Snap Cancels Partner Summit, Announces New Board Member
Snap canceled its in-person Snap Partner Summit that was to be held all day April 2 due to COVID-19 concerns, according to a note sent out Thursday evening to invitees.
The company had initially planned to stream the conference virtually, but then decided against that as well, instead postponing the event for developers, advertisers and creators. Snap has asked its employees to work from home.
In addition, Snap Inc. announced it's adding a new seat to its seven-person board of directors.
Kelly Coffey, the CEO of City National Bank, a subsidiary of the Royal Bank of Canada, has been appointed effective May 18, the Santa Monica-based company announced in a news release Friday.
Kelly Coffey, CEO of City National Bank has been appointed to Snap Inc.'s board of directors.
"As a business leader and finance executive, Kelly brings valuable experience and a constructive perspective to the Snap board," said Evan Spiegel, co-founder and CEO of Snap, in a statement.
Coffey's addition adds a third woman to the now eight-member board of the self-described camera company helmed by Chairman Michael Lynton, the former CEO of Sony Entertainment Inc.
"I'm thrilled to join Snap as its team rapidly innovates and builds a sustainable business for the long-term," said Coffey in a statement.
Coffey has been CEO of City National Bank since February 2019. She was previously CEO of J.P. Morgan's U.S. Private Bank. She received an MS in Foreign Service from Georgetown University and a BA in International Affairs & French from Lafayette College.
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SpaceX launched two NASA astronauts to the International Space Station today, becoming the first company to send humans to orbit on a commercial spaceship.
The Falcon 9 rocket's liftoff from NASA's Kennedy Space Center in Florida at 3:22 p.m. ET (12:22 p.m. PT) marked a feat that America hadn't been able to perform since NASA retired its space shuttles in 2011: launching American astronauts on an American rocket from American soil.
<p>"It is absolutely our honor to be part of this huge effort to get the United States back in the launch business," NASA astronaut Doug Hurley told SpaceX Mission Control just before liftoff. "We'll talk to you from orbit."</p><p>No technical issues arose during today's countdown, but the weather made it a nail-biter, just as it did during Wednesday's initial launch attempt.</p><p>On that day, dark clouds and the accompanying risk of lightning forced a postponement. This morning, the weather forecast was 50-50, but the skies cleared enough for Hurley and his crewmate, Bob Behnken, to ride SpaceX's Crew Dragon capsule eastward into orbit.</p><p>Ships were strategically placed in the Atlantic Ocean just in case an emergency abort and splashdown was required. Other ships were standing by to recover the Falcon 9's first-stage booster after liftoff.</p><p>You can watch the mission unfold on <a href="https://www.youtube.com/watch?v=pMsvr55cTZ0" target="_blank">NASA's YouTube channel</a> or <a href="https://youtu.be/bIZsnKGV8TE" target="_blank">SpaceX's channel</a>.</p><div class="rm-embed embed-media"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="473" src="https://www.youtube.com/embed/bIZsnKGV8TE" width="630"></iframe></div><p>Pandemic or no pandemic, thousands of spectators flocked to roadside viewing areas surrounding the launch site. Tickets to watch the liftoff from the newly reopened <a href="https://www.kennedyspacecenter.com/" target="_blank">Kennedy Space Center Visitor Complex</a> were sold out, and all visitors have to wear masks and undergo temperature checks.</p><p>NASA asked people to stay home and watch the webcasts instead. More than 3 million people took the advice.</p><p>The launch-day routine began with Hurley and Behnken having breakfast and suiting up. A small contingent, including the astronauts' families, cheered as they walked out from NASA's Armstrong Operations & Checkout Building for their ride to the launch pad.</p><p>In accordance with the social distancing requirements for spaceflight as well as the coronavirus pandemic, Behnken arced his arms in a "virtual hug" for his wife, astronaut Megan McArthur, and their son. "Are you going to be on good behavior?" Behnken could be heard asking his son. "Are you going to listen to Mommy and make her life easy?"</p><p>"Let's light this candle!" his son replied, echoing a <a href="https://www.americaspace.com/2012/05/09/light-this-candle-the-hours-before-freedom-7/" target="_blank">phrase used by astronaut Alan Shepard</a> just before America's first spaceflight in 1961.