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Acquco t-shirt for Tesla giveaway
Acquco

Start-ups are raising hundreds of millions of dollars to acquire the top independent sellers on the Amazon Marketplace, creating a gold rush to “roll up” these mostly small businesses into larger entities that have better resources and can pour money into growth.

Competition to acquire these Amazon sellers has gotten so fierce that one player, Acquco, is giving away a Tesla Model Y to anyone who refers a seller that the company ends up buying.

Acquco, founded last year by Raunak Nirmal, has representatives at the annual Prosper Show this week in Las Vegas, where Amazon sellers convene to network and share tips. The company is handing out t-shirts and flyers that say, “Refer a Seller, get a Tesla.”

Nirmal said in an interview that as of Thursday the company had received about 200 referrals in a little over 24 hours since starting the program and launching the promotional web page. He said the company is willing to give away up to $10 million worth of Model Ys, which retail for a starting price of around $50,000.

“There are two options for rewards,” the web page says. “You can either get a Tesla — you will have $49,990 to put towards a Tesla model of your choice.  Alternatively, you can choose to take the cash directly!” 

The reward should be received within 45 days of the closing of the acquisition, the site says, and the recipient will owe income tax on the car or the cash.

The red-hot market for Amazon resellers

Much of Amazon’s dominance in e-commerce has come from its third-party marketplace, which is filled with millions of independent sellers who use the company’s logistics services, shipping, fulfillment centers and mammoth customer base to reach buyers.

Growing a business on Amazon has become increasingly complex in recent years due to a surge in Chinese counterfeits and other bad actors who set out to manipulate reviews and get rivals shut down. Aggregators are using those challenges as an opportunity to buy up promising products and storefronts, while using their scale and operational experience to clean up the marketplace for consumers.

Acquco has raised over $165 million in equity and debt to buy Amazon marketplace retailers, building a business with close to $200 million in revenue from those entities. It’s one of the busiest corners of the start-up market, as companies like Thrasio, which ranked 22nd on the 2021 CNBC Disruptor 50 list, along with Perch, Heyday, Branded and Boosted Commerce have raked in billions of dollars combined to pull together businesses that have grown up on Amazon.

Nirmal said the top sellers are so inundated with pitches that it’s difficult to get meetings with them.

“As a seller, when you get a message from someone about acquiring your business, you think of it as spam and go about your day,” said Nirmal, who previously spent over a year in Amazon’s marketplace business and also started his own brands and consulting businesses. “This is a unique opportunity to connect with friends, family and people that surround the sellers.”

While Nirmal didn’t attend the Prosper show, he sent a few of his 60 full-time employees, including the head of sales, to network and meet sellers. Acquco also had some contractors distributing flyers and handing out merchandise.

Acquco flyer for Tesla giveaway
Acquco

Rivals Thrasio, Heyday and Perch had an even bigger presence at the show, as they were paid exhibitors with floor space and some speaking slots, according to Prosper’s website. It’s a big change from the last conference in 2019, when the rollup market was in its infancy. Thrasio was founded in 2018 and others followed over the next couple years.

Total attendance at Prosper appears to be up about 15% to 20% over the last in-person show in 2019, which attracted over 1,500 people, a conference representative said. The show began on Tuesday and wraps up on Thursday.

How to lure sellers

Casey Gauss, a vice president at Thrasio, attended the show as part of his company’s contingent. He told CNBC that he joined in April 2020 as employee number 26, and that the last time he checked last week, the company had a workforce of 930.

Thrasio has raised $1.75 billion, the most of any company in the space. While it’s not giving away Teslas, the company did host a pricey party Wednesday night at the Bellagio Hotel, called “Feast by the Fountains,” referring to the resort’s outdoor fountain show. Gauss said he expected about 180 people.

“Feast by The Fountains will offer 5-star American cuisine and an open bar of top shelf cocktails inspired by the top supper clubs around the world,” the website for the event said.

Gauss said that the topic of aggregators has been front and center at the show and that companies have to find clever ways to meet sellers.

“We tried to throw a nice event to allow high-end networking,” he said. “It’s a good opportunity, not only for us to hang out with prospective sellers that may want to sell to us and people that have sold to us. But also, we’re pretty intentional about just building good relationships in the community.”

For Acquco, this year’s Prosper is its first big event. The company said it’s trying to get its name out to more people — and the Tesla giveaway program is a way to make a splash.

David Lam, the company’s vice president of growth strategy, said he’s been working with Tesla’s enterprise sales team on the program. The start-up did not get reduced pricing on the Model Ys, but he expects that once the program reaches about 20 cars, a discount will kick in, and then perhaps a steeper discount at the 50th sale.

