Connect with us

Published

on

The wind whips embers while firefighters battle the fire in the Angeles National Forest near Mt. Wilson as the wildfires burn in the Los Angeles area, during the Eaton Fire in Altadena, California, U.S. January 9, 2025. 

Ringo Chiu | Reuters

For almost two years, Viktor Makarskyy has been working on an app that serves as a digital survival kit to help people in disaster zones, which are getting more numerous seemingly by the day given the pace of climate change.

He never imagined his work and personal life would collide in such a profound way.

On Wednesday night, Makarskyy was flying home to Los Angeles from an anniversary trip with his wife in the Cascade Mountains, in the Pacific Northwest. An evacuation order for the Sunset Fire had already been issued extending to just a few blocks from their apartment.

Makarskyy was terrified that the fire would reach their home before they could rescue their cat and collect critical belongings.

“It’s one thing to see pictures online,” Makarskyy told CNBC in an interview Friday, “it’s another thing to see it out the plane window and to have this multisensory experience of your cabin smelling like smoke as you land. It was like entering a war zone.”

Makarskyy is the head of technology at GOES, a startup founded in 2021 with a focus on providing critical health advice and services, mostly in remote areas. Aid workers and intrepid travelers can download the GOES Health app and get quick localized tips on how to deal with bug and animal bites, altitude illnesses, rashes and a host of other challenges.

Hikers can gauge hypothermia risk, and backpackers can plan out how to prepare for a heat wave or look up how to temporarily set a broken bone. All content is written or approved by wilderness medicine doctors, and everything can be accessed offline other than real-time weather and the app’s wildlife risk index.

Increasingly, GOES, which stands for Global Outdoor Emergency Support, is becoming relevant in a much more widespread way, as people in urban environments have to deal with sudden disaster due to hurricanes, tornadoes and catastrophic fires. Since Jan. 6, a day before the LA fires broke out, GOES has seen about an 800% spike in usage in the area, and over the past two weeks the number of new users in California has tripled, the company said.

As of Monday, the massive blazes across LA had killed at least 24 people, obliterated whole neighborhoods and burned thousands of homes and structures. No cause has been identified for the largest fires.

The GOES team with CEO Camilo Barcenas.

Courtesy: GOES

Makarskyy said he uses GOES to check air quality, national alerts, wildfire preparedness guides and more. Back at home, he said, he was surprised to see that although one of the most widely used weather apps showed the air quality around Los Angeles International Airport to be “moderate,” when he viewed a hyperlocal, more precise air quality measurement using GOES, it showed the air quality to be much worse.

“As the developer of this app, I knew it offered exact latitude and longitude,” he said.

GOES is far from alone in seeing a spike in usage due to the rise in disasters. The Watch Duty app, founded in 2021 and developed by a nonprofit group, has become practically ubiquitous in the LA area since the fires erupted. It was the top free app on iOS for much of last week and was still in the top five on Monday, providing LA residents with a precise reading on where fires are burning and spreading, which neighborhoods are in evacuation zones and the location of power outages.

In a post on X on Friday, Watch Duty wrote, “Our systems remain 100% operational while our radio operators sleep in shifts and our engineers are throwing everything they have at it to sustain up to 100,000 requests per second with an average response time of <20 ms.”

Watch Duty was developed by firefighters, dispatchers and first responders specifically to disseminate information related to fires. GOES, by contrast, stumbled into the fire safety market.

According to the GOES app’s launch announcement in 2023, Dr. Grant Lipman, a former professor at Stanford Emergency Medicine and director of its wilderness medicine fellowship, started the company “after treating a hiker in critical condition due to a rattlesnake bite” and seeing the need “to make wilderness medicine more accessible.”

‘The outdoors is changing’

GOES co-founder and CEO Camilo Barcenas spent years in the health-care space and worked for four years overseeing technology at the Stanford Adult Hospital. In 2019, he and his team began working on the GOES project, interviewing people in North America, South America, Asia, Europe and the Middle East about what would have made them feel safer and more prepared when traveling off the grid.

Their realization, he said, was that health care was “so broken systematically,” that the only way to improve is if people learn to take care of themselves first.

“We made this because we believe everyone should have this,” Barcenas said. “The outdoors is changing, and we need to be able to understand what these risks are so we can do better.”

Barcenas said that when Hurricane Helene hit North Carolina in September, he flew in to inform residents and aid groups about how they can use the platform. It’s become increasingly clear, he said, how useful the app can be when climate disasters strike.

“The LA wildfires highlight an acceleration of what we’ve been tracking: the democratization of wilderness medicine for urban survival,” Barcenas said. “When environmental emergencies strike, traditional emergency services and health-care facilities often become overwhelmed or inaccessible.”

Firefighters continue their work in the burning residential areas as wildfires continue to wreak havoc, reaching their fifth day and leaving extensive damage in residential areas in Los Angeles, California, United States on January 12, 2025.

