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Dreaded ‘down rounds’ shave billions off startup valuations

Aug 9 (Reuters) – Several high-flying startups are being brought down to earth, as a recent carnage in global equity markets and lackluster demand for new listings force companies to raise funds at a substantial discount to their sky-high valuations. Easy money from venture capital dealmaking is fast evaporating in an inflation-induced high interest-rate environment …

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China’s Luckin plans store expansion, remains committed to the US market

Women leave a store of the Chinese coffee house chain Luckin Coffee in Beijing, China, July 8, 2020. Picture taken July 8, 2020. REUTERS/Thomas Peter Register now for FREE unlimited access to Reuters.com Register HONG KONG/BEIJING, Aug 9 (Reuters) – Two years after it was forced to withdraw from the Nasdaq for an accounting fraud, …

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Rocket Cos to buy personal finance app Truebill for nearly $1.3 bln

Dec 20 (Reuters) – Rocket Cos Inc (RKT.N) said on Monday it would buy personal finance app Truebill for nearly $1.3 billion in cash, as the Detroit-based company looks to expand its reach in the consumer finance market. Shares of Rocket, a platform that comprises mortgages, tech-driven real estate and financial services businesses, were down …

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Singapore-based crypto lender Hodlnaut suspends withdrawals

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo Register now for FREE unlimited access to Reuters.com Register HONG KONG, Aug 8 (Reuters) – Hodlnaut, a Singapore-based crypto currency lender and borrower, has suspended withdrawals, swaps and deposits, …

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Dollar edges lower as currency markets pull back on Friday’s moves

Dollar falls; Aussie, Kiwi and sterling gain Traders price in 69% chance of 75 bps Fed hike in Sept LONDON, Aug 8 (Reuters) – The dollar fell on Monday, losing some of the gains it had made from Friday’s US jobs data, as currency markets pulled back on their initial reaction and waited for Wednesday’s …

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Musk challenges Twitter CEO to public debate on bots

Elon Musk’s Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration//File Photo Register now for FREE unlimited access to Reuters.com Register Aug 6 (Reuters) – Elon Musk on Saturday challenged Twitter Inc (TWTR.N) Chief Executive Officer Parag Agrawal to a public debate …

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India freezes assets of Binance-linked WazirX

Representations of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Register now for FREE unlimited access to Reuters.com Register MUMBAI, Aug 5 (Reuters) – India’s financial crime-fighting agency said on Friday it had frozen the assets of WazirX, linked to the world’s largest digital currency exchange Binance, as part of its investigation …

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Musk says Twitter deal should go ahead if it provides proof of real accounts

An image of Elon Musk is seen on smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Register now for FREE unlimited access to Reuters.com Register Aug 6 (Reuters) – Elon Musk said that if Twitter Inc. (TWTR.N) could provide its method of sampling 100 accounts and …

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Tensions with US spur Chinese buying of chipmaking stocks

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration Register now for FREE unlimited access to Reuters.com Register SHANGHAI, Aug 5 (Reuters) – Chinese chipmakers’ shares jumped by the most in two years this week as House of Representatives Speaker Nancy Pelosi’s visit …

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