Apple, the world’s largest public company by market capitalisation, has a problem. The lawyer appointed to ensure it is not price-fixing e-book sales is just too expensive.
The iPhone and iPad maker complained to the New York court this week that Michael Bromwich’s $1,100 an hour fee is “excessive” and he has not justified it as either “reasonable” or customary”. Read more
Until Twitter revealed its list of principal shareholders in its initial public offering filing, few knew who actually owned the company.
But now a new book published on Tuesday reveals how three co-founders split the stock and why Evan Williams may be the only one to become a billionaire from the offering.
Pinterest – the online scrapbook which started to show adverts just this month – has been valued at whopping $3.8bn in its latest round of fundraising.
This more than 50 per cent rise in valuation in only eight months shows investors have faith the site is transforming from the home of Mid-Western wedding planners to a store front for big brand marketers. Read more
By Hannah Kuchler in San Francisco and Arash Massoudi in New York
Any worries that Alibaba, China’s largest e-commerce company, would not be able to list its shares in the US appear to have been put to rest. The company, which is preparing for an initial public offering in the coming months, has received assurances from the New York Stock and Nasdaq that the partnership structure for its expected share offering will be permitted under the rules of both exchanges. According to media reports confirmed by a person familiar with the matter, Alibaba will now be able to go public with the structure that the Hong Kong Exchange refused to accept. NYSE, Nasdaq and Alibaba declined to comment. Read more
Twitter released an updated version of its initial public offering filing on Tuesday afternoon in the US, announcing it will list on the NYSE and giving details about its last three months as a private company.
Here are five things you need to know from the messaging platform’s release:
1. Losses are mounting. Net losses widened significantly from June to September, rising from $70m in the first six months, to $134m for the first nine months as the cost of revenue increased. Read more
Lookout, a leader in mobile security, has raised $55m in a fundraising round which saw Deutsche Telekom, the German telecoms company, and Qualcomm, the chipmaker.
The money will be used for expanding into selling its software to businesses and protecting the “Internet of Things”.
The San Francisco-based company also raised money from VC firms Greylock Partners and Mithril Capital Management, on top of getting more funding from its current investors Accel Partners, Andreessen Horowitz, Index Ventures and Khosla Ventures. Before this funding round, it had raised $76.5m in total.
John Hering, co-founder and chief executive, said the company wants to become the leading security firm for the “post-PC era” and hopes to work closely with Qualcomm to develop security software for the new wave of devices which are being connected to the internet. Read more
Twitter took advantage of the new Jobs Act to file the drafts of its initial public offering document in secret, denying journalists and investors the chance to watch its rough and tumble with the SEC.
But when the registration document was published on Thursday, the SEC also revealed the draft filings Twitter had made since it filed in private way back in July. There’s no big secret hiding here but a few interesting changes that give an indication of what Twitter may have been talking to the SEC about – although of course, they could have just decided to change it themselves. Read more