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Flexport Founder Ryan Peterson to Return as CEO Following Dave Clark’s Resignation

In a surprising turn of events, Dave Clark, the Chief Executive Officer of Flexport Inc., is stepping down from his role, making way for the return of the company’s founder, Ryan Petersen.

Clark, who joined Flexport from Amazon.com Inc. just a year ago, cited Petersen’s desire to focus on the core freight business as the reason for his departure.

The announcement came as a shock to many in the tech industry, as Clark had recently posted about his upcoming speaking engagement at a Flexport “exclusive launch event” in Seattle, scheduled for next week. Additionally, Flexport made headlines in May by agreeing to acquire Shopify Inc.’s logistics unit in exchange for a 13% stake in the startup.

Clark’s transition from Amazon to Flexport proved to be challenging, with insiders noting the stark differences between the two companies’ business models. Amazon primarily relies on its website and minimizes direct customer interaction, while Flexport requires a more hands-on approach and personalized engagement with clients. Clark’s resignation followed criticism of his leadership style at Flexport, according to sources familiar with the situation.

Adding intrigue to Clark’s departure, there were reports that he is considering a gubernatorial campaign in Texas. Clark had moved to Texas with his family before leaving Amazon, and he had sparked speculation among colleagues in Seattle about a potential political career.

Flexport, a high-profile startup in the logistics industry, has raised over $2 billion in funding and achieved a valuation of $8 billion. Earlier this year, the company announced a 20% reduction in its workforce, which had approximately 3,000 employees on LinkedIn. Clark and Petersen attributed this move to a decline in shipping volumes after the pandemic-induced surge.

The logistics industry, once buoyed by the pandemic, is now facing challenges in 2023 as shipping capacity exceeds consumer demand, leading to plummeting cargo rates. Oxford Economics even raised concerns about the possibility of a global goods trade recession.

Also Read: TikTok Hires UK Security Firm to Audit European Data Protection

Flexport’s founder, Ryan Petersen, who temporarily stepped away from the company to join the Peter Thiel-backed venture capital firm Founders Fund as a partner, expressed his return with excitement, posting on social media, “I’m back!!!”

Flexport’s significant presence in the industry, combined with the return of its founder as CEO, will undoubtedly be closely watched as the company navigates the evolving landscape of the logistics sector in the post-pandemic era.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Charlie Munger Pockets $70,000 a Year From a $1,000 Investment He Made in 1962 – And Has Likely Raked in Over $1 Million in Total

Leave a Comment / Inspiration, Story, Tech Story / By Deepshikha

In a remarkable display of the power of long-term investing, Charlie Munger, the esteemed business partner of Warren Buffett, has been cashing in on a $1,000 investment he made over six decades ago.

During Berkshire Hathaway’s annual shareholder meeting, Munger disclosed the details of his lucrative oil royalty investment, which now nets him a cool $70,000 yearly, possibly accumulating to over $1 million in total earnings.

The story of Munger’s savvy investment began in 1962 when he crossed paths with a businessman named Al Marshall during a husband-and-wife golf tournament. At the third hole, Marshall divulged his plan to participate in a local oil royalty auction. Munger, known for his candidness, immediately offered his perspective, stating, “You’re doing it all wrong.”

Munger didn’t stop at offering advice; he joined Marshall’s bid, bringing his expertise to manage the intricate legal and financial aspects of their purchases. His investment was structured using an ABC trust, a tax shelter that has since been prohibited.

Marshall, reflecting on the investment, revealed in Janet Lowe’s book, “Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger,” “We only put up $1,000 each and we’ve each probably made a half a million out of it.”

Munger himself corroborated the story during Daily Journal’s shareholder meeting in 2016, shedding light on the unusual dynamics of the oil royalty market. “I soon realized that under the peculiar rules of an idiot civilization, the only people who were going to bid for these oil royalties were oil royalty brokers, who were a scroungy, dishonorable, cheap bunch of bastards who realized that nobody would ever bid at their price,” he quipped.

