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Daily Crunch: Elon Musk unveils three-pronged strategy to fund his $43B Twitter...

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Daily Crunch: Elon Musk unveils three-pronged strategy to fund his $43B Twitter purchase

Christine Hall and Haje Jan Kamps
Fri, April 22, 2022, 7:30 AM·6 min read

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On this fine day of April 21, 2022, we celebrate a shiny new podcast from our crypto team: Chain Reaction. Q: Why is the podcast so loud? A: Because it’s immutable.

This is why we don’t get to write the crypto puns on the site.

Come as you are, as you were, as I want you to be; it’s events season at TechCrunch! Waymo boss Dmitri Dolgov is coming to Mobility, and we’re hosting a pitch competition as well. Get your applications in! Our flagship event, TechCrunch Disrupt, is coming back in October, and you can snag your tickets now!

May your day be as smooth as slightly aggressive elevator jazzChristine and Haje

The TechCrunch Top 3

  • It’s ‘Elon Musk Time’ all the time now: Captain’s Log, Day 421: The crew is getting restless with nothing to do but talk about the latest on what Elon Musk plans for Twitter. Today, Alex reads a new SEC filing so you don’t have to. It outlines Musk’s proposal to purchase all outstanding shares of the social media giant and where he is getting the money to do it. At the same time, we learn how much Musk has in his private holdings -- at least how much he is willing to part with. In non-Twitter news, it looks like Musk has no shortage of money-making opportunities: Rebecca reports on The Boring Company raising $675 million for Loop projects, which is his project to build underground highways to alleviate traffic congestion, his prediction that the Optimus robot Tesla is building will one day be worth more than the company’s full self-driving business, and that Tesla aims to mass-produce robotaxis. Whew!

  • No need to commute to work. Swap homes instead: Andreessen Horowitz led a funding round into Kindred, a startup founded by some Opendoor alums who wanted to travel while working remotely but didn’t want just anyone using their homes while they were away. What’s interesting about Kindred’s approach is that it is “a give and get policy,” where members pay an annual $300 fee to allow someone to stay in their home while they are in another.

  • Now we know what William Hockey has been doing: The Plaid co-founder stepped down in 2019 and founded a bank, Column. Surprising for a fintech founder, where many were unbundling bank services over the years, and yet not surprising as now many are rebundling them. In Column’s case, Hockey says the bank’s direct connection to the Fed means that “developers can use Column to build apps that pull and push money to any bank account, for example, or maintain FDIC-insured checking and savings accounts” without having to go through another entity to access federal deposit insurance.


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