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"Rigged Tax Code": Zoom Pays $0 Federal Income Tax On $660M Annual Profit

Zoom, the popular video-conferencing platform, was one of the major beneficiaries of the pandemic as millions around the globe became dependent on video calls to stay connected and carry out their jobs. 2020 was a wild year for Zoom, wherein its annual pre-tax profit soared from just $16 million to $664 million in the span of 12 months. For that year, the company reported $2.7 billion in revenue, over 4x its revenue in the previous year. Now, it's been revealed that Zoom only had to cough out a relatively minute sum to the US taxman despite its year of record profits. The company paid $0 in federal income taxes and only $5.7 million in total taxes to the US government in 2020, an effective tax rate of just 0.8% on its profits even though the corporate tax rate was 21% for 2020. It's not that Zoom broke the law or evaded taxes to reduce its federal income tax bill to nothing and total tax bill to $5.7 million. What the company did was take advantage of a legal loophole by compen

Serial Lawbreaker: Amazon Faces 3rd Wage Theft Fine In 3 Months

  Yet again, Jeff Bezos's e-commerce giant Amazon is in hot water with regulators for messing with the wages of its workers, in this case its drivers. The company is set to pay a fresh $8.2 million penalty in a class action settlement for wage violations, as indicated by a court settlement notice  for eight former Amazon delivery driver contractors in the Seattle area in Washington state. The $8.2 million fine is yet another entry into the long list of fines that Amazon will pay as penalties for apparent wage theft, coming just a week after the state of California fined the company $6.4 million  for failing to pay overtime and and offer rest breaks to over 700 contracted delivery drivers in Southern California between 2018 and 2020. Shortly before California's fine, Amazon also agreed to pay a $62 million fine levied by the Federal Trade Commission (FTC)  for pocketing delivery drivers' tips. Tracing back to other years, the company has numerously landed in hot water with r

Mobile App Monetization Company ironSource To Go Public With $11B SPAC Deal

Just that moment when you start to chill after taking a break from writing about numerous SPAC merger deals, there's that new one to always pop up and crash the break, and that new one today is ironSource, a mobile app monetization company based in Israel. ironSource has announced an agreement to merge with a special-purpose acquisition company (SPAC) sponsored by private equity firm Thoma Bravo. It'll merge with Thoma Bravo Advantage (NYSE: TBA) in a deal valuing it at $11.1 billion. Thoma Bravo Advantage raised $1 billion from an initial public offering (IPO) in January, money that'll now be handed over to ironSource with its merger, plus a $1.3 billion PIPE round committed to the company by a mix of investors including Tiger Global, Counterpoint Global (Morgan Stanley), Wellington Group, investment firm Fidelity, and hedge fund Baupost Group. From its merger, ironSource will get $2.3 billion of cash proceeds, marking one of the biggest SPAC deals of the past year. ironS

Newly-Public Lidar Company Luminar Heads For China's Auto Market

Luminar Technologies, a company making lidar sensors for autonomous vehicles that went public through a much-talked-about SPAC merger a few months ago, has added another major lidar supply deal to its package of contracts, this time with a Chinese automaker that's known to be the biggest in the country by the name SAIC Motor. Luminar has entered into a strategic partnership with SAIC Motor that'll see it supply lidar hardware and the accompanying autonomous driving software for a new line of SAIC electric vehicles dubbed R . The contract will kick off next year, 2022, and it's noted that targets exist for Luminar to supply lidars for SAIC's entire vehicle lineup needing it. With its partnership with SAIC, Luminar will open its first office in China in Shanghai, the same city where SAIC is based. From there, the Chinese automaker will provide local support for Luminar as it gets into a foreign market it hasn't been into before. For the new R brand electric car unveil

