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💸Tech investors bet on AI, leave crypto behind

💼Indian stocks get $3 of ETF flows for each dollar chasing China

🏴‍☠️DeFi users lost $419 million to 386 exploits in 2023 H1

🔍Singapore passport is world’s most powerful, replacing Japan

💰China Evergrande's total losses for two years totaled $81 billion

#business_digest

💸Tech investors bet on AI, leave crypto behind

💼Indian stocks get $3 of ETF flows for each dollar chasing China

🏴‍☠️DeFi users lost $419 million to 386 exploits in 2023 H1

🔍Singapore passport is world’s most powerful, replacing Japan

💰China Evergrande's total losses for two years totaled $81 billion

#business_digest

Binance’s lead in offshore market share shrinks as rivals gain ground

Binance Holdings Ltd. is losing ground to other offshore platforms as the world's largest cryptocurrency exchange faces regulatory challenges and reduced incentives for users in the form of zero fees.

Binance's market share fell to 73% in mid-July from 90% at the start of the year, according to spot trading volume data from Kaiko. OKX's share, meanwhile, rose to 11%, nearly doubling from January. Huobi and Bybit also increased their market share, now accounting for 9% and 7% of global cryptocurrency spot trading volume, respectively.

Binance's dominance has been undermined by lawsuits filed by the Commodity Futures Trading Commission and the Securities and Exchange Commission, which claimed the platform failed to register with U.S. regulators. The discontinuation of zero commission trading programs also had a negative impact on its market share, analysts said. Binance still offers a zero commission trading pair between bitcoin and TrueUSD, Bloomberg.

via.TITVN

Airbnb co-founder Joe Gebbia has sold $1 billion stake this year

Joe Gebbia, co-founder of Airbnb Inc. has sold more than $1 billion worth of shares this year amid a surge in the stock price of the vacation rental company he co-founded.

Gebbia last sold 516,666 Class A shares on July 13 for $71.7 million, bringing the total amount of shares sold since January to just over $1 billion.

According to the Bloomberg Billionnaires Index, Gebbia's fortune has increased by $2.9 billion this year, largely due to a 70% increase in Airbnb stock. He ranks 254th on the list of the 500 richest people in the world with a fortune of $8.8 billion.

Gebbia founded Airbnb in 2008 with Brian Chesky and Nathan Blecharczyk. Chesky has sold $7.3 million worth of shares this year, while Blecharczyk has sold none.

Chesky, 41, ranks 161st on Bloomberg's list with a fortune of $11.8 billion, while Blecharczyk ranks 206th with a fortune of $10.1 billion, Bloomberg.

via.TITVN

Developing Asia on track to grow faster in 2023

Developing Asia will grow faster in 2023 than a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said.

In an updated regional economic outlook, the ADB maintained its 2023 growth forecast for developing Asia at 4.8%, but slightly lowered its estimate for next year to 4.7% from 4.8% in April.

Developing Asia includes 46 countries in the Asia-Pacific region, excluding Japan, Australia and New Zealand.

ADB maintained growth forecasts for the East and South Asia subregions, where China and India are expected to grow 5.0% and 6.4% this year, respectively, and 4.5% and 6.7% in 2024, but slightly lowered the forecast for Southeast Asia.

Growth in Southeast Asia is now expected to be 4.6% this year and 4.9% next year, down from the previous 4.7% and 5.0%, mainly due to weaker global demand for export products, Reuters.

via.TITVN

🔍BYD and Li Auto outperform their foreign rivals in price war

💼Temasek seeks partners to invest $5 billion a year in India

🤝OpenAI partners with American Journalism Project to support local news

📈Car sales in Europe continue to grow for 11 months in a row

🚫Australian regulator revokes FTX's local business license

#business_digest

🔍BYD and Li Auto outperform their foreign rivals in price war

💼Temasek seeks partners to invest $5 billion a year in India

🤝OpenAI partners with American Journalism Project to support local news

📈Car sales in Europe continue to grow for 11 months in a row

🚫Australian regulator revokes FTX's local business license

#business_digest

Web3 venture capital funding is down 76% this year

According to a new report from Crunchbase, venture capital funding for Web3 fell 76% in the second quarter compared to the same period last year.

If you compare the first half of 2023 to the same period in 2022, the numbers have only gotten worse. While Web3 startups raised nearly $16 billion in the first half of 2022, this year's fundraising totaled just $3.6 billion - a 78% drop.

Web3 includes cryptocurrency and blockchain startups that have been hit hard by the ongoing crypto winter. While VC funding in general has slowed, with an 18% drop across all sectors in the second quarter of 2023, cryptocurrency-related funding has fallen much more sharply.

At the same time, artificial intelligence (AI) startups have become a shiny new target for investors, with $25 billion in funding in the first half of 2023, Binance.

via.TITVN

Microsoft CEO payouts top $1 billion on 1 000% stock boom

Microsoft Corp.'s artificial intelligence-driven rally has driven the company's stock to new highs and allowed CEO Satya Nadella to earn more than $1 billion.

Nadella's profits include all the payments he received from Microsoft that can be parlayed into regulatory filings: stock grants, salary, bonuses, and dividends. Since his first day as head of the company, Microsoft stock is up more than 1 000%.

Nadella's most revolutionary move may be his multi-billion dollar investment in OpenAI and his ChatGPT bot. It has put Microsoft ahead of rivals such as Alphabet Inc. in artificial intelligence capabilities and has been a major reason for the company's 50% stock rise this year.

Nadella derived the bulk of his fortune from a series of stock grants he received over the years, with payouts tied to both his continued employment with the company and performance targets. Periodically, he sold some of the stock, Bloomberg.

via.TITVN

Assets under Blackstone management reached record $1 trillion

Blackstone Inc said Thursday it became the first alternative investment manager to reach $1 trillion in assets under management.

Blackstone reached its $1 trillion goal three years ahead of schedule after setting a target in 2018 to reach that level by 2026. Its biggest rival, Brookfield Asset Management Ltd, has $825 billion in assets.

Blackstone has agreed or is finalizing five partnerships with banks worth $6 billion that will involve lending areas such as home improvement, auto loans and renewable energy.

On a generally accepted accounting principles (GAAP) basis, Blackstone reported net income of $601.3 million compared to a net loss of $29.4 million, driven by growth in performance fee income and core investments.

In addition, Blackstone has about $195 billion in unspent capital and announced a quarterly dividend of 79 cents per share, Reuters.

via.TITVN