Skip to main content

Posts

Featured

Robinhood Scores $180 Million Q2 Revenue

As revealed by a regulatory filing, Robinhood, the stock trading company, recorded $180 million in revenue in the second quarter of this year, nearly double the $91 million that it recorded in the same quarter last year. Robinhood's revenue primarily comes from big trading firms that pay the company for order flows to then front-run their trades with the aim of earning profits usually by scrubbing some pennies off each transaction. Out of the $180 million revenue, $111 million came from options trading by Robinhood customers.

Robinhood is benefitting from a recent surge in stock market volatility as numerous more people flock to buying and selling stocks. For a hint, the company added three million funded accounts in the first four months of this year alone and recorded its three most active trading days of all time in June of this year. Other brokers such as TD Ameritrade and Etrade are also witnessing sizeable increases in revenue from order flows ($340 million in Q2, compared …
Recent posts

Wendell Brooks Departs Intel Capital

Wendell Brooks, the President of Intel Capital, the venture arm of chip giant Intel, has tendered his resignation from the firm after a few years at its helm. Brooks is stepping down after four years as President, compared to his predecessor, Arvind Sodhani, who stepped down after 28 years of leading Intel Capital. Brooks says he's leaving Intel Capital to pursue other opportunities, and to fill in the gap left from his resignation, Anthony Lin, an executive at Intel Capital, will take over as interim President.

As President of Intel Capital, Wendell Brooks oversaw investments totalling hundreds of millions of dollars into hundreds of startups.





ServiceNow Readies $1.5 Billion Bond Sale

Cloud software company ServiceNow has priced a public bond offering that's intended to raise $1.5 billion to finance its operations. The Santa Clara-based company is issuing 1.4%-interest accruing senior notes that'll be due by 2030 to raise the targeted amount, which will be put towards financing its operations and also repurchasing up to $500 million in previously issued bonds that are due by 2022. Investment banks including the likes of J.P. Morgan, Goldman Sachs, Morgan Stanley, Wells Fargo, and Barclays Capital are managing the bond offering.

ServiceNow intends to complete the bond offering on the 11th of August 2020.





Brief: Dropbox's Q2 Results

Online storage company Dropbox has announced its financial results for the second quarter of this year, reporting revenues of $467 million, up 16% year-over-year, and a net loss of $17.5 million, compared to $21 million in the same period last year. Dropbox had 15 million paying users as of the end of the second quarter, compared to 13.6 million in the same period last year. The average revenue per paying user came at roughly $127, compared to $120 in the same period last year. Dropbox ended the quarter with $1.2 billion in cash and cash equivalents on its balance sheet.

Alongside its quarterly results, Dropbox also announced that its longtime Chief Financial Officer, Ajay Vashee, is stepping down effective on the 15th of September, 2020. He's being replaced by Tim Regan, Dropbox's current Chief Accounting Officer.





Brief: T-Mobile's Q2 Results

US telecoms giant T-Mobile has announced its financial results for the second quarter of this year, reporting revenues of $17.7 billion and net income of $110 million. During the quarter, T-Mobile notably added roughly 1.2 million customers to its network and finalized a merger with competitor Sprint to become an even bigger telecom provider. T-Mobile claims it's now surpassed AT&T to become the second largest telecom provider in the US but such a claim seems controversial and not necessarily true. Altogether, T-Mobile reports having 98.3 million total customers in the US.

T-Mobile has been building out its 5G network in the US, now in more than 7,500 cities. Major locations where it's set up 5G services include Los Angeles, New York City, Philadelphia, Chicago, Dallas, and Washington D.C. During the quarter, the company sold billions of dollars worth of additional bonds to finance its operations.





Brief: Cloudflare's Q2 Results

Internet security company Cloudflare has announced its financial results for the second quarter of this year, indicating $100 million in revenue, up 48% year-over-year, and $26 million in losses, up from $20 million in the same quarter last year. As of the end of the second quarter, Cloudflare reported having $1.07 billion in cash and short-term investments on its balance sheet. During the quarter, Cloudflare notably added more employees compared to any other quarter in its history.

