Good morning, Quartz readers!
What to watch for today and over the weekend
D-Day for SoundCloud. The company, which recently laid off 40% of its staff, has given investors until the end of the day to provide nearly $170 million in new funding, warning that without the cash it will not be able “to continue as a going concern.”
Mike Pence visits Latin America. The US vice president will face questions about US sanctions against Venezuela as he begins a tour through Colombia, Argentina, Chile, and Panama. His advance team requested an unprecedented number of visas, raising questions about his political aspirations.
While you were sleeping
A major Uber shareholder sued Travis Kalanick. Benchmark Capital, which owns about 13% of the ride-hailing giant’s shares, accused the ousted CEO of fraud, mismanagement, and other misconduct. The VC firm is asking a court to force Kalanick off the company’s board and stop him from appointing other directors.
Two US housing giants merged. Single-family rental firm Invitation Homes is acquiring its rival Starwood Waypoint, the latest in a series of consolidations in the wake of the subprime mortgage crisis. The combined company will own 82,000 homes, valued at about $11 billion.
Two fledgling US companies struggled with earnings. Blue Apron posted deeper losses than Wall Street expected and warned of trouble with a new meal kit production facility, sending shares down more than 17%. Snap also missed analyst estimates, falling short on earnings, revenues, and new user growth.
Cuba denied harming US diplomats. Several American foreign service officers suffered severe hearing loss, reportedly from a “covert sonic device,” and were forced to return home from Havana. Cuba denied culpability and suggested a third country such as Russia carried out the attack; a Canadian diplomat may also have been affected.
Quartz obsession interlude
Harish C Menon on the birth, life, and death of India’s most liveable city. “In just around 30 years, Bangalore had gone from ‘Garden City’ to ‘Garbage City’ via ‘India’s Silicon Valley.’ Today it must often grapple with something as bizarre as self-combusting foaming toxic lakes. When, why, and how did she come to this?” Read more here.
Markets haiku
VIX up and stocks down / Capital rushes to gold / All as it should be
Matters of debate
Rwanda’s economic miracle may be a mirage. An analysis of household data suggests the government may have greatly exaggerated its growth.
The TV advertising apocolypse is nigh. Disney’s forthcoming streaming service spells doom for a $40 billion industry.
The Google anti-diversity memo is scientifically unsound. And it misrepresents the nature/nurture debate to advance an alt-right agenda.
Surprising discoveries
MIT scientists made jewelry that crawls around your body. “Kino” broaches use tiny magnetic robots to perform practical tasks, like removing one’s hood.
IKEA’s latest ad is designed to create euphoria. The 25-minute video uses Autonomous Sensory Meridian Response (ASMR) to trigger a tingly mental state.
Biohackers created molecular malware. When their altered DNA sequence is scanned, it infects the machine with malicious software.
Trader Joe’s secret suppliers have been revealed. An investigation uncovered dozens of familiar companies making store-brand groceries.
A German man swims to work to avoid traffic. Benjamin David stashes his laptop in a waterproof bag and swims for 12 minutes through Munich’s River Isar.
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