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      They’ve Been Waiting Years to Go Public. They’re Still Waiting.

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      Some tech companies are delaying or pulling their listing plans as the Trump administration’s tariff announcements and other changes cause market volatility and uncertainty.Turo, a car rental start-up in San Francisco, has been trying to go public since 2021. But a volatile stock market in early 2022 delayed its listing. Since then, the company has waited for the right moment.Last week, Turo pulled its listing entirely. “Now is not the right time,” Andre Haddad, the company’s chief executive, said in a statement.For months, investors have eagerly anticipated a wave of initial public offerings, spurred by President Trump’s new administration. Since his election victory in November, which ended a tumultuous campaign season, Corporate America and Wall Street have heralded the start of a pro-business, anti-regulation period. The stock market soared ahead of an expected bonanza of deal making.But the administration’s tariff announcements and rapid-fire regulatory changes have created uncertainty and volatility. Worsening inflation has set off market jitters. And the emergence of the Chinese artificial intelligence app DeepSeek last month caused investors to question their optimistic bets on U.S. tech, leading to a drastic sell-off among A.I.-related stocks.All that has affected initial public offerings. “The calendar just went from fully booked to being wide open in a span of like three weeks,” said Phil Haslett, a founder of EquityZen, a site that helps private companies and their employees sell their stock.So far this year, the pace of public offerings is ahead of last year’s, with companies raising $6.6 billion from listings, up 14 percent compared with this time last year, according to Renaissance Capital, which manages I.P.O.-focused exchange traded funds.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Want to Understand America? Watch ‘Shark Tank.’

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      One day in late June, a panel of investors entertained business ideas from around the country. A kitschy advent calendar. A fancy mini-fridge for drinks. A flashlight that emits beams from multiple angles. A machine that grows mushrooms. Bendable cups. Pet plants (for you, not your cat). This was the Los Angeles set of “Shark […] More

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      In Silicon Valley, a Rogue Plan to Alter the Climate

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      SARATOGA, Calif. — A silver Winnebago pulled up to a self storage warehouse on the outskirts of a Silicon Valley suburb and three renegade climate entrepreneurs piled out, all mohawks, mustaches and camouflage shorts.Working swiftly, the men unlocked a storage unit crammed with drones and canisters of pressurized gas. Using a dolly, they wheeled out four tanks containing sulfur dioxide and helium, and stacked them on the floor of the camper van. Then, almost as quickly as they arrived, they were on the road, headed for the golden hills near the Pacific Ocean.With their jury-rigged equipment and the confidence that comes with having raised more than $1 million in venture capital, they were executing a plan to release pollutants into the sky, all in the name of combating global warming.“We’re stealth,” said Luke Iseman, one of the co-founders of Make Sunsets, delighting in their anonymity as he rode in the back. “This looks like just another R.V.”Make Sunsets is one of the most unusual start-ups in a region brimming with wild ideas. Iseman, 41, and his co-founder, Andrew Song, 38, claim that by releasing sulfur dioxide into the stratosphere, they can reflect some of the sun’s energy back into space, thereby cooling the planet.It’s a gutsy undertaking, yet it has at least a partial grounding in science. For 50 years, climate scientists have suggested that releasing aerosols into the stratosphere could act as a buffer and reduce the heat from the sun. Volcanic eruptions have temporarily cooled the planet this way in the past, but no one has attempted to intentionally replicate the effect at scale.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Women Entrepreneurs Are Hitting a Funding Wall

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      For women starting new businesses, early funding from venture capital firms led by other women is vital. But few are large enough to lead subsequent rounds of financing.When Oriana Papin-Zoghbi was looking for venture capital funding to develop a new type of test for ovarian cancer, she found her pitch did best with women investors. “They were able to resonate with the problem we are trying to solve,” she said.Avestria Ventures, a fund focused on women-founded start-ups, led an early investment of $5 million in Ms. Papin-Zoghbi’s company, AOA Dx. And two years later, Good Growth Capital, a firm founded by women, led an additional $17 million investment.Ms. Papin-Zoghbi expects raising the next round of funding to be more difficult. Medical devices are expensive to develop, and AOA Dx is looking for an additional $30 million to bring its first product to market. “Most women-led funds cannot lead a round that size,” she said.More than 100 women-led venture capital funds, many specifically focused on investing in companies started by women, have been founded in the last decade, a trend that has contributed to a gain in fund-raising by women who are just starting their businesses. Female-founded start-ups received 7 percent of pre-seed and seed funding, the earliest funding a start-up raises, in 2023, up from 5 percent in 2015, according to the data platform Crunchbase.But women-led funds tend to be small, limiting their influence to early funding rounds. More mature companies led by women have not seen the same increase in funding. For women-founded businesses seeking investments past a Series B round, typically the third funding round, the share of venture capital dollars contracted to 1 percent from 2 percent over the same period, according to Crunchbase.Founders like Ms. Papin-Zoghbi are hitting — or fear hitting — a funding wall, an obstacle they say has been heightened by a rollback in diversity, equity and inclusion efforts and a general downturn in start-up investing.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Start-Up Investors Push Back Against Venture Capital’s Bigger-Is-Better Mantra

