Are poison pills really that bitter?

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. Every Monday, Grace and Alex scour the news and record notes on what’s going on to kick off the week.

We are sitting on the precipice of a very busy few weeks, so let’s get right to work!

• Stocks are mixed around the world to start the day, cryptos are off a little more, but nothing too scary.
• Didi will vote on leaving the U.S. public markets this May, and has promised to not list anywhere else in the interim. This saga is nearly behind us, but what a mess it will leave in its wake.
• The Beanstalk exploit was bad news this weekend, but my hunch is that so long as votes are tied to economic might, many neat ideas in crypto-land will remain open to exploit.
• Zambian fintech startup Union54 raised a $12 million seed extension, led by Tiger, that caught our eye. And over in India, food-delivery rivals Swiggy and Zomato are both backing UrbanPiper.
• Finally, it seems that some private-market investors are not stoked about poison pills, a defensive setup by public companies to prevent a hostile takeover. Which makes me laugh, as dual-class shares that many VCs either back, or at least help fund amongst hot startups, are similar in that they are also designed to prevent changes of control.

To close, we have a live show this week! Yes, a live show. So come hang out with us on Thursday as we record our Friday episode!