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erin griffith Profile picture
erin griffith
@eringriffith
New York Times reporter // Startups and VC 🦄 Writing a book about the startups in the ZIRP era🦄
Jan 23 • 10 tweets • 3 min read
A startup called ON Platform, once known as GameOn, raised $80m in funding from investors including celebs like Snoop Dogg and Joe Montana.

Today its founder, Alexander Beckman, and his wife, Valerie Lau, were arrested for fraud.

Some of the craziest details from the indictment... GameOn was founded in 2014 and based in SF. It provided an AI chatbot for pro sports teams and luxury brands.

Beckman's alleged lies start with his background: He told investors his past company sold for just under 100m when it actually sold for less than $2m.
Aug 4, 2023 • 5 tweets • 2 min read
Crazy lawsuit from an investor - Softbank - against a startup - IRL.

Softbank invested $150m in 2021 ($25m went to insiders) on the claim that IRL had 12m monthly users.

But the company was spending 50k a month on a bot army and the app was "a virtual ghost town." Image Employees literally creating Jira tickets to "Add Fake Users & Fake Chats" to the platform. Image
Nov 18, 2022 • 25 tweets • 4 min read
Once again, I am outside the courthouse in San Jose at an ungodly hour.

Today Elizabeth Holmes will be sentenced for defrauding investors at Theranos. Here’s our story on Holmes’s letters of support as well as sentencing recommendations from both sides:

nytimes.com/2022/11/17/tec…
Nov 11, 2022 • 4 tweets • 3 min read
New from @yaffebellany and me: How did FTX's investors let this happen?

Well,

nytimes.com/2022/11/11/tec… @yaffebellany SBF told them that he didn't want oversight -- investors should "support him and observe."

None joined the board. None were given infor about Alameda's dealings a/FTX. Now, they're gobsmacked the visionary wunderkind they backed could have done this.

nytimes.com/2022/11/11/tec…
Nov 10, 2022 • 5 tweets • 2 min read
New from me: The tech layoff letters all sound the same -- CEOs blame themselves for overhiring.

Here's a look at how tech's talent wars turned into 100,000 lost jobs (and counting).

nytimes.com/2022/11/10/tec… Everyone thought the pandemic boom times would keep going, and they staffed up accordingly. Facebook / Meta doubled staff over 3 years. Robinhood headcount grew 6x. Hello corporate bloat. Image
Nov 23, 2021 • 9 tweets • 3 min read
🩸We're here outside the courthouse for US v Holmes again.🩸 Never dull outside the courtroom
Nov 22, 2021 • 29 tweets • 7 min read
🩸🩸🩸Hello from the the dark of night in San Jose where I’m lined up for Elizabeth Holmes to take the stand again in her fraud trial. The press is here with cameras, camp chairs and hotel coffees.
Nov 18, 2021 • 68 tweets • 9 min read
🩸US v Holmes continues.

Today we'll hear from Erin Tompkins, a patient, as well as Roger Parloff, a journalist.

But first, for every 1 hour of testimony there are roughly 3 hours of lawyer bickering over the scope of the testimony and today is no different! In the meantime here's a fun throwback
Nov 17, 2021 • 52 tweets • 8 min read
🩸 It's US v. Holmes again🩸

Brian Grossman, managing director at PFM Health Sciences, which backed Theranos, will continue cross-examination today. While we wait to get started, let us review some of the new financial terminology we learned yesterday...
Nov 16, 2021 • 55 tweets • 8 min read
🩸US v Holmes again🩸

The lawyers are fighting about whether to discuss the lost database of Theranos tests.

(Some background on it here: cnbc.com/2021/07/07/mis…) Now Holmes lawyer Richard Cleary is arguing the defense should be able to include testimony of positive reviews / surveys of Theranos tests.
Nov 15, 2021 • 34 tweets • 6 min read
🩸"Our Holmes Matter" continues.🩸 Full week of testimony in US v Holmes after last week's announcement that the prosecution is likely to rest soon.