iBuying Startup Offerpad To Merge With Zillow Co-Founder's SPAC

Offerpad, a real estate tech startup focused on iBuying, has sealed a deal to be taken public through a merger with a special-purpose acquisition company (SPAC) and not just any SPAC but one formed by a co-founder of Zillow which's one of the biggest real estate tech companies globally. Offerpad has announced an agreement to merge with Supernova Partners Acquisition Company (NYSE: SPNV) and start trading on the public markets as a result. Supernova is a SPAC formed and led by Spencer Rascoff, a serial tech entrepreneur who's the co-founder and former CEO of Zillow. Offerpad's SPAC merger agreement values the six-year-old startup at $3 billion. The merger will hand over $650 million of gross cash proceeds to the startup, split into $403 million held in trust by Supernova and $250 million in additional investment commitments from firms including national homebuilder Taylor Morrison Home Corp and asset management giant BlackRock. Offerpad will be the second iBuying startup to

Deal: TPG's Rise Fund Invests $200M In Airtel Africa's Mobile Money Arm

The Rise Fund, a $5 billion impact investment fund formed by private equity giant TPG in partnership with Irish singer Bono and tech entrepreneur Jeff Skoll, has made its latest bet with a $200 million investment in the mobile money division of Airtel Africa plc. Officially, The Rise Fund will pay $200 million for a 7.5% stake in Airtel Mobile Commerce BV, which's the holding company for Airtel Africa's mobile money operations. The investment values Airtel Africa's mobile money business at $2.65 billion on a cash and debt-free basis. Airtel Africa announced The Rise Fund's investment in its mobile money arm with a filing to the National Stock Exchange of India . Following The Rise Fund's investment, Airtel Africa will continue to retain a majority stake in its mobile money business while the fund holds a 7.5% minority stake. With that, Airtel Africa notes that it's still in discussions with other unnamed potential investors to sell up to 25% of its mobile money

Crypto Exchange Coinbase Fined $6.5M For False Reporting, "Wash Trading"

Coinbase, the popular cryptocurrency exchange that's on its way to a blockbuster IPO , has been fined to the tune of $6.5 million by the US Commodity Futures Trading Commission (CFTC) to settle charges of "reckless false, misleading, or inaccurate reporting" and "wash trading" by the crypto exchange. Coinbase has been ordered to pay a $6.5 million civil monetary penalty and cease and desist from any further violations of the Commodity Exchange Act or CFTC regulations, as charged. Coinbase's charges of  " reckless false, misleading, or inaccurate reporting"  stems from allegations of the company failing to disclose to the CFTC as required that it was operating more than one automated trading program and trading through multiple accounts on its own GDAX trading platform (now Coinbase Pro).   The automated trading led to perceived trading and liquidity volumes that were misleading to traders and data brokers and such was illegal. For the charges of &q

Founders Of Bankrupt Biotech Startup uBiome Indicted For Fraud

The two founders of uBiome, a San Francisco lab testing startup that drew much attention in its heyday but was later crippled with bankruptcy, have been indicted for healthcare and securities fraud among other offenses by a federal grand jury in San Francisco, opening up a serious legal case that sees both founders facing numerous years of jail time. Jessica Richman and Zachary Apte by name were the founders of uBiome, a startup that sold convenient tests for the microbiome, the community of microorganisms residing in the digestive tract and other parts of the body.  In its heyday, uBiome was a high-profile startup flush with tens of millions of dollars in venture capital funding from investors including Y Combinator and Andreessen Horowitz. Its fortunes though began winding down after FBI agents raided the startup's San Francisco office  in an investigation over possible insurance fraud. Jessica Richman and Zac Apte have been indicted for multiple crimes including conspiracy to co

