—— Reddit Reveals IPO Price Range; Bitcoin Tops $72,000; Telegram Reaches 900M Users; 1,000 Bitcoin Millionaires a Day; Liquid Death Valued at $1.4B; BofA CEO Takes 3% Pay Cut; Oracle Beats Revenue Forecast
1. Reddit Reveals IPO Price Range
According to newly filed documents, Reddit Inc. and its shareholders plan to sell 22 million shares in the IPO at a price between $31 and $34 per share.
Reddit itself will issue 15.3 million new shares, with the remainder coming from existing employees.
At $34 per share, the company could reach a valuation of $5.4 billion. On a fully diluted basis, the valuation may reach $6.4 billion.
8% of the shares will be reserved for users who created accounts before Jan. 1, board members, employee relatives, and managers. These shares won’t be subject to a lockup period and can be sold on the IPO day.
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2. Bitcoin Tops $72,000
Bitcoin surpassed $72,000 for the first time, extending a six-day rally that’s driven a 70% year-to-date gain.
Despite a broader stock market decline ahead of Tuesday’s CPI data, crypto prices pushed higher. Investors have now poured $10 billion into Bitcoin ETFs.
Between February 26 and March 10, MicroStrategy purchased an additional $822 million worth of Bitcoin.
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3. Telegram Reaches 900M Users
Telegram founder Pavel Durov told the Financial Times that the platform now has over 900 million active users and is close to turning a profit.
After launching ads and subscriptions two years ago, the Dubai-based company now earns hundreds of millions in annual revenue.
Durov, who owns 100% of Telegram, has rejected a $30 billion offer from anonymous investors and plans to pursue an IPO.
Source：Financial Times – Telegram hits 900mn users and nears profitability as founder considers IPO
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4. 1,000 Bitcoin Millionaires Created Daily
Kaiko Research found that Bitcoin’s 70% rally so far this year has generated around 1,500 new millionaire wallets per day—still below the 4,000 daily during the 2021 bull market.
On March 1, 1,691 wallets crossed the $1 million threshold, marking a 2024 record.
The slower rise compared to 2021 is attributed to institutional investors selling into strength and holding funds in custodial accounts that aren’t traceable as individual wallets.
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5. Liquid Death Valued at $1.4B
Canned water brand Liquid Death raised $67 million in its latest funding round, doubling its valuation since 2022 to $1.4 billion.
CEO Mike Cessario said the company’s flavored drinks and iced teas have helped boost revenue.
New investors include actor Josh Brolin and NFL player DeAndre Hopkins. The company credits its success to social media, with 7.9 million followers on TikTok and Instagram.
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6. BofA CEO Takes 3% Pay Cut
Bank of America disclosed Friday that CEO Brian Moynihan received a base salary of $1.5 million and stock-based awards worth $27.5 million in 2023—a 3% decline from the prior year.
The pay cut follows a drop in profits and underperformance in the stock relative to peers.
The board said Moynihan’s leadership remained effective despite economic challenges. BofA laid off 3,838 employees in 2023 and saw profits fall to $26.5 billion.
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7. Oracle Beats Revenue Forecast
Oracle reported $5.1 billion in cloud revenue for the quarter ended February, a 25% year-over-year increase. Revenue from infrastructure-as-a-service (IaaS) reached $3.3 billion.
While Oracle has been expanding its cloud infrastructure to better compete with Microsoft, Amazon, and Google, growth had been slowing in recent quarters.
CEO Safra Catz said the company expects strong cloud infrastructure orders and is rapidly building data centers to meet demand. Total Q3 revenue rose 7.1% to $13.3 billion, with EPS beating expectations.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.