While the exact annual income from these royalties might vary—ranging from $70,000 to $100,000—Munger’s substantial earnings over the years are undeniable. This passive income stream partly explains why Munger has accepted a modest $100,000 salary from Berkshire Hathaway for many decades. Furthermore, he maintains most of his approximately $2 billion fortune in Berkshire stock, which doesn’t pay dividends.

Warren Buffett added another intriguing layer to the story during the same shareholder meeting. He disclosed that Munger isn’t the only one benefiting from age-old oil royalties within their circle. Buffett’s own father invested $1,000 to $1,500 in similar royalties before his passing. Today, these royalties are held by Buffett’s younger sister, who continues to receive monthly checks, reinforcing the enduring appeal of such investments.

Charlie Munger’s journey from a $1,000 investment to a consistent annual income of $70,000 exemplifies the remarkable potential of long-term investments and the power of compounding. It serves as a valuable reminder that in the world of finance, patience and astute decision-making can yield incredible rewards over time.

Deepshikha

Arianna Huffington: The Success Story of the Founder of The Huffington Post

Leave a Comment / Story, Tech Story / By Sandhya Gupta

Arianna Huffington is a Greek-American novelist, syndicated writer, and entrepreneur. She is the co-founder of The Huffington Post and the CEO of and founder of Thrive Global. She has also authored fifteen books. Both the Forbes Most Powerful Women list and the Time magazine’s list of the 100 most influential people in the world include her.

Early Life

Arianna Huffington was born in Greece. At the age of 16, she immigrated to the UK where she attended Girton College in Cambridge to study economics. There, she served as president of the Cambridge Union. She also went to India to study comparative religion at Visva-Bharati University.

Arianna Huffington and Bernard Levin both made appearances in a 1971 edition of Face the Music. In the 1970s, Huffington started authoring books with Levin’s editorial assistance. In 1980, she relocated to New York. Huffington collaborated with Bob Langley as co-host of the late-night chat and entertainment program Saturday Night at the Mill in 1980. She appeared in just five episodes before being fired from the show.

Success Story

When Arianna Huffington released a book titled “The Female Woman” in 1973, she officially started her writing career. Her career path was fraught with ups and downs. She received almost 37 rejections for her second book, After Reason, despite the success of the first. However, Arianna chose to grow in self-assurance and knowledge with each passing day rather than letting her emotions get the best of her.

Arianna Huffington contributed several essays to National Review in the late 1980s. She wrote biographies of Pablo Picasso in 1989 and Maria Callas in 1981, respectively, under the titles Picasso: Creator and Destroyer and Maria Callas: The Woman Behind the Legend.

When her then-husband, Michael Huffington, ran unsuccessfully for the Senate in 1994, Huffington rocketed to national fame in the United States. This led to several special appearances as a social and political analyst on television, in addition to excursions into acting and television writing.

She was nominated for an Emmy in 1994 for her work on Politically Incorrect. Huffington is also a member of the boards of directors for Uber, Onex Corporation, Berggruen Institute, and Center for Public Integrity. Huffington pursued one endeavor after another in these fruitful years.

In the 2003 recall election for California Governor Gray Davis, Huffington ran as an independent. She swiftly picked herself up after losing her gubernatorial run and rebounded.

In 2005, Huffington, Kenneth Lerer, Jonah Peretti, and Andrew Breitbart, created The Huffington Post, currently known as HuffPost. It was established as a blog and discussion platform as well as a rival to news aggregators like the Drudge Report. In the past, the website has carried articles written by both paid staff reporters and writers and unpaid bloggers.

Huffington became editor-in-chief of The Huffington Post Media Group after AOL bought The Huffington Post for US$315 million in 2011. The Huffington Post won the Pulitzer Prize in 2012, making it the first commercially operated digital media company in the United States to ever win Pulitzer.

