'The markets crushed us.’ Convoy leaders address employees in internal call

“I hoped this day would never come. In fact, I really couldn’t fathom it.” An emotional Convoy CEO Dan Lewis (picture above in 2019) addressed employees in an attempt to explain the sudden demise of one of the Seattle region’s most heavily funded and high-flying startups. 

• GeekWire obtained a recording of the video call, in which Lewis and Mark Okerstrom, president of the digital trucking marketplace, consoled hundreds of employees who are losing their jobs. “The truth is, the markets crushed us,” Okerstrom said.

• Lewis broke down when explaining that employees wouldn’t receive severance. “Unfortunately, in the final hour of this, our ability to make that decision and our available budget was taken away by our lenders,” he said.

• Convoy lined up an M&A deal in recent months but it fell through at the very last minute, according to sources familiar with the matter. Read more.

2023 GeekWire Summit recap: From the historic SIFF Cinema (formerly Cinerama) in Seattle, the focus was on futuristic technology as our annual conference attracted nearly 600 attendees under the banner “AI Gets Real.” Read highlights and see photos from the event.

Last call for Uncommon Thinkers! It’s the final day to submit nominations for GeekWire’s new “Uncommon Thinkers” program, presented in partnership with Greater Seattle Partners, recognizing the inventors, scientists, technologists and entrepreneurs who are transforming industries and driving positive change throughout the world. Read more.

Two breakthroughs will define the new era of AI: natural language and the emergence of powerful new reasoning engines, Microsoft CEO Satya Nadella said in his annual letter to shareholders. This new era “is Microsoft’s moment,” he said. Read more.

Hot Links

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• Lessons for San Fran, from Seattle: Housing policies and a more relaxed lifestyle with proximity to good jobs helps Seattle stand out in comparison to San Francisco — and draw transplants from California. (SF Chronicle)

• Amazon CEO Andy Jassy talks AI and plays a Foo Fighters album on vinyl in the hallway in a two-and-a-half-hour conversation with journalist Jessica Lessin. (The Information)