ByteDance, which owns the TikTok service, has been valued at $250 billion on the secondary market, Bloomberg learned. This is more than Exxon Mobil and Coca-Cola are worth. The value of Chinese company ByteDance, which owns video service TikTok, has surpassed $250 billion in the secondary market, Bloomberg reported citing sources. Based on this valuation, ByteDance is worth more than US oil and...

British food delivery service Deliveroo, which intends to conduct an initial public offering on the London Stock Exchange in the first half of the year, has revised its offering price range. According to the Financial Times, Deliveroo will reduce its price range from £3.9-4.6 per share to £3.9-4.1 per share. Thus, the company's maximum valuation will drop from £8.8bn to £7.9bn. Deliveroo...

Goldman Sachs, one of the world's largest investment banks, notified regulators of its intention to issue debt instruments linked to the activities of the ARKK index fund, which also deals with bitcoin, CoinDesk reports. The issue is expected to be $15 million, with repayments due in 2026 and payments on the debt instruments will depend on the performance of the ARKK fund. In early March, it...

The Chinese technology company reported fourth-quarter and full-year earnings for 2020. Last year, the company's revenue rose 19.4 percent to 245.9 billion yuan ($37.7 billion). Adjusted net income for the period rose 12.8% to ¥13 billion ($2 billion). Growth was even stronger in the fourth quarter, with revenues up 24.8 percent and adjusted net income up 36.7 percent. Xiaomi had a good last...

Social media users in China have criticised H&M for rejecting cotton from Xinjiang, which the company suggests is produced by the forced labour of Uigur Muslims. Major online retailers Tmall, Jingdong and Pinduoduo have joined the boycott, removing H&M clothing from their catalogues. Chinese social media users criticised clothing retailer H&M for a statement which the company released last...

We Company, which includes the co-working service WeWork, will make a second attempt to become a public company, Reuters reported. After a derailed September 2019 IPO, the company wants to go public through a merger with a specialized target mergers and acquisitions company (SPAC), sources told the agency. It is currently in talks with a shell company BowX Acquisition Corp, which raised a $420...

Investors who once invested in Credit Suisse funds used for the operations of bankrupt start-up Greensill are preparing class action lawsuits against the Swiss bank. According to the Financial Times, the investors accuse Credit Suisse of misleading them. The bank advertised the aforementioned funds to its clients as some of the safest to invest in. In total, the funds ended up being worth...

Twitter founder Jack Dorsey has sold an NFT token on his first tweet for $2.9m. The buyer was Bridge Oracle CEO Hakan Estavi. Twitter founder Jack Dorsey's first tweet was sold as an NFT token for $2.9 million, the deal was recorded on auction platform Valuables.  "Hi Jack. Thank you for accepting my offer. I'm glad this money will go to charity," Estavi tweeted. Earlier, Jack Dorsey...

Saudi Aramco's net profit in 2020 fell 1.8 times to $49bn from $88.2bn a year earlier, according to the company's accounts. Saudi Aramco president Amin Nasser said last year was one of the most challenging in the company's history due to the impact of the coronavirus pandemic. "However, as a result of the increased focus on capital and operational efficiency, the company's financial position has...