Huffington left her jobs at AOL and the Huffington Post in 2016 to start Thrive Global, a company that provides evidence-based remedies for stress and burnout. In 2016, Huffington was listed among the SuperSoul100, a list compiled by Oprah Winfrey to recognize the most inspirational and influential leaders around the world.

HuffPost continues to rule online media in the present. Huffington achieved her goals through steadfast hard work and determination.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Eventbrite, manage events in a better way

Leave a Comment / Founder, Story, Tech Story / By Annasha

What was the last time when you heard about an international event management company? Big companies may hire employees separately for this purpose, but most of the independent organizations cannot afford that. We, especially in our college life come through the term “event management” very often. Event management is considered as an appreciable skill. Especially in a metropolitan city, where numerous events take place every day, there is a sheer need for event managers. But, to organize an event, promotions are needed as well.

Eventbrite, an US-based event management company meets all the requirements needed to organize an event. The company was founded in 2006 with the motive to help people surf events around the city. The website also provided the feature of creating events, promoting them along with online ticketing for the events. The founders of Eventbrite are Renaud Visage, Julia Hartz and Kevin Hartz.

Renaud Visage

Visage is a Cornell University graduate who acquired a degree in Engineering. Visage joined Geomatrix as a Project Engineer after a couple of years since his graduation. In 2000, Visage became the Director of Engineering for Zing Networks and left the company after a year.

He became a Venture Partner at Index Ventures after which he became a very prominent Investor. He invested in many companies which include Snips, Mobius Motors, Hokodo, Engineer.ai etc. He is also a Board Partner of Point Nine Capital. Even after Visage co-founded Eventbrite in January 2006, he still serves as an Investor. He is also a mentor at StartupBootcamp.

Julia Hartz

Julia went to Pepperdine University and acquired a Bachelor’s degree in Telecommunication. After graduation, Julia joined MTV as a Development Executive followed by contributing to FX Networks. She left FX Networks in 2005 and co-founded Eventbrite next year. She is the current CEO of the company and also a member of the Board of Directors.

Hartz is a very significant figure in the women entrepreneurial world. She has been featured in the Fortune magazine as one of the most powerful women entrepreneurs. Julia is also an investor and she was featured in the Forbes.

Kevin Hartz

Brought up in California, Kevin holds a Bachelor’s degree in Arts from Stanford University and a Master’s degree from University College, Oxford. Kevin started his career as a Product Manager in Silicon Graphics. Kevin co-founded a start-up, ConnectGroup which was later acquired by LodgeNet. Before co-founding Eventbrite, Kevin along with Alan Braverman founded Xoom.

The crisis

The three founders chose the wrong time to launch Eventbrite. During the 2000s, an aura of the economic crisis was spread around the globe. None of the venture capitalists wanted to invest in any new start-ups creating a really difficult situation for Eventbrite. But, luckily the three of them were well-experienced. Visage knew how to be more strategic and play tactically without enough funding.
Eventbrite started emphasizing more on SEO and reach out to people through unique contents. The marketing strategies of Eventbrite played the ace and they were finally able to conduct Series A funding at the end of 2009.

Strategies

In the beginning, Eventbrite launched a 100% free business model which lured a good number of customers. Eventbrite proposed this model for the so that the organizers can test the managing system of Eventbrite and then get start paying for it. After Eventbrite started making progress, many organizers shifted from free to paid model to have better access and services.
In 2008, the company launched its application which solely served the purpose of surfing events. With time, more people signed up and the demand rose drastically. This led Eventbrite to launch the feature of online ticketing and earn through it.

The Success

Once Eventbrite started landing investors, the list expanded day by day. Eventbrite closed their Series E funding by raising $50 million from Tiger Capital in 2011. Another $60 million was raised by the company from the same investor in 2013. Some of the major investors of Eventbrite include Sequoia Capital, Tiger Capital etc. In 2017, the company raised $134 million from Series G funding. The next year, Eventbrite filed for its first IPO worth $200 million. According to 2018, the company’s annual revenue sums up to $291.6 million. Eventbrite made some significant acquisitions including Nvite, Ticketfly, Picatic and Pandora.

