Reddit said it intends to hold another round of financing in the near future. During the round, the firm aims to receive up to $700M. Next, as noted in the company's blog, its estimated worth is expected to grow to $10B. It was earlier that Reddit started actively raising funds to grow and conquer new areas. At the time, the company's estimated value was $6B.  "There was a noticeable...

Cryptocurrency exchange BitMex, one of the world's largest crypto derivatives trading platforms, said it will pay a $100 million fine to U.S. regulators. This is how the company will settle charges brought by the Commodity Futures Trading Commission (CFTC) and the U.S. Financial Crimes Enforcement Agency (FinCEN). The reason for the large-scale proceedings was the illegal use of BitMex's platform...

Profits at Saudi oil giant Saudi Aramco soared nearly 300 percent in the second quarter of this year. The company said the easing of coronavirus restrictions, vaccinations, incentives and a return to economic activity helped it earn four times as much as a year ago, writes BBC. Oil prices have risen more than 30 percent since the beginning of the year. Aramco, the world's largest oil producer,...

Head of Japanese telecommunications company Softbank, which is one of the world's largest investors in technology startups, said that the company will slow down with new investments in China amid difficult relations between local regulators and high-tech companies. Speaking at Softbank's quarterly earnings presentation, Masayoshi Son said he would take a "wait-and-see attitude" until the...

Exxon Mobil, one of the world's largest oil companies, may announce its intention to cut carbon emissions to zero in 30 years. Exxon Mobil Corp. is discussing a promise to reduce emissions of carbon, a major greenhouse gas, to zero by 2050, sources familiar with the situation told The Wall Street. CEO Darren Woods is now discussing the idea with the company's board of directors, the sources...

PepsiCo Corporation announced sale of several juice brands, including Tropicana and Naked Juice, in North America. They will be acquired by the French investment fund PAI Partners for $3.3 bn. According to the terms of the deal, PepsiCo will get a 39% stake in a new joint venture which will manage the brands and will retain exclusive rights for juice distribution in North America. PAI Partners...

The founder of Beyond Meat, the world's largest plant-based meat producer, supported the idea of a tax on animal meat. He believes it would encourage people to reduce their consumption of animal products and help them invest more in plant-based protein. Ethan Brown, the founder and chief executive of Beyond Meat, the world's biggest plant-based meat producer, has spoken out in favour of...

The UK Competition and Markets Authority (CMA) said it has launched a review of Facebook's takeover of customer relationship management (CRM) company Kustomer. The watchdog intends to determine whether the deal will reduce competition in the UK market. Facebook announced the purchase of Kustomer in November 2020, the terms of the deal have not been publicly disclosed. According to The Wall...

Renault's chief executive Luca de Meo has reported a "return from hell" for the first half of the year. He said this in an interview with Bloomberg. According to de Meo, the worst is over and the company has started earning again. Renault made a profit of $368 million in the first half of the year, while the company recorded a loss of €7.4 billion in the same period in 2020.  In the first...