E57: Canva valuation drops 36%, Neuralink raises $280m, Revolut kills US crypto biz, Discord layoffs | Pre-IPO Stock Market Update – Aug 4, 2023

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00:28 | Canva valuation drops 36%
- Coatue Management and ICONIQ Capital acquired Canva shares at a $25.5b valuation, -36% from its $40b in 2021
- T Rowe Price marked down its Canva stake by 67.6% in Jun 2023
- Despite the decrease, Canva's co-founder views the valuation as "solid"

01:15 | Neuralink raises $280m
- Neuralink secured $280m in a series D round led by Founders Fund
- The company focuses on brain-computer interface technology for human implantation
- PitchBook estimates Neuralink's funding at $363 million as of Sept 2021

01:55 | Revolut kills US crypto biz
- Revolut halts crypto trading for U.S. users due to regulatory uncertainties
- The decision affects only 1% of Revolut's crypto clientele and follows the delisting of three tokens for U.S. users
- The SEC has increased its scrutiny on crypto, targeting major exchanges like Binance and Coinbase

02:42 | Discord layoffs 
- Discord laid off 37 employees, 4% of its workforce, mainly from marketing, talent, and public policy teams.
- The layoffs were attributed to a "reorganization of some business units."
- Other social media giants like Meta, Snap, and Twitter have taken similar actions, though Discord's cut was smaller in percentage.

03:07 | Pre-IPO down rounds are happening
- Quora altered investor rights, hinting at a potential down round
- Turntide Technologies +80% valuation cut in its upcoming funding
- Rho Technologies 10% reduced valuation for next round
- Nuro, previously valued at $8 billion, considering a sale or cram-down financing , lowering valuation, after its new capital request was denied by board

03:54 | Big capital raises
- Weights & Biases | $50m Series D, $1.25b valuation
- Credgenics | $50m Series B, $340m valuation
- Tractian | $45m Series B, $205m valuation
- Halalbooking | $3m Series B, $102m valuation
- TechMagic | $15m Series C, $85m valuation

04:59 | Pre-IPO +3.67% for week
- Week to gainer: Neuralink +4.4%, Byju's +2.7%, Databricks +2.6%
- Week to losers: eToro -28.5%, Ramp -21.8%, Flexport -13.4%, Brex -11.0%
- Top 5 current valuation: ByteDance ($208b), SpaceX ($161b), Stripe ($48b), OpenAI ($33b), and Databricks ($33b) lead in current valuation