DraftKings Taps Bond Market To Raise $1.2B

After wrapping up 2020 with soaring revenues , sports betting company DraftKings has sought to capitalize on the cheerful investor attention towards it that's sent its stock soaring over the past year to raise $1.15 billion by selling convertible bonds on the public markets. DraftKings has announced  a proposed offering of $1.15 billion in convertible notes split into $1 billion upfront for investors and an additional $150 million optional allotment for the banks underwriting its bond issue.  DraftKings will sell $1 billion of convertible notes upfront and grant its underwriters a 13-day option to purchase an additional $150 million. Convertible notes are basically bonds that can be converted into stocks by their owners. DraftKings' convertible notes are priced at 0% interest and due by 2028. The notes won't be redeemable by DraftKings at its will before 2025. For conversion to DraftKings' stock at a bondholder's will, the notes have an initial conversion rate of 1

Samsung Updates Galaxy A Series With 3 New Phones

As expected regularly, Samsung has unveiled the latest addition of smartphones to its product lineup and this time to the Galaxy A series of mid-range premium smartphones. It's unveiled three new smartphones - Galaxy A52 , A52 5G , and A72 . Samsung unveiled the new Galaxy A phones at the Unpacked event usually held by the company, following an earlier one in January where it unveiled the Galaxy S21 Series . A52 and A52 5G The Galaxy A52 is a glossy smartphone with a 6.5-inch, Super AMOLED display and high-resolution cameras of 64MP at the rear and 32MP at the front. It sports a 4,500 mAh battery that Samsung says provides up to two days of battery life for the smartphone. Other features of the A52 include: 4/6/8GB RAM and 128/256GB internal memory versions Samsung's custom Octa-Core (Dual 2.3GHx + Hexa 1.8GHz) processor Support for MicroSD of up to 1TB Infinity-O (near bezel-less) visual display On-screen fingerprint authentication Water resistance Bluetooth connectivity as us

BMW Unveils First All-Electric Sedan, i4

In a move signaling its increasing commitment towards electrification, German luxury carmaker BMW has unveiled what's its first all-electric sedan, the BMW i4 , that's scheduled to hit the roads by the end of this very year. BMW first teased the all-electric i4 concept at the digital-only Geneva Motor Show last year and has now unveiled a production version that closely matches that concept. The i4 is an electric car that'll come in different versions with the highest having a range of around 300 miles and power of around 390kW (roughly 530 horsepower), BMW says. For now, though, BMW hasn't dished out many details on the all-electric i4 but says it'll do so 'over the next weeks.' However, the car's range and power output have been revealed as disclosed above, being two important pieces of information to note. Notably, BMW has said that it'll offer an M Performance model of the i4. Another notable piece of information is that the i4 will use the late

Qualcomm Closes $1.4B Purchase Of Chip Startup Nuvia

Nuvia, a chip startup co-founded by Apple veteran Gerard Williams, has definitely set its place as one of the fast-rising successes of the semiconductor industry in recent years. Founded just in 2019, it took only two years to reach a big exit with a $1.4 billion sale to chipmaking giant Qualcomm that was agreed to in January. Now, Qualcomm has officially closed its agreed acquisition of Nuvia and absorbed the company, it's announced . The sale has seen Nuvia's Co-Founder and CEO Gerard Williams, a chip design legend in his right, take on a new role as SVP of Engineering at Qualcomm. Nuvia is in the business of designing data center processing chips based on the Arm architecture and it seems in this case that Qualcomm bought the company mainly for its Arm design expertise.  Nuvia on the face of it has a talented team led by Gerard Williams, the former Chief CPU Architect at Apple. Its other co-founders, Manu Gulati and John Bruno,  are veterans of both Apple and Google.  For a

Squarespace Raises $300M, Valued At $10B Ahead Of IPO

After confidentially filing for an initial public offering in January and paving its path onto the public markets in the process, it's apparent that Squarespace, the popular web building and hosting service, isn't yet done with raising money on the private markets. It's just announced the close of a $300 million funding round valuing it at $10 billion. The new $300 million round is likely Squarespace's last before it debuts on the public markets, mimicking that of several other tech companies that have closed big funding rounds just on the cusp of their initial public offerings, such as UiPath  and Instacart . Squarespace's $300 million round came from a mix of new and existing investors including General Atlantic, Accel, D1 Capital Partners, Tiger Global, Dragoneer, Fidelity, and T. Rowe Price. With it, Squarespace has now raised a total of nearly $600 million of private venture funding. The $10 billion valuation for Squarespace with this round is noticeably high

