Tag: pay

These 2 Black founders aim to offer a fairer alternative to payday loans

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Travis Holoway, the CEO and cofounder of SoLo Funds, says his startup isn’t just a quick way to take out a small, short-term loan. It’s the start of something bigger. The startup, which raised $10 million in a Series A funding round last week, offers an app in which users can loan money to one another. Borrowers usually grant a small “tip” to their lenders when paying the money back, and in turn build up a “SoLo Score” that helps them take out larger loans in the future. While Holoway says SoLo’s immediate purpose is to provide quick access to emergency capital, he adds that the startup’s true goal is to create a virtuous cycle, in which borrowers work their way up the financial ladder and become lenders on the platform. Along the way, he hopes to introduce those users to new banking and investment opportunities that they otherwise might have missed. “If we can have individuals come here, take loans when they need them, pay them back on time, get access to more traditional financial tools and resources, and ultimately come back as a lender and pay that forward, that is the best life cycle of a user on our platform,” he says. But while the startup may deliver on its promises of upward financial mobility, the reality is nuanced. Apps such as SoLo Funds aren’t as predatory as high-priced payday loans, but they carry some of the same financial traps. And with SoLo in particular, its use of use of social data to score users’ trustworthiness raises concerns about bias. [Photo: courtesy of SoLo Funds] How SoLo Funds works Compared to other small-dollar loan apps such as Earnin and Dave , SoLo Funds is unique in that it isn’t tied to employee paydays and doesn’t loan any money itself. Read More …

Silicon Valley companies took $380 million in COVID-19 bailout money

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Silicon Valley tech companies took many millions in government bailout money this year via a program intended to allow employers to retain their employees during the pandemic. According to newly released Small Business Administration data, 885 Silicon Valley tech companies borrowed a total of $381.3 million via the Paycheck Protection Program . That figure excludes telecommunications companies and does not account for businesses based in San Francisco. Read More …

How WarnerMedia just killed the Hollywood way of doing business

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“It’s holy shit time.”   So proclaimed one Hollywood manager just minutes after WarnerMedia announced on December 3 that it will be releasing its entire 2021 slate of movies on HBO Max, the company’s fledgling streaming platform. The lineup of films, which includes major tentpole releases such as Suicide Squad 2 , Godzilla vs. Kong , Dune, and The Matrix 4 , will simultaneously be released in theaters.   The move marks the most significant milestone yet in the streaming-versus-theatrical debate that has been roiling for years now, growing more agitated and desperate in recent months due to COVID-19, which has all but decimated the theatrical moviegoing business. Yet even as COVID-19 has shuttered movie theaters around the world and caused movie studios to make historically unheard-of decisions—for instance, moving would-be theatrical films such as Hamilton and Mulan over to their streaming services (both of those were released on Disney Plus) or selling off otherwise worthy films to Netflix or another tech giant (such as Enola Holmes and Greyhound, which bowed on Netflix and Apple TV Plus respectively)—studios have nonetheless clung mightily to the belief that when it comes to big-budget films, there is simply no upside in releasing them on streaming. The reason? The box-office revenue for those films is simply too vast to justify a streaming release. This explains why, up until now, studios have been feverishly punting their most valuable gems into 2021 and beyond, praying that by the time their movies are set to debut in theaters, we’ll all be vaccinated and chomping on popcorn in close proximity to other humans again. (With Mulan , which cost a reported $200 million to make, Disney tried to insulate itself by charging subscribers $30 to see the movie during its first month in release.) But WarnerMedia’s move throws down the gauntlet on what has largely been an almost academic debate. One year from now, there will be actual data showing just how much money the company made or lost on its audacious bet. It won’t be a matter of hypotheticals; there will be actual numbers showing how movies like The Matrix 4 fared on streaming, at least in terms of how many new subscribers it attracted to HBO Max in the quarter it was released, if not actual viewing metrics. Nor is this a toe-dipping experiment, as the company has teed up for this Christmas with Wonder Woman 1984 , the first tentpole to be sacrificed to a combined HBO Max and theatrical release, a move prompted by the most recent surge in COVID-19 cases. This is a company going all in. Granted, WarnerMedia is being very clear that this is a one-year thing, driven wholly by the pandemic and (not that its executives are saying this) what was learned from the disastrous rollout of Tenet in theaters back on Labor Day weekend. But putting all of its planned 2021 movies on HBO Max at the same time as debuting them theatrically remains the biggest, most declarative statement yet in terms of the future of streaming.   As for the logistics of how this will work, the movies that WarnerMedia is releasing on HBO Max will be made available to subscribers for 31 days Read More …

