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Carl Pei confirms Nothing’s acquisition of Essential Inc; reaches $18 million in registered interest from the public in 24 hours

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Nothing is on a roll this week. On Monday, it was revealed that the company had acquired Essential, the Andy Rubin-owned company that shut down a few years after it came into business. Yesterday, Nothing opened up investment to the general public and in just 24 hours, it has raised more money than Alphabet’s GV invested in it. Its founder, Carl Pei, has also confirmed the acquisition of Essential.

Starting with the acquisition, Carl Pei took to Twitter to confirm the story of his company’s acquisition of Essential. However, he has kept his lips closed on his plans with Essential.

There are speculations that the acquisition was mainly for Essential’s patents, but as you can see in the tweet above, Carl Pei says “trademarks” and not “patents”. It remains to be seen if the acquisition also includes patents but one thing we hope to see in the future from Nothing is Essential-branded products.

In related news, Nothing has announced that it has reached over $18 million of registered interest in just 24 hours from more than 14,500 persons following the company’s decision to open investment to the Nothing community. That is more than the $15 million investment it secured from Alphabet’s GV.

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However, the company will only be offering $1.5 million worth of shares to the Nothing Community and they will be offered on a first-come-first-serve basis.

Nothing revealed earlier this month that its first product will be wireless earbuds

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and they will be announced this summer. That doesn’t sound exciting seeing as the market is flooded already but we are curious to see how Nothing intends to stand out from the competition.

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