Forecast

For the third quarter of this year, Cloudflare is projecting revenues of about $103 million. For the full year, the company is projecting revenues of between $404 million to $408 million.





Brief: Job Cuts Occur At Tesla

Tesla, the famed electric carmaker, is currently instituting some job cuts across the board, according to a source familiar with the matter. According to our source, the job cuts seem to be more performance and review-based rather than outright cuts intended to shave costs. However, a sizeable number of people have apparently been affected, with the job cuts having begun as early as last week. Specific reasons for the cuts weren't formally provided by Tesla, which is notably fresh off a concurrent fourth profitable quarter. Tesla clinched $6 billion in revenue and $104 million in profit in the second quarter of this year despite a pandemic that suspended major manufacturing operations for weeks. Altogether, the company sold about 91,000 vehicles in the second quarter of this year.

Tesla is also notably fresh off a lawsuit against electric car challenger Rivian, which it accuses of  trade secrets theft facilitated by some of its former employees.





Uber's Q2 Results

Uber has announced its financial results for the second quarter of this year, reporting $2.2 billion in revenue, down 29% year-over-year, on gross bookings of $10.2 billion, down 35% year-over-year. Net loss for the quarter came at $1.8 billion, including $131 million in stock-based compensation expense. As of the end of the second quarter, Uber had $7.8 billion in cash and short-term investments on its balance sheet, as it grapples with a coronavirus pandemic that has significantly affected its business. It's such that Uber resorted to laying off thousands during the quarter in order to curtail business losses.

During the second quarter, 737 million trips were taken on Uber, compared to roughly 1.7 billion in the same quarter last year. Uber reports having 55 million monthly active riders as of the second quarter, compared to 99 million in the same period last year. During the quarter, ride-hailing revenues fell 67% year-over-year to $790 million while food delivery revenues sur…

Brief: Moderna's Q2 Results

Moderna, the biotech company, has announced its financial results for the second quarter of this year, reporting $66 million in revenues, compared to $13 million in the same quarter last year and much a beat to general analyst expectations for this quarter. The company, however, lost $117 million within the same period. As usual, research and development spend made up the bulk of Moderna's operating expenses, coming at $152 million for the quarter. During the quarter, Moderna also received $400 million in customer deposits for the potential supply of a coronavirus vaccine that it's working on, a potential vaccine that has already begun Phase 3 trials.

Moderna ended the quarter with $3.1 billion in cash on its balance sheet, buoyed by $1.3 billion in proceeds that the company got from a share offering in May of this year.





Brief: China Vehicle Sales Rise In July

Sales of vehicles in China rose for another month in July despite a coronavirus pandemic that has affected the country's economy, according to data released by China Association of Automobile Manufacturers. In July, about 2.08 million vehicles were sold in China, up about 15% year-over-year and marking the fourth concurrent month that vehicle sales are rising in China year-over-year this year. However, this year overall, vehicle sales in total declined by 12.7% year-over-year. China is the world's biggest car market, and buyers are apparently resuming buying in higher numbers as the government eases restrictions and, in turn, help curb an auto sales slump that has generally affected the country for the past three years.

China's government has instituted stimulus measures such as tax rebates in order to lure car buyers in the country. It's such that China's market being so lucrative has lured global carmakers to spend billions of dollars to expand in the country, c…

Epic Games Closes $1.8 Billion Round

Epic Games, the gaming studio best known for creating Fortnite, has announced that it's raised $1.8 billion in new funding that values it at $17.3 billion post-money. The funding both consisted of primary capital for Epic as well as the purchase of shares from existing shareholders in the company. The $1.8 billion figure includes $250 million in funding that recently came from Sony. Other participants include the likes of BlackRock, Fidelity, Baillie Gifford, Lightspeed Venture Partners, KKR, and hedge fund tycoon David Tepper. Even with the new funding, Epic remains controlled by its founder and CEO, Tim Sweeney.

