It’s been a long road for Spotify in terms of going public, but now that day is here. The company is now public; it took the unusual step of pursuing a direct listing, rather than the more traditional IPO. Shares were set at a price of $132 by the New York Stock Exchange late Monday, according to Reuters. That gives Spotify a value of over $23 billion.
If only a good idea and a bit of luck were all you needed to launch a successful startup. The reality is that it takes a lot more. Timing, competition, and future market conditions can make or break a business. So if you want yours to still be around in a year–or 10–it’s vital to know which industries are ripe for innovation and new entrants. Continue reading The Hottest Sectors for Launching a Business in 2018
Today the US Commodity Futures Trading Commission announced that it has filed a federal civil enforcement action against three virtual currency operators. The details of one case remain sealed, but the other two companies facing charges are CabbageTech and Entrepreneurs Headquarters Ltd. The charges include fraud, misrepresentation, misappropriation and more, and are the first enforcement actions since the CFTC allowed trading bitcoin futures.
SoftBank has more than just a large stake in Uber — it’ll soon have some direct control as well. Recode sources understand that Sprint CEO Marcelo Claure is taking one of SoftBank’s two slots on Uber’s board of directors in the “next few weeks.” The other slot is reportedly slated to go to Rajeev Misra, the leader of the SoftBank Vision Fund that took charge of the Uber deal. Neither Uber nor SoftBank has commented on the apparent scoop.
Just how much money do tech companies shelter from taxes? Quite a lot, according to the Dutch. Newly published Netherlands regulatory filings show that Google shielded €15.9 billion (about $19.2 billion) in 2016 using the popular “Dutch Sandwich” tax trick, saving it about $3.7 billion in taxes. The maneuver involves shifting revenue from an Irish subsidiary to a Dutch firm with no staff, and promptly moving the funds to a Bermuda mailbox owned by another Ireland-listed company. And this practice isn’t slowing down — Google moved 7 percent more cash through this approach in 2016 than it did a year earlier.
Volkswagen official Oliver Schmidt has been sentenced to seven years in prison and handed down a $400,000 fine. In August, the former Volkswagen manager in Michigan pleaded guilty for his role in the automaker’s emission-cheating scheme. If you’ll recall, the company admitted back in 2015 that it installed software designed to cheat emissions tests in millions of its vehicles. In truth, those cars emitted up to 35 times the legal level of nitrogen oxide, a pollutant that could cause respiratory problems in people and could make vegetation more prone to disease.
Bitcoin continues to grow, hitting a $11,000 price per coin valuation less than a day after it topped $10,000. The cryptocurrency has been normalizing with investors, getting its own federally-regulated exchange this past July. Now, Nasdaq is planning to launch contracts for bitcoin futures in the first half of 2018, according to The Wall Street Journal, which will enable investors to predict and put money on the future price of the currency.