The Democratic operative who beat Trump on Facebook is bracing for the war ahead

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Tara McGowan should be celebrating. Acronym, her three-year-old political outfit, placed an unprecedented $100 million bet on digital ads ahead of last month’s election, with the aim of convincing millions of Americans to vote against Donald Trump, and it appeared to pay off. Still, when we spoke in a wide-ranging conversation about Acronym’s work in 2020 and beyond, the 34-year-old veteran of Democratic campaigns sounded nervous. Trump wasn’t the Democrats’ only opponent: They also faced an unprecedented hurricane of right-wing disinformation that wreaked far more damage than the Kremlin ever could. That Trump won more votes than any incumbent president, and that Republicans succeeded in so many down-ballot races, represents one challenge for Democrats; that Trump hasn’t quite acknowledged his defeat and keeps harping on conspiracy theories represents a bigger one. Tara McGowan [Photo: courtesy of Acronym] These are different problems from Acronym’s original focus. Early on, McGowan had raised the alarm about a Republican “death star” of data and ads, and more than $1 billion in Trump campaign funds—all operating in lockstep with a powerful right-wing media apparatus. To combat it, she raised millions from Hollywood and Silicon Valley billionaires, including Reid Hoffman, cofounder of LinkedIn, and Laurene Powell Jobs, Steve Jobs’s widow and the majority owner of The Atlantic . She built a strong team of digital operatives, many of them ex-Facebookers , tasked with bombarding key voters in battleground states with a virtuous circle of microtargeted ads, a monster data machine, and its own network of partisan news sites. Between Acronym’s work and a revamped Democratic data sharing operation, McGowan says the left once again has the digital advantage. “I believe that we definitely closed the gap, and started to leapfrog where Republicans are in terms of digital innovation and infrastructure and investments this cycle.” But the medium for Acronym’s success is also part of the problem, McGowan says. For someone who oversaw the left’s biggest Facebook ad blitz yet, using heaps of Big Tech cash, she has surprisingly little nice to say about the platforms. Now, after helping to accelerate right-wing falsehoods, Facebook and Google are making the problem even worse, she says: The platforms’ new indefinite bans on political ads could give a leg up to wealthier incumbent candidates, who can more easily buy TV spots. But they hurt Democrats in other ways, too: McGowan says the left doesn’t have the same kind of partisan media infrastructure as the right, which can use organic posts on Facebook and Google to circumvent ad bans. McGowan knows the damage that partisan misinformation can do. After a voter tabulation app made by a for-profit spin-off of Acronym failed disastrously during last year’s Iowa caucus, she became the target of a few conspiracy theories herself. (The startup’s name, Shadow Inc., didn’t help.) The incident brought intense scrutiny to Acronym, and its associated super PAC, Pacronym, spooked some donors and fed a burning skepticism about its venture-backed, Silicon Valley-style approach to progressive politics. Read More …

Inside the controversial rise of a top Twitter COVID-19 influencer

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E ric Feigl-Ding picked up his phone on the first ring. “Busy,” he said, when asked how things were going. He had just finished up an “epic, long” social media thread, he added—one of hundreds he’s posted about society’s ongoing battle with the coronavirus. “There’s so many different debates in the world of masking and herd immunity and reinfection,” he explained, among other dimensions of the pandemic. “We at FAS, we’ve been kind of monitoring all the debates and how we’re seeing signals in which the data goes one way, the debate goes the other,” he said, referring to his work with the Federation of American Scientists , a nonprofit policy think tank. He rattled off a rapid-fire sampler of hot-button COVID-19 topics: the growing anti-vaxxer movement, SARS-CoV-2 reinfection and antibodies, the body of research suggesting masks could decrease viral load, along with a quick mention of the debate among experts about what airborne  means. This whirlwind tour through viral COVID-19 themes felt like the conversational equivalent of Feigl-Ding’s Twitter account, which has grown by orders of magnitude since the dawn of the pandemic. The Harvard-trained scientist and 2018 Congressional aspirant posts dozens of times daily, often in the form of long, numbered threads. He’s fond of emojis, caps lock, and bombastic phrases. The first words of his very first viral tweet were “HOLY MOTHER OF GOD.” Made in January, weeks before the massive shutdowns that brought U.S. society to a halt, that exclamation preceded his observation that the “R0” (pronounced “R-naught”) of the novel coronavirus—a mathematical measure of a disease’s reproduction rate—was 3.8. That figure had been proposed in a scientific paper, posted online ahead of peer review, that Feigl-Ding called “thermonuclear pandemic level bad.” Further in that same Twitter thread, he claimed that the novel coronavirus could spread nearly eight times faster than SARS. The thread was widely criticized by infectious-disease experts and science journalists as needlessly fear-mongering and misleading, and the researchers behind the preprint had already tweeted that they’d lowered their estimate to an R0 of 2.5, meaning that Feigl-Ding’s SARS figure was incorrect. (Because R0 is an average measure of a virus’s transmissibility, estimates vary widely based on factors like local policy and population density ; as a result, researchers have suggested that other variables may be of more use.) He soon deleted the tweet—but his influence has only grown. At the beginning of the pandemic, before he began sounding the alarm on COVID-19’s seriousness, Feigl-Ding had around 2,000 followers. That number has since swelled to more than a quarter million, as Twitter users and the mainstream media turn to Feigl-Ding as an expert source, often pointing to his pedigree as a Harvard-trained epidemiologist Read More …