Trading Platform eToro To Go Public In $10B SPAC Deal

eToro, a popular online platform for trading stocks and cryptocurrencies, is the latest technology company to take the SPAC route towards an exit on the public markets. It's sealed an agreement to merge with  special-purpose acquisition company (SPAC)  FinTech Acquisition Corp. V (NASDAQ: FTCV) in a deal valuing it at $10.4 billion. FinTech Acquisition Corp. V is a SPAC launched by female business veteran Betsy Cohen. eToro is on a path to go public after nearly a decade and a half of existence, wherein it's grown into a major online trading platform that drew $605 million in gross revenue in 2020. Particularly, 2020 was a very good year for eToro, wherein it says it added 5 million new registered users. In 2020, eToro says that it executed 27 million trades each month on average, compared to an average of 8 million trades per month in 2019. Now in 2021, the company reports having added 1.2 million new registered users and executing 75 million trades in January alone. Altogethe

Dealmakers Sam Altman, Michael Klein Team To Form $1B SPAC

As it looks, many big names in the business and technology world don't want to get left out of the boom of special-purpose acquisition companies (SPACs) and thus have moved to launch their own SPACs or take directorship positions at those formed by others.  Many of such big names from the technology world have launched and collectively raised billions of dollars for their respective SPACs, among them Peter Thiel of Palantir, LinkedIn founder Reid Hoffman, Zynga founder Mark Pincus, and Zillow Co-Founder Spencer Rascoff.  Likewise, many in the finance world have launched big SPACs, among such hedge fund tycoon Bill Ackman who holds the record for the biggest amount ever raised by a SPAC, and investor Michael Klein whose SPAC recently sealed a deal to merge with ambitious electric car startup Lucid Motors  in what's the biggest-ever SPAC merger deal by market value. Now, two big names from the finance and technology world have crossed over and teamed up to form a SPAC, being Mich

Swedish EV Battery Startup Northvolt Gets $14B Order From VW

It's definitely a good day for Northvolt, a Swedish startup making batteries for electric vehicles and a highly-funded one at that with some $3.3 billion in equity and debt financing.  Northvolt has sealed a big contract with German automaker Volkswagen to supply $14 billion worth of lithium-ion batteries for the automaker's electrification efforts over the next 10 years, with Northvolt becoming the strategic lead battery supplier to the Volkswagen Group in Europe. The $14 billion battery deal is a landmark one for Northvolt and brings the total value of supply contracts under its belt to $27 billion, quite unprecedented for a five-year-old startup in its early stages. As part of its supply deal with Northvolt, Volkswagen which was already an investor in Northvolt before now has increased its stake in the company to 20%. As an anchor investor, it'll also be Northvolt's biggest customer marking a significant tie-up between both companies. Northvolt is currently building

Stripe Raises Fresh $600M, Valued At $95B

Hot payments startup Stripe has closed a big new round of funding, announcing that it's raised a $600 million Series H round that values it at a whopping $95 billion, whereby such valuation makes Stripe now the most valuable private technology company in the US. Stripe's new round came from a mix of existing and new investors including Ireland’s National Treasury Management Agency (NTMA), Allianz X, Axa, Baillie Gifford, Fidelity, and Sequoia Capital.  With the new round, Stripe says that it'll bolster its European operations, particularly in Ireland where the company's two sibling founders, Patrick and John Collison, hail from. It's then no surprise that  Ireland’s National Treasury Management Agency  which's an investment fund of the Irish government chipped into Stripe's new funding round. Europe is a major market for Stripe, with 31 out of the 42 countries that the company is currently present in being from the continent. Over there, Stripe powers onlin

