The National Emergency Library is one of those well-intentioned ideas that was destined to get pushback. The brainchild of Internet Archive, the platform made north of 1.3 million books available for checkout, free of charge. The system was designed to supplement the book needs of educators, as libraries across the country remained closed during the COVID-19 pandemic.
Book publishers, on the other hand, weren’t having it. A consortium of four publishers filed suit against Internet Archive earlier this month. “Despite the ‘Open Library’ moniker, IA’s actions grossly exceed legitimate library services, do violence to the Copyright Act, and constitute willful digital piracy on an industrial scale,” Hachette, HarperCollins, Wiley and Penguin Random House wrote in the New York federal court suit.
The threat alone was enough. Internet Archive announced today that the library will close on June 15 — two weeks ahead of the original June 30 date.
“The complaint attacks the concept of any library owning and lending digital books, challenging the very idea of what a library is in the digital world,” the organization writes. “This lawsuit stands in contrast to some academic publishers who initially expressed concerns about the NEL, but ultimately decided to work with us to provide access to people cut off from their physical schools and libraries. We hope that similar cooperation is possible here, and the publishers call off their costly assault.”
Internet Archive goes on to cite all of the educators who have taken advantage of the offering, along with a librarian who utilized it to provide front-line workers with life-support manuals. In spite of those feel-good stories, however, publishers didn’t budge. Among other things, the companies took issue with IA’s lack of licensing fees and other agreed upon restrictions like traditional libraries.
It’s a longstanding complaint publishers have had against Internet Archive, going so far as accusing the organization of “willful digital piracy on an industrial scale.” Ultimately, it seems that packing up shop a couple of weeks early was the path of least resistance, though IA closes its post with hope for some collaboration going forward, writing, “Let’s build a digital system that works.”
Political strategist turned tech investor Bradley Tusk on SPACs as a tool for VCs
Bradley Tusk has become known in recent years for being involved in what’s about to get hot, from his early days advising Uber, to writing one of the first checks to the insurance startup Lemonade, to pushing forward the idea that we should be using the smart devices in our pockets to vote.
Indeed, because he’s often at the vanguard, it wasn’t hugely surprising when Tusk, like a growing number of other investors, formed a $300 million SPAC or special acquisition company, one that he and a partner plan to use to target a business in the leisure, gaming, or hospitality industry, according to a regulatory filing.
Because Tusk — a former political operative who ran the successful third mayoral campaign for Mike Bloomberg — seems adept at seeing around corners, we called him up late last week to ask whether SPACs are here to stay, how a Biden administration might impact the startup investing landscape, and how worried (or not) big tech should be about this election. You can hear the full conversation here. Owing to length, we are featuring solely the part of our conversation that centered on SPACs.
BT: They are down today last I checked. When you only check once in a blue moon, you’re like, ‘Hey, look at how great this is,’ whereas if, like me, you check me every day, you’re like, ‘It lost 4%, where’s my money?’
We got really lucky; Lemonade was our second deal that we did out of our first fund, and the fact that it IPO’d within four years of the company’s founding is pretty amazing.
TC: Is it amazing? I wonder what it says about the common complaint that the traditional IPO process is bad — is it just an excuse?
BT: [CEO] Daniel Schrieber was very clear that he and [cofounder] Shai Wininger had a strategy from day one to go public as quickly as they possibly could, because in his view, an IPO is supposed to represent kind of the the beginning. It’s the ‘Okay, we’ve proven that there’s product market fit, we’ve proven that there’s customer demand; now let’s see what we can really do with this thing.’ And it’s supposed to be about hope and promise and future and excitement. And if you’ve been a private company for 10 years, and you’re worth tens of billions of dollars and your growth is already starting to flatten out a little bit, it’s just much less exciting for public investors.
The question now for everyone in our business is what happens with Airbnb in a few weeks or whenever they are [staging an IPO]. Will that pixie dust be there, or will they have been around so long that the market is kind of indifferent?
TC: Is that why we’re seeing so many SPACs? Some of that pixie dust is gone. No one knows when the IPO window might shut. Let’s get some of these companies out into the public market while we still can?
BT: No, I don’t I don’t think so. I think SPACs have become a way to raise a lot of money very quickly. It took me two years to raise $37 million for my first venture fund, and three months was the entire process for me to raise $300 million for my SPAC. So it’s a mechanism that is highly efficient and right now is so popular with public market investors that there is just a lot of opportunity, and people are grabbing it. In fact, now you’re hearing about people who are planning SPACs having to pull [them] back because there’s a ton of competition right now.