Lokman Vural Elibol | Anadolu | Getty Images

Before arriving back in LA, Makarskyy said, he prepared for his return by checking national alerts within GOES, such as high-wind advisories, air quality and the location of wildfires. Each alert came with access to content written by wilderness medicine doctors on preparation and mitigation techniques.

He read up on “what to do in breathing problem scenarios” related to those alerts. He said he learned that N95 masks are “the only thing that can protect against particulates that are that fine, that small.”

“So rather than buying common surgical masks,” Makarskyy said, “I went ahead and bought the right product for us to keep our lungs safe in this environment.”

Makarskyy said he and his wife were fortunate not to have to evacuate. The fires were far enough away that they were safe but close enough that on Friday morning they woke up to ash coating their car. The closest fire had been contained. Their cat was safe with them.

The GOES app has some features that are free. Users can check on air quality and sunburn risk in their location and see if there’s any extreme weather advisory. For premium access, which includes pocket safety guide information, subscribers pay $6 a month or $36 a year.

Barcenas said there are a lot of new features on the way and that the app has already evolved significantly since launching less than two years ago.

“GOES was originally developed for outdoor adventurers to prepare for trips and manage wilderness medical emergencies with offline, visual first-aid guides,” Barcenas said. “Now, we’re seeing urban residents using it to understand their outdoor health risks and navigating emergencies during environmental crises.”

WATCH: California wildfires will be a $20 billion plus loss for insurers: Wells Fargo’s Elyse Greenspan

California wildfires will be a $20 billion plus loss for insurers: Wells Fargo's Elyse Greenspan

Continue Reading

Technology

SEC sues Elon Musk, alleging failure to properly disclose Twitter ownership

Published

on

By

SEC sues Elon Musk, alleging failure to properly disclose Twitter ownership

Beata Zawrzel | Nurphoto | Getty Images

The SEC filed a lawsuit against Elon Musk on Tuesday, alleging the billionaire committed securities fraud in 2022 by failing to disclose his ownership in Twitter and buying shares at “artificially low prices.”

Musk, who is also CEO of Tesla and SpaceX, purchased Twitter for $44 billion, later changing the name of the social network to X. Prior to the acquisition he’d built up a position in the company of greater than 5%, which would’ve required disclosing his holding to the public.

According to the SEC complaint, filed in U.S. District Court in Washington, D.C., Musk withheld that material information, “allowing him to underpay by at least $150 million for shares he purchased after his financial beneficial ownership report was due.”

The SEC had been investigating whether Musk, or anyone else working with him, committed securities fraud in 2022 as the Tesla CEO sold shares in his car company and shored up his stake in Twitter ahead of his leveraged buyout. Musk said in a post on X last month that the SEC issued a “settlement demand,” pressuring him to agree to a deal including a fine within 48 hours or “face charges on numerous counts” regarding the purchase of shares.

Musk’s lawyer, Alex Spiro, said in an emailed statement that the action is an admission by the SEC that “they cannot bring an actual case.” He added that Musk “has done nothing wrong” and called the suit a “sham” and the result of a “multi-year campaign of harassment,” culminating in a “single-count ticky tak complaint.”

Musk is just a week away from having a potentially influential role in government, as President-elect Donald Trump’s second term begins on Jan. 20. Musk, who was a major financial backer of Trump in the latter stages of the campaign, is poised to lead an advisory group that will focus in part on reducing regulations, including those that affect Musk’s various companies.

In July, Trump vowed to fire SEC chairman Gary Gensler. After Trump’s election victory, Gensler announced that he would be resigning from his post instead.

In a separate civil lawsuit concerning the Twitter deal, the Oklahoma Firefighters Pension and Retirement System sued Musk, accusing him of deliberately concealing his progressive investments in the social network and intent to buy the company. The pension fund’s attorneys argued that Musk, by failing to clearly disclose his investments, had influenced other shareholders’ decisions and put them at a disadvantage.

The SEC said that Musk crossed the 5% ownership threshold in March 2022 and would have been required to disclose his holdings by March 24.

“On April 4, 2022, eleven days after a report was due, Musk finally publicly disclosed his beneficial ownership in a report with the SEC, disclosing that he had acquired over nine percent of Twitter’s outstanding stock,” the complaint says. “That day, Twitter’s stock price increased more than 27% over its previous day’s closing price.”

The SEC alleges that Musk spent over $500 million purchasing more Twitter shares during the time between the required disclosure and the day of his actual filing. That enabled him to buy stock from the “unsuspecting public at artificially low prices,” the complaint says. He “underpaid” Twitter shareholders by over $150 million during that period, according to the SEC.

In the complaint, the SEC is seeking a jury trial and asks that Musk be forced to “pay disgorgement of his unjust enrichment” as well as a civil penalty.

This story is developing.