Alan Eisenman, a Theranos investor, returns to the stand for x-exam. Eisenman was a difficult witness for the defense lawyers. He refused to go along with some of Kevin Downey's yes/no questions and it got testy.
Nov 10, 2021 • 44 tweets • 7 min read
🩸 "Our Holmes Matter" continues in San Jose. 🩸

Holmes lawyer Lance Wade is questioning Dr. Das, Theranos's final lab director. Yesterday he testified that he decided to void as many as 60k Theranos tests. (Me and the judge are trying to make "Our Holmes Matter" happen )
Nov 9, 2021 • 31 tweets • 4 min read
🩸 Back in San Jose for another day of testimony in US v Holmes.

I have LOUD TYPING ANXIETY (theverge.com/platform/amp/2…) so I am sitting in the overflow room this morning.

The lawyers are once again fighting about upcoming testimony. Fun times, we still have not started because of some kind of technical problem.
Nov 4, 2021 • 41 tweets • 7 min read
🩸🩸Back in court today for US v Holmes.🩸🩸

The United States has called Christopher Lucas, nephew of famed investor Donald Lucas, whose firm Black Diamond Ventures was an early investor Theranos. Chris Lucas founded the firm in 1998. Don Lucas introduced him to Holmes, who he said this about:

"She’s very passionate about the project. Very sincere in what she was trying to do. Worked all the time. It was all Theranos all the time for Elizabeth."
Nov 2, 2021 • 43 tweets • 7 min read
🩸 US v Holmes continues today with cross-examination of Lisa Peterson, who managed the DeVos family's $100m investment in Theranos.

Here's our wrap-up of last week's proceedings. nytimes.com/2021/10/27/tec… And just to recap the stakes of the case:

nytimes.com/2021/08/30/tec…
Oct 26, 2021 • 37 tweets • 6 min read
🩸 Elizabeth Holmes trial, Week 8 🩸

The lawyers are once again starting the day by fighting over evidence: Prosecution wants to show video clips of Elizabeth Holmes defending Theranos on Mad Money and elsewhere after the WSJ expose. If there is one thing Judge Davila hates its getting into a "mini-trial" about side issues with no bearing on the issues being tried.
Oct 22, 2021 • 50 tweets • 8 min read
🩸 Back in court for the fraud trial of Elizabeth Holmes. It is rainy, the prosecution plans to call four witnesses today, and the press corp is typing every so carefully after being scolded for distracting a juror with our keyboards. As usual, we are starting late because the lawyers are fighting over admitting a document and there is an issue with a juror.
Oct 5, 2021 • 24 tweets • 5 min read
🩸 Back in the courtroom for US v Holmes. 🩸

The clerk is checking courtroom tickets after a few book clubs showed up last week.

Cross-exam of ex-lab director Adam Rosendorff continues.

What happened last week via @erinkwoo: nytimes.com/2021/10/01/tec… @erinkwoo Holmes is here of course with Billy Evans, her mom and an older man I can't ID.

Before the jury arrives, the lawyers are arguing about whether they can discuss problems at companies that Dr. Rosendorff worked for after Theranos.
Sep 8, 2021 • 39 tweets • 8 min read
So the start-up fraud trial of the decade is about to begin.

Hope everyone’s ready, we’ve got three months of this then we start over again with Balwani.

In the meantime, here’s a thread of some stuff to read about it: The understated headline that started it all

Hot Startup Theranos Has Struggled With Its Blood-Test Technology
wsj.com/articles/thera…
Aug 31, 2021 • 20 tweets • 3 min read
Elizabeth Holmes has arrived at the courthouse The full scene
Jul 28, 2021 • 9 tweets • 5 min read
the tech buzzword hype cycle plays out the same way every time.

FIRST, a startup breaks out and VCs rush to fund it. then a bunch more startups spring up