Today, apart from managing events on the land of the US, it has offices in the UK, Ireland, Germany, Argentina, Netherlands, Brazil and Australia.

Annasha

Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more

Transforming India’s Digital Landscape- Success Story of Cognizant

Leave a Comment / Founder, Story, Tech Story / By Athulya

A while back Cognizant went ahead of Infosys to become the second-largest IT company in India. It was an iconic milestone wherein a pioneer gave to a young contender, the baton for the future. The man steering this rise of Cognizant was a boyish-looking, exuberant 44-year-old by the name Francisco D’Souza. Here’s a look at how the mild-mannered D’Souza has energized and uplifted the technology company to even greater heights.

About the Disruptor

Francisco D’Souza was born in 1968 in Kenya to Placido D’Souza, an IFS officer and Sushila. Most of his childhood was spent shuttling between countries and D’Souza has lived in over 11 countries. He graduated from the University of East Asia Macau with a degree in Business Administration. He followed this up with an MBA from Carnegie Mellon.

After graduating, D’Souza joined Dun & Bradstreet in 1992, as a management associate. Cognizant started as an experiment two years later within Dun & Bradstreet. Francisco led this experiment, which later turned into a full-on, in-house project. From 1996, D’Souza held various positions in Cognizant and joined the Board of Directors in 2007. Six years later, Francisco joined General Electric, becoming the youngest member on their board. In 2018, he became the Vice-Chairman of the Board at Cognizant.

Founding Cognizant

Cognizant began as an in-house unit of Dun & Bradstreet in 1994. The company started catering to the needs of external clients in 1996 and went public two years later. Cognizant was one of the fastest-growing companies in the early 2000s and became a Fortune 500 member in 2011.

Initially, it was set-up to help Dun & Bradstreet manage large-scale IT projects. Two years after its creation, Dun & Bradstreet merged Erisco, IMS International, Nielsen Media Research, Strategic Technologies and DBSS, to form Cognizant Corporation. The same year, the company changed its name to Cognizant Technology Solutions. In 1997, Dun & Bradstreet acquired 24% shares of DBSS for $3.4 million. A year later, the company moved its headquarters with Kumar Mahadeva serving as the CEO.

Early Days

The same year Cognizant Corporation, split into IMS Health and Nielsen Media Research, with the technology wing becoming a part of IMS Health. In June the same year, IMS Health went public with Cognizant stock raising $34 million. Kumar Mahadeva focused on applications management, and the company grew under his leadership.

In 2002, Cognizant brought in over $229 million, with zero debt. In 2003, IMS Health sold their 56% stakes to prevent hostile takeovers and Lakshmi Narayanan replaced Kumar Mahadeva as CEO. Gradually, the company expanded and ventured into the fields of business process outsourcing and consulting. Finally, in 2006, D’Souza took over CEO from Lakshmi Narayanan. The company then grew exponentially, becoming a part of Fortune’s 100 Fastest-Growing Companies list from 2003 to 2012.

Growth and Success

In 2014, Cognizant acquired TriZetto which specialises in healthcare IT services for $2.7 billion. Owing to this stellar buy, the shares of Cognizant rose by over 3% on that day. A year later, they signed up with Escorts Group in India to help them transform their business segments. The same year, they partnered with NTUC FairPrice to help them revolutionise their business.

Currently, Cognizant employs over 280,900 people globally, with more than 150,000 based in India. The company has centres in main cities such as in Bangalore, Chennai, Noida, Hyderabad, Kochi, Mangalore and Mumbai. Globally, they have centres in Spain, China, Canada, Mexico, Argentina and Brazil. Under D’Souza their revenue increased from $1.42 billion in 2006 to $16.1 billion in 2018. It will be interesting to see how Cognizant utilises its presence to further change the digital landscape in India.

