World’s 500 richest lose $135 bn in global stock rout amid China Evergrande crisis
The world’s richest 500 people lost a combined $135 billion on Monday after concerns over property giant China Evergrande potential collapse sparked a global market rout. World’s richest person Elon Musk led the declines with his fortune falling $7.2 billion to $198 billion. World’s second richest person Jeff Bezos’ fortune fell $5.6 billion to $194.2 billion.
US’ Eat Just which makes plant-based egg products raises $97 million
Eat Just, a San Francisco-based start-up which makes plant-based egg products, said that its GOOD Meat division has raised $97 million in new funding. The investment is part of a round announced in May that raised $170 million. This brings the round to $267 million, making it the largest ever for cultivated meat, the startup said.
Fintech unicorn Razorpay receives investment from US’ Salesforce
US-based software company Salesforce has made a “strategic investment” in fintech unicorn Razorpay. However, the size of the investment was not disclosed by either of the platforms. Earlier in April, Razorpay had raised $160 million in Series E funding round co-led by Sequoia India and Singapore’s sovereign wealth fund GIC at a $3-billion valuation.
Videocon’s lenders approach NCLAT seeking fresh bids for the company
Videocon Industries’ lenders have approached the NCLAT seeking fresh bids for the firm. SBI, leading lender of Videocon, said NCLT made certain observations over the low-resolution plan and haircut suffered by various classes of stakeholders. Twin Star Technologies had offered ₹2,962 crore for Videocon’s takeover, which was 4.15% of the admitted claims of ₹64,838.63 crore of lenders.
Twitter to settle lawsuit alleging it misled investors for $809 million
Twitter has agreed to pay $809.5 million to settle a shareholder class action lawsuit from 2016 that accuses it of misleading investors about user engagement. The proposed settlement will resolve all claims against the company without any admission of fault or wrongdoing, Twitter said. Twitter plans to use cash on hand to pay settlement amount by the end of 2021.