1. Thunderous stock market debut for Reddit
Reddit made a splash on Wall Street on its stock market debut on Thursday: shares in the social media platform opened 38 percent above the issue price of $34. At the end of the trading day they were even worth more than 50 dollars, a plus of almost 48 percent. That price values the company at 8 billion.
Reddit raised $748 million through its IPO, but is not doing well with a turnover of $804 million in 2023 and a loss of more than $90 million. More music is in the deals it makes with AI companies for access to its treasure trove of conversations across all subreddits.
2. ‘Getir will still take over Flink’
The German flash delivery company Flink is regarding to be taken over by its Turkish competitor Getir. The deal is said to be worth more than 700 million euros Manager Magazine based on insiders. Flink reports that it is still looking at other forms of financing. A year ago, takeover talks fell through.
Getir has already swallowed fellow Gorillas in 2022. Flink claims a European turnover of 560 million euros, making it almost twice as large as its Turkish competitor. Due to the size of the merger, it is still unclear whether the German ACM and the European Commission would investigate the takeover.
3. Thorizon scores French subsidy for small nuclear reactor
The French government is investing a 10 million euro subsidy in Thorizon, the Dutch startup that is developing a molten salt reactor. The new type of nuclear power plant produces energy from nuclear waste. With the money, Thorizon thinks he can bring a commercial reactor onto the market sooner.
For the time being, it is working with the French nuclear company Orano. This put the Dutch on the trail of the subsidy, says CEO Kiki Lauwers FD. Her company’s power plant can be built quickly and might supply power to 250,000 households.
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4. US Justice Department takes monopolist Apple into custody once more
US Justice accuses Apple of one illegal monopoly in the telephone market. In doing so, it hinders its competitors, stifles innovation and keeps prices artificially high, the complaint says. iPhone users would be much less likely to switch to another device due to Apple’s actions.
Parties that want their customers with an iPhone or Apple Watch to pay in a way other than via Apple Pay would also have been stopped by Apple. Furthermore, the functions of other types of smartwatches for iPhone owners are very limited. It is the third time in fourteen years that Apple has been sued in the US for abuse of power. The tech giant calls the complaint ‘factually and legally incorrect’ and promises to oppose it with all its might.
5. Neuralink patient number 1 can play chess
The first patient to have a Neuralink chip placed in their head has played a game of chess. This was seen during a stream on X where the man, paralyzed from the shoulders down following a diving accident, thanks to the brain-computer interface by Elon Musk can move a cursor on a computer screen with his thoughts.
Noland Arbaugh, 29, was treated in January. His name was not yet released.
6. And then this: Amsterdam Russian prosecuted for crypto fraud of 1.2 billion
Alex Pertsev, the Russian Amsterdam resident who was arrested in August 2022, is suspected of laundering and siphoning off $1.2 billion through his so-called crypto mixer Tornado Cash. This software cuts cryptocurrency into small pieces and mixes them up, making it difficult to determine its origin.
Among other Coindesk reports that his trial will take place on March 26 and 27 in Den Bosch. Pertsev and his associates might have suspected the criminal origin of the funds, the Dutch Public Prosecution Service said. Two other developers of Tornado Cash, Roman Storm and Roman Semenov, are also facing a lawsuit, but in the US.
What we also read:
- Scope of Libelle: Claus-Casimir of Orange has started a sustainable advertising company: Ecoclick (Libelle)
- KPN gets the green light from the ACM takeover Youfone (NU.nl)
- René van der Zel wants to increase the turnover of XXL nutrition lifts from 63 to 80 million euros (RetailTrends)
- Offices of Marktplaats, BNR and the FD cleared following threat to Marktplaats (Het Parool)
- Algae pioneer Lgem receives fresh growth money from ROM InWest, Navus Ventures and its founder (GroentenNieuws)