</p><p>Then he and Hurley headed to the pad in a Tesla Model X SUV, an update on the traditional "Astrovan" that's also a nod to <a href="https://www.geekwire.com/tag/tesla/" target="_blank">SpaceX CEO Elon Musk's other company</a>. SpaceX's team of launch pad ninjas — so named because of their black uniforms, caps and masks — strapped the astronauts into their seats and closed the hatch for launch.</p><p>Perhaps not so coincidentally, the last words that were heard from Hurley before liftoff were, "Light this candle!"</p><p>Hurley and Behnken, who are both experienced shuttle astronauts, are scheduled to rendezvous with the space station on Sunday and move in alongside its current occupants, NASA's Chris Cassidy and Russia's Anatoly Ivanishin. NASA hasn't yet decided how long the Dragon riders will spend in orbit. Their stay could be as short as six weeks, or as long as 16 weeks, depending on how the test mission proceeds.</p><p>For the return trip, Hurley and Behnken will strap themselves back inside the Dragon and descend to an Atlantic splashdown.</p><p>This whole flight serves as an initial demonstration of the Crew Dragon's capabilities with an actual crew aboard. If the mission is successful, yet another Crew Dragon will carry four different astronauts to the space station weeks after Hurley and Behnken return.</p><p>Having the Crew Dragon would free NASA from having to pay the Russians upwards of $80 million a seat for rides to and from the space station, which is the whole point of the commercial crew program.</p><p>Back in 2014, <a href="https://www.geekwire.com/2014/boeing-expected-win-nasa-contract-fly-astronauts-space-station-help-bezos/" target="_blank">NASA pledged $4.2 billion to Boeing and $2.6 billion to SpaceX</a> to develop spacecraft that would essentially provide taxi rides to orbit. SpaceX built an upgraded version of its robotic cargo-carrying Dragon, which has been used for space station resupply <a href="http://web.archive.org/web/20120707153619/http://cosmiclog.msnbc.msn.com/_news/2012/05/31/11983318-spacexs-dragon-splashes-down-ending-historic-mission?lite" target="_blank">since 2012</a>. Boeing built a whole new spaceship called the CST-100 Starliner.</p><p>The Crew Dragon flew a <a href="https://www.geekwire.com/2019/spacex-crew-dragon-splashdown/" target="_blank">successful uncrewed test mission in March 2019</a>, but the Starliner <a href="https://www.geekwire.com/2019/boeing-starliner-landing/" target="_blank">suffered glitches during its uncrewed test flight to orbit</a> last December. Now Boeing will have to <a href="https://www.geekwire.com/2020/boeing-says-itll-redo-uncrewed-flight-test-starliner-space-taxi-space-station/" target="_blank">redo Starliner's robotic test</a>, while SpaceX is on the brink of making space history (and winning a <a href="http://www.collectspace.com/news/news-052020a-capture-flag-lost-spacex.html" target="_blank">capture-the-flag contest</a> in the process).</p><p>It's important to note that SpaceX, not NASA, owns the hardware passenger flights — just as a terrestrial taxi company owns the car. NASA has <a href="https://www.geekwire.com/2017/boeing-spacex-four-nasa-orders-space-taxis/" target="_blank">put in orders to ferry up to four astronauts</a> at a time, but SpaceX can fly other riders as well.</p><p>In partnership with Space Adventures, the company is already offering <a href="https://www.geekwire.com/2020/spacex-space-adventures-strike-deal-send-customers-high-flying-space-trips/" target="_blank">free-flying orbital trips that would go higher than the space station</a>. There's even talk of <a href="https://www.geekwire.com/2020/tom-cruise-nasa-spacex-movie/" target="_blank">having Tom Cruise ride the Dragon</a> to the space station to film a movie. That would require NASA's go-ahead, but on Wednesday, Bridenstine said he's "all for that."</p><p>"I really think, when we look into the future, we're going to see these models of doing business with public-private partnerships apply not just to low Earth orbit … but we're taking this model to the moon and even on to Mars," he said.</p><p>Amazon CEO Jeff Bezos' space venture, Blue Origin, is already <a href="https://www.geekwire.com/2020/nasa-puts-blue-origin-dynetics-spacex-list-lunar-lander-development-program/" target="_blank">heading one of the teams aiming to develop lunar landers for NASA's use</a>. So is SpaceX, which is offering its <a href="https://www.geekwire.com/tag/spacex-starship/" target="_blank">next-generation Starship super-rocket</a>. The next space race to watch may not be the U.S. vs. China so much as it is Bezos vs. SpaceX CEO Elon Musk.</p><p><em>Love space and science? <a href="https://www.geekwire.com/space-newsletter/" target="_blank">Sign up for our GeekWire Space & Science email newsletter</a> for top headlines from Alan Boyle, GeekWire's aerospace and science editor.<br/></em></p>
