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Silicon Valley Business Journal
What Moxion Power's bankruptcy filing reveals
Electric generator startup Moxion Power officially filed for Chapter 7 bankruptcy on Aug. 12 after it had shut down and laid off hundreds of workers at the end of July.<\p> The Richmond-based company had more than $118 million worth of total assets and nearly $87 million in total liabilities, the bankruptcy filing shows. Of those outstanding liabilities, Moxion listed 324 non-priority unsecured creditors that have total claims worth close to $53.5 million.<\p>
Antitrust case: Justice Dept. weighs breaking up Google
The U.S. Department of Justice is considering the possibility of breaking up Google LLC following a recent court ruling that found the search giant an anticompetitive monopoly, according to a report by Bloomberg.<\p> Earlier this month, a U.S. judge ruled that Google violated U.S. antitrust laws by creating a monopoly in both internet search and text advertising through its exclusive distribution agreements.<\p>
Skylo powers Google Pixel 9 series' SOS feature
Skylo Technologies Inc. announced this week it has partnered with Google LLC to offer Satellite SOS service on the search giant's newest line of Pixel mobile phones.<\p> On Aug. 13, Google unveiled the Pixel 9 series of smartphones, with Android operating systems far more integrated with artificial intelligence (AI) features than previous devices.<\p>
Grail cutting 350 people, shoring up cash
Early cancer detection health care company Grail (Nasdaq: GRAL) announced it will lay off 350 people and eliminate 50 open positions. <\p> “Following a portfolio review, we are reducing our overall spend and focusing our resources on our core multi-cancer early detection (MCED) priorities, including progress toward completion of our registrational studies and our premarket approval application submission,” the company said in a statement. <\p>
Clint Eastwood's former Carmel house goes up for sale
Besides its quaint coastal charm and proximity to Pebble Beach, the seaside hamlet of Carmel-by-the-Sea may be best known for the time when a certain indelible San Francisco-born leading actor rode into town and became its mayor.<\p> That high plains drifter was of course Clint Eastwood, who spent 15 years in town and served as mayor from 1986-1988. Eastwood bought a home in Carmel — a Spanish Revival-style residence known as Las Ondas — in 1981, living there until 1996, when it was sold to its current owner.<\p>
Latest potential blockbuster from Bay Area biotech wins FDA OK
A potential blockbuster Gilead Sciences Inc. drug to treat an autoimmune disorder mainly affecting women won regulatory approval Wednesday.<\p> The once-a-day oral drug — the marquee asset in the Foster City-based drug maker's $4.3 billion March acquisition of Newark's CymaBay Therapeutics — will cost $12,606 for a 30-day supply, before insurer discounts and rebates. That comes out to roughly $153,415 a year.<\p>
Cult-favorite movie chain coming to Bay Area mall
Alamo Drafthouse Cinema has yet another Bay Area movie house in its sights. <\p> With a new theater already on its way to Mountain View’s Village at San Antonio Center for what would be Alamo Drafthouse Cinema's second Bay Area location, the chain appears to have a third in the works at the Westfield Valley Fair mall, which straddles Santa Clara and San Jose. <\p>
Ledger Works, Kinetic join forces
Cryptocurrency safety and security infrastructure company Ledger Works Inc. has entered a partnership with the decentralize finance lending platform Kinetic.<\p> Ledger Works (dba LWorks) was founded in 2021. <\p>
Google unveils new AI-powered phones
Google LLC unveiled its newest line of Pixel smartphones on Tuesday, with Android operating systems far more integrated with artificial intelligence features than previous devices.<\p> The Mountain View-based search giant released the new Pixel 9 smartphones, the Pixel 9 Pro Fold smartphone, as well as the Pixel Watch 3 and Pixel Buds Pro 2.<\p>
Apartment renters seeing price relief as landlords sweeten deals
Rental rates on some apartment types slipped in July compared to the same time a year prior, the first time that's occurred since June 2020 — the height of the Covid-19 pandemic.<\p> Median asking rents for studios and one-bedroom apartments fell 0.1%, two-bedroom apartments fell 0.3% and units with three or more bedrooms fell 2.4% between July 2023 and July 2024, according to Redfin Corp. (Nasdaq: RDFN). <\p>
Over 200 Bay Area companies rank among nation's fastest growers
Post-pandemic startups are alive and growing in the Bay Area, according to a high-profile national business ranking that just dropped this week.<\p> The San Francisco metro area saw 148 companies land on this year's Inc. 5000 list of fastest-growing private companies in the country.<\p>
Inside look at a Morgan Hill culinary hotel
For his next Morgan Hill project, opening in 2025, established vintner Frank Léal took inspiration from Healdsburg, the popular North Bay destination. <\p> In recent years, Healdsburg transformed into a hospitality hot spot, decked out with Michelin-starred dining, resorts and a bustling downtown. Léal is aiming to bring some of that same energy to the South Bay. <\p>
A founder, an infant, a tech conference: It all got controversial
Y Combinator was set to host an event for female founders at the beginning of August, and Elena Brandt was looking forward to it.<\p> She's not a YC-backed founder but had been gifted a ticket to the accelerator's "Female Founders Conference" and flew from Florida to San Francisco with her infant son, Darwin.<\p>
California Legislature to make big decisions on housing
With just three weeks left in California’s legislative session, hundreds of bills are awaiting their final fate. <\p> Among them are several that would clarify fees, promote ADU construction, tweak the Regional Housing Needs Assessment process and otherwise alter state housing law.<\p>
SVBJ's Silicon Valley Structures award honorees
From a historic armory makeover, to one of the tallest residential buildings between San Francisco and San Jose, this year’s Structures honorees reflect Silicon Valley's flair for design, innovation and its native environment.<\p> These are the real estate deals and projects chosen for this year’s Structures Awards, to be presented by the Silicon Valley Business Journal at an awards ceremony at 5 p.m. Sept. 26, at the San Jose Marriott. Profiles about the honorees will run online that evening and in the weekly print edition on Sept. 27.<\p>
Companies are spending billions for an employee benefit not being used
Workers are leaving the equivalent of hundreds of billions of dollars a year on the table in the form of unused vacation days, and employers increasingly are a paying a price for those decisions.<\p> Financial firm Sorbet surveyed 1,500 American workers over the age of 21 and found that 62% of those employees didn't use all their paid vacation time last year. That's up from 57% who didn't use all their available time off in 2022 and nearly double the rate from four years earlier, according to Sorbet. <\p>
The National Observer: Watchers warn of vicious circle in U.S. economy
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. We're getting into the reason many companies are laying off more workers than they might need to, a solar cell manufacturer's new $1 billion project, and a higher education company's big bet on remote and hybrid learning. But first, let's look at concerns by Wells Fargo economists about a vicious cycle downturn in the U.S. economy.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Former YouTube CEO Susan Wojcicki dies
Susan Wojcicki, the former CEO of YouTube and one of Google LLC's original employees, died Friday. She was 56 years old. <\p> The news of the mother of five's passing was posted on Facebook by her husband, Dennis Troper, on Saturday. <\p>
Giants' big international marketing ambitions survive star's injury
Call it the injury felt 'round the world: San Francisco Giants outfielder Jung Hoo Lee dislocated his left shoulder May 12 while leaping to catch a ball at the centerfield fence.<\p> It was more than a season-ending setback for Lee, who in December signed a six-year, $113 million contract. The Giants had planned to make Lee the centerpiece of a marketing campaign targeting the Korean community in the Bay Area as well as companies in Lee's native South Korea.<\p>
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