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TECH POINT: surprising Tesla, innovative Venezuela, green Facebook

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08/31/2018 | 09:51am EDT

Here is a quick recap of tech-related news that have drawn our attention this week:

Tesla. You believed it, he fooled you. Elon Musk announced on Friday that he is giving up on his plan to take Tesla private. In a post on Tesla’s blog, he explained that after Goldman Sachs and Morgan Stanley consulted shareholders, it appeared that most of them do not favor going private. The company’s shares went down this week, and are traded below the levels preceding the famous tweet published on August 7. Elon Musk may now deal with the SEC to explains his declarations, which every time causes extreme volatility on Tesla’s stock.

Toyota. The Japanese constructor will invest $500 million in Uber for the development of its autonomous vehicles. This will help the US company boost its autonomous conduct program after quite a difficult period. As for Toyota, this will allow it to position itself a little more on the carpooling services market. This year, the constructor already invested 1 billion dollars in Grab (Uber’s competitor in Southeast Asia) – another proof that it wants to become a key player in these new technologies.

Venezuela. The state requires banks to adopt the new crypto-currency as a unit of account. The petro is backed by the price of Venezuelan oil barrels, and is currently worth around 60 dollars, or 3 600 strong bolivars. Banks will have to provide documents in both national currencies from now on. Venezuela hopes to bypass US sanctions which prevent the country from accessing financing.

Facebook. It has published a post on its blog stating that the global activities of the company will be powered 100% by renewable energy by the end of 2020. Although Trump decided to withdraw the United States of America from the Paris Agreement, Facebook wants to show that it is possible to be eco-friendly.

Nio. The Chinese maker of electric vehicles wants to go public on the New York Stock Exchange and raise up to $1.3 billion. The Chinese Tesla, backed by Tencent Holdings, should offer 160 million shares to investors (16% of the capital), at a price comprised between 6.25 and 8.46 dollars. The company will be then valued up to 8.5 billion, at 8.46 dollars per share.

Santa Monica. The city just allowed startups Bird, Lime, Lyft and Jump Bikes to launch their shared electric scooters and bikes on the streets. This pilot program will be launched for 16 months, starting on the September 17, but will limit their numbers to 750 per company. It is a victory for these young startups, which have already tried to launch the service without the city’s authorization and have had to shut down their activities. Will inhabitants of Santa Monica beat Parisians? More than 100,000 rides were counted during the first month and a half of operation in the French capital.

Stocks mentioned in the article
ChangeLast1st jan.
FACEBOOK 1.68% 186.77 Delayed Quote.40.13%
GOLDMAN SACHS GROUP INC 1.68% 202.8 Delayed Quote.19.38%
MORGAN STANLEY 1.14% 40.41 Delayed Quote.0.73%
NIO INC - ADR 3.96% 3.0623 Delayed Quote.-53.69%
PETROCHINA COMPANY 1.31% 6.18 End-of-day quote.-15.40%
TENCENT HOLDINGS LTD -1.21% 326.4 End-of-day quote.3.68%
TESLA INC. 2.51% 225.46 Delayed Quote.-33.91%
TOYOTA MOTOR CORP -0.07% 6790 End-of-day quote.9.87%

Thibault Lemler
© MarketScreener.com 2018
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