Real Estate Giant Cushman & Wakefield Forms $250M SPAC

The latest big name to get into the boom of special-purpose acquisition companies (SPACs) by launching its own SPAC is Cushman & Wakefield, a commercial real estate services giant. It's formed its own SPAC named  C&W Acquisition Corp that's looking to raise $250 million from an initial public offering. C&W Acquisition Corp has filed an S-1 document with the US Securities and Exchange Commission (SEC), making known its intent to raise $250 million by selling 25 million share units for $10 each. Its IPO is being underwritten by Citigroup and BofA Securities. As it's sponsored by a real estate services firm that's one of the biggest of its kind, it's no surprise that C&W Acquisition Corp is targeting to merge with a business in the property-tech and real estate sector as indicated by its S-1 document. It doesn't seem that the SPAC will have a problem finding a merger target thanks to the influence of its sponsor Cushman & Wakefield. Cushman &a

Instacart Names Snowflake's CEO, Tech IPO Veteran To Board

Barely two weeks ago, on-demand grocer Instacart announced a $265 million funding round that valued it at $39 billion, with the round coming ahead of an expected IPO for the company.  Now, Instacart has further hinted at IPO plans by naming a new board member who's well-versed in seeing tech companies through IPOs and is currently the CEO of one of the hottest public software companies, Snowflake Computing. Instacart has announced that it's appointed Snowflake CEO Frank Slootman to its board. He'll join six other members on the board, including Instacart's Founder and CEO Apoorva Mehta and representatives from investment firms Sequoia Capital, Andreessen Horowitz, and D1 Capital Partners. Frank Slootman. Slootman is a tech veteran who has seen three big tech companies through IPOs as a CEO, first at Data Domain Inc, then ServiceNow, and currently at Snowflake. It's likely that Instacart has added him to his board thanks to his experience of seeing tech companies t

Electric Carmaker Canoo Unveils New Pickup Truck

Fresh off a public listing through a merger with a special-purpose acquisition company (SPAC), electric car startup Canoo has unveiled what's its third vehicle, this time a bubbly-looking electric pickup truck. Canoo's newly-unveiled electric pickup truck sets the company as a contender in the American electric truck market which is one that's predicted for huge growth over time . Now, Canoo will be getting head-on with the likes of Tesla, Rivian, Ford, and Lordstown Motors to capture market share in the American pickup truck market as it's set to transition towards all-electric models over time. Canoo's new electric pickup truck is pictured above. It measures six feet and can extend to a fully enclosed eight feet to give way for more space, thanks to a pull-out bed extension that's demonstrated in the image below. At its front, Canoo's pickup truck features a cargo storage area that can hold tools or gear and also includes a fold-down worktable with electri

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Market Moves: Squarespace Unveils S-1 For Direct Listing

Squarespace, the popular web building and hosting company, has unveiled its S-1 filing with the US Securities and Exchange Commission (SEC) for a direct listing on the New York Stock Exchange (NYSE). The company had before now  filed confidentially for a public listing  this January and raised funding valuing it at $10 billion in March. As usual, the S-1 filing gives a peek into Squarespace's business and financials with information not publicly known before. In Squarespace's case, it paints a picture of a rapidly growing company with a history of profitability, the latter of which's a rarity among the recent crop of public listings from the startup world. Squarespace has been profitable for the past three years even as it grew rapidly. From 2018 to 2020, the company's annual revenue grew from $390 million to $621 million while it maintained profitability in the tens of millions. In 2018, 2019, and 2020 respectively, Squarespace reported a profit of $43 million, $58 mi

BlackRock, Temasek Team To Launch $600M Climate-Focused Fund

BlackRock and Temasek, two investment giants of which the former is American and the latter is a sovereign fund of the Government of Singapore, have teamed up to form a big investment fund that'll focus on climate change-centric and green investments. The new fund is named Decarbonization Partners and just like its name suggests will seek out deals for companies working on carbon reduction cum sustainability technologies.  Initially, BlackRock and Temasek have committed $600M to Decarbonization Partners, and the firm as a separate entity has a target to raise $1 billion for its first fund including capital from its anchors BlackRock and Temasek. With the focus on sustainability and climate change growing day by day, it's usual that institutional investors with big loads of capital have turned their ever-deal-seeking eyes towards the sector.  BlackRock's longtime CEO Larry Fink is one of the fore-running business executives pressing for action on climate change globally. Ear

IPO: Drug Discovery Firm Recursion Pharma Debuts On Markets

Recursion Pharmaceuticals, a company using machine learning to hunt for new drugs and therapies for ailments, has raised $436 million from an initial public offering (IPO) and begun trading on the public markets. It sold roughly 24.2 million shares for $18 each to raise that amount. Recursion Pharma filed for an IPO last month in March. Debuting at $18 per share on the markets, it closed trading on Friday up more than 70% at $31.34, giving it a market value of over $5 billion. A seven-year-old company, Recursion is part of a group of companies that emerged in the past few years to harness the rapid development and improvement in artificial intelligence and machine learning technologies in recent years and apply them to drug discovery. Recursion uses AI and machine learning to help discover new drugs. Its customers are primarily pharmaceutical companies such as Bayer, which has a collaborative agreement with it to seek new drugs for fibrotic diseases. Bayer bought a $50 million stake i

Coinbase Insiders Cash Out Big On Market Debut

After its recent debut on the public markets, several major shareholders of the cryptocurrency exchange Coinbase have apparently seen fit to cash out big sums of their stakes collectively amounting to billions of dollars. Among such insiders include Coinbase's founder and CEO Brian Armstrong and early VC investors Andreessen Horowitz and Union Square Ventures (USV). Brian Armstrong, Coinbase's CEO, sold around 750,000 shares in three separate transactions and netted $292 million from the sales, as indicated by an SEC filing . The sale represents less than 2% of his total holdings in the company. Just like Armstrong, Coinbase's other co-founder Fred Ehrsam sold 298,789 Class A shares at a weighted-average price of $374.72 and netted $112 million. He sold shares on Coinbase's Wednesday debut at prices ranging from $318.67 to $422.76. Coinbase's CFO Allesia Hass sold 255,500 shares at a price of $388.73 and netted roughly $99 million. It represents roughly 15% of her h

China's Luckin Coffee Gets $250M Investment After Fraud Fallout

Luckin Coffee, the once high-flying Chinese coffee chain startup that came crashing down on the heels of a major accounting fraud wherein it admitted faking revenue to the tune of over $300 million , appears to be attempting to bounce back even after its hefty troubles.  Luckin has said that it's secured a $250 million investment commitment from two Chinese private equity firms, Centurium Capital and Joy Capital, both of whom were existing shareholders of the company before committing the funding. Under their set terms, they'll purchase preferred shares of Luckin Coffee, which was delisted from the Nasdaq stock market last year and now trades over-the-counter. Centurium Capital will invest $240 million while Joy Capital is ponying up a much smaller $10 million. The new capital for Luckin is akin to a bailout that the company hopes to use to rebound its business.  Unsurprisingly, Luckin says that it'll use the new capital it just secured to help pay a hefty $180 million fin

SPAC: Record $40B Merger Deal Sealed By Singapore's Grab

Pertaining true to rumors, Grab, a Singapore-based ride-hailing giant dominating Southeast Asia, has officially agreed to a deal to go public by merging with a special-purpose acquisition company (SPAC).  This time, Grab isn't like other mergers as the $39.6 billion  pro forma equity value that it's negotiated makes the merger the biggest one to date. Deal Details: Grab is merging with Altimeter Growth Corp. (Nasdaq: “AGC”) and will start trading on the Nasdaq exchange with the symbol "GRAB" after the merger.  From its merger, Grab will receive roughly $4.5 billion in gross cash proceeds with most of it coming from a $4 billion PIPE round led by a $750 million commitment from Altimeter Capital, the very sponsor of the SPAC it's merging with.  Grab's merger is not just the biggest ever SPAC deal but is also expected to mark the biggest US equity offering by a company in Southeast Asia. It sets Grab on the global stage outside Southeast Asia where it doesn'

