Facebook Is Now Meta and Tesla’s Valuation Tops $1 Trillion USD in This Week’s Business and Crypto Roundup
While FaZe Clan announced plans to go public.
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Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before.
HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries.
Business
1. Facebook changed its company name to Meta
Facebook on Thursday unveiled its new name, Meta, which reflects its new focus on building out the metaverse. Read more about Mark Zuckerberg’s ambitious plans for the metaverse here.
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD
— Meta (@Meta) October 28, 2021
2. Alphabet brought in $65 billion USD in Q3
Google’s parent company Alphabet has followed up its immense growth in the second quarter of this year with another quarter of expectation-exceeding results. The tech giant saw revenues of $65.12 billion USD over the past three months, with earnings per share at $27.99 USD.
3. FaZe Clan announces plans to go public
Esports giant FaZe Clan announced its plans to go public on Monday through a merger with B. Riley Principal 150 Merger Corp. The combined company is expected to have an implied equity valuation of approximately $1 billion USD, including nearly $275 million USD in cash.
4. Tesla’s valuation topped $1 trillion USD
Tesla on Monday reached a valuation of over $1 trillion USD after rental car company Hertz put in an initial order of 100,000 Teslas by the end of 2022. Sources told Bloomberg that the deal will bring in $4.2 billion USD for Tesla.
Wild $T1mes!
— Elon Musk (@elonmusk) October 25, 2021
5. Elon Musk may soon become the world’s first trillionaire
The Tesla and SpaceX CEO may be on his way to becoming the world’s first trillionaire, an analyst from Morgan Stanley recently wrote in a note to investors. While the prediction hinges on SpaceX’s performance, Musk’s wealth may soon propel to 13 digits in the wake of Tesla’s recent $1 trillion USD valuation.
Crypto
1. Ethereum hit an all-time high of $4,403.93 USD
The coin surpassed its previous record of $4,379.62 USD set in May. Ethereum itself has long been the most used blockchain, with more than 3,000 decentralized apps — referred to as Dapps — running on the platform.
2. Shiba Inu coin reached a new record high
Shiba Inu coin, a dog-inspired cryptocurrency, reached an all-time high above $0.00007 earlier this week. During its surge, Shiba inu beat out Dogecoin, the 11th-largest cryptocurrency with a market cap above $31 million USD.
— Shib (@Shibtoken) October 27, 2021
3. Wharton Business School at the University of Pennsylvania will allow students to pay tuition in crypto
The tuition payment database, alongside credit cards and PayPal, will offer students the option of paying with Bitcoin, Ethereum or the USDC stablecoin. Wharton is the second college in the United States to accept crypto tuition payments, the first being King’s College located in New York in 2014.
4. Robinhood saw its crypto trading revenue drop in Q3
The company brought in $365 million USD over the third quarter of 2021, coming short of the expected $431.5 million USD. The figures represent a 36% drop in average revenue per user down to $65 USD from $102 USD,
5. The U.S. Government auctioned off 4.94 Bitcoin
The U.S. General Services Administration, a federal agency that manages government buildings and real estate, sold 4.94 Bitcoin through its clearinghouse website. The lots ranged from 0.44 Bitcoin on the lower end to 1.5 Bitcoin on the higher end and were valued at about $300,000 USD combined.