With the new funding, Epic Games has now raised a total of about $3.4 billion in known outside funding since its inception.





Karma Automotive Accused Of Secrets Theft

Karma Automotive, a Chinese electric vehicle upstart owned by auto-parts maker Wanxiang Group, has been accused of stealing vehicle plans from VLF Automotive, a niche carmaker and strategic partner to Karma Automotive. VLF Automotive, a carmaker co-founded by former General Motors executive Bob Lutz and electric car designer Henrik Fisker, has filed a lawsuit against Karma Automotive in the US state of California, accusing the company of trying to expropriate its plans for a "luxury Humvee" which was shared with Karma Automotive.

VLF alleges that despite signing a non-disclosure agreement, Karma's chief executive, Lance Zhou, used designs shared by VLF with the company to secretly contact VLF's own manufacturing partners to help bring the electric Humvee to the Chinese market. VLF is seeking $18.5 million in damages to cover its investment in the Humvee project as well as its share of projected profits. The lawsuit notably comes on the heels Karma Automotive securin…

Blackstone Snaps Up Ancestry

Blackstone, the private equity investment firm, has reached a deal to acquire Ancestry, the popular genealogy company, from its current owners which include a host of private equity firms. Blackstone is snapping up the majority of the company in a $4.7 billion deal, nearly triple the price of $1.6 billion that it was acquired for by its current owners in 2012. Ancestry's current co-owners include firms such as Silver Lake, GIC, Permira, and Spectrum Equity. Apparently, all of Ancestry's co-owners have agreed to sell their stake in the company save for GIC, which will continue to retain a stake in the company.

In Ancestry lies a company operating in more than 30 countries and with over $1 billion in annual revenue. Ancestry primarily offers genealogy services to [currently] more than 3 million paying subscribers. The company operates a host of online properties that offer distinct genealogy-related services.





Livongo And Teladoc Agree To Merge

Livongo Health, a digital health company that went public only last year, has reached a deal to merge with Teladoc Health, a leading virtual health company, in what adds up to an $18.5 billion deal for Livongo. Teladoc will exchange $11.33 in cash atop 0.5920x shares of itself for each publicly-traded Livongo share to complete the merger. Upon completion of the proposed merger, existing Teladoc Health shareholders will control roughly 58% of the combined company while existing Livongo shareholders control the rest.

The merger deal represents one of the largest in the virtual health industry and even the third-largest merger deal in the US this year. Demand for virtual health services has surged greatly on the heels of a coronavirus pandemic that has made people wary of non-essential in-person medical visits. It's such that during the span of this year, the price of Teladoc's shares has tripled while Livongo's has surged six-fold. Combined, both companies will have about $…

Samsung Debuts New Gadgets

At the latest installment of its Galaxy Unpacked event, Samsung, as usual, has debuted new gadgets for consumers, this time particularly, new smartphones, earbuds, a tablet, and a smartwatch, respectively the Galaxy Note20 series and a new Galaxy Fold, the Galaxy Buds Live, Galaxy Tab S7 series, and the Galaxy Watch 3. All the new gadgets will be released as soon as this month.

Galaxy Note20

Samsung has debuted the Galaxy Note20 smartphone and a Note20 Ultra variant. The infographics below sheds light on their specifications and features;



The Note20 series will become available for sale in select markets beginning on the 21st of August, 2020.

Galaxy Z Fold2



Samsung has debuted the second iteration of its iconic Galaxy Fold foldable smartphone. Its flagship feature is a 7.6-inches main screen and 6.2-inches cover screen (edge-to-edge display).


