Dropbox Inc Stock Rises 35% to $12 Billion Market Value at IPO

Dropbox Inc Stock Rises 35% to $12 Billion Market Value at IPO

Dropbox Inc., the file storage company saw its stock price rising 35.62% ($28.48) to more than $12 billion market valuation at IPO.  The IPO was priced at $21, raising $756 million for the company which has more than 500 million users in 180 countries.

” Dropbox Soared 35% at IPO to $12 Billion Market Value “

In 2016, the revenue increased from $845 million (2015) to $1.1 billion while company net loss reduced from $210 million (2015) to $112 million.  Prior to IPO, Dropbox and Salesforce have announced a partnership to integrate and sell Sales force solutions with Dropbox tools, and Dropbox agreed to sell $100 million of stocks to salesforce.com Inc venture capital unit.

The lead underwriters are Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG, Bank of America Merrill Lynch and Allen & Co.  Dropbox is listed on Nasdaq Global Select Market under the symbol DBX.  Dropbox co-founder and Chief Executive Officer Andrew Houston have a 24% stake and Venture capital firm Sequoia Capital have about 25% stake in the company.

Sources: Bloomberg, Reuters, NASDAQ

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About Dropbox 

Dropbox is a leading global collaboration platform that’s transforming the way people and teams work together. With more than 500 million registered users across 180 countries, we’re on a mission to unleash the world’s creative energy by designing a more enlightened way of working. Dropbox is headquartered in San Francisco, CA, and has 12 offices around the world.

Visit: Dropbox

 


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Healthcare Startup Theranos & Founder Elizabeth Holmes & Settle Charges with US Regulator for $700 Million Fraud

Healthcare Startup Theranos & Founder Elizabeth Holmes & Settle Charges with US Regulator for $700 Million Fraud

Healthcare startup Theranos founder Elizabeth Holmes have settled charges with United States (US) regulator, the Securities and Exchange Commission (SEC) for misleading investors about its healthcare technology.  Elizabeth Holmes and Theranos had misled investors it had the technology to revolutionise blood testing and its products had been used by the US army in Afghanistan and to generate more than $100 million in 2014.

”  Startup Theranos & Founder Elizabeth Holmes & Settle Charges with US Regulator for $700 Million Fraud “

Elizabeth went to Stanford University in 2001 and dropout in 2004.  At only 19 years, she founded the startup in 2003 that promised to revolutionise blood testing and have since raised over $700 million from investors.  Theranos had announced that its Edison device could test for conditions such as cancer and cholesterol with only a few drops of blood from a finger-prick, rather than taking vials from a vein.

Theranos’ technology was never used by the US Department of Defence and generated only more than $100,000 in revenue in 2014.  Theranos’ proprietary analyser were built on modified and existing technology, and only a small number of tests were completed.

In the SEC settlement, she will lose control of Theranos and be fined $500,000.  She will also return approximately 18.9 million shares of stock and relinquish her super-voting equity rights. As part of the settlement, neither the Company nor Ms. Holmes admitted or denied any wrongdoing.

The charges were brought against Theranos, Elizabeth Holmes and its former president, Ramesh Balwani for providing false and misleading statements in investor presentations, product demonstrations and interviews.  In 2015, Elizabeth was estimated to be worth more than $4 billion.

Sources: BBC, The Guardian, Theranos

 

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About Theranos

Founded in 2003 by Elizabeth Holmes, Theranos, Inc. is a health technology company headquartered in Palo Alto, Calif. Its proprietary miniLab platform is designed to enable earlier disease detection and intervention by facilitating small-sample collection, testing and rapid communication of diagnostic information in distributed settings.

Visit Theranos

 


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India Telecom Operator Aircel has Filed for Bankruptcy

India Telecom Operator Aircel has Filed for Bankruptcy

One of India’s largest telecom operator, Aircel has filed for bankruptcy.  An interim resolution professional will be appointed and will have 270 days to find funding and buyers as part of a plan to repay lenders, failing which the carrier will be declared bankrupt and sent into liquidation.

” India’s Top Telecom Operator has filed for Bankruptcy “

Aircel, with 80 million subscribers in January 2018 is founded 19 years ago by C Sivasankaran.  The telecom company majority stake was sold in 2015 to Malaysia’s top 3 largest telecom operator Maxis, founded by Malaysian business tycoon and billionaire Ananda Krishnan ($7.2 billion net worth).

