Monday , December 5 2022
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Tolu Ajiboye



Articles by Tolu Ajiboye

Indonesian Startup GoTo Is Worst Tech IPO Underperformer of 2022

3 days ago

GoTo is the worst large tech IPO of 2022 after plunging for 10 consecutive sessions amid the global selloff.GoTo is the worst of the largest tech Initial Publis Offerings (IPO) this year, according to reports. The shares of the Indonesian startup plunged for 10 consecutive sessions as fears regarding an expiring lock-up heated up. GoTo’s post-IPO stock selloff makes it the worst-performing company among 11 internet and tech-inclined platforms that generated over $500 million in IPO listings this year.GoTo Largest Tech 2022 IPO Drawdown in PerspectiveAs it stands, GoTo Group stock has lost around 61% of its value since it went public on the Indonesian Stock Exchange in April. The company experienced an inaugural share sale of approximately $1.1 billion, making it the third-largest initial

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Sam Bankman-Fried Claims He Did Not Devote Time to Risk Management at FTX

3 days ago

Embattled ex-FTX CEO Sam Bankman-Fried reflects on his ‘costly’ apathy for risk management during his time with the exchange. Sam Bankman-Fried recently stated that he did not devote time to risk management practices while helming fallen crypto exchange FTX. In a recent interview filmed in the Bahamas, where Bankman-Fried remains holed up, the disgraced former CEO reflects on what could have been.According to Sam Bankman-Fried, if he had devoted an hour a day to risk management, FTX might still be functional today. Instead, on claims that he was an expert on risk management, Bankman-Fried said, “I wasn’t even trying, like, I wasn’t spending any time or effort trying to manage risk on FTX”. Furthermore, the embattled ex-CEO also addressed accusations of financial impropriety, maintaining

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Dow Jones Relinquishes Some Big Gains Ahead of Pivotal US Jobs Report

3 days ago

The Dow Jones closed approximately 200 points lower in anticipation of Friday’s critical jobs report. The Dow Jones Industrial Average (DJIA) dipped 194.76 points, or 0.56%, to close at 34,395.01 on Thursday ahead of today’s critical jobs report. This nearly 200-point fall was not the only setback recorded among the major indexes yesterday. The S&P 500 also closed lower by 0.09% to 4,076.57 during Thursday’s session. However, the tech-laden Nasdaq Composite gained 0.13% to close at 11,482.45.The Dow Jones has now given up some of its gains accrued in the previous session as investors await Friday’s jobs report. Observers and analysts widely believe that the incoming employment data could influence the Federal Reserve’s decision on future rate tightening. Aspiriant managing director of

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Reserve Bank of India Rolls Out Pilot Phase ahead of Digital Rupee Launch

4 days ago

The RBI is test-running its digital rupee in numerous banks and Indian cities as it nears the official launch of the CBDC. Ahead of the proper launch of the digital rupee, the Reserve Bank of India (RBI) has decided first to conduct a pilot rollout of the virtual fiat. According to the Indian central bank, eight banks will participate in the project, which will occur in two phases. The first phase will feature four banks: Yes Bank, the State Bank of India, ICICI Bank, and IDFC First Bank. These banks will offer the retail digital rupee in four Indian cities: Mumbai, New Delhi, Bengaluru, and Bhubaneswar.The second phase will commence with four more banks in the South Asian country, including Kotak Mahindra Bank, the Bank of Baroda, Union Bank of India, and HDFC Bank. RBI stated that these

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EV Charging Startup Volta Stock Closes Below 50 Cents for First Time since Public Listing

4 days ago

Volta recently closed under 50 cents for the first time as a public company due to a cash crunch and the possibility of stock delisting.EV charging startup Volta (NYSE: VLTA) saw its shares close below 50 cents for the first time since its public listing last year. This recent relative stock underperformance could be attributable to several factors affecting the electric car charging company. They include a cash crunch as well as the possibility of a stock delisting.Volta stock briefly climbed up to $13 in 2021 but plunged 6.4% on Wednesday to close at 49.2 cents. Conversely, the electric vehicle charging startup’s rivals all gained more than 5% for the day. Performing rivals include Blink Charging Co, ChargePoint Holdings Inc, and EVgo Inc. Before falling below 50 cents, Volta

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Elon Musk Implores Fed to Cut Interest Rates or Risk Economy Tumbling into ‘Severe’ Recession

5 days ago

Tesla boss Elon Musk opines that the Fed’s attempts to stem inflation may inadvertently induce a full-blown recession.Elon Musk believes that the Federal Reserve must cut interest rates immediately or risk incurring a severe recession. The outspoken Tesla CEO made his opinion known in an early tweet Wednesday, which read:“Trend is concerning. Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession.” According to Musk, the Fed’s attempt to rein in runaway inflation could worsen the economic situation. As it stands, the prices have skyrocketed, and several households across the US are feeling the crunch. Energy prices are hovering at record-high levels, and the tech space and crypto industry are wallowing in significant

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Animoca Brands to Launch $2 Billion Metaverse Fund

5 days ago

Blockchain video game developer Animoca Brands aims at establishing a well-heeled specialized fund to facilitate metaverse projects. Animoca Brands plans to launch a $2 billion fund to invest in metaverse businesses, according to the company’s co-founder and executive chairman Yat Siu. In addition to focusing on digital property rights, Siu said that the Animoca Brands metaverse fund would develop the ecosystem. Furthermore, the Hong Kong-based game software, and venture capital platform, also seeks to provide opportunities to access Web3 companies.The Animoca metaverse fund, known as Animoca Capital, looks to embark on its first investment in 2023. According to Siu, who will oversee the initiative with a partner, the fund is yet to raise any money. However, the Animoca chairman explained

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