The UK just paid $500M to battle Musk in the internet-from-space race — cos Brexit

A new challenger has appeared in the internet-from-space race: the UK government, which CNBC reports has committed $500 million to reviving bankrupt satellite startup OneWeb. The UK government won a 20% stake in OneWeb during an auction in New York on Friday, pending court approval. The bid, reportedly made through a consortium, was worth more than $1 billion in total. [Read: A look inside Europe’s $7 trillion technology market] The move sets the UK government squarely against billionaires Elon Musk and Jeff Bezos, both of whom are pouring huge sums of cash into their own broadband-beaming satellite plays, Starlink and… This story continues at The Next Web...
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Tesla short sellers lost $1.33B on Thursday’s stock pump — Musk only got richer

Tesla stock surged again this week, this time by more than 8% to set a new price record of $1,228. If you were Elon Musk, you’re likely already hard at work on a sick new club track to celebrate — but those who’ve bet against it are probably pissed. Thursday’s Tesla pump not only solidified its position as the world’s most valuable car company, it also meant its chief exec Musk has added $20 billion to his wealth since March. But it absolutely wrecked the company’s short sellers, who lost $1.33 billion yesterday according to data shared by industry analyst Ihor Dusaniwsky of data… This story continues at The Next WebOr just read more coverage about: Tesla...
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A look inside Europe’s $7 trillion technology market

There’s no doubt US tech stocks have thrived in 2020, but a raft of their European counterparts have returned huge profits for investors during the first six months of this year. Sinch, the Stockholm-based cloud telecoms firm, is up a teeth-kissing 170% year-to-date. Second-best is Dutch fintech play Adyen: its market cap grew from $223 billion to $389.4 billion, driving its stock price up by 74%. Germany’s TeamViewer is Europe’s third-best performing tech stock in 2020, up 52.7% over the past six months. It’s far less than its US counterpart Zoom Video, but still impressive. Dutch tech stocks lead Europe in 2020 In a… This story continues at The Next Web...
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Guns and ammo stocks surge to eclipse ‘stay-at-home’ darlings

‘Stay-at-home’ stocks like Netflix and Zoom thrived in the first half of 2020. But as Black Lives Matter protests swept across the US in June, a very different kind of company surged: guns and ammo stocks. Not only have US-listed guns and ammo stocks outperformed the world’s biggest tech companies this year, but they’ve even eclipsed companies that benefitted most from the world’s transition into remote work and education. [Read: No, THIS is how much $10K worth of dot-com bubble stock is worth today] In fact, when the S&P 500 (SPX) index, a popular benchmark for the wider US market, fell… This story continues at The Next Web...
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Wirecard ominously pumps 140% during an irrational month for bankruptcy stocks

Shares in fallen German fintech giant Wirecard jumped 138% during Monday trade, in what appears to be the latest irrational market pump for stock that could soon be worthless. But despite more than doubling in one day, Wirecard stock is still down 96% in June, having collapsed almost entirely since auditors discovered its $2.1 billion financial ‘black hole.’ The company said on Saturday it would continue operations as the scandal plays out. Munich prosecutors arrested Wirecard‘s former CEO Markus Braun on suspicion of market manipulation and falsifying accounts after he turned himself in last week. Investigators continue to probe other execs for… This story continues at The Next Web...
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No, THIS is how much $10K worth of dot-com bubble stock is worth today

Last week, Hard Fork published an article: Here’s what $10,000 invested at the height of the dot-com bubble would be worth today. The idea was to build what would’ve been a typical stock portfolio in the lead up to Y2K and calculate its worth today, 20 years later. Unfortunately, we forgot to account for “stock splits.” Companies split their stock all the time, multiplying (and sometimes dividing) shares in circulation in a bid to boost “liquidity” (a fancy finance term that refers to how easy it is to sell an asset). For example, Intel split its stock a few months after… This story continues at The Next Web...
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Here’s what $10K invested at the height of the dot com boom would be worth today

20 years have passed since the dot com crash. In the five years leading up to the new millennium, feverous markets thirsty for internet stocks drove the Nasdaq Composite stock index up 400% in just five years, growth that proved unsustainable after Y2K. Casualties of the bubble, one of the largest in history, are basically endless. Sock puppet peddlers Pets.com, Webvan.com, and Disney’s Go are commonly cited dot com flops, but many top companies from back then eventually evolved into our current industry giants. Let’s say it’s 31 December, 1999, and investing is your New Year’s resolution. You start with $10,000 split… This story continues at The Next Web...
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At least 7,500 Robinhood traders bought Hertz stock after its latest 100% pump

Robinhood traders are apparently hell-bent on resurrecting Hertz despite the company’s repeated warnings that its stock could soon be “worthless.” Hertz stock has miraculously pumped once again and (surprise, surprise) Robinhood traders like what they see. $HTZ went from Tuesday’s low of $1.11 to a high of $2.38 on Wednesday — up 114% in 24 hours. Such a sudden rise would presumably trigger Robinhood traders to sell their Hertz shares en masse. After all, two weeks have passed since the car rental firm’s bankruptcy filing illogically triggered its stock to surge 680% in four days. In that time, Hertz stock would fall from… This story continues at The Next Web...
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RIP Wirecard, down 97% since revealing its $2.1 billion black hole

Embattled German fintech firm Wirecard said it would be filing for insolvency over the $2.1 billion ‘black hole’ that’s led to the arrest of its CEO Markus Braun. The Frankfurt Stock Exchange had earlier suspended trade in preparation of the announcement, Reuters reports. Wirecard is notably the first member of the exclusive DAX index to declare itself insolvent. Wirecard stock had already fallen by 89% since last Wednesday — from $104.50 to below $12 — after the company disclosed its auditors had refused to sign off on its annual financial statements, citing 1.9 billion euro ($2.1 billion) in missing assets. [Read: Wirecard’s… This story continues at The Next Web...
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The stock market crashes every time Lil Yachty releases music, a theory

Notice: Only variables should be passed by reference in /webservers/tnw_blog/releases/206/vendor/thenextweb/amp-wp/includes/amp-helper-functions.php on line 51 Notice: Only variables should be passed by reference in /webservers/tnw_blog/releases/206/vendor/thenextweb/amp-wp/includes/amp-helper-functions.php on line 51 Notice: Only variables should be passed by reference in /webservers/tnw_blog/releases/206/vendor/thenextweb/amp-wp/includes/amp-helper-functions.php on line 51 Notice: Only variables should be passed by reference in /webservers/tnw_blog/releases/206/vendor/thenextweb/amp-wp/includes/amp-helper-functions.php on line 51 Notice: Only variables should be passed by reference in /webservers/tnw_blog/releases/206/vendor/thenextweb/amp-wp/includes/amp-helper-functions.php on line 51 Notice: Only variables should be passed by reference in /webservers/tnw_blog/releases/206/vendor/thenextweb/amp-wp/includes/amp-helper-functions.php on line 51 There’s a theory that posits records released by Lil Yachty cause the stock market to crash. And so, a resourceful trader might look to sell stock just before the US rapper drops new music. Indeed, online trading communities like Reddit’s /r/wallstreetbets regularly debate whether to exit their positions ahead of Yachty releases, albeit sarcastically. [Read: The ‘average’ Robinhood trader is no match for the S&P 500 — just like Buffett] In fact, the correlation between his records and falls in the S&P 500...
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