Aug 6, 2019

Scoop: Ex-Twitter executives launch startup advisory firm

Dick Costolo (l), Adam Bain (r). Photos: Steve Jennings/Getty Images, Romeo Gacad/AFP/Getty Images.

Former Twitter CEO Dick Costolo and former Twitter COO Adam Bain have launched a San Francisco-based startup advisory and investment firm called 01 Advisors, Axios has learned from multiple sources.

The bottom line: Costolo and Bain have been angel investing and advising together for the past couple of years, including in companies like TripActions, but are now formalizing their efforts.

  • 01 Advisors is also raising a fund so that it can get equity beyond "advisory shares." In this way, it's a bit similar to how Tusk Ventures, led by former Uber and Michael Bloomberg campaign adviser Bradley Tusk, operates.
  • Former Twitter investor relations executive David Rivinus is also involved, in addition to Costolo and Bain.

Update: After this story was published, 01 Advisors disclosed in an SEC filing that it has secured $135 million for a fund targeting a total of $200 million.

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Austrian sensor maker AMS offers to buy German lighting company Osram

AMS, an Austrian sensor maker, said it would offer to buy German car-lighting company Osram for €4.3 billion ($4.8 billion) in cash, a 10% premium to an existing takeover offer from Bain Capital and The Carlyle Group.

Why it matters: It presents a strategic dilemma for Bain and Carlyle, even if they're willing to pay more. On the one hand, Osram's top outside shareholder, Allianz Global Investors, already said it would oppose the private equity firms' bid. On the other hand, this is actually the second time AMS has proposed a superior offer, having pulled the prior approach, suggesting Bain and Carlyle could just wait out the competition.

Go deeper: Big-name private equity firms are asking for bigger cuts of investment profits

Keep ReadingArrowAug 13, 2019

San Francisco's next housing battle: Corporate rentals

San Francisco street. Photo: Andia/Universal Images Group via Getty Images

Airbnb this week acquired Urbandoor, a company that provides "corporate rentals" for business travelers and new employees, typically rented for anywhere between a month to a year.

Why it matters: Airbnb, long-acquainted with tensions around home-sharing and short-term rentals, is now stepping into the latest housing controversy in its hometown of San Francisco.

Go deeperArrowAug 7, 2019

Twitter unlocks Mitch McConnell's campaign account

Senate Majority Leader Mitch McConnell. Photo: Win McNamee/Getty Images

Twitter reinstated Senate Majority Leader Mitch McConnell's re-election campaign account Friday after the profile was suspended earlier this week for posting a profanity-laced video of protesters outside the Kentucky senator's home.

What they're saying: "After multiple appeals from affected users and Leader McConnell’s team confirming their intent to highlight the threats for public discussion, we have reviewed this case more closely," Twitter's communication team explained in thread of tweets Friday.

Go deeperArrowUpdated Aug 9, 2019