Galaxy Tab S7

Samsung has debuted the Galaxy Tab S7 as well as an S7+ variant. Its specifications and features are displayed below;



They'll be…

Samsung Debuts Galaxy Watch 3

At this year's installment of its Galaxy Unpacked event, Samsung has debuted the Galaxy Watch 3, the second iteration of the company's iconic line of smartwatches. The new smartwatch is 14% thinner, 8% smaller, and 15% lighter compared to the original Galaxy Watch, and with physical features including the iconic rotating bezel seen in previous Galaxy Watches. Among its specifications include;

8GB internal storage and 1GB RAM360x360 AMOLED displayBluetooth/WiFi connectivity as expected andA 247mAh or 340mAh battery, depending on the version.
The Galaxy Watch 3 is available in two length types, a 41mm (with a 247mAh battery) and 45mm (with a 340 mAh battery). It'll become available in select markets beginning from tomorrow, the 6th of August, 2020.


Update [8/6/20]: we made a correction to indicate that the Galaxy Watch 3 is actually the second iteration of the Galaxy Watch rather than the third, given there was no Galaxy Watch 2.





Brief: Ford Names New CEO

Automaker Ford has announced a landmark leadership change, with its current CEO Jim Hackett agreeing to step down and handover to Jim Farley, a long-time Ford executive who is currently the company's chief operating officer. Farley will officially takeover as Ford's new chief executive on the 1st of October, replacing Jim Hackett who has held the position for three years. Farley is taking the position of CEO after more than a decade at Ford, which he joined in 2007 as global head of Marketing and Sales. Among other roes he has held at the automaker include leading its European and South American divisions as well as its New Businesses, Technology & Strategy team.

Hackett is stepping down by next month but'll continue to serve as a special adviser to Ford through March of 2021.





Brief: Twilio's Q2 Results

Cloud communications company Twilio has announced its quarterly results for the second quarter of this year, indicating $401 million in revenue, up 46% year-over-year, and $103 million in losses, up nearly 10% year-over-year. During the quarter, Twilio added more than 200,000 active customer accounts and also about 200 employees compared to the previous quarter. The San Francisco-based company also hired its first Chief Information Officer during the quarter.

Forecast

For the next quarter, Twilio is projecting revenues of between $401 million to $406 million.





Rigetti Computing Nabs $79 Million Series C

Rigetti Computing, a Berkeley, California-based quantum computing startup, has raised $79 million in Series C financing led by Bessemer Venture Partners, with additional participation from the likes of Franklin Templeton, Morpheus Ventures, DCVC, EDBI, and Northgate Capital. The new financing tops up an $8.6 million award from the research arm of the US government to build a quantum computer system that's aimed to be capable of outperforming classical computers. “This round of financing brings us one step closer to delivering quantum advantage to the market,” Chad Rigetti, the CEO of Rigetti Computing, says in a press statement.

Rigetti's Series C follows a previous $71 million round of financing that the company raised in March. With this new financing, Rigetti has now raised a total of about $270 million in known funding since its inception.

Rigetti primarily builds and develops quantum computers. The company was founded in 2013.





Brief: Amazon Preps For Sweden Launch

E-commerce giant Amazon is preparing for a formal launch in Sweden in what would mark the company's first step to establish a domestic presence in a Nordic country. The US-based e-commerce giant is said to have already made plans for a contract logistics facility to be set up in the Swedish city of Eskilstuna to facilitate its launch in the country. Currently, Swedish customers can actually shop on Amazon through the company's international websites and get their products shipped into Sweden, but this usually incurs high delivery fees. Amazon now looking to establish a local presence in Sweden likely constitutes a sizeable challenge for the country's domestic players that currently dominate its e-commerce market.

“We are optimistic that, by focusing on the things we believe customers will place the greatest emphasis on - low prices, a wide range and fast deliveries - we will eventually be able to win the trust of Swedish customers,” Alex Ootes, vice president for EU Expan…

Rippling Nabs $145 Million Series B

Rippling, a human resources software startup, has announced it's raised $145 million in Series B funding led by venture capital firm Founders Fund, with participation from the likes of Coatue Management, Greenoaks Capital, Kleiner Perkins, Initialized Capital, Bedrock Capital, and Y Combinator. According to reports, the Series B financing values Rippling at $1.35 billion, a nearly five-fold increase from its most previous valuation of $295 million.

