From baking to breaking: Cake Group’s former CTO vs. CEO in crypto court showdown

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Hello,

I first watched Jobs when I was in 10th grade. The movie made me want to become an entrepreneur so bad that I even started scribbling down some ideas on paper. However, these were soon lost when examinations came around and trigonometry took priority.

But one thing I can’t forget about the movie is the office drama. The conflict of ideas between Steve Jobs and Steve Wozniak was such an eye-opener.

Later on, I found out that Jobs lied to Wozniak, took credit for his work, and even cheated him out of some payouts.

And that’s the harsh truth: Businesses with more than one founder will have conflicts. Two brains simply can’t drive the chariot in the same direction smoothly.

Perhaps this is what drove U-Zyn Chua, co-founder and former CTO of Cake Group and Bake.io, to file an application to wind up the business.

In this week’s big story, my colleague Scott writes about why Chua has requested a Singapore court to liquidate the firm. The top reason was a falling out between him and Julian Hosp, co-founder and CEO of the company.

One of Chua’s allegations includes Hosp using company funds to promote his own side business and to hire a nanny.

In this week’s second big story, my colleague Elyssa dives deep into family offices in Southeast Asia and how they invest their funds.

Notably, 75% of conglomerates in the region are owned by family offices, so these entities have invested in many successful startups and VC firms.

Finally, in AI Odyssey, I discuss whether 2024 has become the year of the AI chip.

— Lokesh

THE BIG STORY

1️⃣Is Cake cooked? Former CTO tells why he went to court to liquidate the firm

AI ODYSSEY

FYI

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