GoMechanic lays off 70% after traders uncover ‘founders knowingly misstated information’ • TechCrunch

To get a roundup of TechCrunch’s greatest and most vital tales delivered to your inbox each day at 3 p.m. PST, subscribe right here.

Helloooo, Crunchers! The heavy items practice of tech information retains on rollin’ down (and typically off) the tracks.

Apropos tracks, we’ve been a bit of besotted with this positively magnificent music video of Ren this week. It’s filled with surprises and highly effective bits — give your self a 9-minute break and provides it a pay attention!  — Christine and Haje

The TechCrunch High 3

• Extra layoffs: Sequoia-backed GoMechanic is the most recent to make sweeping layoffs after funding didn’t materialize in time, Manish experiences. The India-based auto companies firm is reducing 70% of its workforce. However wait, there’s extra: GoMechanic’s founders misstated financials to traders with GoMechanic co-founder Amit Bhasin saying the startup made “grave errors in judgment as we adopted development in any respect prices, notably in regard to monetary reporting, which we deeply remorse.”
• Can your robotic do that?: In Boston Dynamics’ newest Atlas video, we see its robotic working, leaping and now grabbing and throwing issues by way of the usage of palms. Matt shares extra.
• In case you’ve by no means seen a automotive that appears like its identify, you could have now: Romain has your take a look at Kate, a brand new French carmaker creating tiny automobiles to your on a regular basis use, from driving to work to driving on the seashore. They remind us of a very quick golf cart solely cuter.

Startups and VC

In a press convention on Wednesday, the U.S. Division of Justice introduced that it has arrested Anatoly Legkodymov, founding father of crypto alternate Bitzlato, for allegedly processing over $700 million of illicit funds, Amanda experiences. “In a single day, the Division labored with key companions right here and overseas to disrupt Bitzlato, the China-based money-laundering engine that fueled a high-tech axis of cryptocrime, and to arrest its founder, Russian nationwide Anatoly Legkodymov,” stated Deputy Lawyer Common Lisa O. Monaco.

There’s a bunch extra stuff taking place on this planet of startups as we speak:

Expensive Sophie: What are some quick choices for hiring somebody on an expiring grace interval?

Expensive Sophie,

I’m a co-founder of a really early-stage startup. My co-founder and I are contemplating bringing on a 3rd co-founder, who was not too long ago laid off. She is at present in america on an H-1B with a grace interval that may expire quickly.

What are the quickest, least dangerous immigration choices that we must always think about? What’s happening with potential will increase to USCIS submitting charges?

— Cautious Co-founder

Three extra from the TC+ group:

TechCrunch+ is our membership program that helps founders and startup groups get forward of the pack. You possibly can enroll right here. Use code “DC” for a 15% low cost on an annual subscription!

Large Tech Inc.

The layoffs simply preserve coming in Tech World. The newest is Microsoft, which introduced 10,000 job cuts, experiences Paul. The corporate has already made some layoffs final yr, however this newest one accounts for a large chunk of its workforce — 5%. CEO Satya Nadella echoed different tech corporations making layoffs not too long ago in saying that the corporate accelerated its development as clients grew, however when that slowed down, Microsoft needed to do the identical.

Cybersecurity firm Sophos is making an analogous transfer, shedding 450 staff globally, or about 10% of its staff, Jagmeet experiences.

In the meantime, in happier information, Apple has a brand-new HomePod with higher sound and “smarts,” Darrell writes. And now that this, Brian has some ideas on the newly returned good speaker.

Right here’s 5 extra for you: