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Showing posts from November, 2020

Lion Electric Seals Blank-Check Merger

Lion Electric, a Canadian-based manufacturer of electric buses and vans, has announced that it's sealed a deal to go public by merging with blank-check firm Northern Genesis Acquisition Corp, whereas the merger is expected to hand over $500 million in cash to Lion Electric split into $320 million already secured by  Northern Genesis Acquisition Corp from its public debut and an additional $200 million to be raised from investors. The merger is expected to deliver a combined company with an initial pro forma market value of $1.9 billion, whereas upon completion, Lion Electric's current shareholders will hold 70% of the combined company. Lion Electric is a Canada-based manufacturer of all-electric medium and heavy-duty urban vehicles such as yellow school buses and delivery vans. Since it was founded in 2008, Lion Electric has delivered over 300 vehicles and now plans to more than double that number to 650 just in 2021 alone, whereas the company says it has over 300 purchase orde

Xavier Niel-Backed SPAC Seeks $360M

The French telecoms tycoon Xavier Niel has teamed up with two other partners to launch a new special-purpose acquisition company (SPAC) that's seeking to raise 300 million euros ($360 million) on the Paris Stock Exchange. The SPAC, or blank-check firm as they're called, is seeking to merge with a consumer goods company with a sustainability aspect. Named 2MX Organic, the new SPAC marks the second for Niel, who launched a previous French SPAC for media acquisitions in 2016, a time when the market for SPACs was not as hot as it became this year. For 2MX Organic, Niel has teamed up with supermarket chain owner Moez-Alexandre Zouari and investment banker Matthieu Pigasse, whereas Pigasse was also his partner in the SPAC launched in 2016.  2MX Organic is seeking to sell at least 25 million share units for 10 euros each, whereas only qualified investors from in and outside France will be able to purchase shares. The blank-check firm notes that it'll seek a merger target worth as

Airbnb Said To Target $30B+ IPO Valuation

The home rentals company Airbnb is targeting a valuation of around $30 billion to $33 billion in its imminent initial public offering, the Wall Street Journal reports , whereas such valuation would be significantly higher than the $18 billion private valuation the company got when it raised equity funding earlier this year as a Covid-19 pandemic had then hit its business hard.  Airbnb was actually once valued at over $30 billion by private investors but saw its valuation go down significantly in the early months of this year due to a pandemic that widely dwindled travel and leisure activity and, in turn, affected its business. Over the years, Airbnb has been one of the most anticipated tech IPOs and is now set to debut on the public markets this December. Its IPO will mark a major exit for a company that's raised over $4 billion in private venture funding.  Airbnb has largely recovered from the early months of the pandemic wherein its business sunk to a record low. In the third qu

Vista Buys Majority Stake In Gainsight

The tech-focused private equity firm Vista Equity Partners has reached an agreement to acquire a majority stake in sales CRM company Gainsight in a deal that reportedly values it at $1.1 billion. The exact stake take Vista is buying isn't disclosed but being disclosed as a majority stake sums up to at least 51%. With Gainsight, Vista has added yet another company to its portfolio of nearly 70 software companies. More so, Gainsight's majority acquisition is strikingly similar to another one that Vista also made this month, being the New York-based sales CRM startup Pipedrive , wherein the private equity firm reached an agreement to buy a majority stake in it at a reported $1.5 billion valuation. With Vista's majority-acquisition of Gainsight, the private equity firm will now work together with the company to guide its growth with hopes of exiting it for a higher price in the coming years. Under Vista's guidance, Gainsight will continue to be led by its current CEO Nick M Seeks Up To $527M From IPO

After filing for a public offering earlier this month, the enterprise AI software company has revealed that it's seeking to sell up to 15.5 million share units each for a price between $31 and $34, summing up to an aggregate of $527 million at the higher-end $34 range. The company has been approved for a listing on the New York Stock Exchange under the ticker "AI".  Over the years, has raised over $200 million in private venture funding and is now seeking to raise much more than that on the public markets. The company's public offering is being arranged by lead underwriters Morgan Stanley, J.P. Morgan, and BofA Securities. provides a suite of AI software tools for enterprises, wherein most of its money is made on a recurring subscription basis. The company pulled in $157 million in revenue in its most recent fiscal year and reported a net loss of $69 million that same year. was notably founded by Tom Siebel, a serial entrepreneur who sold his