Since Reliance Jio entry in 2016, the telecom competition in India has hit Bharti Airtel, the No. 1 operator and has driven a merger (complete by 2019) between Vodafone India and Idea Cellular to form the largest  telecom company in India.  The three companies together control over 60% of India’s mobile subscribers.  Reliance Jio is a subsidiary of Reliance Industries, founded by Indian richest man Mukesh Ambani ($40.1 billion net worth).

The application was filed in National Company Law Tribunal (NCLT) Mumbai for 3 companies: Aircel Cellular, Dishnet Wireless, Aircel Ltd, under Section 10 of the Insolvency and Bankruptcy Code 2016 for undertaking Corporate Insolvency Resolution Process.  The telecom company is working with other telecom service providers to help our subscribers remain connected.

Sources: Economic Times, India Times, Economic Times

 

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Tencent Pony Ma and Alibaba Jack Ma are the Top 20 Richest People in the World with $84.3 Billion

Tencent Pony Ma and Alibaba Jack Ma are the Top 20 Richest People in the World with $84.3 Billion

Founder of Tencent, Pony Ma and founder of Alibaba, Jack Ma are now the top 20 richest people in the world with a combined wealth of $84.3 billion.  They are the first Chinese to be in the top 20 list published by Forbes.

” Pony Ma and Jack Ma are the Top 20 Richest Man in theWorld with $84.3 billion net worth “

Pony Ma has a net worth of $45.3 billion while Jack Ma has a net worth of $39 billion.  The latest listing reported 2,208 billionaires (2,043 in 2017) and $9.1 trillion in total wealth ($7.7 trillion in 2017).  Forbes measure the value of various assets owned by including stocks, real estate, art and yachts.

 

2018 Forbes Top 20 Richest Man:

Rank Name Net Worth Key Business Citizenship
1 Jeff Bezos $112 B Amazon United States
2 Bill Gates $90 B Microsoft United States
3 Warren Buffett $84 B Berkshire Hathaway United States
4 Bernard Arnault $72 B LVMH France
5 Mark Zuckerberg $71 B Facebook United States
6 Amancio Ortega $70 B Zara Spain
7 Carlos Slim Helu $67.1 B Diversified Mexico
8 Charles Koch $60 B Koch Industries United States
9 David Koch $60 B Koch Industries United States
10 Larry Ellison $58.5 B Oracle United States
11 Michael Bloomberg $50 B Bloomberg LP United States
12 Larry Page $48.8 B Google United States
13 Sergey Brin $47.5 B Google United States
14 Jim Walton $46.4 B Walmart United States
15 S. Robson Walton $46.2 B Walmart United States
16 Alice Walton $46 B Walmart United States
17 Pony Ma Huateng $45.3 B Tecent China
18 Francoise Bettencourt Meyers $42.2 B L’Oreal France
19 Mukesh Ambani $40.1 B Reliance India
20 Jack Ma $39 B Alibaba China

Source: SCMP, Nikkei

 

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New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange (NYSE) and 2 affiliated exchanges (NYSE Arca, and NYSE American) have agreed to pay $14 million in settlement for regulatory failures that have caused disruptive market events.

” NYSE and 2 Affiliates to Pay $14 million in settlement “

On 24th August 2015, the exchanges had implemented a total shutdown of two of the exchanges and applying price collars (circuit breakers) during unusual market volatility. They broke rules regarding business continuity and disaster recovery that includes implementing a market-wide regulatory halt and negligently misrepresenting stock prices as as “automated” despite extensive system issues.

The charges for the NYSE exchanges were brought by Securities and Exchange Commission (SEC) for violating Regulation SCI’s business continuity and disaster recovery requirement. Regulation Systems Compliance and Integrity (Regulation SCI) is a set of rules created by SEC to monitor the security & capabilities of the securities markets’ technology infrastructure.  The SEC’s investigations were conducted by the Market Abuse Unit and New York Regional Office.

Sources: SEC, Reuters, Forbes

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About NYSE Group

NYSE Group is a subsidiary of Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group includes exchanges, market data and connectivity services. The equity exchanges — the New York Stock Exchange, NYSE American and NYSE Arca — trade more U.S. equity volume than any other exchange group. NYSE is the premier global venue for capital raising, leading worldwide in IPOs, including technology IPOs. NYSE Arca Options and NYSE American Options are leading equity options exchanges.

Visit www.nyse.com/index.