At the end of the day, the fundamentals still rule. If you take a really bad company public through a SPAC, maybe the excitement of the SPAC gets you an early pop. But if the company has neither good unit economics nor high growth, there’s no real reason to believe it will be successful. And especially for the people in the SPAC, where they have to hold on to it for a little while, by the time the lockup ends, the world has probably figured out that this is not the greatest IPO of all time. You can’t put lipstick on a pig.
TC: You say you raised the SPAC very quickly. How is the investor profile different than that of a typical venture fund investor?
BT: The investors for this SPAC — at least when I did the roadshow, and I think I did 28 meetings over a couple of days — is mainly hedge funds and people who don’t really invest in venture at all, so there was no overlap between my [venture fund] LP base and the people who invested in our SPAC that I’m aware of. These are public market investors who are used to moving very quickly. There’s a lot more liquidity in a SPAC. We have two years to acquire something, but ultimately, it’s a public property, so investors can come in and out as they see fit.
TC: So it’s mostly hedge funds that are getting paid management fees to deploy their capital in this comparatively safe way and that are getting interest on the money invested, too, while it’s sitting around in a trust while [the SPAC managers] look for a target company.
BT: Why it kind of does make sense for [them to back] VCs is they are basically making the bet to say: does this person running the SPAC have enough deal flow, enough of a public profile, enough going on that they are going to come across the right target? And venture investors in many ways fit that profile because we just look at so many companies before deploying capital.
TC: Do you have to demonstrate some kind of public markets expertise in order to convince some of these investors that you know what it takes to take a company public and grow it in the public markets?
BT: I guess. We raised the money, so I guess I passed the test. But I did spend a little under two years on Wall Street; I created the lottery privatization group of Lehman Brothers. And my partner [in the SPAC], Christian Goode, has a lot of experience with big gaming companies. But overall, I think that if you are a venture investor with a ton of deal flow and a good track record but very little or no public market experience, I don’t know that that would disqualify you from being able to rate a SPAC.
Watch GM unveil the $80,000 GMC Hummer EV right here
GM just took the wraps off the Hummer EV and it looks great. The vehicle is coming to dealers in 2022, with pre-orders starting in 2021. You can watch the unveiling here.
The vehicle is detailed here. With 1,000 HP, 350 mile range, and autonomous drive modes, it’s an impressive vehicle though still significantly more than Tesla said the Cybertruck will cost.
AOC aims to get out the vote by streaming Among Us with pokimane and HasanAbi
We are about seven months into a pandemic and just two weeks from a presidential election. At this point, surprises are a dime a dozen. So it should feel very 2020 that Rep. Alexandria Ocasio-Cortez is about to stream Among Us, the hit game of 2020, on Twitch alongside mega-streamer pokimane and political analyst HasanAbi.
Ocasio-Cortez tweeted yesterday that she was looking for people to play the popular game with in an effort to get out the vote, noting that she’s never played before but that it looks fun.
Streamer pokimane, who has 6 million followers on Twitch and whose YouTube videos regularly see more than 1 million views each, responded to the tweet with a figurative raised hand.
HasanAbi, a very popular political commentator on Twitch, who has more than 380,000 Twitter followers, also chimed in to the conversation saying that they’re already making a lobby. It wasn’t long before Rep. Ilhan Omar raised her hand, too.
A good game of Among Us (imagine that someone mixed a fairly basic multiplayer video game with a murder mystery party) usually requires 10 players, so the other six players are still TBD. But the Verge reports that a handful of other streamers (such as DrLupo, Felicia Day, Greg Miller, James Charles, and Neekolul) also lined up to play with AOC.
According to Ocasio-Cortez, the stream is all about getting out the vote. And this isn’t the first time that she’s used video games to connect with her followers. AOC opened up her DMs to all 6.8 million of her followers back in May to let them send her an invite to their island, and she visited them.
Millennial voters (and Gen Z) skew toward backing the Biden / Harris ticket, and AOC is coming to them by getting on Twitch and streaming one of the rocket ship games of this year.
The stream starts at 9pm ET/6pm PT and can be found here.
And you can check if you’re registered to vote here.
Update 9:01pm ET: AOC hasn’t even started playing the game yet and has nearly 250,000 concurrent viewers.
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