Tag: valued
Oneok to buy Magellan Midstream Partners in deal valued at $18.8B
Roofstock, valued at $1.9B last year, cuts 27% of staff in second round of layoffs
Proptech company Roofstock has laid off about 27% of its staff today, according to an email sent to employees viewed by TechCrunch. The cuts come just five months after the startup laid off 20% of its workforce. The company’s website states that it has 400+ employees, or “Roofsters” as they’re dubbed, but it is not […]
Roofstock, valued at $1.9B last year, cuts 27% of staff in second round of layoffs by Mary Ann Azevedo originally published on TechCrunch
Stripe now valued at $50B following $6.5B raise
The company notes that it does not need this capital to run its business, but to help current and former employees with withholding tax obligations related to equity awards.
Stripe now valued at $50B following $6.5B raise by Christine Hall originally published on TechCrunch
FA Center: Bitcoin is close to being fairly valued — and its long-term prospects aren’t great
These stocks are valued at half the FTSE 100 index average!
Dr James Fox explores several FTSE 100 stocks that trade at considerable discounts versus the index average, using the P/E metric.
The post These stocks are valued at half the FTSE 100 index average! appeared first on The Motley Fool UK.
Indian fintech Money View valued at $900 million in new funding
Indian fintech Money View said on Monday it has raised $75 million in a new funding round, its second this year, despite the market slump as it looks to scale its core credit business and build more products in the South Asian market. Apis Partners led Money View’s Series E funding round, valuing the Bengaluru-headquartered […]
Indian fintech Money View valued at $900 million in new funding by Manish Singh originally published on TechCrunch
Cork’s Smarttech247 valued at £36.8m after London listing
The company previously planned to bypass the IPO process through a reverse takeover deal with Conduity Capital.
Read more: Cork’s Smarttech247 valued at £36.8m after London listing
Crypto exchange FTX was valued in the billions. Now Binance plans to acquire it in a fire sale.
Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, has become known as crypto’s bailout king. Whenever a crypto company would fail, Bankman-Fried, who’s also known as SBF, would swoop in with the cash to keep them afloat.
Now, SBF is seemingly getting a bailout of his own.
On Tuesday, the world’s largest cryptocurrency exchange Binance announced it had signed a non-binding agreement to acquire FTX amid reports questioning the liquidity of SBF’s crypto exchange and his trading group, Alameda.
The acquisition is dependent on the results of a due diligence investigation, according to Binance founder Changpeng Zhao, who also goes by CZ. And it should be noted that the tentatively planned takeover is only for FTX.com‘s operations, which account for the exchange’s non-U.S. operations. Bankman-Fried runs a separate U.S. crypto exchange known as FTX.US.
SBF and CZ traded barbs on Twitter over the weekend, as CZ announced Binance would liquidate any holdings of FTT, FTX’s own cryptocurrency token, due to “recent revelations.” This essentially set off a chain of events that saw FTT token crash in value and FTX experience $6 billion in user withdrawals over a period of 72 hours.
Those revelations mentioned by CZ were mainly the result of reporting from CoinDesk reporter Ian Allison and an anonymous crypto journalist who pens the newsletter Dirty Bubble Media under the name Mike Burgersberg. Both reports had access to Alameda’s balance sheets where there were clear liquidity problems, with the bulk of its assets in FTX’s own FTT token. The findings saw Burgersberg flat out question whether SBF’s empire was actually insolvent.
The anonymous Burgersberg has gained notoriety in crypto circles over the past year as being one of the first to sound the alarm about crypto lending firms Celsius and Voyager well before both companies went bankrupt. And apparently, based on CZ’s own Twitter likes, the Binance founder saw Burgersberg’s report before making his decision to cash out of FTT too.
According to reports, FTX was in talks to raise $1 billion at a valuation of $32 billion just six weeks ago. The crypto exchange raised $400 million at an $8 billion valuation in January. Now, it’s being sold to its biggest competitor in a fire sale.
As has become the norm in crypto, the news has created a domino effect throughout the industry; Bitcoin dropped below $17,500, its lowest value since 2020.
It’s hard to tell this story without mentioning that this is taking place on election day in the U.S. SBF became a major donor to the Democratic Party in attempts to lobby for pro-crypto legislation. At one point, he pledged as much as $1 billion towards elections heading into 2024. And while SBF did spend as much as $40 million on mostly Democratic campaigns through his Protect Our Future PAC, that’s well short of the aforementioned $1 billion.
After today’s news, it seems plausible that Democrats shouldn’t count on the rest of SBF’s $1 billion coming in any time soon.