Venture firm Sequoia announced a new liquid token fund, Sequoia Crypto Fund, as a complement to its ongoing crypto investments. The $500M to $600M fund will focus on liquid tokens and digital assets, with the goal being “to participate more actively in protocols, better support token-only projects, and learn by doing...”. The crypto fund is one of the first sub-funds announced under Sequoia’s new structure. About 20% of Sequoia’s U.S. and Europe investments in 2021 were in crypto startups. More: - In October, the VC firm announced a new capital structure – the Sequoia Capital Fund, a single overarching fund that will funnel capital to other smaller funds and not be restricted by the traditional 10-year VC fund cycle.
- As part of the restructure, Sequoia became a registered investment advisor, giving it the flexibility to invest in cryptocurrencies and publicly traded companies.
- About 95% of the firm’s LPs have agreed to roll their funds into the Sequoia Capital Fund.
- According to SEC filings, as of the end of September 2021, Sequoia managed over $80B in assets.
- Sequoia’s token investments include Filecoin, a data storage network, and Deso, a social media startup.
In related news: - Sequoia held a Twitter Space on Crypto on Wednesday with firm partner Roelof Botha and Block CEO Jack Dorsey.
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 Ford Mustang Mach-E Consumer Reports named Ford’s Mustang Mach-E its top pick for electric vehicles, replacing Tesla’s Model 3. The Model 3 had received the EV Top Pick spot for the last two years. The vehicles are evaluated on safety, road-test score, predicted reliability, and owner satisfaction. Other vehicles that made the Consumer Reports 10 Top Picks of 2022 include the Subaru Forester for small SUVs, Honda Accord for midsize sedans, Toyota Prius for hybrids, Kia Telluride for three-row SUVs, Honda Ridgeline for pickup trucks, and Lexus RX for luxury midsize SUVs. More: - The non-profit organization still recommends the Model 3 but says it does not match the Mach-E in certain areas, like its hands-free driving and alerting drivers who fail to pay attention.
- The Mach-E uses a camera to monitor and alert drivers when they are not paying attention while moving.
- Tesla came in 23rd place in Consumer Reports’ ranking of 32 major auto brands. Subaru came in first place overall.
- The ranking takes into account the road-test score of each model tested from that manufacturer, reliability, owner satisfaction, and safety.
In related news: - In a letter filed Thursday with a federal judge, Tesla CEO Elon Musk accuses the SEC of harassment, calling the regulator’s investigation into the company unfounded.
- Late last year, the SEC sent a subpoena to Tesla asking for information on how the company and its CEO are complying with the terms of its 2018 agreement over a Tweet Musk sent.
- In the letter, Tesla also mentions the $40M fine the SEC penalized Musk and Tesla as part of the 2018 settlement, seeking a hearing on why it hasn’t been distributed to shareholders yet.
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 Coinbase Super Bowl LVI Ad Crypto and sports betting companies have seen big returns on investment from this year’s Super Bowl ad placements. Coinbase, which spent $14M to show a QR code (in the style of a DVD player screensaver) for 60 seconds that linked back to its website, saw app installs increase by over 300% week-over-week, according to data from Sensor Tower. The crypto trading company jumped from No. 132 on Apple’s App Store to the No. 2 spot of the most downloaded application. eToro, another crypto trading platform, saw a 132% increase in week-over-week app installs. FTX saw a 130% increase in week-over-week app downloads. More: - Of the top five mobile-first brands that had ads during the Super Bowl that performed well, three were crypto apps.
- The other top performers were sports betting companies. DraftKings saw a ~200% increase in week-over-week downloads, and Caesars Sportsbook saw a 147% increase in week-over-week downloads.
- A 30-second ad slot at this year’s Super Bowl cost $7M, up from the $5.5M price a year ago.
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Walmart released its Q4 and FY2022 earnings on Wednesday, beating analysts’ expectations across the board. The retail giant reported Q4 revenue of $152.9B, up 0.5% YoY. Q4 net income came in at $3.56B or $1.28 a share, up from a loss of $2.09B or 74 cents a share reported a year earlier. FY revenue came in at $572.8B, a 2.4% increase YoY, and FY net income came in at $13.7B, or $4.87 a share. Walmart will pay out an annual dividend of $2.24 a share, up ~2%, marking the company’s 49th consecutive year of an increase in its annual dividend. More: - Q4 U.S. same-store and online sales rose 5.6% and 1% YoY, respectively.
