Relief for shortsellers as Tesla stock slumps 14 per cent February 5, 2020 Investors betting against electronic carmaker Tesla may breathe a sigh of relief after its stock slumped more than 14 per cent. Tesla is the largest short in the domestic market with short interest of $14.28bn, but short sellers have been dealt a blow in the last week as Tesla’s stock climbed above $900 (£692.7). Tesla’s [...]
Digital sector contributes £149bn to UK economy amid tech boom February 5, 2020 Digital companies contributed £149bn to the economy in 2018 as the UK retained its position as a leading tech superpower. The figure, which equates to £400m per day, means the digital sector accounts for 7.7 per cent of the UK economy as a whole. Growth in the thriving tech sector was also six times larger [...]
Mike Lynch arrest: Autonomy CEO submits himself for arrest in US extradition case February 5, 2020 Autonomy founder Mike Lynch has this morning submitted himself for arrest in what his legal team said is a formality triggered by a US extradition request. Lynch – who is facing charges of securities fraud, wire fraud and conspiracy in the US related to the 2011 sale of Autonomy to Hewlett Packard (HP) – has [...]
US executive to leave Softbank’s $100bn Vision Fund February 5, 2020 A top US executive is leaving Softbank’s $100bn Vision Fund after expressing concerns about “issues” at the Japanese investment giant, which has been hit by a series of setbacks over the past few months. Michael Ronen, a former banker at Goldman Sachs who joined Softbank in 2017, told the Financial Times he was leaving and [...]
Disney beats estimates and boasts 28.6m new subscribers for streaming service February 4, 2020 Walt Disney beat analysts’ estimates for its quarterly revenue and boasted 26.5m for its Disney Plus streaming service in the quarter. In a conference call after the earnings release, chief executive Bob Iger said Disney Plus is now at at 28.6m paid subscribers as free trials turned into paid subscriptions. He said the service has “exceeded [...]
Snap stumbles after missing revenue expectations February 4, 2020 Shares in Snap tumbled as much as 12 per cent in extended trading, after the Snapchat parent firm failed to meet analyst expectations for fourth-quarter sales. Revenue for the three months to the end of December was reported at $560.9m, missing estimates of $563m as compiled by Refinitiv. Global daily active users — a key [...]
Irish regulator launches probe into Google and Tinder February 4, 2020 The Irish data regulator has opened inquiries into the way Google and Tinder handle users’ data. The Irish Data Protection Commission (DPC) said it had received complaints relating to both companies from individuals across the European Union. Match Group, which owns the online dating platform Tinder, will be investigated for the “ongoing processing of users’ [...]
Fresh blow for Tesla short-sellers as shares fly past $900 February 4, 2020 Investors betting against Tesla were dealt a further blow this afternoon as the firm’s share price jumped more than 17 per cent in early trading. The electric car maker’s stock was up as high as $921 shortly after markets opened, before dipping to just above the $900 mark. It is the latest spike amid a [...]
Britain will regret Huawei decision, warns exiled artist Ai Weiwei February 4, 2020 The UK will regret its decision to allow Chinese tech firm Huawei to build parts of the country’s 5G networks, Ai Weiwei has warned. The artist and activist, who has been exiled from his homeland since 2015, branded the move “short-sighted profit seeking”, adding that the British would “feel sorry later”. Boris Johnson’s government last [...]
Grab buys investment startup as it beefs up financial offering February 4, 2020 Softbank-backed startup Grab today said it has acquired retail wealth management startup Bento as the app looks to expand its financial services offering. The Singapore-based firm said Bento will be rebranded as Grab Invest, and its products will be rolled out in its home market and across southeast Asia in the first half of the [...]