Athulya

Being a cinephile with a love for all things outdoorsy, Athulya never misses a chance to chase inspiring stories or poke fun at things, even when the subject is herself. Currently pursuing a degree in mechanical engineering, she is someone innately interested in technical and scientific research. Music reviews and op-eds define her as they allow her to explore different perspectives. Though sometimes she thinks she makes more sense playing the guitar than she does while writing.

Guiding the Future: Story of Nikola Tesla

Leave a Comment / Founder, Story, Tech Story / By Athulya

Remote controls are without a doubt something that symbolises modern technologies. Most electrical devices we use come with a remote of their own, and most of us own at least a dozen remotes. We have remotes scattered on our coffee tables and even access devices from remotes on our phones now. Although we associate remotes to TVs, they were a staple long before that. So how did the remote control come to be? Read on to find out more about the history, origins and story of remote control systems.

About the Creator

Nikola Tesla was born in Lika in 1856 to an Eastern Orthodox priest who had an interest in mechanical appliances. He attended a primary school in Smiljan and completed his high-school from the Higher Real Gymnasium. His physics teacher inculcated in him an interest in electronics, and that would life-long passion for Tesla. He was a prodigy while at school, being able to do integral calculus in his head. Tesla ran away from home in the 1870s to evade enrolment into the Austro-Hungarian Army.

He then joined the Austrian Polytechnic and learnt electrical engineering but received no degree. Rather, he gained practical knowledge working for Central Telegraph Office in Budapest and the Continental Edison. In 1884, he shifted to the United States and worked for Edison Machine Works. He left soon after, setting out to form his laboratories and companies. His patent for an AC motor through Westinghouse Electric earned him large sums of money, which he utilised to fund his research. During the 1890s, Tesla pushed for wireless lighting and communication, becoming a pioneer in the field. with his devices.

The Famous Boat Experiment

Famous American inventor Nikola Tesla created the world’s first wireless remote control. He unveiled the system at Madison Square Garden in 1898 to much awe from the public. He called the system, which could control several mechanical devices, a tele automaton. To demonstrate his new invention, Tesla used a boat and controlled it via radio waves using a small metal antenna. Tesla sent radio signals to the using a version of remote control. The box consisted of a lever and a telegraph key and generated signals. These signals moved electrical contacts on the boat, adjusting the rudder, thereby controlling it.

Idea Catches On

Financially though, Tesla’s system was a flop. He planned on selling the system to the U.S. Navy, but the contraption was too unreliable for use in war. However, the idea caught on and spread like wild-fire to other equipment. Following in Tesla’s footsteps, Leonardo Torres-Quevedo devised a system utilising wireless telegraphs. With this system he first controlled a tricycle, then a boat, and later even submarine torpedoes.

Acts of War

These inventors led the way for the concept of remote controls. In World War I, Germany made use of such boats to launch attacks against the opposition. Hence, remote controls were the start of a new kind of warfare, which saw armies fight from a distance. During World War II, both the Germans and the Allies used several guided torpedoes and missiles.

Part of Our Lives

By the end of the 1940s though, remote controls became a part of consumer electronics, like garage doors and toys. Soon enough, several products started using technology, radically changing the technological landscape. Afterwards, Philco started production of radios utilising a wireless, battery-powered remote known as the Mystery Control. The most significant contribution, however, was of Zenith who introduced the Lazy Bones remote. Soon after, Eugene Polley made the Flashmatic TV remote, which made use of light technology.

Resounding Success

A few years later, Robert Adler, created a system which made use of ultrasonic sound in place of light. This new remote was more expensive but was still a resounding success. These clicker remotes forever changed the nature of the interaction between customers and electronic devices. It gave people the power to change channels without having to rise from their seats. Ever since then, remotes have been continually evolving, making use of IR technology, and even universal remote technology.
In 1898, the world had little understanding of Tesla’s brilliant idea. But in the years to come, the spark he started grew to become a raging flame. His innovation paved the way for future inventors to build a system that changed the world.