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Substack raises more money, but is that a good thing? Axios reported on Tuesday that Substack is raising another $65 million in venture financing, which will give the newsletter-publishing platform a theoretical market value of $650 million. That’s more than ten times what it was reportedly worth when it raised its first $15-million round of financing in 2019, which — like the latest round — was led by Silicon Valley investment firm Andreessen Horowitz. In a blog post, the company said that it is going to use the money to expand its program of giving writers and journalists advances (w...

The social media giant is considering paying writers to post. Do we want them to? Drew Angerer/Getty Images For a company that says it’s not a publisher, Facebook just can’t stay away from the news industry. According to Axios, Facebook is testing a tool for journalists to build websites and newsletters that can host text, video, status updates, and other content. The company plans to pay some writers while eventually opening the program more widely. The social media giant, says Axios, is “trying to help find ways individual journalists can thrive as creators.” LinkedIn and Twitter, w...