🚀 Fraud or failure? The Theranos trial begins!
Plus, Facebook takes a chance on smart glasses.
Big news for TikTok! A new App Annie report revealed that TikTok has overtaken YouTube in average monthly watch time - at least for Android users in the U.S. The average TikTok user now spends 24 hours per month on the app (~50 min/day), compared to 22 hours per month for YouTube.
The difference is even more stark in the UK, where TikTok users average 25 hr/mo on the app vs. just 16 hr/mo for YouTube. But in South Korea and Japan, YouTube still has a significant lead - TikTok is at or under 15 hr/mo in watch time.
TikTok is run by ByteDance, which has a separate (and wildly successful) version of the app called Douyin for Chinese consumers. But I’ll be the first to admit that I know very little about the main players in short form video outside the U.S. and China.
If you have any insight on why TikTok trails in these other markets - feel free to comment below or reply to this email! Would love to feature your thoughts in a future edition.
🩸 Theranos trial begins. Lawyers delivered opening arguments this week in the criminal trial of Elizabeth Holmes, the former CEO of Theranos. To summarize - prosecutors argued that Holmes repeatedly made false and misleading statements to investors and the media about Theranos’ capabilities. Meanwhile, the defense claimed that while Holmes mismanaged lab operations and failed to build a successful business, she didn’t commit any crimes. The trial was temporarily paused when a juror was exposed to COVID, but is expected to resume on Tuesday.
⚖️ Court rules on Epic vs. Apple. A federal judge issued a ruling this Friday on Epic Games’ lawsuit against Apple - it wasn’t a full win for either side! The judge said that the structure of the App Store doesn’t constitute an illegal monopoly. However, Apple must allow developers to link out to alternate payment methods, thus avoiding the “Apple Tax.” Epic CEO Tim Sweeney tweeted that Fortnite won’t be returning to the iOS App Store until the company can offer its own in-app payment.
💰 Coinbase battles the SEC. The SEC is threatening to sue Coinbase over its upcoming “Lend” product, which allows users to earn interest on crypto assets. Coinbase claims that it has attempted to engage with the SEC about Lend over the past six months, but hasn’t heard much back. At the root of the issue is whether the product constitutes a security - Coinbase says no, while the SEC says yes (and reportedly won’t explain why). The SEC has not publicly commented on this, except potentially via a subtweet about the definition of a bond.
Facebook and Ray-Ban are teaming up on smart glasses! As the photos above illustrate, these glasses are a bit more subtle than their predecessors (Snap Spectacles and Google Glass).
They’re called Ray-Ban Stories, and they’re now available for $299. The functionality is relatively basic - there’s two front-facing cameras that capture photo/video. This content syncs to an app to edit + post it (on FB’s apps or otherwise). There are also speakers on the side of the glasses to play music/podcasts or take calls.
These glasses are the first product to come out of the multi-year partnership between Facebook and EssilorLuxottica (Ray-Ban’s parent company) - I’ll be keeping an eye out for what comes next!
what i’m following 👀
Why are social apps poaching top fashion editors?
The BNPL (buy now, pay later) space could be much larger than you think.
Paige Finn explains the legal elements of launching a VC fund.
Food delivery apps are suing NYC over fee caps for restaurants.
Tried something new this week! I appeared on my friend Jay Kapoor’s show The Rundown. In case you’re not familiar - the show takes the form of a debate about a few timely topics. In this episode, we covered:
🎧 Spotify - will it still be known as a music company in the coming years, or will it double down on other forms of audio content?
🤑 Creator monetization - with every social app launching monetization features, which one will win over the top creators?
👓 Warby Parker’s S-1 - how will the company trade compared to other D2C brands that have recently IPO’ed (Warby Parkers and FIGS)?
🤔 The most underrated company of the year! I think you’ll be surprised by my choice…
With more VCs branching out on TikTok and YouTube, I’d love to get your thoughts - is Accelerated video content something you’d like to see more of? Honest opinions are much appreciated - my feelings won’t be hurt!
Hyper - Chief of Staff (Remote)
ShipBob - Associate Product Manager (Remote)
Moxxie Ventures - Principal (Remote)*
Truepill - Strategy & Corp Dev Analyst (SF, Remote)
Human Capital - Associate (SF)
Cruise - New Grad Software Engineer (SF)
Gorgias - Chief of Staff (SF)
Techstars - Venture Associate (LA)
ShopShops - TikTok Content Creator (NYC)
*Requires 3+ years of experience.
NEA - Investment Fellows (Remote)
Popcorn - Marketing Intern (Remote)
Rose Street Capital - VC Intern (Remote)
Rippling - Summer 2022 Engineering Intern (SF, Remote)
Workato - Sales Dev Intern (Mountain View, Remote)
K50 Ventures - Content Associate (NYC, Remote)
SwagUp - Social Media Intern (Remote, Miami)
Dorm Room Fund - Student Investment Partner (Boston, NYC, Philly, Bay Area)
puppy of the week 🐶
Our puppy Tilly (a labradoodle) turned six months old this week! Eagle-eyed readers may remember we featured her a few months ago, but she looks like a different dog already.
You can follow her on Instagram @matildadoodlebear.