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Reddit float feeds on meme stock craze

16 Dec 2021

The social network, long dwarfed by Facebook, has filed for an IPO. Retail traders have inflated user numbers and advertising revenue. Reddit might seek a $15 bln valuation, five times its worth three years ago. It needs to prove that a midlife resurgence won't become a crisis.

Jack Dorsey’s fintech firm stumbles out of block

9 Dec 2021

Renaming Square to Block should have been bottom on his to-do list. Bigger priorities include integrating its $29 bln purchase of Afterpay, improving profitability and fending off rivals. Dorsey is more of a visionary. When it comes to Square, he’ll have to get his hands dirty.

Prosus runs out of friends at Russia’s Facebook

8 Dec 2021

After a shareholder shimmy, VK is ending up in the arms of the state gas giant and a Putin ally. Delisting it to combine the $4 bln group with the duo’s media empire would unlock savings. It would also be a slap in the face to minorities like the $180 bln Dutch tech investor.

Capital Calls: Securitas

8 Dec 2021

Concise views on global finance: The Swedish security specialist’s acquisition of Stanley Black & Decker’s alarms unit should boost growth and margins.

Capital Calls: Microsoft, AT&T, American Airlines

7 Dec 2021

Concise views on global finance: Microsoft is finally being scrutinized with Europe’s probe of its $16 bln Nuance deal; U.S. lawmakers have antitrust worries about the telecom firm’s Discovery deal; American Airlines’ retiring CEO leaves shareholders short-changed.

Zegna tailors elegant fix for BuzzFeed problem

6 Dec 2021

The Italian suit-maker and the millennial media group are both going public through SPACs. But Zegna has raised extra funds that kick in if investors extract money before the deal closes, as 94% of BuzzFeed’s did. With cash comes confidence; Buzzfeed ended up with less of both.

Capital Calls: Fund services M&A, Mattress mystery

6 Dec 2021

Concise views on global finance: Shareholders of Amsterdam-listed Intertrust dodge a regulatory crackdown with a 1.8 bln euro sale; the western man credited with Chinese retailer DeRucci’s success finally has his identity revealed.

Alibaba’s new CFO signals shifting priorities

6 Dec 2021

The Chinese e-commerce company, whose market value has halved to $300 bln this year, is replacing finance chief Maggie Wu. During her seven-year tenure, Alibaba successfully courted foreign investors. Successor Toby Xu’s experience suggests there will be a greater focus at home.

Alibaba looms larger than Beijing in Weibo IPO

3 Dec 2021

China's $8 bln answer to Twitter is readying a secondary listing in Hong Kong. The company’s sway over public opinion means it is a frequent target of censorship campaigns and regulatory crackdowns. That makes the e-commerce giant's 30% stake a political liability for both.

Viewsroom: Omicron hits, Dorsey quits

2 Dec 2021

As the world gets to grips with a new coronavirus variant, Swaha Pattanaik looks ahead to how Omicron could frustrate attempts to rein in rising prices. Meanwhile, Gina Chon watches Twitter say goodbye to founder Jack Dorsey and usher in a new, still-quirky governance setup.

Jack Dorsey’s exit puts Twitter in play

1 Dec 2021

Dorsey’s departure sets up the social network as an attractive target for his other firm Square in the race to build a super-app. Even PayPal or Salesforce may take another stab. Regulators may get in the way but China’s WeChat shows why the effort may be worth the headache.

UK’s Facebook slap-down raises bar for US watchdog

1 Dec 2021

Britain’s antitrust body told the social media giant now named Meta to sell GIF maker Giphy. Its ruling hinges on a view of how the online ad market will evolve, not what it’s like now. CEO Mark Zuckerberg can appeal but the order still sets a punchy precedent for Big Tech deals.

Capital Calls: Volkswagen, Turkey

1 Dec 2021

Concise views on global finance: The German carmaker may take mining stakes to secure electric-vehicle raw materials, echoing Henry Ford, the U.S. production-line pioneer; the Turkish central bank is resorting to old tricks to prop up the lira but it’s an unsustainable strategy.

Pinduoduo’s strategy sows further seeds of doubt

25 Nov 2021

The Chinese e-commerce company rocketed to relevance by single-mindedly challenging Alibaba. Following policy crackdowns and rising costs, it’s expected to swing back to a quarterly operating loss. New boss Chen Lei would benefit from looking beyond farming for additional growth.

Capital Calls: China’s data centre sale

24 Nov 2021

Concise views on global finance: Global Switch is attracting big-name private equity interest, but its quirky setup might justify suitors asking for a discount.

Plastic-surgery app MBO aggravates governance scar

23 Nov 2021

Boss Xing Jin wants to buy the 85% he doesn’t own of New York-listed So-Young, which matches users with beauty services. Shares have slumped since its IPO and China may regulate ads. But Xing’s supervoting stock means investors have themselves to blame for any forced face-lift.

Capital Calls: SEC turns tables on vote advice

18 Nov 2021

Concise views on global finance: The U.S. watchdog wants to reverse Trump-era rules restricting firms that advise investors how to vote on corporate matters.

Beijing gaming curbs raise Tencent overseas stakes

10 Nov 2021

The Chinese tech giant’s quarterly adjusted earnings suffered a rare fall as a regulatory crackdown weighed on domestic video game sales. It adds urgency for Tencent to find growth in new markets, including by acquisition. But even small deals face scrutiny from U.S. regulators.

Capital Calls: Couch-potato habits help Roblox

9 Nov 2021

Concise views on global finance: The video game app’s shares surged 36% on Tuesday after it said sales nearly doubled in the quarter.