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21Jun By PriyankaNo Comments

News

Facebook Investors Announced New Share Class To Remove Zuckerberg’s Control over Facebook

<span class="articleLocation" style="transform: translate3d(0px, 0px, 0px);">Facebook Inc shareholders approved a proposal to create a new class of non-voting shares, a move aimed at letting Chief Executive Officer Mark Zuckerberg give away his wealth without relinquishing control of the social media company he founded. The company's plan to issue two "Class C" shares for each Class A and Class B share held by shareholders, in what is effectively a 3-for-1 stock split, was approved by Facebook shareholders at the company's annual general meeting on Monday. The Class C shares will be publicly traded under a new symbol. Zuckerberg said in December that he intended to put 99 percent of his Facebook shares into a new philanthropy project focusing on human potential and equality. ...

Facebook Board Proposed Removing Mark Zuckerberg’s Majority Voting Control in Facebook

4Jun By AnkitaNo Comments

News

Facebook Board Proposed Removing Mark Zuckerberg’s Majority Voting Control in Facebook

Facebook Inc's board has proposed removing Mark Zuckerberg's majority voting control in the event of the social media giant's chief executive and founder deciding to exit management at some point in future. In a proxy filing with the U.S. Securities and Exchange Commission, Facebook's board said it would ask shareholders to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he is no longer in a leadership position. The move was first proposed in late April in a regulatory filing. As of June 2, Zuckerberg beneficially owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. The proposed move,...

Alibaba Group Will Purchase Its Own Share From SoftBank Group

2Jun By AnkitaNo Comments

News

Alibaba Group Will Purchase Its Own Share From SoftBank Group

Alibaba Group Holding Limited (NYSE: BABA) today announced the terms of its previously announced purchase of Alibaba Group ordinary shares from SoftBank Group. Alibaba Group has agreed to purchase 27,027,027 Alibaba ordinary shares from SoftBank Group at US$74.00 per share for an aggregate of US$2 billion. Members of the Alibaba Partnership, acting collectively, have also agreed to purchase 5,405,405 Alibaba ordinary shares from SoftBank Group at the same price per share for an aggregate of US$400 million. Alibaba Group has agreed to purchase 27,027,027 Alibaba ordinary shares from SoftBank Group at US$74.00 per share for an aggregate of US$2 billion. Members of the Alibaba Partnership, acting collectively, have also agreed to purchase 5,405,405 Alibaba ordinary shares from SoftBank ...

Softbank Sold $8 Billion Shares of Alibaba To Repay The Debt

2Jun By AdityaNo Comments

News

Softbank Sold $8 Billion Shares of Alibaba To Repay The Debt

SoftBank Group said on Tuesday it would sell at least $7.9 billion of shares in Alibaba to cut the Japanese company's debt. It said it would remain Alibaba's largest shareholder after the sale. Singapore state funds bought $1 billion of shares in Chinese e-commerce company Alibaba Group Holding Ltd as part of an $8.9 billion sale by Japan's SoftBank Group Corp, Alibaba's biggest shareholder, the company said on Wednesday. Singapore sovereign wealth fund GIC Pte Ltd, and state investor Temasek Holdings each purchased $500 million of Alibaba shares at $74.00 apiece through subsidiaries, Alibaba said, offering details of the SoftBank sale announced on Tuesday. GIC and Temasek confirmed the transactions but declined to provide further comment. Temasek is an existing investor in Alibab...

Morgan Stanley Again Marked Down Valuation of Flipkart

27May By NitishNo Comments

News

Morgan Stanley Again Marked Down Valuation of Flipkart

A mutual fund group governed by Morgan Stanley has further reduced the valuation of India's biggest e-commerce portal, Flipkart. Flipkart shares markdown by 15.5%. This is the second consecutive markdown by Morgan Stanley, after it had marked it down by 27% in the previous quarter. Morgan Stanley has marked the value of their Flipkart shares at $87.9 per share as of March 2016, down from $103.97 per share as of December 2015 and down 38.2% from $142.24 per share as of June 2015. The markdown pegs Flipkart's valuation at $9.39 billion, as compared to the $15.2 billion when it last raised capital in July 2015. Morgan Stanley had picked up shares in Flipkart as a part of its series D round of funding in 2013, when the Bengaluru-based e-tailer had raised $360 million in two tranches. It ...

I Sold My Entire Apple Stake Because of China – Billionaire Carl Icahn

30Apr By reutersNo Comments

Entrepreneurs Talk

I Sold My Entire Apple Stake Because of China – Billionaire Carl Icahn

Billionaire activist investor Carl Icahn said Thursday he had sold his entire stake in Apple Inc, citing the risk of China's influence on the stock. Icahn, in an interview with cable television network CNBC, also said he was "still very cautious" on the U.S. stock market and there would be a "day of reckoning" unless there was some sort of fiscal stimulus. Icahn had been a huge cheerleader of Apple, acquiring a stake in the company almost three years ago, repeatedly calling the investment a "no brainer." In an open letter to Apple Chief Executive Officer Tim Cook in May 2015, Icahn had argued that shares of the iPhone maker were worth $240, about 90 percent more than they had been trading. At $240 a share, Apple's market cap would be $1.4 trillion, Icahn asserted. But Icahn, wh...

