Uber's China Rival Gets a Boost, and Spotify Takes a Step Toward Public Markets
Didi Chuxing secures a $4 billion investment from SoftBank and Mubadala, bringing its valuation to $56 billion. The latest funding round comes amid reports SoftBank is looking to invest in rival Uber at a significant discount to its last $68 billion valuation.
And Spotify will reportedly get approval to list its shares directly on the New York Stock Exchange, a step towards avoiding a traditional IPO. The company could be valued as high as $20 billion.
Plus, speaking of going public, Pinterest will reportedly delay its planned IPO until 2019, as the company expects to fall short of revenue forecasts for the year. The photo-sharing app will bring in sales of $490 million this year, according to The Information. That compares to early estimates above $500 million.
Ed Egilinsky, managing director, head of sales and distribution and alternatives at Direxion, offers some advice to investors on how to position their portfolio for retail earnings.
Elon Musk on Tuesday dismissed speculation that he might step down as Tesla's CEO and told the company’s annual shareholders meeting that the electric car and solar panel company would start doing some advertising.
Disney on Tuesday asked a state judge to dismiss a lawsuit filed by a governing board appointed by Gov. Ron DeSantis to oversee Disney World, claiming the company has been the victim of the “weaponizing” powers of government aimed at punishing it for opposing a law dubbed “Don't Say Gay” by critics.
Disgraced Theranos CEO Elizabeth Holmes appears to be soon bound for prison after an appeals court Tuesday rejected her bid to remain free while she tries to overturn her conviction in a blood-testing hoax that brought her fleeting fame and fortune.
Cheddar News checks in on what to look out for on The Day Ahead as earnings season continues with TJX Cos., Target and Take Two Interactive among those reporting on Wednesday. April housing starts data is also set to be released while Netflix will hold its upfront presentation virtually amid a continued writers' strike.
Billy McFarland, who served four years in prison for the failed Fyre Festival in the Bahamas that saw investors lose millions, is back. McFarland joined Cheddar News to explain a new Fyre Festival he is planning along with a Broadway musical, both in the works.
