World Street | Bitcoin hits new highs, Reddit’s IPO roadshow, US bill to ban or force sale of TikTok, etc.

Bitcoin continues to rise, hitting new highs on the back of huge investment in US ETFs linked to digital assets. Reddit’s IPO roadshow reveals optimistic revenue forecasts for 2024, Elon Musk’s visit to Tesla’s giant German factory boosts morale after turmoil. The US House of Representatives supports a bill targeting TikTok’s Chinese ownership, raising uncertainty in the Senate. This edition of World Street includes all of these and more.

Crypto currency craze

Bitcoin soared to a record high, marking the fourth such milestone in six days, driven by unprecedented investment flowing into U.S. exchange-traded funds tied to digital currencies. The largest cryptocurrency hit an all-time high of $73,664 on Wednesday. Daily net inflows into U.S. spot Bitcoin ETFs exceeded $1 billion for the first time on Tuesday, according to a report. bloomberg. BlackRock’s IBIT set a new record for single-day inflows of $849 million.

howl of reddit

Reddit Inc told potential investors during its IPO roadshow that it expects to see a more than 20% year-over-year jump in revenue in 2024. The company’s revenue guidance is consistent with last year’s trajectory, with 2023 revenue reaching $804 million, a 20.5% year-over-year increase, according to the company. bloomberg, and disclosed in a filing with the United States Securities and Exchange Commission (US SEC).

Musk’s stay in Germany

Elon Musk visited Tesla’s giant European factory in Grünheide, Germany, on Wednesday. The factory was restarting operations last week after an arson attack on a nearby power transmission tower caused costly power outages and halted production. Tesla CEO Elon Musk was captured at a factory in Germany wearing a black T-shirt with the slogan “We are the (giga) future” written on it. As he left the factory, he exclaimed, “Hey, Germany is amazing! Dig in Berlin and win!” before getting in the car.

TikTok takedown

The US House of Representatives has approved a bill aimed at banning TikTok in the country unless its Chinese owners sell the video-sharing app, calling it a serious threat to the platform used by 170 million Americans. became. The bill’s fate in the Senate remains uncertain, despite critics labeling TikTok a national security risk. Majority Leader Chuck Schumer has not yet endorsed it, and opposition from Republicans such as Rand Paul further complicates matters.

Scrutiny of the sky

The acting head of Europe’s aviation regulator said on Wednesday that the agency was prepared to suspend approval of Boeing’s aircraft manufacturing process if necessary, but expressed concern as the plane maker grapples with the latest safety crisis. He said he was concerned.

collaboration cruise

Nissan Motor Co., Ltd. is exploring the possibility of cooperating with rival Honda to jointly work on the development of electric vehicles (EVs). Declining sales have prompted both Honda and Nissan to consider cutting production capacity in China, and BYD’s recent plans to unveil new models and expand its dealer network in Japan come as the Japanese automaker plans to expand its EV fleet. This highlights the urgent need to strengthen efforts to address this issue.

healthy hustle

Nestlé SA is facing a formal request from some shareholders, including Legal and General Investment Management, to significantly increase the amount of health foods sold by the Swiss consumer group, according to reports. bloomberg. A coalition of investors led by ShareAction calls on the makers of KitKat chocolate to set targets to increase sales of healthier food products as health risks related to malnutrition skyrocket around the world. I submitted a proposal. It also requires Nestlé to introduce internationally accepted standards to define health foods.