Amazon is currently the second biggest company in the world when it comes to market capitalization. The company is currently worth $763.27 billion (NASDAQ:AMZN) while Alphabet (NASDAQ:GOOG) is “only” worth $762.98 billion. Amazon has had an incredible quarter. Stock is up nearly 29 percent since early January. As for Alphabet, its shares have gone up and down. And if you look at today alone, Amazon is up 2 percent, while Alphabet is flat. Alphabet can still pass Amazon again before the stock market closes. But it sounds like the writing is on the wall. The only company that is currently more valuable than Amazon is Apple. There’s still quite a long way to reach Apple as Apple’s market capitalization is… $892 billion.
Facebook is having a bad day… for the second day in a row. Following the Cambridge Analytica debacle, Facebook shares (NASDAQ:FB) are currently trading at $164.07, down 4.9 percent compared to yesterday’s closing price of $172.56. More importantly, if you look at Monday and Tuesday combined, Facebook shares are down 11.4 percent compared to Friday’s closing price of $185.09. In other words, Facebook was worth $537.69 billion on Friday evening when it comes to market capitalization. And Facebook is now worth $476.83 billion. That’s how you lose $60 billion in market cap.
Lydia launches Lydia PremiumFrench startup Lydia announces two new things today. First, the company is launching a financial hub with multiple new products. Second, Lydia is announcing a new premium subscription to access those new features. “Today, we’re lucky enough to have you here to announce you the biggest thing we’ve done since Lydia’s launch,” co-founder and CEO Cyril Chiche said in a press conference. “We’ve been working on this for a while — and it’s not a challenger bank.” Lydia is no longer just a peer-to-peer payment app with a few other features. The company says it is now building a meta-banking app, sitting above other financial products. So you’ll find and control a handful of financial products in the Lydia app. “We didn’t want to stop at aggregating services,” Chiche said. “But we tried to think about people-centric, exclusive features that you can’t find anywhere else.
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German startup N26 just raised a $160 million Series C round led by Tencent and Allianz — some of N26’s existing investors are also participating. The company has attracted 850,000 customers and raised $215 million in total. N26 is building a retail bank from scratch. The company plans to double down on everything it’s been doing so far. It means more expansions, more partnerships with other fintech products, more features and more engineers. Allianz is investing through its Allianz X investment arm. “I think Tencent and Allianz are a great combination or investors,” N26 co-founder and CEO Valentin Stalf told me. “In the last 10 years, Tencent became one of the five most valuable companies in the world — it’s a pioneer in mobile payment and also fintech in general.” Tencent is the company behind WeChat, mobile payment service WeChat Pay, WeBank, TenPay and countless of products. “On the
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British startup Made.com says that “a new tier 1 global institutional investor” has made an important investment commitment in the furniture company. This mysterious investor is willing to lead a new $56 million round (£40 million) with existing investors Partech Ventures, Level Equity and Eight Roads Ventures also participating. It sounds like the funding round isn’t finished just yet, so Made.com could end up raising more than that. More interestingly, the company has shared some details about its balance sheet. In 2017, the company has been profitable in the U.K., France, Belgium, the Netherlands and Luxembourg. And if you take into account the entire company in all countries where it operates, Made.com is currently cashflow positive. In 2017, the company has generated a net revenue of $178 million (£127 million), which represents a 40 percent increase compared to 2016. So it sounds like Made.com
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U.S. President Donald Trump has issued an executive order to ban Petro in the U.S. Petro is a cryptocurrency developed by the government of Venezuela. As of today, U.S. citizens, residents and companies can’t buy or sell Petro. The executive order says that Venezuelan President Nicolás Maduro is trying to avoid U.S. sanctions against Venezuela with this new cryptocurrency. The U.S. Treasury Department already warned U.S. investors back in January. Maduro first unveiled the country’s cryptocurrency in December. He said that Petro would be backed by oil and mineral reserves. But the issue is that the Venezuelan government unilateraly fixes the price of the Petro. So Maduro can say Petro tokens aren’t worth anything in a year without any consequence. While the government has published multiple whitepapers, it’s still unclear if Petro is based on the Ethereum blockchain or NEM blockchain. But it didn’t stop them
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Facebook has been at the center of a hectic debate about Cambridge Analytica and the company’s improper use of Facebook data. As a result, Facebook shares (NASDAQ:FB) opened at $177.01, down 4.4 percent compared to Friday’s closing price of $185.09. Share prices are still going down after the opening bell. NASDAQ as a whole is more or less flat — the stock market opened down 0.1 percent. On Thursday, Facebook suspended Cambridge Analytica from its platform. The political data analytics used Facebook data to help Donald Trump’s presidential campaign. The main issue is that the company developed an app called an app called “thisisyourdigitallife” to harvest user data. While many people thought they were downloading a fairly harmless personality quiz app, Cambridge Analytica was using Facebook’s API to gather data about the users of this app, but also the friends of the users. While
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