Elon Musk Pauses Twitter Deal and Disney+ Grows Subscribers in This Week’s Business and Crypto Roundup
While FIFA and EA ended their decades-long partnership.
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. FIFA and Electronic Arts are ending their decades-long partnership
The entities were unable to arrive at a decision that would extend a partnership that has long bridged the world of football and gaming. The current deal will end after next summer’s Women’s World Cup.
2. Coinbase’s stock price plummeted amid market uncertainty
Shares in Coinbase, the United States’ largest crypto exchange, are down by more than 75%. In its first-quarter earnings report, Coinbase reported a quarterly loss of $430 million USD and a sharp decline in overall users and trading volume.
3. Disney+ surpassed subscriber growth expectations
The streaming platform added 7.9 million subscribers and was only expected to add 4.5 to 5 million new subscribers. While the subscriber count grew, Disney fell short on the expected earnings.
Crypto
1. Elon Musk said his deal to buy Twitter is “temporarily on hold”
Musk cited data reflecting the number of spam accounts on the social media platform. Twitter CEO Parag Agrawal responded to the news, saying he was confident that the deal would still follow through.
2. Bored Ape Yacht Club’s Otherside metaverse project shared a first look
In the latest update, Otherside mentions an interactive journey that holders can participate in. Some of the more rare pieces of Otherside land have sold for up to 333 ETH (approximately $600,000 USD).
3. Stablecoins, including Tether, experienced major price dips
Tether, an algorigmithly-backed stablecoin that is supposed to stay at 1-to-1 with the US dollar, hit a low of $0.95 USD earlier this week. Other stablecoins, including TerraUSD, also saw dramatic dips this week as low as $0.30 USD.
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