WSJ Tech News Briefing
TNB Tech Minute: Shopping Marketplace Whatnot Nearly Doubles Valuation in Less Than a Year
· Summarized
Key takeaways
- Whatnot's valuation has rapidly increased to $20 billion, driven by growth in live shopping and consumer engagement.
- Lyft's alternative mobility services are seeing record usage, supported by increased adoption of e-bikes and major events.
- The data center industry is experiencing significant growth, which is supporting employment in construction despite a slowdown in overall construction spending.
- The podcast will explore further developments in AI and its impact on reality in a future episode.
Summary
The Rise of Whatnot and Live Shopping
The podcast discusses the impressive growth and valuation of Whatnot, a live shopping marketplace platform that raised $545 million in a recent funding round. Valued now at $20 billion—surpassing established retailers like Best Buy, Lululemon, and Wayfair—the platform hosts real-time video auctions for various goods including sports cards, clothing, and plants. Its gross merchandise volume in the first half of 2023 exceeded that of all of 2022, indicating rapid growth in both sales and user engagement.
Lyft’s Bike-Sharing Expansion and Momentum
Lyft's bike-share business continues to gain momentum, with the company setting new records for daily, weekly, and monthly rides in June. More commuters are utilizing Lyft's e-bikes, especially during significant events like the NBA Finals, which boost overall ridership. The segment is contributing positively to Lyft's overall performance and highlights an increased demand for alternative transportation options.
Data Center Boom Supporting Construction Jobs
The recent surge in data center construction is noteworthy, especially because it has helped counteract the overall slowdown in U.S. construction spending. The sector added 22,000 jobs in July, driven by non-residential contractors and skilled trades such as electricians. This growth indicates a booming data center industry that is demanding more skilled labor, providing a bright spot in the broader context of labor market trends.
Sponsors
- Simplecast · Hosted by Simplecast, an AdsWizz company.
Show notes
Plus: Lyft’s bike-sharing business gains momentum. And the data center boom prevented hiring in July from slowing further. Julie Chang hosts.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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