Chamath Palihapitiya plans to shutter two SPACs, the $1.15B Social Capital Hedosophia VI and $460M Social Capital IV, after failing to find acquisition targets (Divya Balji/Bloomberg)

Divya Balji / Bloomberg:
Coinbase’s stock closes down 10.78% and Robinhood Markets closes down 19.04% as the Binance-FTX deal spotlights the challenges facing the $1T crypto industry  —  Robinhood Markets Inc. tumbled by the most in more than a year after Binance Holdings Ltd. agreed to acquire Sam Bankman-Fried’s …

Ashley Capoot / CNBC:
Larry Page’s flying car startup Kittyhawk says it will “wind down” and is “working on the details of what’s next”; Kittyhawk was founded as Zee.Aero in 2010  —  – Google co-founder Larry Page’s flying car startup Kittyhawk is winding down, the company announced.

Bloomberg:
Internal doc: Alameda and FTX’s largest venture bet was Bitcoin mining company Genesis Digital, investing a total of $1.15B between August 2021 and April 2022  —  One of the bigger questions surrounding the collapse of Sam Bankman-Fried’s crypto empire is what venture investments …

Chris Bryant / Bloomberg:
Analysis: Palantir, which invested $450M since 2021 in early-stage companies via SPACs, has lost ~$333M, or 75% of its portfolio, offset against some revenue  —  Palantir Technologies Inc.’s raison d’etre is identifying patterns hidden within mountains of data.

Kirsten Korosec / TechCrunch:
Lyft faces 17 lawsuits across 11 states from drivers and passengers accusing the company of failing to protect its users from sexual and physical assault  —  Lyft is facing a fresh batch of lawsuits from drivers and passengers who say they were sexually and physically assaulted during rides …

Sarah Perez / TechCrunch:
Facebook will shutter Neighborhoods, its Nextdoor-like product to help neighbors connect and share local information, in October, after launching it in May 2021  —  Meta today confirmed it’s shutting down Neighborhoods, its Nextdoor clone launched last year to standardize the way neighbors connect …