The Year in Tech: From Jinxes to Downfalls
Dec. 30, 2022
51 min
Welcome back to Equity, your go-to podcast for the business of startups. This week, we’re diving into the biggest stories of 2022 and who shaped them—thanks to our amazing crew Alex, Natasha, and Mary Ann. And if you missed last week’s episode, check it out!
This week, we’re joined by the hosts Becca Szkutak and Anita Ramaswamy for a deep dive into some of the most talked-about companies and individuals in 2022.
The Jinx: Elon Musk and Twitter’s Courtship
The Will-They-Won’t-They Courtship of Elon Musk and Twitter
Elon Musk has always been a wildcard in the tech world, and 2022 saw him at the center of one of the most talked-about relationships in the industry. From his acquisition bids to his public statements about taking over companies, it was clear that this was something big—and potentially messy—for both parties involved.
Musk has always been a polarizing figure, but Twitter’s transition under the new leadership brought fresh energy and purpose to the platform. While some saw an opportunity for growth, others feared the loss of what made Twitter unique: its decentralized ethos and user-driven culture.
Would they have won? Could they have kept this relationship alive? Only time will tell—but one thing is clear: 2022 was going to be a busy year for both Musk and Twitter.
Theranos: The Golden Ratio of Failure
The Downfall of Theranos and the Shock of the Century
No one could have predicted how Theranos would unravel. The company, once touted as a game-changer in healthcare with its groundbreaking blood test machines, became the posterchild for corporate overreach and regulatory gridlock.
In January 2021, Theranos was valued at $34 billion—a figure that quickly plummeted to zero as regulators exposed the falsity of its claims. The company’s collapse came after a series of high-profile fraud lawsuits, a criminal investigation into its finances, and a public outcry over the quality of its products.
But what truly shocked investors—and even Theranos’s own executives—was just how fast this unraveling happened.
The FTX Flash Crash: A cautionary tale
The Downfall of FTX and the Shocks It Sent ripples through the Industry
For a company that had just gone public in late 2021, FTX became the toast of the town—or rather, the butt of jokes. The cryptocurrency exchange went bankrupt within hours of its IPO, citing liquidity issues and regulatory concerns.
The story of FTX was far from unique; it was merely the latest in a growing list of companies struggling with the fallout of the crypto boom. From Binance’s foray into U.S. markets to Raydium, the industry continues to grapple with how to balance innovation and regulation.
Mark Cuban: The Good, the Bad, and the Ugly
The Deal of a Lifetime (and the Downside of It)
In November 2022, Mark Cuban announced his intentions to buy XOMA, a majority stake in Boring Company, for $1.4 billion. The deal was met with both enthusiasm and skepticism—Cuban’s track record as an entrepreneur has been anything but smooth, and Boring Company is no stranger to financial turmoil.
But the real shock came when it turned out that Cuban had already made similar offers in the past, a fact that sent shockwaves through the boardroom of Boring Company.
The Twitter蓝领: Why It Felt Like the End of the World
Why Twitter’s蓝领 Employees Felt the End of the World
In December 2022, Twitter Blue, a subscription-based paywall service, went live with a massive backlash from users and advertisers. The move, which aimed to increase revenue while keeping the platform ad-free for premium members, quickly became a lightning rod for criticism.
One of the biggest complaints came from Blue’s CEO, Jack Chen, who faced questions about why Twitter Blue would cost $20 a month when it offered no additional features compared to free accounts.
The Theranos Moment: The Shock That Defined 2022
Why Theranos’s collapse felt like the end of the world
For many, Theranos’s downfall was the most jarring moment in 2022. The company, which claimed to revolutionize healthcare with its blood test machines, became a symbol of corporate greed and overreach.
The story was further complicated by the fact that Theranos’s collapse came after years of hyped growth—and just before investors were set to ponzi their money back into the company.
