Category: blockchain

Every single tech stock in the S&P 500 index got rekt on Monday


The five most valuable tech companies lost a combined $321.6 billion from their market caps on Monday — the worst day for US stocks since the 2008 financial crisis, CNBC reports. In fact, not a single tech stock featured in the S&P 500 finished the day in the green. Apple lost the most of the top five, down 7.9%. Amazon’s share price dropped by 5.3%, while Alphabet, Facebook, and Microsoft fell by more than 6%. The Elon Musk-led Tesla, a major tech stock not included in the S&P 500 index, took a veritable beating by losing 14%. Data storage device manufacturer Western Digital…

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Jack Dorsey still Twitter’s CEO thanks to billion-dollar hedge fund deal


Jack Dorsey‘s reign as Twitter‘s CEO will continue, thanks to a new billion-dollar deal signed by the social media giant and two major investment firms. The move will see tech-focused fund Silver Lake invest $1 billion in Twitter directly, while Elliott Management enters a “co-operation agreement” with Twitter to be disclosed at a later date. Twitter will then use that money as part of a $2 billion share repurchase scheme, according to the related press release. Execs from both Silver Lake and Elliott Management will also be awarded seats on Twitter‘s board of directors. [Read: Trump’s retweet with doctored Biden video…

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Amazon to sell its cashierless Just Walk Out tech to third party stores


Amazon is readying to sell its cashier-less technology that powers its Go stores to other retailers, Reuters reports. The e-commerce giant launched a website on Monday for its new Just Walk Out service, which allows brick-and-mortar stores to eliminate check outs — for an undisclosed fee. Just Walk Out subscribers will receive Amazon-installed tech including smart shelf sensors (that can be retrofitted), ceiling cameras, a branded turnstile, as well as access to round-the-clock support via email and phone. The system differs a little from Amazon‘s Go stores, where shoppers scan their smartphones with a companion app upon entry and pay for purchases automatically through their…

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‘Coronavirus is the black swan of 2020,’ warns Sequoia Capital


Sequoia Capital, the seminal Silicon Valley venture fund, has urged its startups question every assumption about their businesses in order to survive the coronavirus threat. “Coronavirus is the black swan of 2020,” said Sequoia in a letter to founders and CEOs published to its Medium blog Thursday evening. “Black swans” are rare, unexpected events that heavily influence global activity. Often-cited examples include the advent of the personal computer, the internet, and the September 11 terrorist attacks. “[…] With lives at risk, we hope that conditions improve as quickly as possible. In the interim, we should brace ourselves for turbulence and…

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Quibi is an outlandish $1.75B bet on vertical-mode movies


A new competitor is joining the overcrowded streaming landscape: Quibi, short for Quick Bits — a mobile-only app for short video content made specifically smartphones. The company recently raised an additional $750 million during its second round of funding, bringing its total so far to $1.75 billion just one month before its official launch on April 6. On the surface, Quibi looks ready to compete with the likes of Netflix, Disney, and Hulu. More realistically, it’ll be up against YouTube and TikTok, with 175 original shows made up of 8,500 episodes that will last 10 minutes or less. [Read: You’ll only be able to…

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Banks are turning homes into trading floors to prep for coronavirus outbreaks


The world’s top banks are sending hundreds of staff to disaster recovery sites in preparation for coronavirus outbreaks, Financial Times reports. JPMorgan, Citigroup, Morgan Stanley, and Goldman Sachs have reportedly tested sites in London and the US recently, spreading staff between head offices and off-site locations to ensure a single coronavirus incident doesn’t cripple their ability to trade. [Read: Morgan Stanley’s $13B E-Trade buyout is the biggest bank deal since the financial crash] Citigroup has even gone so far as to install extra screens in employees’ homes so that they resemble a trading floor, FT’s sources said. “It comes under our…

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Robinhood offers traders $15 for going down as markets gained $1.1T


Popular trading app Robinhood has promised to compensate users after its systems went offline just as stock markets rebounded from their worst week since the 2008 financial crisis. Affected traders may however want to hold off celebrating, as TechCrunch reports that Robinhood is to offer a meagre $15 discount on subscriptions in a bid to make things right. Robinhood calls this a “first step,” and said it will eventually contact users on a case-by-case basis to explore additional compensation. “When it comes to your money, issues like this are not acceptable. We realize we let you down, and our team is…

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Coronavirus proves great for Boku’s bottom line, as payments jump 30%


Fintech firm Boku says the worldwide impact of the coronavirus has positively affected its business, with its total payment volume rising by 30% over the last two months, Reuters reports. Boku, a payments service that allows users to charge purchases to their mobile number, said on Tuesday that the number of daily average users rose in the second half of February versus the second half of January — particularly in countries under the coronavirus threat, including South Korea, Hong Kong, Thailand, Taiwan, Philippines, the United Arab Emirates, Kuwait, and Oman. [READ: China’s coronavirus detection app is reportedly sharing citizen data with police] Boku…

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US charges Chinese pair for laundering $100M in stolen crypto for North Korea


US authorities have accused two Chinese nationals of laundering more than $100 million worth of stolen cryptocurrency for a hacking outfit linked to North Korea. According to docs unsealed Monday, the US Treasury Department and the Department of Justice sanctioned and indicted Tian Yinyin and Li Jiadong, charging them with serving in an elaborate criminal network in support of the DPRK’s “cyber heist” program. In total, police say the pair, who charged a fee for their services, successfully cashed out $34 million in Chinese yuan via bank accounts. They’re also said to have bought $1.4 million worth of Apple iTunes gift…

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Apple can sell devices in India because of Trump administration, says Tim Cook


Apple chief exec Tim Cook has revealed the Trump administration helped the company gain approval to sell smartphones in India for the very first time, BusinessInsider reports. In a television interview, Cook confirmed the White House lobbied with the Indian government to amend laws restricting Apple from selling devices in the country unless it partnered with a local third-party retailer. “[…] We did not want to do that, we wanted to maintain control over our brand and so forth. But, the [Trump] administration worked on this with the Indian government, and that change has been made […],” Cook told CNBC.…

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