With the new funding, Rippling has now raised a total of about $210 million in known funding since its inception. Headquartered in San Francisco, Rippling develops software that helps businesses to manage their human resources functions. The company was founded by Parker Conrad, an entrepreneur also famously known for founding Zenefits, also a human resources software company. Zenefits was once a high-flying startup, with a valuation as high as $4.5 billion, before several scandals seemingly clipped the company's wings. Zenefits ha…

GoodRx Files To Go Public

As first reported by Reuters, GoodRx, the prescription drugs marketplace, has submitted paperwork with the U.S. Securities and Exchange Commission for a planned public listing. According to Reuters, the company is in the process of hiring advisers to arrange a public listing, which is said to be scheduled for later his year or early in 2021.

Apparently, GoodRx plans to go public after about nine years since its founding. The Santa Monica-based company was founded in 2011 by two entrepreneurs by the names of Doug Hirsch and Trevor Bezdek. GoodRx acts as a middleman that gathers information from pharmacy partners to help its users track drug prices and discounts. The company primarily makes money by charging fees to its more than 70,000 US-based pharmacy partners. According to GoodRx, some 17 million consumers make use of its service monthly.

GoodRx is backed by investors including Silver Lake Partners, Francisco Partners, and entertainment mogul Michael Ovitz. The company was said to …

UK Clears Amazon's Deliveroo Investment

Following what was termed as an "in-depth" investigation, the UK's Competition and Markets Authority (CMA) has formally cleared a big investment by Amazon into Deliveroo, the country's leading food delivery startup, after previously putting the deal on hold to make way for investigations over potential antitrust issues resulting from the investment. The CMA says it made the decision to finally greenlight the investment after concluding that a 16% stake that Amazon was purchasing in Deliveroo will not substantially affect competition in the country's food delivery market. However, the regulatory agency warns of possible future investigations if Amazon moves to increase its stake in Deliveroo. The investment of concern here is a $575 million funding round led by Amazon.

With the investment secured, Deliveroo has now clinched a total of $1.5 billion in funding since its inception.





Take-Two Interactive's Q2 Results

Gaming studio Take-Two Interactive has announced its financial results for the second quarter of this year, indicating $831 million in revenue, up 54% year-over-year despite the company not releasing any new game during the quarter. Revenue for the quarter was buoyed by games such as NBA 2K20, Red Dead Redemption 2, and Grand Theft Auto V as well as mobile games from its subsidiary Social Point. Net income for the quarter came at roughly $89 million, up 91% year-over-year. As at the end of the second quarter, Take-Two had $2.3 billion in cash and short-term investments.

Forecast

For the third quarter of this year, Take-Two is forecasting revenue of between $750 million to $800 million. For the entire year, the gaming company is forecasting revenue of between $2.8 billion to $2.9 billion and a net income of between $349 million to $380 million.





HeadSpin Undergoes Recapitalization

Not too long ago, HeadSpin, a mobile app testing startup, secured $60 million in Series C funding that boosted the amount of funding the company had raised since its inception to $117 million and valued it at roughly $1.2 billion. Investors in that round included the likes of Dell Technologies Capital, Tiger Global, Alpha Square Group, and prominent individual investors such as LinkedIn's Jeff Weiner and Facebook executive Kevin Weil. Right now, however, things seem to be rocky at HeadSpin, with the company now required to return up to $95 million in funding to investors after an internal review shed light on financial irregularities and forced it to restate its financials, as first reported [paywall] by The Information.

According to The Information, an internal review at HeadSpin led by Nikesh Arora, the company's recently appointed board chair, revealed that the company was on track to post $15 million in annual recurring revenue (ARR) by this year's end, much lesser th…

Intuit Scoops Up TradeGecko

Financial software company Intuit has reached a deal to acquire TradeGecko, a Singapore-based startup that develops software for inventory and order management. TradeGecko was founded in 2012 and has raised some $18 million in funding since its inception. Intuit is reportedly paying $80 million for the company, implying possibly sizeable returns for the company's investors and employees. Among investors in TradeGecko include 500 Startups, Jungle Ventures, Golden Gate, Aura Ventures, and Openspace Ventures.

