Tag Archives: billion

Early Friday morning, Binance CEO Changpeng Zhao said the company committed another $1 billion to its relief efforts aimed at helping troubled businesses in the crypto industry. Binance’s efforts have been accelerated in the wake of FTX’s collapse earlier this month, which resulted in the company, once valued at $32 billion, filing for bankruptcy protection and leaving the crypto industry frozen in its wake. Earlier this month, Binance walked away from a purported deal to buy FTX. Binance’s… Source link

Tesla stock woes have caught the attention of one noted Wall Street bear on the EV maker. Citi analyst Itay Michaeli upgraded his rating on Tesla to Neutral from Sell on Wednesday, viewing the company losing more than $600 billion in market cap from November 2021 highs as nearing overdone. “We believe the year-to-date pullback has balanced out the near-term risk/reward,” Michaeli wrote in a note to clients. The analyst served up several reasons for the valuation-based upgrade. “(1) With the… Source link

The Powerball jackpot has officially set another new world record. The jackpot is now estimated at $1.9 billion, with a cash option of $929.1 million, according to Powerball, ahead of the next drawing Monday. That means should someone win Monday’s jackpot – it takes place at 10:59 p.m. ET – it would go down as the largest in Powerball in history, beating the previous record set in 2016, when the jackpot was won at $1.586 billion by three ticket holders. The Powerball jackpot also surpasses… Source link

Intercontinental Exchange (ICE) is taking a $1.1 billion write-off for its holdings of crypto platform Bakkt (BKKT) according to an SEC filing late Friday afternoon. Atalanta-based Bakkt, which offers crypto and other digital assets to institutional investors, is taking a $1.3 to $1.4 impairment on a loss of goodwill in addition to $150 to $160 million on its intangible assets. Cryptocurrencies are considered intangible assets based on Generally Accepted Principles of Accounting (GAAP),… Source link

Elon Musk.Adrees Latif/Reuters Elon Musk could have to sell up to $10 billion in Tesla stock next week to complete his Twitter buyout, according to Dav Ives of Wedbush. “The more investors that bail on this deal is the more money that Musk needs to contribute and therefore sell more Tesla stock,” Ives said. Ives called Musk’s $44 billion deal for Twitter a “train wreck.” Elon Musk could be forced to sell $5 billion to $10 billion in Tesla stock next week as he prepares to complete a $44 billion… Source link

By Aishwarya Venugopal, Diane Bartz and Abigail Summerville (Reuters) – Kroger Co snapped up Albertsons Cos Inc in a $25 billion deal on Friday, creating a U.S. grocery behemoth to better compete with leader Walmart Inc on prices while bracing for potential antitrust roadblocks. The mega merger between the No. 1 and 2 standalone grocers in the United States will bring under one roof nearly 5,000 stores that include banners such as Albertsons’ Safeway and Kroger-owned Ralphs and Fred Meyer. The… Source link

Traders betting against Cathie Wood’s ARK Invest have had a lucrative run this year. Shorting the firm’s family of eight exchange-traded funds (ETFs) has turned investors a mark-to-market profit of $2.4 billion so far in 2022 – more than twice the $941 million profit they made in all of last year, per figures from data analytics firm S3 partners. Of that gain, $492 million has been generated since mid-August, as technology stocks resumed a downslide amid renewed rate hike fears and… Source link

Dimitrios Kambouris/Getty Images for The Met Museum/Vogue/Joe Raedle/Getty Images Text messages between Elon Musk and various notables in tech and business have been released. In several private exchanges, Musk and Jack Dorsey discussed the platform and Musk’s involvement. “I trust you,” Dorsey said in one text to Musk. Elon Musk and Jack Dorsey texted privately about Twitter several times before and after the Tesla billionaire became financially involved in the company, newly revealed court… Source link

In this weekly series, CNBC takes a look at companies that made the inaugural Disruptor 50 list, 10 years later. Tumblr — the short form, multi-media blogging platform, that in many ways defined the online sensibilities of a coming-of-age generation — turned 15 this year. Despite recent years of waning users and declining cultural relevance, 2022 has offered a glimpse into the platform’s hope for re-cultivated popularity and significance, as new leadership leans into the ethos of… Source link

Google (GOOGL) suffered one of its biggest setbacks on Wednesday when a top European court fined it 4.125 billion euros ($4.13 billion) for using its Android mobile operating system to thwart rivals, offering a precedent for other regulators to ratchet up pressure. The unit of US tech giant Alphabet had challenged an earlier ruling, but the decision was broadly upheld by the Europe’s second-highest court in Wednesday’s… Source link