Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News section. In this section, you can read the updated Economy, Stocks, Industry and Cryptocurrency related Business News in the week.
Elon Musk sold nearly 7.23 million Tesla shares to pay tax duties
Tesla CEO Elon Musk sold Tesla shares worth $7.8 billion over the past week.
Elon Musk sold nearly $6.9 billion worth of Tesla shares last week. Now, he has sold $930 million worth of shares this week Monday.
Till now, according to financial filings, he has sold more than $7.8 billion worth of Tesla shares.
Elon Musk faces a tax bill of more than $15 billion on stock options. So, after the Twitter poll to the followers of his account, he decided to sell 10% of his Tesla shares.
Elon Musk’s sudden selling of Tesla shares resulted in the decline of Tesla stock price.
Top Cryptocurrencies like Bitcoin, Ether fell more than 7% in the last 24 hours
Bitcoin, the largest cryptocurrency, was down 7% to over $61,400. Ether, which is ranked second, fell as high as 6.8 per cent.
The global crypto market worth has decreased 7% in the last 24 hours to $2.8 trillion.
Cryptocurrency prices fell drastically on November 16, resulting in a surge in volatility caused by profit-taking the last 24 hours.
Bitcoin price has doubled, and Ether has increased six times the value than last year.
The new US infrastructure bill has passed new tax-reporting necessities for digital currencies signed by President Joe Biden. Thus, it may have forced the investors to sell their digital currencies.
Even though the prices of cryptocurrencies fall, there are yet some investors holding the coins.
Reliance group bought a Sri-Lankan Based fashion brand from MAS Holdings
Reliance Retail Venture Limited (RRVL) bought a retail innerwear company, Amante, from MAS Holdings. RRVL is a subsidiary company of Reliance Industries Limited. The Reliance group hasn’t revealed the purchase amount of the brand.
MAS brands established the premium lingerie brand Amante in 2007. The Indian billionaire Mukesh Ambani bought the 100 per cent stake of the brand from MAS Holdings.
Recently, Reliance group has bought a substantial percentage stake from several companies with an undisclosed amount. Indeed, RRVL had reported a turnover of ₹1.5 lakh crore for this year ended March.
Sapphire Foods India IPO share allotment on November 16
Sapphire Foods India had opened its initial public offering (IPO) on November 9, 2021. It got subscribed 6.62 times on the final day of the IPO.
Sapphire Foods’ IPO of Rs 2,073 crore is solely an offer of sale (OFS) of 1.75 crore equity shares by promoters and current shareholders. The share price range for the IPO was Rs 1,120-1,180 per share. The firm will not get any money as a result of the offer.
The IPO has received 6.3 crore shares against 96.63 lakh shares. The share allotment date of Sapphire Foods IPO is on November 16, 2021.
Mensa Brands: India’s Fastest Start-up to become unicorn company
Mensa Brands, which invests in digital brands, announced that it had secured $135 million at a valuation of roughly $1.2 billion.
It has become the quickest Indian startup to achieve unicorn status. In fact, the firm has joined the unicorn club in just six months.
Mensa Brands, which has founded this year, implements a brand aggregation approach. It acquires and works with digital brands to help them expand faster by improving their skills in marketing and operations.
Mensa has purchased 12 brands till now and plans to expand to 40 brands in the next 2-3 years. Karagiri, Priyaasi, Dennis Lingo, Ishin, Hubberholme, Anubhutee, Helea and Villain are the brands acquired by Mensa.