 


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Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music streaming service Spotify has filed for a direct listing (SPOT) on the New York Stock Exchange (NYSE).  Based on recent private transactions, the Swedish based company is valued around $15 – $20 billion.  The direct listing on NYSE will allow investors and employees to sell shares and will not be raising new capital or hiring an investment bank or broker to underwrite the offering.   A direct listing will save hundreds of millions of dollars in underwriting fees.

” Spotify to be Listed on NYSE  “

Spotify was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers.  Spotify has about 159 million monthly average users.

In 2017, the company generated 4.09 billion euros  in revenue and incur an operating loss of 378 million euros.  In 2016, the company raised $1 billion in convertible debt, which would convert to shares at IPO.  In December 2017, Tencent and Spotify announced they would buy minority stakes, helping increasing exposure to each other’s core markets.

Source: Reuters, CNBC, Mashable

 

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2nd Largest Chinese E-commerce Firm JD.com Raises $2.5 Billion for JD Logistics

2nd Largest Chinese E-commerce Firm JD.com Raises $2.5 Billion for JD Logistics

JD.com, the second-largest Chinese e-commerce firm, has raised $2.5 billlion for its logistics arm, JD Logistics.  The $2.5 billion funding was led by Hillhouse Capital, Sequoia China, China Merchants Group and Tencent, and will be invested into automation, drones and robotics.  The financing is expected to close in the first quarter of 2018 and JD.com will remain the majority shareholder of JD Logistics with 81.4% stake.

” JD.com raises $2.5 billion for JD Logistics to invest into automation, drones and robotics “

In 2014, JD.com became publicly listed on NASDAQ with a market value of more than $26 billion.  In 2018 February,  JD.com is trading above $60 billion in market value, more than twice its IPO price.  JD.com is China’s largest online retailer and its biggest overall retailer, as well as the country’s biggest Internet company by revenue.  It has more than 266 million annual active customers, 405 warehouses and $37.5 billion revenue in 2016.  The company was founded in 2004 in Beijing by CEO, Richard Liu.

Sources: JD, Reuters, Caixing Global

 

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About JD.com

JD.com (NASDAQ:JD) is China’s largest online retailer and its biggest overall retailer, as well as the country’s biggest Internet company by revenue.  The company was founded in 2004 in Beijing by CEO, Richard Liu.

Richard Liu is the founder of JD.com and Joybuy.com, China’s largest online retail sales company, and has been its Chairman and CEO since the company’s inception. Mr. Liu has over 15 years of experience in the retail and e-commerce industries.  In June 1998, Mr. Liu started a business in Beijing, primarily engaged in the distribution of magneto-optical products. In January 2004, Mr. Liu launched his first online retail website. He founded the company that eventually became JD.com later that year and has guided the company’s development and growth since.  Mr. Liu earned his Bachelor Degree in Sociology from Renmin University (Beijing, China) and an EMBA degree from the China Europe International Business School.

Visit: JD.com

 

 


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Facebook Faces $308,000 Fine Daily if People Tracking Continues in Belgium

Facebook Faces $308,000 Fine Daily if People Tracking Continues in Belgium

Facebook faces a fine of 250,000 euros ($308,000) each day in Belgium if the social media company continues to tracking people on third-party websites.  The case was brought to Belgian court by Belgium’s privacy watchdog and Facebook will have to delete all data it had gathered illegally on Belgian citizens, including non-Facebook users.

“ Facebook faces 250,000 euros each day if data are not deleted in Belgium “

For each day Facebook continues to store or track people’s data, and not delete the data, it will be fined 250,000 euros for each day.  Facebook, in the hearing, had stated their technologies were in line with industry standards, and users have the right to opt out.

Sources: Reuters, The Guardian

 

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About Facebook:

Founded in 2004, Facebook’s mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.  The company employs 25,105 employees, have 1.4 billion daily active users and 2.13 billion monthly active users at the end of 2017.

 


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British Couple Shed Light on 2017 Google £2.1 Billion Fine for Manipulating Search Results in Europe

British Couple Shed Light on 2017 Google £2.1 Billion Fine for Manipulating Search Results in Europe

British husband and wife, Adam and Shivaun Raff from Crowthorne, Berkshire had spoken for the first time on how they took Google to court in Europe for manipulating search results that benefited Google’s products.  On 27th June 2018, the European Commissioner for Competition had ruled Google for ‘abusing its market dominance’, and imposed the largest ever anti-trust fine to a single entity of £2.1 billion on Google.

