Bored Ape Seeks Andreessen Horowitz Funding at $5B Valuation

• 3 min read
Bored Ape Seeks Andreessen Horowitz Funding at $5B Valuation

MARKET MOVERS

  • Amazon shares surge on Prime price rise and boost from cloud division. Customers might be annoyed but investors are thrilled. The share price skyrocketed more than 17% in Thursday after-hours trading. The company will jack up the price of its Prime membership by 20 bucks to $139. Amazon said this was in response to, in part, higher wages and transportation costs. Source(0:41)

  • Facebook says Apple iOS privacy change will result in a $10 billion revenue hit this year. The company also reported that for the first time, they had negative user growth quarter over quarter. The stock dropped from $320 a share to $238 a share on after-hours trading Thursday. This represents a $220 billion loss in market cap overnight. Source(4:12)

  • Total nonfarm payroll employment rose by 467,000 in January, and the unemployment rate was little changed at 4.0 percent, the U.S. Bureau of Labor Statistics reports. Employment growth continued in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing. The unemployment rate increased in January to 4.0% from 3.9% in December.

  • Kohl’s rejects buyout offers. Kohl’s Board has determined, following a review with its independent financial advisors and upon the recommendation of its Finance Committee, that the valuations indicated in the current expressions of interest which it has received do not adequately reflect the Company’s value in light of its future growth and cash flow generation.

  • Russia, China agree on a 30-year gas deal via a new pipeline and settle new gas sales in euros. Bolstering an energy alliance with Beijing amid Moscow's strained ties with the West over Ukraine and other issues. Gazprom agreed to supply Chinese state energy major CNPC with 10 billion cubic meters of gas a year. The deal would be settled in euros in line with efforts by the two states to diversify away from U.S. dollars. Read more here.

WHAT TO WATCH

  • Bored Ape start-up in investment talks with Andreessen Horowitz. NFTs pioneer Yuga Labs is seeking to sell a multimillion-dollar stake in a new funding round. The financing would value it at between $4bn and $5bn. The terms could still change, and any discussions might not lead to a deal. Any deal would mark the first institutional investment into Yuga, a secretive outfit led by pseudonymous founders. Read more here.

  • Google to work with Ford on EV Detroit research hub. Google is joining the automaker's effort to transform a once-dilapidated Detroit train station into a research hub focused on electric and self-driving vehicles. Also, Detroit and the state of Michigan have agreed to provide infrastructure and other support. Renovations at the more than century-old Michigan Central Station could be completed by next year.

  • Saudi Aramco looks to sell a $50 billion stake in a fresh share listing. Executives at state-owned Saudi Arabian Oil Co., as Aramco is known, have held discussions internally and with outside advisers about selling additional shares on the Riyadh stock exchange and a secondary listing, possibly in London, Singapore, or other venues. The listing of shares would be by far the largest in the history of capital markets.

  • Myanmar plans to establish a digital currency to support domestic payments and boost the economy within the year and is assessing how to move forward. They are undecided whether we should do it as a joint venture with local companies or by the government alone. They stated that they are still learning about digital currencies and having discussions at this point to consider both pros and cons. Read more here.

  • Volvo and Northvolt to build a gigafactory for batteries in Sweden with a former Tesla exec in charge. Batteries produced by the plant will be “specifically developed” so they can be used in fully-electric cars from Volvo and Polestar. The R&D center is due to start operations this year, with the battery production facility scheduled to be up and running in 2025.

  • Senate committee passes sweeping App Store Reform Bill. If it makes it across the legislative finish line, Apple and Google's iron grip on mobile app stores may finally slip. The bill would prevent major app stores from requiring third-party developers from using its proprietary payment systems. It also includes language-freeing third-party developers to offer their apps through other marketplaces and at varying price points. Read more here.
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