Intuit will integrate the TradeGecko platform with its famous QuickBooks suite of financial, payment, reporting, and accounting software. Already, over 7 million businesses globally make use of QuickBooks, implying a large potential user base for TradeGecko to tap into. “We couldn’t pass up the opportunity to join the Intuit team,” Cameron Priest, TradeGecko's CEO, said in a press statement. “Our mission is to enable entrepreneurs to build the business of their dreams, and …

Brief: Chegg's Q2 Results

Online education company Chegg has announced its financial results for the second quarter of this year, indicating $153 million in revenue, up 63% year-over-year, and net income of roughly $11 million. Revenue is up by a high 63% thanks to a surge in demand for online education services as people widely remain locked out from in-person learning due to the coronavirus pandemic. During the quarter, the number of Chegg's subscribers grew 67% year-over-year to 3.7 million, and with some 375 million total content views.

For the next quarter of this year, Chegg is forecasting revenue of between $140 million to $145 million. For the full year, the Santa Clara-based company is forecasting revenue of between $605 million to $615 million.





Farmers Business Network Nabs New Funding

Farmers Business Network, a San Carlos, California-based agricultural tech company, has announced it's secured $250 million in Series F funding led by investment firm BlackRock, with participation from the likes of Lupa Systems, Baron Capital Group, T. Rowe Price, Mandi Ventures, GV, Kleiner Perkins, and businessman Ron Shaich. According to reports, the new funding came at a valuation of $1.8 billion. It adds up the total amount of funding that Farmers Business Network, fondly referred to as FBN, has raised since its inception to about $620 million. The company says it'll put the new funding towards expanding its operations.

Farmers Business Network is a peer-to-peer analytics and e-commerce platform for farmers based in the US, Canada, and most recently, Australia. Currently, the company has over 12,000 farmers, representing more than 40 million acres of farmland, registered on its platform. Examples of peer-to-peer, or more aptly for this case, farmer-to-farmer services off…

Lordstown Motors Eyes Reverse Listing

Lordstown Motors, an electric vehicle upstart based out of Lordstown, Ohio, has announced that it's reached a deal to go public on the Nasdaq stock exchange via a merger with DiamondPeak Holdings, a 'blank check' company, or better known as special purpose acquisition company (SPAC). The merger will add roughly $675 million to Lordstown's balance sheet and is intended to come with a valuation of $1.6 billion. The $675 million figure includes $500 million in committed investments from investors including General Motors, Fidelity, Wellington Management, and BlackRock.

Something very peculiar about Lordstown Motors is its relatively short span of existence, having been founded just a year ago. Lordstown made a splash last year by acquiring a 6.2 million-square-foot automotive manufacturing facility from automaker General Motors, which had earlier vacated the facility. The acquisition itself was unique, given that General Motors actually loaned Lordstown the sum of $40 mi…

Brief: DST Global To Back Byju's

DST Global, a venture capital firm headed by famed investor Yuri Milner, is on the cusp of a deal to invest as much as $400 million in Byju's, the Indian online education startup, as first reported [paywall] by Bloomberg. According to Bloomberg, DST Global has worked up a deal to invest in Byju's at a valuation of $10.5 billion and could reach a final agreement as soon as this weekend. In this year alone, Byju's had raised some $500 million in funding from a group of investors. The company's most recent financing round occurred just this June and valued it at $10.5 billion, cementing its position as the second top-most valued startup in India, only beaten by payments company Paytm. Altogether, Byju's has raised some $1.5 billion in funding since its inception.

