—— Bitcoin Surges Past $60,000 Again; Stripe Employees Sell $1B in Stock; Indian Tycoon Partners with Disney; New York Apartment Rents Increase Despite Trends; Rolex Annual Revenue Exceeds $10B; Trump Faces $454 Million Fine; Duolingo Beats Revenue and Profit Expectations
1. Bitcoin Surges Past $60,000 Again
Today, Bitcoin’s price has once again broken the $60,000 mark for the first time in over two years, as investors and speculators grow more confident about the widespread adoption of cryptocurrencies.
Since the beginning of the year, Bitcoin’s price has accumulated a 40% increase, driven primarily by the approval of the spot ETF. Since the Bitcoin ETF launched on January 11, it has attracted $6 billion in funds.
The last time Bitcoin surpassed $60,000 was in November 2021, when it reached a historic high of $69,000.
Compared to early 2023, Bitcoin’s price has tripled, recovering from the massive 64% drop in 2022.
______
2. Stripe Employees Sell $1B in Stock
According to a statement from the startup Stripe, some of the company’s investors will purchase over $1 billion in shares from Stripe employees.
This agreement not only provides an opportunity for employees to cash out, but it also avoids the issuance of new shares, preventing stock dilution.
CFO Steffan Tomlinson stated that the company continues to maintain strong growth momentum and is pleased to offer employees this opportunity to liquidate their shares.
Stripe’s valuation reached $95 billion in 2021, but it has since dropped to $65 billion.
______
3. Indian Tycoon Partners with Disney
Today, Indian billionaire Mukesh Ambani’s media company, Reliance Industries, announced a joint venture with Walt Disney to merge their streaming businesses in India.
Disney will hold 36.84% of the joint venture, while Reliance and Viacom18 Media will hold 16.34% and 46.82% respectively.
In addition, Reliance will invest $1.4 billion in growth capital for the venture, and Disney may provide additional assets following regulatory approval. The joint venture will have exclusive broadcasting rights for over 30,000 movies and media from Disney in India.
The joint venture is valued at $8.5 billion.
Source：Bloomberg – Disney, Reliance Sign $8.5 Billion Deal to Merge India Media Operations
______
4. New York City Apartment Rents Surge Despite National Decline
According to the latest data from rental website Zumper, in February, the median rent for a one-bedroom apartment in New York City surged 18% year-over-year to $4,200. Similarly, Jersey City saw a 5.4% increase to $3,140.
Nationally, rents declined 0.7%, mainly due to the increased supply of new rental apartments. Since February, overall apartment rents in the U.S. have either fallen or remained unchanged for five months. However, rents in New York City remain high due to a supply shortage.
In cities like Miami, San Francisco, Los Angeles, and Boston, one-bedroom rents have fallen by 1.9%, 3.3%, 5.1%, and 5.7% respectively.
Experts predict that the competition for rental apartments may ease when mortgage rates drop, which could relieve rent pressures.
______
5. Rolex Breaks $10 Billion Annual Revenue
Morgan Stanley’s latest report reveals that luxury watchmaker Rolex’s annual sales have surpassed $10 billion for the first time.
In 2023, Rolex produced 1.24 million watches, generating $11.5 billion in revenue, an 11% year-over-year increase. Morgan Stanley noted that Rolex’s market share reached a new high of over 30%.
Morgan Stanley also forecasts that Rolex’s affordable sister brand, Tudor, sold watches worth 545 million Swiss francs in 2023.
Analyst Edouard Aubin stated that Rolex’s dominance in the industry is unparalleled, with Louis Vuitton holding only a 19% market share in the luxury sector.
Source：Bloomberg – Rolex Sales Top $10 Billion as Luxury Watchmaker Gains Ground, Morgan Stanley Says
______
6. Trump Must Pay $454 Million Fine
Today, a judge rejected former President Trump’s request to delay the payment of a $454 million fine for losing a lawsuit. The judge previously ruled that Trump had artificially inflated real estate prices, resulting in hundreds of millions of dollars in illegal profits.
The judge ordered him to pay $355 million in fines and $99 million in interest.
Additionally, the judge refused Trump’s request to pay a $1 billion asset-backed bond and may require him to post a bond for 110% of the fine as temporary collateral. Trump’s lawyers suggest that he may need to sell real estate to afford such a large fine.
Last month, Trump lost a defamation case with writer E. Jean Carroll and was ordered to pay her $83.3 million, marking a significant financial blow for him ahead of the election.
______
7. Duolingo Exceeds Revenue and Profit Expectations
anguage-learning software company Duolingo announced its earnings for the fourth quarter today, reporting revenues of $151 million, exceeding analysts’ expectations of $148 million.
Daily active users increased by 65% to 26.9 million, surpassing the expected 25.1 million.
Duolingo projects that first-quarter revenues will range between $164 million and $167 million, though user growth may slow slightly.
Over the past year, Duolingo’s stock price has increased by more than 112%, and the company announced plans to introduce more novel courses after launching math and music courses.
______
This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.