The FTX Flash Crash: A cautionary tale
The Downfall of FTX and the Shocks It Sent ripples through the Industry
For a company that had just gone public in late 2021, FTX became the toast of the town—or rather, the butt of jokes. The cryptocurrency exchange went bankrupt within hours of its IPO, citing liquidity issues and regulatory concerns.
The story of FTX was far from unique; it was merely the latest in a growing list of companies struggling with the fallout of the crypto boom. From Binance’s foray into U.S. markets to Raydium, the industry continues to grapple with how to balance innovation and regulation.
Mark Cuban: The Good, the Bad, and the Ugly
The Deal of a Lifetime (and the Downside of It)
In November 2022, Mark Cuban announced his intentions to buy XOMA, a majority stake in Boring Company, for $1.4 billion. The deal was met with both enthusiasm and skepticism—Cuban’s track record as an entrepreneur has been anything but smooth, and Boring Company is no stranger to financial turmoil.
But the real shock came when it turned out that Cuban had already made similar offers in the past, a fact that sent shockwaves through the boardroom of Boring Company.
Twitter蓝领: Why It Felt the End of the World
Why Twitter’s蓝领 Employees Felt the End of the World
In December 2022, Twitter Blue, a subscription-based paywall service, went live with a massive backlash from users and advertisers. The move, which aimed to increase revenue while keeping the platform ad-free for premium members, quickly became a lightning rod for criticism.
One of the biggest complaints came from Blue’s CEO, Jack Chen, who faced questions about why Twitter Blue would cost $20 a month when it offered no additional features compared to free accounts.
Why Theranos’s collapse felt like the end of the world
Why Theranos’s collapse felt like the end of the world
For many, Theranos’s downfall was the most jarring moment in 2022. The company, which claimed to revolutionize healthcare with its blood test machines, became a symbol of corporate greed and overreach.
The story was further complicated by the fact that Theranos’s collapse came after years of hyped growth—and just before investors were set to ponzi their money back into the company.
FTX Flash Crash: A cautionary tale
The Downfall of FTX and the Shocks It Sent ripples through the Industry
For a company that had just gone public in late 2021, FTX became the toast of the town—or rather, the butt of jokes. The cryptocurrency exchange went bankrupt within hours of its IPO, citing liquidity issues and regulatory concerns.
The story of FTX was far from unique; it was merely the latest in a growing list of companies struggling with the fallout of the crypto boom. From Binance’s foray into U.S. markets to Raydium, the industry continues to grapple with how to balance innovation and regulation.
Mark Cuban: The Good, the Bad, and the Ugly
The Deal of a Lifetime (and the Downside of It)
In November 2022, Mark Cuban announced his intentions to buy XOMA, a majority stake in Boring Company, for $1.4 billion. The deal was met with both enthusiasm and skepticism—Cuban’s track record as an entrepreneur has been anything but smooth, and Boring Company is no stranger to financial turmoil.
But the real shock came when it turned out that Cuban had already made similar offers in the past, a fact that sent shockwaves through the boardroom of Boring Company.
Twitter蓝领: Why It Felt the End of the World
Why Twitter’s蓝领 Employees Felt the End of the World
In December 2022, Twitter Blue, a subscription-based paywall service, went live with a massive backlash from users and advertisers. The move, which aimed to increase revenue while keeping the platform ad-free for premium members, quickly became a lightning rod for criticism.
One of the biggest complaints came from Blue’s CEO, Jack Chen, who faced questions about why Twitter Blue would cost $20 a month when it offered no additional features compared to free accounts.
Why Theranos’s collapse felt like the end of the world
Why Theranos’s collapse felt like the end of the world
For many, Theranos’s downfall was the most jarring moment in 2022. The company, which claimed to revolutionize healthcare with its blood test machines, became a symbol of corporate greed and overreach.
The story was further complicated by the fact that Theranos’s collapse came after years of hyped growth—and just before investors were set to ponzi their money back into the company.