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Lots happened in the L.A. tech and startup community this week. In a rundown of the top headlines, Chief Host and Correspondent Kelly O'Grady takes you through the key stories:
- President Trump's Executive Social Media Order Could Mean Trouble for Snap, TikTok
- Startups: Furniture Rental Servie Fernish Raises $10M Series A, Bird Could Thrive Post-COVID
- Media: HBO Max Launches, Esports Giant FaZe Clan Plans Expansion
- dot.LA Convenes -- Challenges Women Face with Confidence in a Virtual World
<ul class="ee-ul"></ul><p><br></p><p class="shortcode-media shortcode-media-youtube">
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<small class="image-media media-caption" placeholder="Add Photo Caption...">dot.LA Weekly Recap: Exec Order May Hurt Snap & TikTok, Bird Trending Up, FaZe Clan Surges Ahead</small>
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</p><p>Watch to stay smart on what is happening, and <a href="https://www.instagram.com/dotla/?hl=en" target="_blank">follow us on Instagram</a> for exclusive daily video content.<br></p>
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- Catch Up With This Week's Startup News in Our Weekly Video Recap ›
- Los Angeles Tech and Startup Week in Review - dot.LA ›
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Coronavirus Updates: Netflix Buys Egyptian Theatre for Post-Pandemic Premiers; TrueCar Lays Off Staff
May 29 2020
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
Today:
- Facing twin threats, TrueCar lays off 40 percent of staff
- Netflix buys Hollywood's Egyptian Theatre to stage post-pandemic events, movie premieres
Facing twin threats, TrueCar lays off 40 percent of staff
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjgzMzYzNi9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxMzg5MjUyMX0.Wx6LVxNhx4WbcMFiQkuylQLs5AO2G-_4iQtc61SrdRQ/img.jpg?width=980" id="dc12e" class="rm-shortcode" data-rm-shortcode-id="f06205606520be18d44ae28069fd271e" data-rm-shortcode-name="rebelmouse-image" /><p>Santa-Monice based TrueCar laid off 219 employees Thursday, which represents 40 percent of its workforce. The cuts are partly a reaction to Covid-19 and fewer people buying cars. They are also a response to the loss of a crucial partnership with USAA that expires at the end of September. That deal accounted for 29% of cars sold last year. </p><p>The cuts will save TrueCar $35 million a year, according to an analyst note from JMP Securities. </p><p>While TrueCar would seem to benefit from car shoppers wanting to have less face-to-face contact at dealerships, the company is not immune from the large pressures the industry is facing. With that said, auto sales have bounced back more quickly than analysts anticipated. </p><p>"With website traffic and purchase intent returning to pre-COVID-19 levels for the last two weeks of April and these trends continuing into May (and likely June), auto's recovery has surprised us," wrote Andrew Boone, vice-president at JMP Securities. </p>Netflix buys Hollywood's Egyptian Theatre to stage post-pandemic events, movie premieres
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzM1NDU2NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYwMDAzNzAxMn0.5nzkeqvFWx6-IduqjB4jCvwwfc9n2uLSieXjpOj7i-E/image.jpg?width=980" id="e09dd" class="rm-shortcode" data-rm-shortcode-id="d367203996d299149d47684f5b2122e1" data-rm-shortcode-name="rebelmouse-image" /> <p>Netflix, which has become one of the biggest content hubs during the pandemic, is planning on a time when moviegoers can return to the cinema. Particularly the Egyptian Theatre in Hollywood, which the streamer just bought. T<a href="https://www.latimes.com/entertainment-arts/business/story/2020-05-29/netflix-egyptian-sale-closes" target="_blank">he Los Angeles Times reports</a> that Netflix closed a deal to buy and renovate the theater for an undisclosed sum from American Cinematheque, an L.A. nonprofit that owns the venue. </p><p>Closing the deal, which reportedly was worth in the tens of millions of dollars, sets up Netflix to hold movie premieres and other events at the Egyptian. Netflix also gets an opportunity to show off some of the company's more cinematic fare at a high-profile theater, thereby setting them up for awards contention before those films start streaming. The company bought New York's iconic Paris Theatre in 2019, Manhattan's last single-screen movie palace.</p><p>"Love for film is inseparable from L.A.'s history and identity," <a href="https://www.latimes.com/entertainment-arts/business/story/2020-05-29/netflix-egyptian-sale-closes" target="_blank">Mayor Eric Garcetti said</a>. "We are working toward the day when audiences can return to theaters — and this extraordinary partnership will preserve an important piece of our cultural heritage that can be shared for years to come." </p>From Your Site Articles
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