Last week, the Dow Jones fell 4%, the S&P 500 fell 4.6%, and the Nasdaq fell 5.1%, as a hawkish Federal Reserve sent US Treasury yields soaring. Instacart plans to focus its IPO on selling employee shares. Chinese EV maker Leapmotor aims to raise US$1 billion in a Hong Kong IPO. Tencent considers more stake sales to fund share buybacks, future growth. FTX is in talks to raise up to US$1 billion at valuation of about US$32 billion, in-line with its prior round. Meta, and Google to cut costs and staff. Home-flipper Opendoor hit with losses in echo of Zillow collapse. Accenture stock fell after profit and revenue beat expectations but outlook was downbeat. Take-Two stock fell as company says leaked ‘Grand Theft Auto’ footage the result of ‘network intrusion’. Amazon said it had ‘biggest three hours of signups’ for Prime during first exclusive NFL stream. 25% of Netflix subscribers planning to leave service. In 2021, investors poured more than US$12 billion into a new breed of start-ups focused on buying Amazon marketplace sellers. This year, the funding has mostly dried up. Nasdaq moves into crypto with custodying services. Affirm stock heads higher as company notches BNPL deal with Amazon in Canada. Coinsquare to acquire CoinSmart as consolidation of Canadian crypto traders continues. Sophic Client, Swarmio Media (SWRM-CSE, SWMIF-OTC) and Globe Telecom Partner with PUBG MOBILE to Promote the Globe Gamer Grounds Platform in the Philippines. PUBG MOBILE is one of the most popular mobile games in the Philippines, with over one million monthly active users. Sophic Client Reklaim (MYID-TSXV, MYIDF-OTC): This report demonstrates how shifts in regulation and company compliance relates to Reklaim, which allows consumers to confirm their identity and unveil data that businesses have collected and sold without the consumer’s explicit consent for years.
Recap In our 3 previous reports, we outlined how governments and corporations are focusing on consumer privacy data protection as well as increased consumer concern about the security and use of their data: Report #1 - Governments Stemming What’s Collected About You...
The market had another rough week as the Dow Jones Industrial Average fell 4.1%, the S&P 500 index fell 4.8%, and the Nasdaq composite fell 5.5%. Billionaire investor, Stanley Druckenmiller warned there’s a high probability of the stock market being flat for a decade. SoftBank considers launching a third vision fund, despite massive losses. TikTok parent ByteDance to buy back US$3 billion worth of shares; the buyback would value ByteDance at about US$300 billion, Reuters reported. Adobe’s US$20 billion deal for Figma is more than 50 times the startup’s revenue and is the biggest acquisition of a private technology company ever. Intel cuts expectations for Mobileye, aiming for US$30 billion IPO. Tencent Music Entertainment Group is pressing ahead with its Hong Kong listing plans with a goal to start trading in the Asian financial hub as soon as next week, according to people familiar with the matter. Twilio lays off 11% of its staff as it aims for profitability in 2023. Wix’s stock rose after activist investor Starboard disclosed a 9% stake. Deere invests billions in self-driving tractors, smart crop sprayers. Cruise, the autonomous vehicle company owned by General Motors, will launch a robotaxi service in Phoenix, Arizona, and Austin, Texas, before the end of 2022. Netflix estimates ad-supported tier will reach 40 million viewers by late 2023. Roblox announces new ad revenue stream. Uber investigates hack. California files Antitrust complaint against Amazon. Google loses appeal over illegal Android app bundling, EU reduces fine to €4.1 billion. Citadel Securities, Fidelity and Charles Schwab to launch new crypto exchange. In Canada, CubicFarm Systems announced a $6.25 million senior secured term loan. Converge Technology Solutions acquires Newcomp Analytics. Stack Capital increases its exposure to Prove Identity via a share swap. WELL Health announces inclusion in the 2022 TSX30. Sophic Client, Swarmio Media announced an initial strategic investment of a US$1 million convertible note from Apelby Communications at a US$30 million market capitalization. Sophic Client, LuckBox announced triple digit growth in key operational metrics. Sophic also published three reports on Sophic Client Reklaim.
This third (of 4) report investigates what Big Tech has done to safeguard consumer data and some outcomes for tech firms that ran afoul of data privacy regulations.