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      A small but vocal group is forming new funds and taking new approaches to counter the swell of money into venture capital in recent years.After nearly 10 years running his own venture capital firm, Nick Chirls decided to call it quits this year.His firm, Notation Capital, had raised three funds and invested in more than 100 companies. But Mr. Chirls said he had become disillusioned as venture capital grew from a collection of small partnerships into an industry dominated by firms that managed enormous sums.The focus on accumulating and deploying as much money as possible “completely dehumanized the entire business,” he said.Instead, Mr. Chirls is starting a new kind of firm. From the outside, the endeavor, Asylum Ventures, looks like his old firm, with a $55 million venture fund that will invest in very young tech companies. But the approach is set to be very different, making fewer investments over a longer period in companies that will not need to raise increasingly large funding rounds, he said.Mr. Chirls and his partners, Jonathan Wu and Mackenzie Regent, are part of a small but vocal group of start-up investors who are pushing back against venture capital’s changing scope and priorities. Venture capital investing has traditionally involved small groups of financiers who backed very young, very risky companies that couldn’t obtain traditional loans. The sums invested were often small.But that changed in recent years as investors poured billions of dollars into unproven start-ups with little diligence and investment firms expanded rapidly into new strategies and geographies. Last year, venture capital managed $1.1 trillion, up from $297 billion in 2013, according to PitchBook, which tracks start-ups.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Why Google, Microsoft and Amazon Shy Away From Buying A.I. Start-Ups

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      Google, Microsoft and Amazon have made deals with A.I. start-ups for their technology and top employees, but have shied from owning the firms. Here’s why.In 2022, Noam Shazeer and Daniel De Freitas left their jobs developing artificial intelligence at Google. They said the tech giant moved too slowly. So they created Character.AI, a chatbot start-up, and raised nearly $200 million.Last week, Mr. Shazeer and Mr. De Freitas announced that they were returning to Google. They had struck a deal to rejoin its A.I. research arm, along with roughly 20 percent of Character.AI’s employees, and provide their start-up’s technology, they said.But even though Google was getting all that, it was not buying Character.AI.Instead, Google agreed to pay $3 billion to license the technology, two people with knowledge of the deal said. About $2.5 billion of that sum will then be used to buy out Character.AI’s shareholders, including Mr. Shazeer, who owns 30 percent to 40 percent of the company and stands to net $750 million to $1 billion, the people said. What remains of Character.AI will continue operating without its founders and investors.The deal was one of several unusual transactions that have recently emerged in Silicon Valley. While big tech companies typically buy start-ups outright, they have turned to a more complicated deal structure for young A.I. companies. It involves licensing the technology and hiring the top employees — effectively swallowing the start-up and its main assets — without becoming the owner of the firm.These transactions are being driven by the big tech companies’ desire to sidestep regulatory scrutiny while trying to get ahead in A.I., said three people who have been involved in such agreements. Google, Amazon, Meta, Apple and Microsoft are under a magnifying glass from agencies like the Federal Trade Commission over whether they are squashing competition, including by buying start-ups.“Large tech firms may clearly be trying to avoid regulatory scrutiny by not directly acquiring the targeted firms,” said Justin Johnson, a business economist who focuses on antitrust at Cornell University. But “these deals do indeed start to look a lot like regular acquisitions.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      He Stole From His Tech Boss and Killed Him to Conceal the Crime

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      Tyrese Haspil, 25, was convicted of murdering his former boss, the entrepreneur Fahim Saleh, and dismembering his body in 2020.Just days after the body of Fahim Saleh, a successful tech entrepreneur, was found dismembered in his luxury condominium in Manhattan in July 2020, his former personal assistant, Tyrese Haspil, made a series of unsettling web searches.“Fahim Saleh.” “Murder of tech C.E.O. in New York.” “Dismembered body.”The search queries were just some of the chilling details that emerged during Mr. Haspil’s murder trial this month in Manhattan Criminal Court. And on Monday jurors convicted him of stealing hundreds of thousands of dollars from Mr. Saleh — and then killing him and cutting up his body in an effort to conceal what he had done.Mr. Haspil, 25, of Brooklyn is expected to be sentenced on Sept. 10.“Tyrese Haspil tragically cut Mr. Saleh’s life short — a man who came from a close-knit immigrant family and followed his passions to become a successful entrepreneur,” said Alvin L. Bragg, the Manhattan district attorney, in a statement announcing the conviction on Monday. “I hope the accountability delivered by today’s verdict can provide a measure of comfort to Mr. Saleh’s loved ones as they continue to mourn his loss.”Mr. Saleh, 33, was born in Saudi Arabia to Bangladeshi parents and grew up in Poughkeepsie, N.Y. He was the founder of two motorcycle ride-sharing companies, based in Bangladesh and Nigeria, the latter of which raised millions in venture capital. After his death, he was remembered as an innovative businessman and a generous friend.Sam Roberts, Mr. Haspil’s lawyer, said on Monday that he was disappointed by the verdict. He acknowledged that Mr. Haspil had committed the crime and said the killer felt remorse. “We fully believe that Tyrese Haspil is not solely and only the worst thing that he’s done in his life,” he said. “We hope that the court will understand that there are mitigating factors here.”Mr. Haspil’s ill-fated scheme began in the fall of 2018, when he was working as Mr. Saleh’s entrepreneurial assistant and began stealing money from his companies to purchase lavish gifts for his new girlfriend.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More