” Google Fined £2.1 Billion in Europe in 2017 “

Adam and Shivaun had launched price comparison website ‘Foundem’ in June 2006.  Within days, they noticed ‘Foundem’ was being penalised in search result by Google.  Every attempt to reach Google was futile.  In December 2008, Foundem was named the UK’s top comparison site by Channel 5’s The Gadget Show.

When Google finally whitelisted (preferred results) the site, traffic to ‘Foundem’ jumped by around 10,000%.  It was obvious to them how Google placed its own price comparison service ‘Google Product Search’ (Froogle) at the top search result.  The British couple took their case to the European Commission for Competition in Brussels.

Adam graduated from Edinburgh University with a degree in computer science, and spent 15 years on high-performance computing.  His wife, Shivaun, have more than 10 years of experience in managing complex software development projects for blue-chip companies.  Together, 5hey created a fully developed technology with just one additional developer, a tiny fraction of the resources of its competitors.  In 2009, a leading UK consumer body placed “Foundem” third in ranking for a “leading flight search engine” result in the United Kingdom.

Sources: Daily Mail, Mirror

 

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Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million from Tronc

Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million from Tronc

Billionaire Dr. Patrick Soon-Shiong will buy Los Angeles Times, The San Diego Union-Tribune and various titles for $500 Million from Tronc Inc, a media company that own titles including Chicago Tribune and New York Daily News.  The California-based entrepreneur Dr. Patrick will pay $500 million (cash) and assume $90 million in pension liabilities, though his private investment vehicle Nant Capital.

” Billionaire Dr. Patrick Soon-Shiong Buys Los Angeles Times for $500 Million “

Dr. Patrick, a billionaire with more than $8 billion estimated net worth, had sold 2 pharmaceuticals companies for almost $9.2 billion in 2008 and 2010.  He sold APP Pharmaceuticals to Fresenius Medical Care for $5.6 billion in 2008, and Abraxis BioScience to Celgene for $3.6 billion in 2010.  He founded both companies in 2001.

He is the founder and current Chairman & CEO of healthcare company NantHealth, a member of the Global Advisory Board of Bank of America, an Adjunct Professor at the University of California, Los Angeles, or UCLA and a visiting Professor at the Imperial College of London.  Since 2010, Dr. Patrick has a minority stake in Los Angeles Lakers basketball team.  Born in 1952 in South Africa, he completed his degree in medicine from University of the Witwatersrand (South Africa) at the age of 23 and completed  his masters at the University of British Columbia (Canada).  His parents of Chinese origin, had left China to South Africa during World War 2.

The acquisition of Los Angeles Times, The San Diego Union-Tribune and various titles brought in collectively $470 million in net revenues for the period Oct 2016 to Sept 2017)  The transaction is expected to close in the late first quarter or early second quarter of 2018.

 

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He is a physician, surgeon and scientist, has pioneered novel therapies for both diabetes and cancer, published over 100 scientific papers, and has over 95 issued patents on groundbreaking advancements spanning myriad fields.  He also performed the world’s first encapsulated human islet transplant, the first engineered islet cell transplant and the first pig to man islet cell transplant in diabetic patients.  He invented and developed Abraxane, the nation’s first FDA-approved protein nanoparticle albumin-bound delivery technology for the treatment of cancer.  Abraxane was approved by the FDA for metastatic breast cancer in 2005, lung cancer in 2012, and pancreatic cancer in 2013.

FDA – Food and Drug Administration (United States)

 

Notable Newspaper Companies in United States

  • Washington Post sold for $250 million in 2013 (Amazon founder Jeff Bezos)
  • Boston Globe sold for $70 million in 2013 (Boston Red Sox owner John Henry)

 

Source: Tronc, Washington Post, The Guardian, South China Morning Post, NantHealth

 

 

About Tronc Inc

tronc, Inc. (NASDAQ:TRNC) is a media company rooted in award-winning journalism. Headquartered in Chicago, tronc operates newsrooms in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida’s Sun-Sentinel, Daily Press, The Morning Call of Allentown, Pennsylvania and Hartford Courant. Our legacy of brands has earned a combined 57 Pulitzer Prizes and is committed to informing, inspiring and engaging local communities.

Visit: Tronc

 

About Los Angeles Times

The Los Angeles Times is a daily newspaper published in Los Angeles, California, since 1881. It was the first-largest metropolitan newspaper in circulation in the United States in 2008 and the fourth most widely distributed newspaper in the country.

Visit: Los Angeles Times

 

 

 

 

 

 


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