23andMe is becoming a publicly-traded company through a merger with Virgin’s VG Acquisition. Engadget reports: The deal values 23andMe at about $3.5 billion and should give the company the finances it wants to boost its personal healthcare and therapeutics plans. It should have over $900 million in cash, for instance. The merger is expected to close in the second quarter of…
Tag: Finances
AMC Raises $917 Million To Weather ‘Dark Coronavirus-Impacted Winter’
An anonymous reader quotes a report from Variety: AMC Theatres, the world’s largest cinema chain, has raised $917 million in new equity and debt capital, the company said on Monday. “This increased liquidity should allow the company to make it through this dark coronavirus-impacted winter,” the company said, adding that its “financial runway has been extended deep into 2021.” AMC has…
Disney+ Has More Than 73 Million Subscribers
Disney+, the streaming service that launched one year ago today, grew to 73.7 million paid subscribers as of early October. TechCrunch reports: That’s according to The Walt Disney Company’s fourth-quarter earnings report, which covers the company’s finances through October 3. The company previously said Disney+ had 60.5 million subscribers as of August 3. The release also includes subscriber numbers for Disney’s…
Former Google CEO Eric Schmidt Has Applied To Become a Citizen of Cyprus
The former CEO of Google, Eric Schmidt, is finalizing a plan to become a citizen of the island of Cyprus, Recode has learned, becoming one of the highest-profile Americans to take advantage of one of the world’s most controversial “passport-for-sale” programs. From the report: Schmidt, one of America’s wealthiest people, and his family have won approval to become citizens of the…
Astronomers issue report on the effect of ‘satellite constellations’ on astronomy
A new report concludes that large constellations of bright satellites in low-Earth orbit will fundamentally change ground-based astronomy and impact the appearance of the night sky for stargazers worldwide. Source: https://earthsky.org/space/astronomers-report-effect-of-satellite-constellations-astronomy…
Will China’s AI Surveillance State Go Global?
China already has hundreds of millions of surveillance cameras in place, reports the Atlantic’s deputy editor, and “because a new regulation requires telecom firms to scan the face of anyone who signs up for cellphone services, phones’ data can now be attached to a specific person’s face.” But the article also warns that when it comes to AI-powered surveillance, China “could…
Amazon Met With Startups About Investing, Then Launched Competing Products
Some companies regret sharing information with tech giant and its Alexa Fund. From a report: When Amazon.com’s venture-capital fund invested in DefinedCrowd, it gained access to the technology startup’s finances and other confidential information. Nearly four years later, in April, Amazon’s cloud-computing unit launched an artificial-intelligence product that does almost exactly what DefinedCrowd does, said DefinedCrowd founder and Chief Executive Daniela…
Tesla Turns a Profit For the Fourth Quarter In a Row, Chooses Austin For Next Gigafactory
Tesla turned a profit of $104 million in the second quarter of 2020. “As a result, Tesla has now been profitable for four straight quarters for the first time in company history — an elusive benchmark the company has long sought,” reports The Verge. The company also announced it will build its newest Gigafactory near Austin, Texas. CNBC reports: The area…
Wirecard Says Missing $2.1 Billion Never Existed, Rips Up Earlier Accounts
Wirecard said on Monday that 1.9 billion euros ($2.1 billion) missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch. From a report: The former German stock market darling, which processes payments for companies including Visa and Mastercard, has seen…
‘FOSS Responders’ Want to Help Open-Source Groups Survive
“Thanks to the coronavirus, technology events have been canceled left and right,” writes ZDNet. “This, in turn, is damaging the finances of companies and groups that depend on these events.” Some open-source groups, such as The Linux Foundation, can deal with it. Others aren’t so fortunate. Some, such as Drupal Foundation, the Open Source Initiative (OSI), Open Source Matters (Joomla), and…