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Twitter’s $70mn SoundCloud investment goes awry

Published

7 years ago

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San Francisco, Feb 24 (IANS) Twitter has lost almost all of the $70 million money it had invested in music streaming platform SoundCloud, the company said in its 2017 annual report.

According to the filing, the company had to write off a total of $66.4 million of the $70 million it had invested into Soundcloud as part of a $100 million round of funding in June 2016, tech website Variety reported late on Friday.

SoundCloud ran out of money in early 2017 but soon secured a deal of $170 million of new funding from US-based financial institution Raine Group and Singapore’s Temasek in August 2017.

The deal came with a corporate restructure, according to which many of the start-up’s early investors, including SoundCloud’s founding CEO Alexander Ljung, were removed.

Twitter was one of the investors who were on the losing side of that deal.

The report does not mention SoundCloud by name but said that “the investee (completed) a financing with third parties and reorganisation”.

SoundCloud was reportedly valued $700 million when Twitter invested in it. Before receiving the investment from Raine and Temasek that value had plunged to $150 million.

Twitter acknowledged its annual report that “the carrying value of this investment was not expected to be recoverable within a reasonable period of time”.

–IANS
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Apple is giving a huge discount on its gadgets: Details inside

Published

3 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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