- Q4 International comp sales decreased ~23% YoY.
- Sam’s Club’s Q4 net sales were $19.2B, a 16.5% increase YoY. Comp sales rose 10.4% YoY.
- Walmart’s web and in-store traffic rose 3.1% in Q4. The company’s supply chain costs were $400M higher than expected in Q4.
- The company bought back $9.8B worth of its stock in FY2022, about half of the authorized $20B announced last year.
- Walmart expects net sales and U.S. same-store sales to increase ~3% in FY2023.
- Walmart shares rose ~3% by midday trading. It closed at $138.88, up 4% for the day.
In related news: - Walmart announced it will no longer require fully vaccinated U.S. employees to wear masks while working in stores unless it is required by local or state laws.
- Walmart has about 1.6 million workers in the U.S.
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 African fintech company Flutterwave raised $250M in a Series D funding round at a $3B valuation, making it the highest valued African startup. The payments company was founded in 2016 by Olugbenga Agboola and counts Tiger Global, Salesforce Ventures, B Capital Group, and Avenir Growth as some of its investors. The company has tripled its valuation within 12 months. Last March, it raised $170M in Series C led by Tiger Global and Avenir at a $1B valuation. Flutterwave has raised $474.5M in total funding to date. More: - Flutterwave facilitates cross-border payments transactions for businesses in Africa and helps businesses outside Africa expand their operations on the continent.
- Flutterwave operates across 34 countries in Africa and has processed over 200 million transactions worth over $16B.
- Over 900,000 businesses across the globe use Flutterwave to process payments in 150 currencies. Some of Flutterwave’s clients include Uber, Booking.com, and Flywire.
- Flutterwave is based in Lagos, Nigeria, but headquartered in San Francisco, California.
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Airbus SE released its Q4 and full-year earnings on Thursday, reporting record profits and restoring its dividends. The planemaker reported Q4 revenue of $19.3B (€17B), a 14% drop YoY. Q4 net income came in at $1.82B (€1.6B), or $2.28 (€2.01) a share, a 2% increase YoY. Full-year revenue came in at $59.25B (€52.15B), a 4% increase YoY. Full-year net income came in at a record $4.78B (€4.21B), up from a loss of $1.28B (€1.13B) reported last year. Full-year EPS was $6.09 (€5.36). More: - Airbus delivered 611 commercial aircraft in 2021.
- The company reinstated its dividend payments, $1.70 (€1.50) a share, subject to approval by its board.
- The company expects to deliver 720 commercial aircraft in 2022, an 18% increase from its 2021 delivery.
- Airbus stock closed at $32.80 a share, down ~3% for the day.
In related news: - Airbus has an ongoing $600M dispute with Qatar Airways in a London court over the quality and condition of aircraft it delivered to the airline.
- Last month, Airbus canceled a $6B contract it had with Qatar Airways due to their ongoing dispute. The airline instead placed an order with Boeing.
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- Amazon reached an agreement with Visa on global credit card fees. Last October, Visa began charging 1.5% of the transaction value for credit card payments, which prompted Amazon to announce a ban on Visa credits cards on its platform for users in the U.K.
- Russian teen skater Kamila Valieva did not medal after she finished fourth in the Olympics’ marquee figure-skating event after falling twice during her routine. She had been cleared to skate despite a failed drug test.
- A New York judge ruled that former President Trump and his two children, Donald Trump, Jr., and Ivanka Trump, must comply with subpoenas to question them under oath as part of a civil investigation into the Trump Organization.
- Salesforce is partnering with Amazon’s AWS on a direct-to-consumer streaming media solution. The solution will combine AWS’s infrastructure service with Salesforce marketing and customer management tools.
- Institutional Shareholder Services, a shareholder advisory group, urges Apple investors to vote against Apple CEO Tim Cook’s $99M pay and bonuses package.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @Ms_Omeo. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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