Continue Reading

Technology

Intel to spin off venture capital arm as chipmaker continues to restructure

Published

on

By

Intel to spin off venture capital arm as chipmaker continues to restructure

Dado Ruvic | Reuters

Intel said Tuesday that it plans to spin off Intel Capital, its venture capital wing, into an independent firm, the latest in a series of structural changes announced by the chipmaker.

Turning Intel Capital, which has $5 billion in assets, into a standalone fund will allow it to raise money from outside investors, Intel said. Until now, the venture arm has been fully funded by Intel.

Intel is coming off its worst year on the stock market since the company went public in 1971 due to a series of missteps and hefty market share losses. The company has been cutting costs and simplifying its business as it spends heavily to build cutting-edge chip factories while vying to reinvigorate its PC chip unit.

In December, Intel ousted Pat Gelsinger as CEO following a troubled four-year tenure. He’s been replaced by two interim co-CEOs, David Zinzner and Michelle Holthaus.

Intel sold or wound down a slew of smaller divisions in the past two years under Gelsinger, and laid off employees last year as part of a cost-cutting plan.

Intel is currently spinning off Altera, a company that specializes in simple chips called FPGAs, with plans for it to become a publicly traded company. It also owns the majority of Mobileye, an Israel-based maker of self-driving parts and software. Last year, Intel took several steps in the direction of turning its foundry business into an independent unit, including naming a board of directors.

In Tuesday’s announcement, the company said Intel Capital’s workforce would continue with the investment firm when it becomes independent in the second half of 2025. A representative declined to comment on specific executives’ plans. Intel Capital could also be renamed.

Intel Capital was established in 1991 and was unique at the time as a venture arm of a large corporation.

Since then, that model has been replicated across Silicon Valley and in other industries, with companies including Google, Microsoft, Salesforce, Unilever and BMW jumping into the business. Comcast, the owner of CNBC’s parent, NBCUniversal, started Comcast Ventures in 1999.

While Intel was early to corporate venture capital, it isn’t the first tech company to spin out its investment arm. In 2011, SAP turned SAP Ventures into an independent firm, later naming it Sapphire Ventures.

Corporate venture capital peaked in 2021, when firms in the space raised $156 billion and participated in close to 3,800 deals, according to the National Venture Capital Association. That was the same year that the broader VC market hit record levels, but startup investment numbers have since declined dramatically due largely to higher interest rates, which began going up in 2022.

WATCH: Intel plans to take its chip subsidiary Altera public

Intel plans to take its chip subsidiary Altera public

Continue Reading

Technology

Microsoft pauses hiring in U.S. consulting unit as part of cost-cutting plan, memo says

Published

on

By

Microsoft pauses hiring in U.S. consulting unit as part of cost-cutting plan, memo says

Executive Chair and CEO of Microsoft Corporation Satya Nadella speaks during the “Microsoft Build: AI Day” event in Jakarta, Indonesia, on April 30, 2024.

Ajeng Dinar Ulfiana | Reuters

Microsoft plans to pause hiring in part of its consulting business in the U.S., according to an internal memo, as the company continues seeking ways to reel in expenses. 

The announced cuts come a week after Microsoft said it would lay off some employees. Those cuts will affect less than 1% of the company’s workforce, according to one person familiar with Microsoft’s plans.

Although Microsoft indicated earlier this month that it plans to continue investing in its artificial intelligence efforts, cost cuts elsewhere could lead to gains for the company’s stock price. Microsoft shares increased 12% in 2024, compared with a 29% boost for the Nasdaq Composite index.

The changes by the U.S. consulting division are meant to align with a policy by the Microsoft Customer and Partner Solutions organization, which has about 60,000 employees, according to a page on Microsoft’s website. The changes are in place through the remainder of the 2025 fiscal year ending in June.

To reduce costs, Microsoft’s consulting division will hold off on hiring new employees and back-filling roles, consulting executive Derek Danois told employees in the memo. Careful management of costs is of utmost importance, Danois wrote. 

The memo also instructs employees to not expense travel for any internal meetings and use remote sessions instead. Additionally, executives will have to authorize trips to customers’ sites to ensure spending is being used on the right customers, Danois wrote.

Additionally, the group will cut its marketing and non-billable external resource spend by 35%, the memo says.

The consulting division has grown more slowly than Microsoft’s productivity software subscriptions and Azure cloud computing businesses. The consulting unit generated $1.9 billion in the September quarter, down about 1% from one year earlier, compared with 33% for Azure.

Under the leadership of CEO Satya Nadella, Microsoft in early 2023 laid off 10,000 employees and consolidated leases as the company contended with a broader shift in the market and economy. In January 2024, three months after completing the $75.4 billion Activision Blizzard acquisition, Microsoft’s gaming unit shed 1,900 jobs to reduce overlap.

A Microsoft spokesperson did not immediately have a comment.

WATCH: Microsoft plans to spend $80 billion to build out AI this year

Microsoft plans to spend $80 billion to build out AI this year

Continue Reading

Trending