We turned first to SoFi, a consumer-finance unicorn that has raised more than a billion in equity, and over $2 billion in total. The company is now down a CEO after allegations of misconduct brought censure upon its CEO, Michael Cagney, and the company’s culture.
Cagney’s exit from the company left the following New York Times headline: “‘It Was a Frat House’: Inside the Sex Scandal That Toppled SoFi’s C.E.O.“
But there was more than one unicorn active this week. Magic Leap is on the hunt for more capital, and if it raises the $500 million it wants, the secretive AR shop will bring its total capital raised to nearly $2 billion. Blue Bottle sold most of itself to Nestle at a $700 million valuation for around $500 million. And, Wish is picking up another $250 million at around an $8 billion valuation.
To summarize: The rich and unprofitable become richer and (perhaps) more unprofitable.
And as a treat, we spent a few minutes on the Apple event because in tech, no matter your beat, Apple Week is Apple Week.