Softbank’s investment in Uber is based on a 30% discount to its peak valuation. According to Reuters:
Japan’s SoftBank Group Corp is offering to purchase shares of Uber Technologies Inc at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday.
The investment, which was approved by the Uber board in October, would also trigger a string of governance changes at Uber that would limit some early shareholders’ voting power, expand the board from 11 to 17 directors and cut the influence of former Chief Executive Travis Kalanick.
Wells Fargo & Co. (NYSE: WFC) faces yet another scandal. According to The Wall Street Journal:
Employees say lofty rewards tied to revenue pushed foreign-exchange staff to ignore agreed-upon fees. Years of whispers were confirmed in a conference call.
A major challenger to Tesla Inc. (NASDAQ: TSLA) has hit trouble with its financials. According to Bloomberg:
The dwindling empire of China’s Jia Yueting, who once boasted he would leapfrog Tesla Inc., faces a new hurdle as his U.S. electric car startup struggles to raise a $500 million funding round, people familiar with the matter said.
A convertible note of more than $400 million, with a 12 percent interest charge, becomes payable immediately if Faraday & Future Inc. can’t raise the Series A round by December, the people said, asking to not be identified as the matter is private. The electric carmaker, which is also dealing with about $100 million of unpaid bills, hasn’t been able to line up funding after months of searching as it tries to pay off Chinese investors who financed the debt, the people said.
Meredith Corp. (NYSE: MDP) could start huge layoffs after its takes over Time Inc. (NYSE: TIME). According to the New York Post:
Get ready for a bloodbath under Time Inc.’s new owner — starting with the publishing giant’s CEO.
Rich Battista is expected to end his year-old stint as chief executive after the publisher of Time, People and Sports Illustrated completes its $2.8 billion sale to rival Meredith Corp. in the first quarter of 2018.
Battista will be just one casualty among many, insiders say, as Meredith — whose bread and butter is women- and family-focused titles like Better Homes & Gardens and Martha Stewart Living — is promising $400 million to $500 million in “cost synergies” over the first two years of the combination.
Cyber Monday sales hit $6.6 billion. According to 24/7 Wall St.:
Cyber Monday sales, critical to e-commerce revenue for the holiday season, surged 16.8% to $6.59 billion, according to industry research. The data also show that total online sales have topped $1 billion every day in November.
SpaceX, run by Elon Musk, raised money that pegged its valuation close to $22 billion. According to CNBC:
Elon Musk’s SpaceX has raised another $100 million as part of its latest funding round, according to new regulatory documents.
In August, the space exploration company sold $349.9 million worth of shares, a Securities and Exchange Commission (SEC) filing showed. That amount has now risen to $449.9 million, a new filing showed on Monday, adding an extra $100 million onto the current fundraising effort.
The latest injection of cash values SpaceX at $21.5 billion, according to Equidate, a platform that facilitates the trading of shares in private technology firms.
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