Chinese EV Maker Kandi Accused Of Fraud

After taking on the electric carmaker Nikola this September, the short-seller Hindenburg Research is back to face another publicly-traded electric carmaker, this time the Nasdaq-listed Chinese company Kandi Technologies. Hindenburg has published a report that accuses Kandi of faking vehicle sales in order to raise money from US investors to fund its operations, wherein the company has raised $160 million in two separate direct share placements this month alone. Hindenburg accuses Kandi of colliding with subsidiaries and affiliated companies to generate bogus sales in order to entice investors to back the company. Among points noted by the short-seller include; Allegations that Kandi's stated second-largest customer was a once wholly owned subsidiary of the company Allegations that Kandi has partnered with a 'vaporware' ride-hailing firm that it claims could generate sales of up to 300,000 cars Kandi retaining a financial auditor that was handed a 3-year ban from auditing

FCC Chairman Ajit Pai To Leave Next Year

Ajit Pai, the current Chairman of the US Federal Communications Commission (FCC), has formally announced plans to leave the commission when the next US administration led by President-elect Joe Biden is inaugurated on the 20th of January. He'll leave after three years as the FCC's Chairman and eight years in total serving at the commission. “It has been the honor of a lifetime to serve at the Federal Communications Commission, including as Chairman of the FCC over the past four years,” Pai said in a statement. “To be the first Asian-American to chair the FCC has been a particular privilege. As I often say: only in America.” Pai joined the FCC under the administration of then-President Barack Obama in May 2012. He was appointed five years later as the commission's Chairman under the [now outgoing] Trump administration.  As Chairman under Trump, Pai oversaw landmark events including the merger of the two telecom giants T-Mobile and Sprint. He notably put into place new measur

Facebook Said To Buy Kustomer

The social media giant Facebook is on the cusp of a deal to acquire Kustomer, a startup that specializes in chatbots and customer service platforms for enterprises, the Wall Street Journal reports , whereas it's said that Facebook will pay a little over $1 billion for the New York-based startup. A Kustomer acquisition by Facebook doesn't sound startling, given that both companies intersect majorly in the area of chatbots. Over the years, Facebook has sought to build up new business lines after having conquered digital advertising. The social media giant could be looking to acquire and further scale up Kustomer as a new major business. A $1 billion+ price for Kustomer would also not be out of the box, given that the New York-based startup was valued at $710 million from its last funding round, according to PitchBook data.  Kustomer is backed by over $174 million in venture funding from investors including Tiger Global, Coatue, Battery Ventures, Redpoint Ventures, and Cisco Ven

ServiceNow Buys Element AI

The publicly-traded cloud software company ServiceNow has announced that it's reached an agreement to acquire Element AI, which is a Canadian startup that builds AI services for enterprises and was notably co-founded by the famous Canadian computer scientist and Turing Award winner Yoshua Bengio. Financial terms of the acquisition aren't formally disclosed, but a TechCrunch report pegs the price at around $500 million. As a privately-held company, Element AI has raised nearly $260 million in outside funding from investors including Real Ventures, McKinsey & Company, DCVC (Data Collective), and Fidelity. The reported $500 million price would mark ServiceNow's biggest acquisition ever since it was founded. With its new acquisition, ServiceNow will now establish an 'AI Innovation Hub' in Canada that'll house talent including Element AI co-founder Yoshua Bengio who will now serve as a technical advisor to ServiceNow.  The new Canadian AI Innovation Hub will j

GM Scales Down Nikola Partnership

After having announced a partnership-in-the-works this September, the automaker General Motors (GM) has today formalized a revised partnership and signed an official memorandum for a global supply agreement and integration of GM's Hydrotec fuel-cell system into the electric carmaker Nikola's commercial semi-trucks.  The newly-formed partnership is actually a scaled-down version of the previous partnership Nikola sought with GM that involved offering production services for Nikola's vehicles in exchange for an 11% stake in the company that was then valued at $2.2 billion.  Since that time, Nikola's stock has fallen hard due to issues including fraud allegations that led to the ouster of its founder Trevor Milton , whereas the value of that 11% stake now sums up to just about $900 million given its current (as of writing) $8.2 billion market cap. Even then, GM has revised its terms and is no longer taking an equity stake in Nikola under their partnership. With the scaled

