All posts tagged "Market"

New York (AFP) - Shares of social media company Reddit soared nearly 50 percent on the New York Stock Exchange Thursday in a buoyant market debut that raised hopes about the IPO market. The company, which trades under the ticker RDDT, finished at $50.44, up 48.4 percent from its initial public offering price, lifting the valuation to around $8 billion. The hot trading debut came after the company's IPO priced at the upper end of the range, raising a bit more than $500 million. Market watchers were not sure what to expect from Thursday's start given Reddit's record of annual losses and skeptici......

New York (AFP) - The new CEO of troubled cryptocurrency platform FTX said Saturday the company was making "every effort to secure all assets" following unauthorized transactions potentially worth hundreds of thousands of dollars. "Unauthorized access to certain assets has occurred," CEO John Ray said in a statement posted to Twitter by FTX's general counsel, Ryne Miller. FTX officials did not detail the quantity of unauthorized transactions made, but cryptocurrency analysis firm Elliptic said in a report published Saturday that "$477 million is suspected to have been stolen." More than "$663 m......

New York (AFP) - Crisis-struck cryptocurrency platform FTX has gone bankrupt in the United States and its chief executive Sam Bankman-Fried has resigned, it said Friday, the latest blow in a saga that has reverberated across the digital currency landscape. The filing comes after the world's biggest cryptocurrency platform Binance agreed to buy its rival earlier this week but backed out, leading market players to consider possible regulator responses. FTX Group announced in a statement Friday that it filed for Chapter 11 bankruptcy proceedings, adding it has begun an "orderly process to review ......

New York (AFP) - The collapse of the Archegos fund is only the most recent example of how extreme liquidity can make financial markets more volatile and sometimes lead to bizarre outcomes. Another dramatic instance came in late January, when shares of GameStop suddenly skyrocketed following a buying frenzy coordinated by retail investors eager to defend the video game retailer from funds betting against the company. Shares of GameStop have since retreated, but the episode shined an uncomfortable light on online trading platforms and speculative investment funds involved in the financial melee.......