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Robinhood is Targeting a Market Valuation of $35 Bn
The stock trading app Robinhood is looking for a market valuation of $35 billion in its upcoming IPO.
The app will target a selling price in the range of $38 to $42 for each share. It has plans to sell 55 million shares to raise nearly $2.3 billion. The app will trade under the ticker HOOD.
In September, Robinhood had its last private market valuation at $11.7 billion. Since then, the company has made substantial progress by increasing its number of funded accounts, accounts connected to a bank account.
By the end of the first quarter of 2021, Robinhood had 18 million such funded accounts.
The number increased to 22.5 million in Q2 2021.
In terms of revenue, the app is eyeing anywhere between $546 million and $574 million for Q2 2021, an increase of 129% from Q2 2020. Robinhood’s Q1 2021 revenue was $522 million.
California’s Legislature Approves $6 Billion Plan for Open Access Fiber Network
In a move that many are seeing as a milestone decision, the state of California’s legislature has approved the plan for a $6 billion open-access fiber network across the state.
Experts claim the decision to be historic because it will offer “non-discriminatory access” to entities irrespective of their ownership pattern. Whether privately or publicly owned, the access will be given on a “technology and competitively neutral basis.”
In a perfect example of developmental work carried out in a public-private partnership, the state will allocate $3.25 billion to hire a third party.
This third party will build and maintain a part of the network bringing the services to selected connection points.
The ISPs, or internet service providers, will handle the last-mile delivery of the network to individual consumers. The budget for the last-mile network implementation is $2 billion.
The California legislators voted in unison in favor of the bill as it will prioritize underserved and unserved areas, facilities, households, and businesses. It will stress reaching out to zones that don’t have the access to download speeds of 25Mbps and upload speeds of 3Mbps.
Zoom Announces Five9 Acquisition for $14.7 Billion
In a step that augments Zoom’s intentions to expand beyond the video chat business, the company is acquiring Five9 for $14.7 billion in stock.
Five9 is a scalable and secure cloud contact center. It has an extensive suite of applications, allowing the management and optimization of customer interactions across diverse channels.
In the post-pandemic world, employees are returning to the office. Reacting to this trend, Zoom plans to enhance and diversify its platform.
During Friday’s close, the market capitalization of Five9 was around $11.9 billion. While each share was having a price of $177.60, Zoom offered a premium of 13%, each share priced at $200.28.
Ethereum Co-Founder Plans to Exit Crypto Industry
In a concerning update, Anthony Di Iorio, the co-founder of Ethereum, has made his plans public to leave the crypto industry, citing personal safety concerns.
Di Iorio will sell his digital asset firm Decentral to actualize his plans, severing ties with all other crypto projects he is associated with. He has cited his elevated profile within the crypto industry as to why he no longer feels safe.
According to estimates published by Forbes in 2018, the net worth of Di Iorio was nearly $1 billion. He featured in the list of that year’s crypto rich.
Di Iorio also grabbed media eyeballs that year by purchasing the largest condo in Canada for $22 million. In his latest pursuit, as the founder of Decentral, Di Iorio is serving as the chief of Jaxx Liberty, a multi-platform currency wallet with a user base of more than 1 million.
While Di Iorio founded Decentral in 2016, he has been moving around with a security team since 2017.
Di Iorio has no plans to sell off Decentral for “hundreds of millions”, stressing the exchange to happen only in cash or equity in another company for settlement.
He will not consider offers made in cryptocurrency. He has also expressed his unwillingness to invest in any other blockchain startups in the future.
As stated by Di Iorio himself, he now wants to diversify and not remain a crypto guy anymore. He would like to be seen as someone who tackles complex problems.
It would be relevant to mention here that among Ethereum’s eight co-founders, only Vitalik Buterin remains actively associated with the blockchain.
While several other founders have chosen to stay in the industry, Amir Chetrit and Jeffrey Wilcke have quit the crypto industry altogether.