Crypto Exchange Coinbase Fined $6.5M For False Reporting, "Wash Trading"

Coinbase, the popular cryptocurrency exchange that's on its way to a blockbuster IPO , has been fined to the tune of $6.5 million by the US Commodity Futures Trading Commission (CFTC) to settle charges of "reckless false, misleading, or inaccurate reporting" and "wash trading" by the crypto exchange. Coinbase has been ordered to pay a $6.5 million civil monetary penalty and cease and desist from any further violations of the Commodity Exchange Act or CFTC regulations, as charged. Coinbase's charges of  " reckless false, misleading, or inaccurate reporting"  stems from allegations of the company failing to disclose to the CFTC as required that it was operating more than one automated trading program and trading through multiple accounts on its own GDAX trading platform (now Coinbase Pro).   The automated trading led to perceived trading and liquidity volumes that were misleading to traders and data brokers and such was illegal. For the charges of &q

Serial Lawbreaker: Amazon Faces 3rd Wage Theft Fine In 3 Months

  Yet again, Jeff Bezos's e-commerce giant Amazon is in hot water with regulators for messing with the wages of its workers, in this case its drivers. The company is set to pay a fresh $8.2 million penalty in a class action settlement for wage violations, as indicated by a court settlement notice  for eight former Amazon delivery driver contractors in the Seattle area in Washington state. The $8.2 million fine is yet another entry into the long list of fines that Amazon will pay as penalties for apparent wage theft, coming just a week after the state of California fined the company $6.4 million  for failing to pay overtime and and offer rest breaks to over 700 contracted delivery drivers in Southern California between 2018 and 2020. Shortly before California's fine, Amazon also agreed to pay a $62 million fine levied by the Federal Trade Commission (FTC)  for pocketing delivery drivers' tips. Tracing back to other years, the company has numerously landed in hot water with r

Morgan Stanley Bets Big On Skillz

Morgan Stanley, the well-known investment bank and financial services firm, is betting big on Skillz, a mobile gaming company that recently debuted on the public markets by the way of a reverse merger with a blank-check firm.  On the 9th of December, 2020, just a few days before Skillz completed its merger with the blank-check firm Flying Eagle Acquisition Corp, Morgan Stanley submitted a filing to the SEC that indicated it held an 18.8% stake in Flying Eagle.  With Skillz having completed its merger with Flying Eagle on Friday, Morgan Stanley's stake in the blank-check firm has been converted into Skillz stock and made it a major investor in the mobile gaming company. Skillz enjoyed a stellar debut that saw it soar high on its first day of trading. Now, the company trades at $20.92 per share with a market cap of over $7 billion. It seems that Morgan Stanley has found something very attractive in Skillz and thus secured a large stake in the company ahead of its debut. Skillz is

Jessica Alba's Honest Company Files For IPO

A consumer goods company founded by popular actress Jessica Alba is the latest company to file for a listing on the public markets. That company is The Honest Company, which was started ten years ago by a team led by Alba. With Alba's popularity, she helped steer The Honest Company into a high sphere of popularity that has brought in hundreds of millions of dollars in sales. The company sells a variety of household products with a major pitch of being eco-friendly. The Honest Company has filed with the US Securities and Exchange Commission (SEC) for an initial public offering. As usual, the S-1 filing gives a strong insight into the company's business with information not publicly known before. The Honest Company made $301 million in revenue in 2020, compared to $236 million in 2019. The company isn't profitable, reporting a net loss of $14.5 million in 2020 and $31 million in 2019. The Honest Company on Friday filed to sell $100 million worth of shares on the public marke