Bitcoin’s rally to near a record high is reawakening animal spirits — not just in the cryptocurrency market itself, but in the broader financial world that had left the digital asset sector for dead last year. The change of heart can be seen in the improved outlook for deal flow, highlighted by Robinhood Markets Inc.’s … Read more
Mumbai: Shares of NYSE-listed Azure Power Global, an India-focus renewable power company, plummeted 41% in Monday morning trade – its biggest intra-day fall since its 2016 listing – after the company announced Harsh Shah has resigned as the CEO of the company within two months of joining. Shah had succeeded Ranjit Gupta as chief executive … Read more
U.S. regulators are investigating Elon Musk‘s delayed disclosure of his sizable stake in Twitter Inc last month, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Musk disclosed a 9.2% stake in Twitter to the U.S. Securities and Exchange Commission (SEC) on April 4, a delay of at least 10 days … Read more
Puneet Dikshit, a 40-year-old Indian-origin partner at management consulting giant, McKinsey & Company, has been arrested and charged with insider-trading and making illegal profits totalling over USD 450,000 in the US. Dikshit, a partner at a global management consulting firm, has been charged with “illegally trading in advance of a corporate acquisition by one of … Read more
By Bailey Lipschultz Robinhood Markets Inc. has officially become a meme stock, and this week’s wild ride could be just the beginning if legions of amateur investors pull money from their old favorites to buy more shares while insiders are dumping them. The trading app that helped fuel the memeification of the stock market soared … Read more
The outlook for the global asset management industry, plagued in recent years by unmerciful downward pressure on fees, is starting to look brighter. With meme stocks, decentralized finance and non-fungible tokens capturing the headlines, money managers need to keep up with the zeitgeist. A new report suggests that the cryptocurrency markets offer a great opportunity … Read more
Invesco is planning to launch a pair of cryptocurrency-focused exchange-traded funds, even as regulators have repeatedly delayed the approval of a U.S. Bitcoin ETF. About 85% of the Invesco Galaxy Blockchain Economy ETF and the Invesco Galaxy Crypto Economy ETF will be in crypto-linked equities, according to a filing with the U.S. Securities and Exchange … Read more
WASHINGTON: With his cult following, Tesla boss Elon Musk has amassed considerable power to move markets with his musings, but murky rules make it difficult for regulators to rein him in. The celebrity CEO, who boasts more than 54 million Twitter followers and has a devoted constituency on Reddit, has whipsawed the cryptocurrency market and … Read more
GameStop Corp on Monday increased the value of new stock it may sell from $100 million to $1 billion, as the U.S. video game retailer seeks to capitalize on a surge in its shares from a Reddit-driven rally this year. GameStop stock has rampaged over 900% higher since January in highly volatile trading as amateur … Read more
NEW YORK/HONG KONG: US investor Sung Kook “Bill” Hwang was looking for a second chance on Wall Street after falling from grace and shutting his multibillion-dollar hedge fund firm. Japan’s Nomura Holdings Inc gave him one. Nomura had previously had a relationship with Hwang’s Tiger Asia Management LLC before the investment firm shut down in … Read more