DoorDash Seeks Up To $2.8B From IPO

After filing for a public offering earlier this month, the food delivery company DoorDash has submitted a new filing that indicates it's seeking to sell 33 million shares for each between $75 and $85, summing up to a targeted $2.8 billion fundraise at the higher-end price of $85.  At the $85 price, DoorDash will have a market value of about $32 billion, double its current private valuation of around $16 billion. DoorDash is seeking to go public in what would mark one of the biggest IPOs this year. Already well-funded by some $2.5 billion in private funding, the company is seeking to raise even more than that in an IPO to fund its operations.  A $32 billion exit will score big wins both for DoorDash's founders and the company's backers. Particularly, firms like Khosla Ventures and Sequoia Capital which invested in DoorDash when it was a much smaller company valued in the low-digit millions stand to reap bountiful sums from its public offering. Other investors who got in la

Moderna Seeks Approval For Covid Vaccine

The biotech firm Moderna has announced that it's finalized the initial tests for its Covid-19 candidate, reporting an efficacy rate of 94.1% against normal cases and 100% against severe cases. The freshly reported results don't deviate much from the 94.5% efficacy rate whichit posted from its ongoing tests earlier this month. Having finalized its initial tests, Moderna has said that it'll submit requests for approval to US and UK medical regulators on Monday, paving the way for the potential adoption of its vaccine. The company will also submit the data from its vaccine study for a peer-reviewed publication. Moderna will request what's known as Emergency Use Authorization (EUA) from the US Food and Drug Administration (FDA), and Conditional Marketing Authorization (CMA) from the European Medicines Agency. With its request, the company's vaccine will be subject to review from both agencies, whereas it says it expects the FDA to schedule its review for Thursday, the

Eric Schmidt, Tencent Back UK Venture Fund

Investors including the former Google CEO Eric Schmidt and the Chinese technology giant Tencent have backed the London-based venture capital firm Firstminute Capital in a $111 million fundraise which it just announced. They backed the venture capital firm along with other investors including RTI Capital Partners, the venture firm Atomico, and private equity firm Vitruvian. Firstminute is a venture firm that was founded in 2017 by  former Goldman Sachs analyst Spencer Crawley along with  Brent Hoberman, an entrepreneur who previously founded the online travel and gift business After founding and selling for nearly $1.2 billion back in 2005, Hoberman saw it fit to name his new venture firm Firstminute, first being the opposite of last. Before now, Firstminute had closed a $100 million fund, entailing its new $111 million raise brings its assets under management to $211 million. Since its founding, Firstminute Capital has invested in 56 early-stage startups,

China's Meituan Posts Strong Sales

The Chinese food delivery service Meituan Dianping has reported its financial results for the three months ended September 30, 2020, wherein the company posted the equivalent of $5.4 billion in sales and a net income of $958 million. Meituan's profit for the quarter was pulled up by the equivalent of $880 million in investment gains. Meituan's quarterly revenue went up 29% compared to the past year while profit surged nearly 400%. The company has affirmed itself as the biggest food delivery service in China and the world at large, bouncing back from disruptions of the past quarters that spurred from the coronavirus pandemic. Along with its food delivery business, Meituan also maintains a strong business in travel and hotel bookings alongside on-demand shopping for consumer goods. Its revenue from that segment however grew just 4.8% compared to the past year, notably as a Covid-19 pandemic has dwindled general travel and hotel activity. Overall, Meituan is a "super app"

Luminar Poised To Go Public This Week

Luminar, a startup that's working on lidar sensors for autonomous vehicles, is expected to complete a public listing this new week by way of a blank-check merger with the firm Gores Metropoulos. It's expected to complete its merger and begin trading on the Nasdaq Stock Exchange on Thursday the 3rd of December, with an initial pro forma market value of $3.4 billion. Luminar's blank-check merger will add $570 million to its balance sheet to fund its operations, split into $400 million from Gores  Metropoulos and an additional $170 million  from other investors including Palantir Chairman Peter Thiel, GoPro founder Nick Woodman, and the automaker Volvo. With its new capital, the eight-year-old Luminar expects to fund its growth and broader plans which include the development of multiple types of lidar sensors. The company has already secured partnerships with 50 companies including the automakers Daimler, Toyota, and Volvo, whereas it'll work with these automakers to devel

Apple Fined $12M In Italy

The tech giant Apple has been fined 10 million Euros ($12 million) by the Italian Competition Authority over what it says were “aggressive and misleading” advertising practices for its iPhones.  The Italian Competition Authority said Apple advertised that several iPhone models were water-resistant but didn't clarify that it was so only under certain circumstances. It also said that Apple tricked clients with a disclaimer that said its phones were not covered by warranty in the case of damage from water or other liquids despite advertising them as 'water-resistant'. To that, the  Italian Competition Authority has levied a fine of the equivalent of $12 million on Apple, whereas such a fine is a relative pocket change for a company that pulled in over $55 billion in profit in 2019 alone. Apple as a hardware manufacturer isn't new to hassles with antitrust and regulatory agencies and isn't the only one of its kind to do so. In the past, other top hardware makers like Sa