The new Tesla Model Y is introduced. Tesla has expanded its model range to include an SUV based on the current Model 3.
Hannes Breustedt | picture alliance | Getty Images

Tesla giveaways have become more commonplace among non-profits as a way to raise money and give people a chance to win through online raffles. The overall popularity of the cars is the main reason Tesla says it’s able to keep down marketing, promotional and advertising costs, which were “immaterial” over the past three years, according to its latest annual report.

Acquco says in the giveaway material that it accepts leads for businesses with at least $500,000 in revenue but Nirmal expects to generally buy sellers that have topped $1 million. Nirmal won’t say how many acquisitions he’s completed to date, but said that three deals have been signed this week that will bring in about $40 million in revenue. Those all came prior to the Tesla giveaway.

Nirmal said Acquco started marketing the program at Prosper and will continue this week with ads across social platforms and Google as well as through influencers.

“If there’s a business that looks good and fits into our partner profile, we want to give away these Teslas,” Nirmal said.

— CNBC’s Katie Schoolov and Lora Kolodny contributed to this report.

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Salesforce CEO confirms 4,000 layoffs ‘because I need less heads’ with AI

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Salesforce CEO confirms 4,000 layoffs ‘because I need less heads' with AI

Salesforce CEO Marc Benioff participates in an interview at the World Economic Forum in Davos, Switzerland, on Jan. 22, 2025.

Chris Ratcliffe | Bloomberg | Getty Images

Salesforce has cut 4,000 of its customer support roles, CEO Marc Benioff recently said while discussing how artificial intelligence has helped reduce the company headcount.

Benioff revealed the layoffs during an interview published Friday on The Logan Bartlett Show podcast.

“I’ve reduced it from 9,000 heads to about 5,000, because I need less heads,” Benioff said while discussing the impact of AI on Salesforce operations.

Salesforce has been on the front lines of the AI revolution and has built what it calls an “Agentforce” of customer service bots.

“Because of the benefits and efficiencies of Agentforce, we’ve seen the number of support cases we handle decline and we no longer need to actively backfill support engineer roles,” Salesforce said in a statement Tuesday to NBC Bay Area.

The layoffs come after Benioff over the summer announced AI is doing up to 50% of the work at Salesforce, which is based in San Francisco.

Laurie Ruettimann, a human resources consultant, said AI is affecting jobs in several industries.

“There have been layoffs all over America directly attributed to AI,” Ruettimann said, adding anyone who wants to stay employed or looking for work needs to learn new skills.

“If your network could get you a job, it would have done it already. It would have done it yesterday,” Ruettimann said. “It’s on you to expand your vision, to expand your horizons and to meet new people.”

Analyst Ed Zitron said AI is being blamed by tech companies that over hired during the pandemic. The companies are now looking to lure investors by claiming to be more efficient, Zitron said.

“It’s just a growth at all costs mindset,” Zitron said. “The only thing that’s important is growth, even if it ruins people’s lives. Even if it makes the company worse and provides an inferior product.”

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Apple shares rise after judge rules Google can continue preload deals in antitrust case

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Apple shares rise after judge rules Google can continue preload deals in antitrust case

Tim Cook, CEO of Apple Inc., during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, on June 9, 2025.

David Paul Morris | Bloomberg | Getty Images

Apple shares rose more than 3% in extended trading Tuesday after a federal judge ruled that Alphabet may continue making payments to preload Google Search onto the iPhone.

Although Apple wasn’t a party in the search monopoly trial, the judge was considering remedies that would bar Google from paying billions per year to Apple to be the default search engine on the Safari browser on iPhones, Macs and iPads.

“Google will not be barred from making payments or offering other consideration to distribution partners for preloading or placement of Google Search, Chrome, or its GenAI products,” Judge Amit Mehta wrote in his decision.

“Cutting off payments from Google almost certainly will impose substantial — in some cases, crippling — downstream harms to distribution partners, related markets, and consumers, which counsels against a broad payment ban,” the decision continued.

The landmark case focused on Google’s dominance of the general search market, Google’s violations of the Sherman Act and the barriers to entry that the search engine erected.

However, the judge said that Google will be barred from entering or maintaining “any exclusive contract” related to preloading its search engine or key apps on devices, specifying that Google can’t bundle its Android services with Google search or condition revenue share agreements on the acceptance of other Google apps or services.

The decision said that Apple’s deal with Google to be the default search engine was “exclusive” because it established Google as the default out-of-the-box search engine.