FTX Flash Crash: A cautionary tale
The Downfall of FTX and the Shocks It Sent ripples through the Industry
For a company that had just gone public in late 2021, FTX became the toast of the town—or rather, the butt of jokes. The cryptocurrency exchange went bankrupt within hours of its IPO, citing liquidity issues and regulatory concerns.
The story of FTX was far from unique; it was merely the latest in a growing list of companies struggling with the fallout of the crypto boom. From Binance’s foray into U.S. markets to Raydium, the industry continues to grapple with how to balance innovation and regulation.
Mark Cuban: The Good, the Bad, and the Ugly
The Deal of a Lifetime (and the Downside of It)
In November 2022, Mark Cuban announced his intentions to buy XOMA, a majority stake in Boring Company, for $1.4 billion. The deal was met with both enthusiasm and skepticism—Cuban’s track record as an entrepreneur has been anything but smooth, and Boring Company is no stranger to financial turmoil.
But the real shock came when it turned out that Cuban had already made similar offers in the past, a fact that sent shockwaves through the boardroom of Boring Company.
Twitter蓝领: Why It Felt the End of the World
Why Twitter’s蓝领 Employees Felt the End of the World
In December 2022, Twitter Blue, a subscription-based paywall service, went live with a massive backlash from users and advertisers. The move, which aimed to increase revenue while keeping the platform ad-free for premium members, quickly became a lightning rod for criticism.
One of the biggest complaints came from Blue’s CEO, Jack Chen, who faced questions about why Twitter Blue would cost $20 a month when it offered no additional features compared to free accounts.
Why Theranos’s collapse felt like the end of the world
Why Theranos’s collapse felt like the end of the world
For many, Theranos’s downfall was the most jarring moment in 2022. The company, which claimed to revolutionize healthcare with its blood test machines, became a symbol of corporate greed and overreach.
The story was further complicated by the fact that Theranos’s collapse came after years of hyped growth—and just before investors were set to ponzi their money back into the company.
FTX Flash Crash: A cautionary tale
The Downfall of FTX and the Shocks It Sent ripples through the Industry
For a company that had just gone public in late 2021, FTX became the toast of the town—or rather, the butt of jokes. The cryptocurrency exchange went bankrupt within hours of its IPO, citing liquidity issues and regulatory concerns.
The story of FTX was far from unique; it was merely the latest in a growing list of companies struggling with the fallout of the crypto boom. From Binance’s foray into U.S. markets to Raydium, the industry continues to grapple with how to balance innovation and regulation.
Mark Cuban: The Good, the Bad, and the Ugly
The Deal of a Lifetime (and the Downside of It)
In November 2022, Mark Cuban announced his intentions to buy XOMA, a majority stake in Boring Company, for $1.4 billion. The deal was met with both enthusiasm and skepticism—Cuban’s track record as an entrepreneur has been anything but smooth, and Boring Company is no stranger to financial turmoil.
But the real shock came when it turned out that Cuban had already made similar offers in the past, a fact that sent shockwaves through the boardroom of Boring Company.
Twitter蓝领: Why It Felt the End of the World
Why Twitter’s蓝领 Employees Felt the End of the World
In December 2022, Twitter Blue, a subscription-based paywall service, went live with a massive backlash from users and advertisers. The move, which aimed to increase revenue while keeping the platform ad-free for premium members, quickly became a lightning rod for criticism.
One of the biggest complaints came from Blue’s CEO, Jack Chen, who faced questions about why Twitter Blue would cost $20 a month when it offered no additional features compared to free accounts.
Why Theranos’s collapse felt like the end of the world
Why Theranos’s collapse felt like the end of the world
For many, Theranos’s downfall was the most jarring moment in 2022. The company, which claimed to revolutionize healthcare with its blood test machines, became a symbol of corporate greed and overreach.
The story was further complicated by the fact that Theranos’s collapse came after years of hyped growth—and just before investors were set to ponzi their money back into the company.