Chinese Investors Turn Towards Indonesia

For a long time, investors from China have majorly focused their international investments on is neighboring India and bet billions of dollars on companies in the country. In recent times, however, the relationship between India and China has soured, propelled by a border dispute that has led to some dire events, including the deaths of at least 20 Indian soldiers in a clash this June. With increasing tensions between both countries, India has become more business-hostile towards China and recently banned dozens of Chinese apps, 43 just this past week , from operating within its borders. The country has also amended its foreign investment rules to now require Chinese firms looking to invest in India to first obtain permission from the country's authorities. With that, Chinese investments in India have drawn down and are now steering more towards Indonesia which happens to be a fast-growing digital economy just like India. With dwindling investment opportunities, Chinese firms have

GlobalWafers Offers To Buy Siltronic

GlobalWafers, a Taiwanese company that's the world's third-largest producer of semiconductor wafers, has said that it's in final discussions to acquire its German semiconductor wafer peer Siltronic, whereas GlobalWafers has offered 125 Euros ($149.70) per share for the publicly-traded Siltronic, summing up to a full price of 3.75 billion Euros ($4.5 billion). A combination of GlobalWafers and Siltronic will join a Taiwanese company that's known to be the world's third-largest producer of semiconductor wafers with a German peer that's known to be the fourth-largest. The merger of both companies will create the world's second-largest semiconductor wafer company by revenue, our analysis shows. GlobalWafers' offer price represents a 48% premium to the average share price of Siltronic over the last 90 days. Under the terms of their deal, GlobalWafers has agreed to not institute any site closures or layoffs of Siltronic employees in Germany for operational rea

S&P Global Nears $44B IHS Markit Buy

S&P Global, the publicly-traded financial information and analytics firm, is nearing a deal to buy out its American-British competitor IHS Markit for about $44 billion, the Wall Street Journal reports .  The reported $44 billion price marks a significant premium to IHS Markit's current market value of about $37 billion and would mark one of the biggest-ever deals in the financial information and analytics sector. S&P Global will pay the $44 billion all in shares, the Journal reports. A combination of S&P Global and IHS Markit would join one of the oldest names in the financial markets being S&P Global with a relative newcomer that was formed from a merger four years ago. Before their combination, IHS and Markit were separate companies, whereas IHS was based in the US and Markit in the UK. They formally combined in 2016 and now maintain a headquarters in the UK. US-based S&P Global has a market value of over $80 billion so won't have a problem financing its

Meet MIT's Self-Driving "Roboat"

Photo: MIT CSAIL The Massachusetts Institute of Technology (MIT) never seems to run out of delivering cool stuff, if not a back-flipping dog-like robot  or using machine learning to identify new drugs  or the first direct image of a black hole . Now, we've spotted yet another which was unveiled recently and we'll like to show you, an autonomous boat that's aptly named "Roboat". This October, researchers from MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL) unveiled an autonomous boat that can ferry itself at sea. In this case, the Roboat is aimed at ferrying humans and not just goods as self-driving boats have already begun doing for some years.  The new Roboat, actually the second make hence its name 'Roboat II' is five years in the making and was tested at the canals of the city of Amsterdam for three hours wherein it collected data and returned back to its original location with an error margin of just 0.17 meters, researchers s

Winners From QuantumScape's Public Debut

  This Friday, QuantumScape, a company that's working on solid-state lithium-metal batteries for electric cars, debuted on the public markets by way of a merger with a blank-check firm. It marked one of the major blank-check mergers of this year and drew outsized demand from investors that led to its shares soaring over 50% on its very first trading day. QuantumScape was founded ten years ago and over time raised funding from a host of venture capital firms as well as individual entrepreneurs such as Microsoft founder Bill Gates and Tesla co-founder and former Chief Technology Officer (CTO) JB Straubel. QuantumScape's rise on its trading debut saw it gain a large pro forma market value of over $16 billion, an unusual one for a company that doesn't expect to begin generating revenues till 2024, and with that, the company's early backers have reaped lucrative profits from their investments or at least on paper for the time being. In this article, we examine the early inve

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Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a