Sundar Pichai Received $100.5 million (Rs. 667 crores) Pay Package in 2015

30Mar By AdityaNo Comments

News

Sundar Pichai Received $100.5 million (Rs. 667 crores) Pay Package in 2015

According to the report in Bloomberg, Google CEO Sundar Pichai received a $100.5 million (roughly Rs. 667 crores) pay package in 2015. The salary mentioned in filing from parent company Alphabet on Tuesday. Pichai received $99.8 million in restricted stock that will vest in full by 2017. He also received a $652,500 salary. The stock award hasn't previously been disclosed in filings. The former co-founder of Google Larry Page awarded restricted shares valued at $199 million (roughly Rs. 1,321 crores), the largest grant ever given to a Google executive officer whose pay has to be reported in filings. Executive Chairman Eric Schmidt received $8.04 million (roughly Rs. 53 crores) for 2015, including a $1.25 million salary and $6 million (roughly Rs. 39 crores) cash bonus. Chief Finan...

Infosys Co-founders Gopalakrishnan, Shibulal Sell Their Shares Worth Rs 862 Crore

11Mar By NitishNo Comments

BUSINESS

Infosys Co-founders Gopalakrishnan, Shibulal Sell Their Shares Worth Rs 862 Crore

Two of the billionaire co-founders of software major Infosys, S Gopalakrishnan and S D Shibulal, and some of the latter's family members sold 7.5 million equity shares of the company for Rs 862 crore on exchanges. The sale was executed by Citigroup Global Markets India Private Limited as the sole broker for the sale of shares, Gopalkrishnan and Shibulal said. The sale of shares was executed at an average price of Rs 1,149.45 across all sellers, they said in a joint statement here. The founders have served Infosys in various capacities, since its inception in 1981 until October 2014 and made it a professionally run company with a global presence. TThe sale has been done to partially monetize their stake, having nurtured the company for more than three decades, for personal reaso...

Alibaba Acquired 33 Million Shares of Groupon Inc.

19Feb By AdityaNo Comments

ACQUISITION

Alibaba Acquired 33 Million Shares of Groupon Inc.

In a filing with the U.S. Securities and Exchange Commission last Friday, Alibaba Group Holding Ltd. revealed that it had acquired 32.972 million shares of class A common stock (about 5.6% of shares outstanding) in Groupon Inc. . After the news published, Groupon’s stock was up more than 20%, touched $20 per share. One week ago, the shares hit an all-time low of $2.15. Alibaba likely filed with the SEC because its stake rose above 5% of Groupon’s outstanding shares. There is no information on how much Alibaba paid for the shares. Groupon had $917.2 million in revenue in the fourth quarter of 2015. That compares to consensus estimates that called for a breakeven in earnings on revenue of $841 million. In the same period last year, it posted $750.36 million in revenue. The coupon...

Here’s What LinkedIn CEO Jeff Weiner’s Said After Stock Loses 40% of Its Value

13Feb By No Comments

BLOGS

Here’s What LinkedIn CEO Jeff Weiner’s Said After Stock Loses 40% of Its Value

In case you haven’t been paying attention, many tech stocks are under serious pressure. LinkedIn, where I have been an executive for nearly six years, is one of those companies, having lost more than 40% of our value after announcing our 2015 earnings and guidance for 2016 last Thursday. As you can imagine, this has the potential to cause angst and churn, both internally and externally, and over the last week, I’ve been fascinated by the varied reactions of people, both inside and outside the company, with whom I’ve interacted: indignant, perplexed, resilient, full of pity, inspired and shell-shocked. When something like this happens at a company, you can witness very extreme, and often negative, reactions from people like the CEO and CFO, who can get into a blame game and create a c...

Nalanda Capital Acquired More Stakes in Just Dial For Around $18M

25Jan By AnkitaNo Comments

ACQUISITION

Nalanda Capital Acquired More Stakes in Just Dial For Around $18M

Nalanda Capital, a Singapore-based public market-focused private equity style investment firm has increased its stakeholding in Mumbai-based Just Dial Ltd. Nalanda Capital has acquired 2.04 percent stake in the company for an estimated Rs 115-120 crore ($18 million) last week. it had also acquired some shares last month. ALSO READ: Big Startups Are Ready to Big Startups Are Ready to Enter Into the Indian Share Market In December 2015, Sequoia Capital reduced its shares in the company selling another chunk of its stake in the company. This is its third part-exit. Tiger Global and SAIF Partners had also trimmed its holding part in the company. About Justdial- Founded by VSS Mani in 1994, Just Dial is a local search firm that provides both B2C and B2B li...