FTX Flash Crash: A cautionary tale
The Downfall of FTX and the Shocks It Sent ripples through the Industry
For a company that had just gone public in late 2022, FTX became the toast of the town—or rather, the butt of jokes. The cryptocurrency exchange went bankrupt within hours of its IPO, citing liquidity issues and regulatory concerns.
The story of FTX was far from unique; it was merely the latest in a growing list of companies struggling with the fallout of the crypto boom. From Binance’s foray into U.S. markets to Raydium, the industry continues to grapple with how to balance innovation and regulation.
Mark Cuban: The Good, the Bad, and the Ugly
The Deal of a Lifetime (and the Downside of It)
In November 2022, Mark Cuban announced his intentions to buy XOMA, a majority stake in Boring Company, for $1.4 billion. The deal was met with both enthusiasm and skepticism—Cuban’s track record as an entrepreneur has been anything but smooth, and Boring Company is no stranger to financial turmoil.
But the real shock came when it turned out that Cuban had already made similar offers in the past, a fact that sent shockwaves through the boardroom of Boring Company.
Twitter蓝领: Why It Felt the End of the World
Why Twitter’s蓝领 Employees Felt the End of the World
In December 2022, Twitter Blue, a subscription-based paywall service, went live with a massive backlash from users and advertisers. The move, which aimed to increase revenue while keeping the platform ad-free for premium members, quickly became a lightning rod for criticism.
One of the biggest complaints came from Blue’s CEO, Jack Chen, who faced questions about why Twitter Blue would cost $20 a month when it offered no additional features compared to free accounts.
Why Theranos’s collapse felt like the end of the world
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Theranos: The Collapse of a Promised Future
The year 2023 saw the devastating collapse of Theranos, the once-promising biotech company known for its groundbreaking blood tests.
Why Theranos’s Downfall Felt Like the End of the World
Theranos, a tech giant in healthcare, was riding high after years of sensationalized advertising. However, in November 2023, investors and regulators discovered its groundbreaking blood tests were based on faulty science. The company, which claimed to revolutionize medical diagnostics, collapsed, leaving millions of shareholders without their life-saving treatments.
FTX: The Bankruptcy of a Cryptocurrency Giant
In the same year, FTX—a once-prominent cryptocurrency exchange—fell into bankruptcy just days after going public.
The Downfall of FTX and the Shocks It Sent ripples through the Industry
The company, which had just gone public in late 2022, faced liquidity issues as its trading operations ground to a halt. The collapse sent shockwaves through the crypto industry, with critics questioning whether regulators were adequately prepared for such risks.
Twitter Blue: A Stirr up the Water
Twitter Blue, FTX’s rival, launched its paywall service in December 2023, sparking controversy and backlash from users and advertisers.
Why Twitter’s Blue Employees Felt the End of the World
The move to introduce a paid version, which promised an ad-free experience for premium users, was met with fierce resistance. Many users and advertisers criticized Twitter for not delivering on its promises, as the feature remained optional without any additional benefits.
Mark Cuban: A Risk-Taking Career
Mark Cuban continued his risky business ventures throughout 2023, including a high-stakes deal with Boring Company.
Why Mark Cuban’s Deed with Boring Company Felt Like the End of the World
Cuban, known for his flamboyant business decisions, invested heavily in Boring Company’s plans to dig tunnels under Texas. However, the project faced significant financial and operational challenges, leading to speculation about whether he might pull out at a loss.
Twitter Blue: A Controversial Expansion
Finally, another major event involving Twitter Blue took place as users began to leave for more stable platforms like TikTok following the backlash in December 2023.
Why Twitter’s Blue Employees Felt the End of the World
The decision to remove free accounts and focus solely on premium subscriptions left many users frustrated, as they began exploring alternative platforms for social media. The move was a major blow to Twitter’s advertising model, which relied heavily on user engagement across all account types.
As 2023 came to an end, it was clear that the year was filled with dramatic highs and lows, from Theranos’s collapse and FTX’s bankruptcy to Twitter Blue’s controversial expansion. The tech world—and beyond—remained in flux as these companies navigated uncertain waters.
