Author: Stephen Nellis
The Swedish fintech titan Klarna is in discussions with investment banks for a United States initial public offering (IPO) valued at $20 billion, according to a report by Bloomberg, citing “people familiar with the matter.” While official confirmation is pending, the company aims for a public listing as early as the third quarter of 2024. The report indicates that discussions are ongoing, with specifics of the offering, such as valuation and timing, subject to potential changes. Klarna’s valuation stood at $45.6 billion in 2021 but plummeted to $6.7 billion the following year due to escalating interest rates prompting investors to…
The legal representative for Sam Bankman-Fried, the Founder of FTX, urged US District Judge Lewis Kaplan yesterday (Tuesday) to consider a lenient sentence for his client’s conviction related to the alleged misappropriation of funds from customers of the now-defunct cryptocurrency exchange. Bankman-Fried’s solicitor, Marc Mukasey, emphasised that most clients would likely recover their funds, mitigating the severity of the situation. The sentencing submission presented by Mukasey proposed a prison term ranging between five years and three months to six years and six months, notably shorter compared to the maximum sentence of 110 years that Bankman-Fried faces following his conviction on…
eToro intends to explore augmented and virtual reality (AR/VR) realms, as revealed by CEO Yoni Assia in an interview with CNBC. The company, renowned for its trading platform covering various assets such as stocks, ETFs, and cryptocurrencies, seeks to lead in financial services by potentially establishing a virtual store accessible through Apple Vision Pro and Meta Quest devices. Assia stressed the strategic importance of artificial intelligence (AI) and expressed intentions to integrate voice interaction features within the app, aiming to enhance user accessibility and engagement. However, he highlighted AR and VR technologies as key priorities for eToro’s future endeavours. The…
eToro, the stock brokerage platform, has piqued the interest of bankers and investors regarding a potential listing on the public market. This revelation comes after the company’s CEO, Yoni Assia, disclosed that eToro had abandoned plans to go public through a merger with a blank-check company, in an interview with CNBC. Assia expressed eToro’s keenness to venture into the public markets, affirming, “I definitely see us becoming eventually a public company.” While the timing of the listing remains under evaluation, Assia stressed eToro’s strong relationships with exchanges, particularly highlighting its ties with the Nasdaq stock exchange. With 35.5 million registered…
FIS, the global technology services provider, has unveiled its annual results for 2023, indicating a sharp 41% decrease in net earnings. FIS has revised its target for share repurchases to $4 billion by the conclusion of 2024, marking a notable upsurge from the preceding objective. By December 31, 2023, FIS surpassed its Future Forward cash savings projections, realising over $550 million in annual savings. The corporation is striving for a cumulative cash saving of $1 billion by the culmination of 2024. Stephanie Ferris, CEO and President of FIS, remarked, “Our 2023 results and our 2024 outlook reflect the continued positive…
Chipmaker Broadcom (AVGO.O) is on the brink of finalising a £2.8 billion deal to offload its business enabling users to access desktops and applications from any device to private equity firm KKR (KKR.N), sources familiar with the matter disclosed on Saturday. The potential agreement reflects an endeavour by Broadcom CEO Hock Tan to streamline the company’s portfolio post its £51 billion acquisition of software maker VMware in November. KKR emerged victorious in the auction for the end-user computing (EUC) unit, surpassing other private equity firms, including EQT (EQTAB.ST), as per the sources. Sources, who wished to remain anonymous due to…
Ford MotorFord announced on Friday a temporary halt in shipments of all 2024 model year F-150 Lightning electric pickup trucks to conduct undisclosed quality checks. The suspension of shipments, initiated on February 9, has paused deliveries of the electric vehicle (EV) truck since January. The automaker did not specify a timeline for the resumption of shipments or the nature of the quality issue being addressed. Simultaneously, Ford commenced the distribution of the newly redesigned gas-powered 2024 model F-150 pickups to dealers this week. The company stated its intention to increase shipments gradually in the upcoming weeks following comprehensive launch quality…
The Cyprus Securities and Exchange Commission (CySEC) has cautioned investors about several websites that lack authorisation to provide investment services or engage in investment activities under its regulations. Among these platforms are apexfinancialtrading.com, bullmarketsllc.com, tcmglobals.com, opticaltradings.com, arkiseguro.com, front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and expertminingcryptocurrency.com. CySEC has advised investors to be cautious and avoid involvement with these entities. CySEC highlighted apexfinancialtrading.com and bullmarketsllc.com, alleging they offer investment services without the requisite regulatory approval. Additionally, CySEC warned against tcmglobals.com and portal.tcmglobals.com/signup, opticaltradings.com, arkiseguro.com, front-service24.site, miningcity.com, nemtlex.online, evalonassets.com, and expertminingcryptocurrency.com, stressing their lack of authorisation to carry out investment activities. Last year, CySEC identified…
Plus500 Ltd. (LSE: PLUS) has declared today its intention to initiate a fresh £100 million share repurchase programme. This announcement comes as the publicly-listed broker nears the conclusion of its ongoing £60 million buyback launched in August 2023. In response to this latest development, PLUS shares commenced trading on Thursday on the London Stock Exchange, exhibiting an opening gap of over 3%. The Board interprets the new programme as affirming their “continued confidence” in Plus500’s future growth prospects and its “ability to deliver strong future shareholder returns.” This confidence is rooted in the significant operational and financial momentum gained in…
The innovative copy-trading platform in the United States, dub, has revealed securing £17 million in funding. This investment round garnered support from a consortium of venture capital firms and individual investors, notably including the CEO of Uber and the Co-founder of Robinhood. dub’s platform extends an unprecedented opportunity to everyday investors to mirror the portfolios of emerging investment managers, renowned hedge funds, or even elected officials with a single tap. This democratises investment practices and offers accessibility to strategies that were previously exclusive to institutional investors. Operating under the regulatory oversight of the Securities and Exchange Commission and registered with…