DST Global isn't at all new to investing in India, having already backed well-known technology companies in the country such as Flipkart, Swiggy, and Ola Cabs. Bearing true to its name, DST Global makes …

Brief: Alibaba Doubles Down On Xpeng

Chinese tech giant Alibaba is apparently ponying up more cash for Xpeng Motors, a Chinese electric vehicle upstart that it's already backed to the tune of tens of millions. According to sources, the Chinese tech giant is participating in an additional $300 million funding round for Xpeng alongside the Qatar Investment Authority, notably just weeks after Xpeng announced it had secured $500 million in new funding. Alibaba is backing the electric car maker in what's likely to be its last private financing round before a public listing. Xpeng has reportedly already filed confidentially for a public listing in the US.

Xpeng was founded only in 2014 but has already begun delivering not one but two electric car makes to customers. The company has released an SUV, called the G3, and a sedan called the P7, with its operations backed by more than $2 billion in known funding so far.





Google Makes Big Bet On ADT

Google has reached a deal to cough up $450 million for a 6.6% stake in ADT, the publicly-traded security and smart home solutions provider, as part of a broader partnership to jointly develop smart home security products with the company. Google and ADT are each committing $150 million for product development, technology, marketing, and employee training towards developing new products. The partnership primarily combines Google's Nest brand of home security hardware and services with ADT's vast installation, service, and professional monitoring network in the US. Thanks to the partnership, ADT aims to begin offering certain Google devices to its customers beginning this year.

Google is ponying up $450 million for newly created Class B common stock of ADT that'll come with all the usual rights and preferences of the company's common stock except for the right to have a say in the appointment or removal of board directors. The search giant's investment is expected t…

Brief: Grab Snags Extra $200 Million

Grab, the Southeast Asian ride-hailing company, has reached a deal to raise an additional $200 million in funding mainly from Stic Investments, a South Korean private equity firm, as first reported [paywall] by Bloomberg. According to Bloomberg, Stic will invest about $100 million from one of its funds, with the rest to be provided by other co-investors. Already, Grab is one of the most capitalized private technology companies in Southeast Asia and even globally, having raised more than $10 billion from investors since its inception. According to CB Insights, the Singapore-based company's last-known funding round valued it at $14.3 billion.

Stic Investments is a Korean asset management firm with about $4.5 billion of assets under management.





Microsoft Confirms TikTok Purchase Talks

On the heels of reports of Microsoft looking to acquire TikTok, the Redmond, Washington-based software company has itself formally confirmed that it's actually in talks to acquire the social media sensation from its Chinese owner, ByteDance Technologies. According to an announcement from Microsoft, acquisition talks began after a conversation between the company's CEO, Satya Nadella, and U.S. President Donald Trump, who has himself threatened to ban TikTok in the U.S. supposedly over its Chinese ties.

Microsoft says that it'll "move quickly to pursue discussions" with TikTok's owner, ByteDance, with a deadline set on the 15th of September 2020. The software giant also notes that intends to continuing dialogue with the U.S. government over its intended purchase. Microsoft's intended deal is to acquire TikTok's operations in the US, Canada, Australia, and New Zealand. The company says it may invite other investors to participate in the intended takeove…

Telegram Files EU Complaint Against Apple

Popular chat app Telegram is the latest company to file a formal antitrust complaint against Apple in the European Union, primarily concerned about the iPhone maker's App Store fees and its prevention of Apple device owners from downloading apps from other sources. The formal antitrust complaint follows a guide recently penned by Telegram's CEO, Pavel Durov, where he outlined "7 Reasons Every iPhone User Should Be Worried About the App Store’s 30% Tax". Among the reasons postulated include higher prices for consumers; censorship; lack of privacy; more ads in apps; delays in app updates; fewer apps, in general, being made; and "worse" apps being developed.

Telegram marks the third major company, after Spotify and Rakuten, to have filed formal complaints against Apple in the European Union, where the company is already facing antitrust investigations. Also, Apple's CEO, Tim Cook, is also fresh off an antitrust hearing in the US, pointing towards possible…

Most Read Posts