Tag: markets
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Electric truck startup Rivian is eyeing a $70 billion valuation in upcoming IPO, report says
Rivian R1T. Andi Hedrick/Rivian Rivian Automotive is targeting an IPO that could value the electric vehicle startup at $70 billion, according to a Bloomberg report.The company is working with advisers from Goldman Sachs, JPMorgan, and Morgan Stanley.Rivian is backed by Amazon and was valued at $27.6 billion when it raised $2.65 billion in January.Sign up…
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A key US watchdog wants officials to set up a ‘regulatory perimeter’ for cryptocurrencies
Critics have long highlighted bitcoin's usage in offense. Cesc Maymo/Getty Images A US banking regulator said he’d like to find a "regulatory margin " for cryptocurrencies. Michael Hsu told the Financial Times that there was growing interest in regulating crypto. US and global officials have expressed worries that retail investors could get burnt by bitcoin.…
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‘Big Short’ investor Michael Burry predicted the inflation spike a year ago – and sounded the alarm multiple times in February
"The Big Short" investor Michael Burry. Jim Spellman / Getty Images Michael Burry called post-reopening inflation in April 2020. "The Big Short" investor cautioned prices could spike earlier this year too.Burry trumpeted the value of profitable companies during extended periods. See more information on Insider's business page. Michael Burry cautioned the post-pandemic reopening could cause…
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Altcoins like safemoon and dogecoin aren’t going to the moon and you could lose all your money, analysts say
Investors are searching for the next bitcoin and ether. Getty Images / vb Altcoins like safemoon and dogecoin serve little purpose and are highly risky, analysts said. Safemoon bills itself as a decentralized finance token that is set to skyrocket in price. Yet analysts warn it could be a "pump and dump" scheme that hurts…
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Tesla’s bitcoin holdings grew to $2.5 billion in the 1st quarter, SEC filings show
Tesla and its Manager Elon Musk have been key drivers of bitcoin-mania NurPhoto/Getty Images Tesla's bitcoin holdings were worth $2.48 billion at the end of the year, SEC filings show.The electrical vehicle manufacturer originally purchased $1.5 billion of bitcoin in January and now takes the cryptocurrency for a kind of payment because of its products.Tesla…
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US futures head to more record highs ahead of big tech earnings, while oil climbs despite raging global pandemic
US stock market investors are feeling optimistic about the economy. Spencer Platt/Getty Images US futures rose on Tuesday morning, the day after the S&P and Nasdaq hit record highs. Investors eagerly awaited Q1 earnings from Microsoft and Alphabet, and weighed up Tesla's results. Oil prices climbed as the demand outlook brightened, despite the ongoing COVID-19…
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Elon Musk says Tesla sold 10% of its bitcoin to show it’s a good alternative to cash – but he isn’t selling his personal holding
Tesla CEO, Elon Musk. Frederic J. Brown/Getty Images Elon Musk said Tesla sold 10 percent of its own bitcoin holdings to show it's a good alternative to cash. The billionaire added he hasn't offered any of his personal bitcoin holdings. Tesla beat Wall Street expectations for profit on Monday, but fell short on earnings. Sign…
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Tesla reveals $101 million bitcoin profit following its massive cryptocurrency investment
Tesla is still holding more than $1.3 billion worth of the cryptocurrency. REUTERS/Mike Blake Tesla says it cashed out $272 million in bitcoin in the first quarter of 2021. The company made $101 million in profits from the sale, it said Monday. Tesla disclosed the sale as part of its first-quarter earnings, which showed continued…
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Alaska’s GameStop stake soared over 700% last quarter – and its Tesla bet has gone from $0 to $85 million in 18 months
Alaskan sled dogs. Reuters/Nathaniel Wilder Alaska benefited from the GameStop buying frenzy in January.The state's GameStop holding surged more than 700% to $7 million last quarter.Alaska also owns over $85 million of Tesla stock, after eliminating its stake in 2019.See more stories on Insider's business page. There have been several surprising beneficiaries of the GameStop…
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Global stocks pull back from record highs as COVID-19 cases rise at the fastest rate since the pandemic began
JOHANNES EISELE/AFP/Getty Images Global stocks broadly pulled back from record highs as COVID-19 cases worldwide rose. The stock market's "fear gauge" logged its biggest daily rise in three weeks. The unveiling of a proposed European super league boosted some soccer clubs' shares. Sign up here for our daily newsletter, 10 Things Before the Opening Bell.…