U S IPO market hits oversupply problem reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Antony Currie
3 minute read
Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo - RC2ASO93VIEI
MELBOURNE, July 26 (Reuters Breakingviews) - Tesla (TSLA.O) has finally joined the grown-ups. Elon Muskâs electric-car maker didnât just charge past $1 billion in earnings last quarter for the first time. Its pre-tax margin of almost 11% also finally rivals leaders like Toyota Motor (7203.T) and General Motors (GM.N). With the industry in upheaval, Teslaâs coming of age has come at just the right time.
Reuters
3 minute read
Smartphone with displayed Duolingo app is placed on the keyboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
NEW YORK, July 26 (Reuters Breakingviews) - ¿Cómo se dice âovervaluedâ? Language learning app Duolingo has ratcheted up the price on its initial public offering to as much as $100 a share, an 18% lift from the low point of its previous range. The company, which more than doubled sales last year, could now be worth as much as $3.6 billion not including stock options, a 50% jump from its last fundraising in November . Thatâs crazier than it sounds.
The S&P 500 Index has risen about a quarter since Duolingo last raised cash, though some tech-like firms that benefitted from lockdowns havenât done as well. Online meeting platform Zoom Video Communicationsâ (ZM.O) valuation has fallen since last fall while food delivery firm DoorDashâs (DASH.N) stock is at its IPO price from December.
Singapore s GIC looks for lab rat liquidity reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Gina Chon
3 minute read
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
WASHINGTON, July 7 (Reuters Breakingviews) - U.S. cryptocurrency businesses are riding out to the Wild West of Wyoming. The cowboy state has revamped financial rules to attract bitcoin startups, putting it ahead of the Federal Reserve and other D.C. regulators. But the measures for bitcoin banks are untested, making it the venue for cryptoâs first big rodeo.
Wyoming is trying to diversify beyond old school industries like coal, oil, and gas. In 2019, it came up with a charter for banks that deal mainly in digital assets called a special purpose depository institution. So far the state has approved three applications, including one to bitcoin trading platform Kraken Bank and another last month to Wyoming Deposit & Transfer.