But while Mehta put restrictions on Google making payments to ensure its products receive exclusive distribution, he fell short of banning those payments entirely, leaving open the possibility that the two companies could strike a new deal. The remedies would limit any revenue-sharing agreement to one year, according to the Department of Justice.

Apple did not immediately respond for a request for comment.

“Now the Court has imposed limits on how we distribute Google services, and will require us to share Search data with rivals,” Google said in a blog post. “We have concerns about how these requirements will impact our users and their privacy, and we’re reviewing the decision closely.”

The U.S. Department of Justice filed its suit against Google in 2020, alleging that Google kept its share of the general search market by erecting strong barriers for challengers, such as its default search deals. The U.S. District Court in Washington ruled last August that Google violated Section 2 of the Sherman Act. Eddy Cue, Apple’s senior vice president of software and services, testified on Google’s behalf about potential remedies.

Tuesday’s filing was the first time the judge had detailed his proposed remedies.

Analysts previously said that it may take years before Apple is forced to make changes in response to a Google suit ruling. Google has said it will appeal the ruling, and analysts say any remedies trial could last for up to two years. Google can also appeal the outcome of the remedies trial, and the Supreme Court can choose take a look at it once appeals are exhausted.

Google CEO Sundar Pichai (L) and Apple CEO Tim Cook (R) listen as U.S. President Joe Biden speaks during a roundtable with American and Indian business leaders in the East Room of the White House on June 23, 2023 in Washington, DC.

Anna Moneymaker | Getty Images

Default agreements

While Google contracts with companies such as Samsung and browser-maker Mozilla to be the default search engine on their platforms, the most important and biggest such “default agreement” deal is with Apple. Google paid all partners $26 billion in total to be the default search engine in 2021, according to documents discussed in court.

Google paid because it funnels traffic from Apple’s 1 billion iPhone users to its search engine, and the revenue is critical for the growth of Apple’s services business, which investors love because it is so much more profitable than hardware sales.

In addition to the licensing payments, Apple says that it uses Google because it’s the best search engine and that its priority is to offer the best tools to its customers.

Apple also has options if it cannot make Google the default search engine. Earlier this year, for example, Apple’s Cue said in court as a witness for Google that the iPhone maker is also considering adding AI search engines as options to its software.

“Cue’s testimony establishes that Google’s high revenue share payments deterred Apple from trying to capture for itself all the advertising rents that flow through the Safari browser’s default search box,” the judge wrote in Tuesday’s filing.

Apple’s revenue from Google is reported in its financials as advertising revenue, which is reported as part of the company’s Services business, which also includes AppleCare warranties, cloud services like iCloud, and digital content like apps and Apple Music.

WATCH: Federal judge rules Google does not have to divest Chrome

Federal judge rules Google does not have to divest Chrome

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Waymo starts testing in Denver, Seattle in bid to expand robotaxi service across U.S.

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Waymo starts testing in Denver, Seattle in bid to expand robotaxi service across U.S.

Waymo partners with Uber to bring robotaxi service to Atlanta and Austin.

Uber Technologies Inc.

Alphabet’s Waymo unit will begin test drives of its robotaxis in Denver and Seattle this week, with humans behind the wheel, the company said Tuesday.

“We will begin driving manually before validating our technology and operations for fully autonomous services in the future,” a company spokesperson said in an email. Waymo announced the tests in blog posts.

The autonomous vehicle venture aims to expand its driverless, ride-hailing service across the U.S. after already launching commercial operations in Austin, Texas, as well as Atlanta, San Francisco, Phoenix and Los Angeles.

In some markets, including Austin and Atlanta, Waymo’s driverless rides can only be hailed through the Uber app. In others, riders must use the company’s stand-alone Waymo One app to book a robotaxi.

Safety drivers, who are employees of Waymo, will man the steering and braking behind the test vehicles in Denver and Seattle. The company is also running similar tests with its robotaxis in New York, having recently obtained permits in the biggest U.S. market.

The company’s test fleet in Denver and in Seattle will include a mix of their fully electric Jaguar iPace and Geely Zeekr AVs.

Waymo told CNBC that it will have up to a dozen cars each in Denver and Seattle to start testing.

Waymo’s primary competition on the global stage is Baidu-owned Apollo Go in China, which operates driverless ride-hailing services across Asia. Meanwhile, Tesla has obtained a permit to operate a ride-hailing business in Texas, and is testing a manned robotaxi service in Austin and another in San Francisco.

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Waymo begins testing self-driving cars with human drivers in New York and Philadelphia

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