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Good Morning,

Musk revived his Twitter bid, Ray Dalio stepped down, stocks rebounded big time, US job openings fell by 1.1M in August, Manhattan apartment sales fell 18% in Q3, Amazon froze corporate hiring in its retail business, and Apple will be force to use USB-C ports in Europe.

Today's newsletter is sponsored by a personal favorite for portable monitors - ViewSonic. Their monitors came in clutch during the pandemic and have been a staple for my WFH setup ever since. Use them everyday! You can scoop some up here.

Reminder that Litquidity, Republic, and Carta will be co-hosting an event for NYC Tech Week next Tuesday (10/11) from 6-8pm ET. The event is "Founders & Funders" so if you're investing in early stage startups or are a founder, come through and network. There'll also be free food and drinks. Register here.

Let's dive in.

Before The Bell

If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

• The three major averages all rose again yesterday in their second straight session of gains on the heels of a pullback in bond yields

  • Stocks got a boost from a surprise decision by the Reserve Bank of Australia to raise interest rates less than expected. This gave investors hopes that other central banks worldwide might follow suit

  • The dollar slid and US yields eased as the euro and sterling jumped 1%+

• On the economic data front, this morning we’ll receive data on weekly mortgage applications, September’s ADP private payrolls report, and the latest international trade reading

Earnings

• What we're watching this week:

  • Thursday: Constellation Brands, Levi Strauss

• Full calendar here

Headline Roundup

• US job openings fell 1.1M to 10.05M in August, the biggest fall since April 2020, as the labor market begins to cool (RT)

• US layoffs rose in August (WSJ)

• Canadian investors are flying blind as key BoC inflation gauge loses reliability (RT)

• Musk revived his $44B Twitter bid and is aiming to avoid trial (BBG)

• Ray Dalio will give up control of Bridgewater Associates in final succession step (AX)

• EU is likely to approve a G-7 cap on Russian oil price in two steps (WSJ)

• Ford’s sales are up 16% in Q3, despite September decline (CNBC)

• Manhattan apartment sales declined 18% in Q3 (CNBC)

• Amazon froze corporate hiring in its retail business (NYT)

• Micron will spend up to $100B on a chip factory in upstate New York (WSJ)

• Canon to build $350M plant for key chip equipment (BBG)

• Apple will be forced to use USB-C ports on iPhones from late 2024 to comply with EU rules (RT)

• Meta is set to shrink some offices as it adapts to hybrid work (WSJ)

• Shell CEO said governments need to tax energy firms to help the poor (RT)

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Deal Flow

M&A / Investments

• Baring PE Asia offered to buy IT management company DXC Technology, which has a current market cap of almost $6B (RT)

• Dubai-based cloud services firm StarLink ditched plans for an IPO and agreed to merge with cybersecurity firm Infinigate, creating a firm with ~$2.2B in revenue (BBG)

• South Korean internet giant Naver agreed to buy online secondhand-fashion marketplace Poshmark for ~$1.2B (BBG)

• PE firm AE Industrial Partners acquired a 51% stake in spacecraft manufacturer York Space Systems at a ~$1.12B enterprise valuation (CNBC)

• Lender HSBC is exploring a sale of its multibillion-dollar operation in Canada (BBG)

• Media conglomerate RTL Group dropped its plan to sell its controlling stake in French TV company M6 (RT)

• Engine Capital, an investor in gaming company Light & Wonder, is urging the firm to merge with its subsidiary Sciplay to improve value for their shareholders (BBG)

VC

• Seed technology startup Inari raised $124M at a $1.5B valuation in a financing round including new investor Canada Pension Plan Investment Board and other existing investors (BBG)

• onX, an outdoor navigation startup, raised an $87.4M Series B led by Summit Partners (PRN)

• Securiti, a data security startup, raised a $75M Series C led by Owl Rock Capital (TC)

• E-commerce software bundler Carbon6 Technologies raised a hybrid $66M Series A, with the equity portion led by White Star Capital and debt from MidCap Financial (TC)

• Euler Motors, an Indian EV startup, raised a $60M Series C at a $200M valuation led by GIC (TC)

• Tines, a no-code automation platform aimed at security teams, raised a $55M Series B extension at a $300M+ valuation led by Felicis (TC)

• Embedded banking startup Railsr raised a hybrid $46M Series C at a ‘near unicorn’ valuation; the round consisted of a $26M equity portion led by Anthos Capital and $20M in debt from Mars Capital (TC)

• Overhead line monitoring and energy management software startup LineVision raised a $33M Series C led by Climate Innovation Capital (PRN)

• Database vendor SingleStore raised a $30M Series F-2 led by Prosperity7 (TC)

• Eclypsium, a cloud platform that provides protection for device hardware, firmware, and software, raised a $25M Series B led by Ten Eleven Ventures (TC)

• DEA-licensed pharmaceutical cannabis company BRC raised a $20M Series A led by Intrinsic Capital Partners (PRN)

• Humaans, a startup simplifying HR tasks such as onboarding, raised a $15M Series A led by Lachy Groom (TC)

• Xembly, a startup developing an AI assistant for corporate meetings, raised a $15M Series A led by Norwest Venture Partners (TC)

• Developer-friendly CDN startup Bunny.net raised a $6M round led by Runa Capital and Capital Genetics (TC)

• Threat-informed defense technology startup Tidal Cyber raised a $4M round led by Ultratech Capital Partners (PRN)

• Nigerian proptech startup Spleet raised a $2.6M seed round led by MaC Venture Capital (TC)

IPO / Direct Listings / Issuances / Block Trades

• Japanese chip design firm Socionext priced its IPO at the top of the offered range, raising $461M in Japan’s largest 2022 IPO (BBG)

SPAC

• Trump-linked SPAC Digital World Acquisition Corp. shares slid 5%+ after Elon Musk revived his deal to buy Twitter (CNBC)

Fundraising

• Egyptian VC firm Algebra Ventures raised a $100M second fund (TC)

• Ridgeline, a VC firm focused on B2B startups, raised a $52M fund to invest in enterprise tech companies at the seed and Series A stages (TC)

• London-based Ada Ventures raised ~$41M for its Fund II to focus on overlooked founders and markets in climate, healthcare and aging, and economic empowerment in the early stage (EUS)

Crypto Corner

• Crypto losses totaled $428M in Q3, down 36% from Q2 and ~63% from Q3 2021 (TC)

• Crypto lender Nexo will get US bank charter after buying an undisclosed stake in regulated bank Hulett Bancorp (CNBC)

• Payments giant Mastercard will launch Crypto Secure to helps banks assess fraud related to crypto merchants on its network (CNBC)

• Argentina's state-owned energy company is powering crypto mining (CD)

Exec's Picks

• Technology news continues to cross over into the mainstream, with FAANG hiring freezes, Elon Musk buying Twitter, and celebrities increasingly investing in or launching their own startups. The Information has been a great resource to stay up to speed on insider news that does not get covered by TechCrunch, The Verge, or Bloomberg. Highly recommend a subscription to anyone serious about tech or venture capital. You can check them out here.

• We're in the thick of the NFL, college football, and baseball seasons and there has been a lot of exciting action week-in and week-out. If you want to get a bit of action to make games more interesting, sign up to BetMGM and get a special bonus for signing up and placing a trade.

• Yesterday, Jack Raines wrote about how we should reevaluate the way that we look at "risk" when markets are up and down. Check out Rethinking Risk here.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

Meme Cleanser

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