A new challenger has appeared in the internet-from-space race: the UK government, which CNBC reports has committed $500 million to reviving bankrupt satellite startup OneWeb.
The UK government won a 20% stake in OneWeb during an auction in New York on Friday, pending court approval. The bid, reportedly made through a consortium, was worth more than $1 billion in total.
The move sets the UK government squarely against billionaires Elon Musk and Jeff Bezos, both of whom are pouring huge sums of cash into their own broadband-beaming satellite plays, Starlink and Blue Origin.
According to CNBC’s report, UK Business Secretary Alok Sharma confirmed the UK’s ambitions, telling reporters: “Our access to a global fleet of satellites has the potential to connect millions of people worldwide to broadband, many for the first time, and the deal presents the opportunity to further develop our strong advanced manufacturing base right here in the UK.”
OneWeb wanted to help under-connected parts of the world… like the UK?
London-headquartered OneWeb let go most of its staff and filed for Chapter 11 bankruptcy back in March, having failed to raise the reported $2 billion in additional funding required for its commercial launch.
“It is with a very heavy heart that we have been forced to reduce our workforce and enter the Chapter 11 process while the Company’s remaining employees are focused on responsibly managing our nascent constellation and working with the Court and investors.” – @AdrianSteckel (4/4)
— OneWeb (@OneWeb) March 28, 2020
While less than the 540 now launched by SpaceX‘s Starlink (but far more than the zero launched by Blue Origin), OneWeb did manage to send 74 of its 650 planned satellites into low-orbit across eight years. It raised $3.4 billion to do so, led by Japan’s floundering tech giant SoftBank.
OneWeb’s primary goal was to give rural and under-connected parts of the world reliable high-speed, low-latency internet using a constellation of low-orbit (LEO) satellites.
For now, the UK hopes OneWeb can help replace the EU’s Galileo sat-nav system, which it’s reportedly banned from using once Brexit finally happens. The manufacturing of OneWeb satellites will also be moved from Florida to the UK following the deal.
Published July 3, 2020 — 15:44 UTC
NASDAQ 100 sits on nearly $1T in cash — and we’ve got the charts to prove it
Earlier this week, Google parent Alphabet raised $10 billion despite already sitting on $121 billion in cash — a decision no doubt fuelled by the Fed’s souped-up money printer and record low interest rates.
But the Mountain View giant is not alone; the rest of US tech is hoarding too.
In 2012, the companies currently featured in the tech-heavy NASDAQ 100 (NDX) stock index collectively held $405 billion in cash and other small investments. Now, they’ve amassed more than $927 billion — more than half a trillion dollars saved in eight years.
Microsoft and Alphabet are NASDAQ’s kings of cash
As one might expect, the biggest tech giants have the deepest pockets. But five companies in particular are saving more than any other: Microsoft, Alphabet, Apple, Amazon, and Facebook.
Together, they’ve added $323 billion since 2012. Now, the reserves of those five tech companies represent more than half of the total cash controlled by the entire NDX, which includes around 100 firms.
On the other hand, some would rather deplete their war chests. Hard Fork found networking mainstay Cisco “saved” the least, now with $20 billion less compared to 2012; biotech play Amgen $14 billion has less; and eBay $3.8 billion.
Still, more than 80% of the companies currently in the NDX added cash to their kitties since 2012.
The real question is: what does Big Tech plan on doing with all its billions? Some companies use extra cash to reward shareholders with dividends, and others opt to buy back their own shares to inspire demand, or some kind of combination.
But considering the sheer size of the fortunes amassed by tech’s biggest companies, it’s equally likely we could see even more acquisitions in the near future — no doubt only when all that pesky antitrust nonsense with Congress is over with. Surely.
Published August 6, 2020 — 17:09 UTC
August 6, 2020 — 17:09 UTC
Bezos just took his first post-COVID (stock) dump — and it’s worth $3.1B
Amazon‘s Jeff Bezos unloaded $3.1 billion worth of company stock earlier this week, representing a little less than 2% of his personal stake in the ecommerce giant.
Bezos‘ August dumps, which were all made as part of a pre-determined trading plan lodged with the SEC, brings the total value of the billionaire chief exec’s $AMZN sales to a jaw-clenching $7.2 billion.
In total, Bezos sold 1 million shares, and while the price varied, he generally got around $3,130 per share.
While company execs getting rid their own stocks is common practice, Bezos now accounts for more than 98% of the stock sold by Amazon insiders so far in 2020.
In that time, Amazon‘s share price has risen 80%, breaking multiple price records along the way.
Amazon Web Services CEO Andrew Jassy sold around $22 million worth of their company stock alongside Bezos, according to the SEC docs gathered by finance portal Finviz.
Much less, but Finviz calculated that Jassy managed to sell at a slightly higher price ($3,183) than the bossman.
Bezos sales in August are notably his first in more than six months. He generated around $680 million on January 31, and more than $3.3 billion during the first week of February. Back then, $AMZN traded at around $2,000.
Bezos previously pledged to sell roughly $1 billion per year to fund his space exploration project Blue Origin.
Published August 6, 2020 — 11:44 UTC
August 6, 2020 — 11:44 UTC
Satoshi Nakaboto: ‘Young investors go for Bitcoin, older ones prefer gold, JPMorgan reports’
Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.
Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Albert Einstein used to say: Let’s whip up a knowledge omelette!
We closed the day, August 05 2020, at a price of $11,747. That’s a respectable 4.84 percent increase in 24 hours, or $543. It was the highest closing price in three days.
We’re still 41 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).
Bitcoin market cap
Bitcoin‘s market cap ended the day at $216,761,492,406. It now commands 62 percent of the total crypto market.
Yesterday’s volume of $24,411,254,471 was the highest in two days, 8 percent above last year’s average, and 67 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 370 tons of gold.
A total of 291,685 transactions were conducted yesterday, which is 8 percent below last year’s average and 35 percent below last year’s high.
Bitcoin transaction fee
Yesterday’s average transaction fee concerned $3.08. That’s $0.83 below last year’s high of $3.91.
Bitcoin distribution by address
As of now, there are 18,816 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.
Furthermore, the top 10 Bitcoin addresses house 4.9 percent of the total supply, the top 100 14.3 percent, and the top 1000 34.8 percent.
Company with a market cap closest to Bitcoin
With a market capitalization of $215 billion, Adobe has a market capitalization most similar to that of Bitcoin at the moment.
Bitcoin’s path towards $1 million
On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.
He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.7 percent behind being on track. Bitcoin‘s price should have been $489,322 by now, according to dickline.info.
Bitcoin energy consumption
On a yearly basis Bitcoin now uses an estimated 63 terawatt hour of electricity. That’s the equivalent of Switzerland’s energy consumption.
Bitcoin on Twitter
Yesterday 38,033 fresh tweets about Bitcoin were sent out into the world. That’s 89.2 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.
Most popular posts about Bitcoin
This was one of yesterday’s most engaged tweets about Bitcoin:
JPMorgan says younger investors like bitcoin and older ones prefer goldhttps://t.co/LqjCdOlvqM
— The Block (@TheBlock__) August 5, 2020
This was yesterday’s most upvoted Reddit post about Bitcoin:
My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.
Published August 6, 2020 — 10:21 UTC
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