN" weightage="100" keywordseo="anand-sonbhadra">Anand Sonbhadra</keyword>, a week later, said an employee. The mail stated that Askme, will be shut down temporarily and no transactions will be accepted. 
 
On August 24, the employees received the final nail in the coffin- again, in the form of a mail that asked them to not report to office and work from home instead. 
 
Shockingly, the 650 people who quit in April have also not received their full and final settlement as of yet. 
 
The company also sent out a similar mail to staffing firm Innov informing them that August 31 would be the last working day for all the delivery boys engaged by Askme. 
 
The frustrated employees and vendors have also taken to social media to voice their concerns apart from arranging a protest outside the company’s Noida office on Sunday.

Exclusive: With 4,000 jobs lost, employees speak out about the horrible events at Askmebazaar that led to its downfall

<ul class="summary-list"><li><keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> and gas prices fell on Thursday morning after the <keyword id="1968507" type="PERSON" weightage="60" keywordseo="Colonial-Pipeline">Colonial Pipeline</keyword> said it would restart. </li><li>The pipeline had been targeted in a cyberattack which led to its shutdown.</li><li>Resulting <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> supply shortages had driven up oil and gas prices at the beginning of the week. </li></ul>Oil, <keyword id="145025" type="COMPANY" weightage="60" keywordseo="gasoline">gasoline</keyword> and diesel prices fell sharply on Thursday, after Colonial Pipeline said it would restart operations following a cyberattack last week that shut off supply and caused energy supply shortages in various eastern US states. The pipeline is the largest pipeline system in the US and provides the east coast with around 45% of its <keyword id="4869" type="PERSON" weightage="60" keywordseo="Fuel">fuel</keyword>, a total of around 2.5 million barrels a day. The shutdown led to long lines at gas stations as drivers scrambled to refill."Following this restart, it will take several days for the product delivery supply chain to return to normal. Some <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during the start-up period. Colonial will move as much gasoline, diesel, and jet fuel as is safely possible and will continue to do so until markets return to normal." the Colonial Pipeline Company said in a <a href="https://cpcyberresponse.com/colonial-pipeline-system-restart-update-6/">statement</a> on Wednesday.The prospect of the pickup in supply weighed on the energy complex on Thursday, partly too as cases of COVID-19 continued to surge in key consumer countries such as India. <a href="https://markets.businessinsider.com/commodities/rbob-gasoline">Gasoline futures</a> were last down 2.29% on Thursday at $2.11 a gallon. They traded at their highest in two years earlier in the week, following the pipeline shutdown. <a href="https://markets.businessinsider.com/commodities/heating-oil-price">Heating oil futures</a>, used as a proxy for diesel, were last down 2.15% at $2.025 a gallon, having hit their highest since last January this week. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude oil futures</a> were last down 2.51%, trading at $67.58 per barrel, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI oil futures</a> experienced a similar drop and were last trading at $64.41, down 2.53%.The pipeline outage also drew on crude oil inventory across the week, <a href="https://www.eia.gov/petroleum/supply/weekly/">data</a> from the US Energy Information Administration showed.

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