SAP Co-Founder’s Fortune Tumbles $2.4 Billion on Software Slump

(Bloomberg) — SAP SE’s co-founder Hasso Plattner’s fortune fell by $2.4 billion on Monday after pandemic lockdowns forced the enterprise software-maker to cut its revenue forecast for the year.



Hasso Plattner wearing a suit and tie


© Photographer: Martin Leissl/Bloomberg
Hasso Plattner

Hasso Plattner

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Photographer: Martin Leissl/Bloomberg

The Walldorf, Germany-based company’s shares sank as much as 23%, its biggest intraday drop since 1996. Plattner, 76, is Germany’s seventh-richest person with a net worth of $13.6 billion, according to the Bloomberg Billionaires Index. About two-thirds of his fortune is comprised of SAP shares.

Read more: SAP Shares Collapse After Lockdowns Force Cuts to Revenue

Uncertainty over the economy and the likelihood of a new wave of Covid-related lockdowns prompted SAP to push its targets for total revenue, cloud revenue and operating profit back by a year or two, according to a statement.

Plattner, a programmer, left a job with IBM Corp. to start his first software

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Global Manufacturing Intelligence Software Market Will Reach USD 5.4 Billion by 2026: Facts & Factors

According to the report, the global manufacturing intelligence software market accounted USD 2.3 Billion in 2018 and is anticipated to reach over USD 5.4 Billion by 2026, at a CAGR of 15.28% during 2018 and 2025.

New York, NY, Oct. 26, 2020 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Manufacturing Intelligence Software Market By Offering (Software, and Services) and End-User Industry (Automotive, Oil & Gas, Pharmaceutical, Food & Beverages): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.

According to the research report, the global manufacturing intelligence software market accounted for USD 2.3 Billion in 2018 and is anticipated to reach USD 5.4 Billion by 2026, at a CAGR of 15.28% during 2020 and 2026.

Manufacturing intelligence software is a platform that provides an organization with manufacturing intelligence data. The data is

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Google Invests $4.5 Billion With Mukesh Ambani’s Jio

On Monday, Google announced that it will invest $10 billion in India over the next few years. Two days later, the company revealed a key detail: Nearly half of the money will go to a top telecom operator owned by Asia’s richest man.

The internet giant will invest $4.5 billion into Jio Platforms as part of a plan to provide “increase access for the hundreds of millions in India who don’t own a smartphone,” Google CEO Sundar Pichai tweeted Wednesday. Mukesh Ambani, Jio’s owner, has a net worth of more than $70 billion.

Google first unveiled the $10 billion Digitization Fund for India on Monday at an online event featuring key Google executives, including Pichai, and members of the Indian government. The company said that the money would go towards providing Indians with inexpensive internet access, digitizing the country’s small and medium businesses, and using artificial intelligence in areas like

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PayPal’s New Service Is A $50 Billion Stimulus Check For Bitcoin

OBSERVATIONS FROM THE FINTECH SNARK TANK

PayPal announced that it has been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS). The license will enable PayPal to launch a new service that will enable its customers to:

  1. Buy, hold, and sell cryptocurrency (initially Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) directly within the PayPal digital wallet.
  2. Use the cryptocurrencies as a funding source for purchases at its 26 million merchants.

PayPal said there would be no service fees for buying or selling cryptocurrency through December 31, 2020, and no fees for holding cryptocurrency in a PayPal account.

According to the

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Bernard Arnault Is $8 Billion Richer After Dior, Louis Vuitton Sales Soar

THE CHANGING FORTUNES OF THE WORLD’S RICHEST


T

he luxury goods market has taken a particularly big hit during the pandemic, but luxury conglomerate LVMH reported signs of a comeback last week. The news—and subsequent stock rally—has made its chairman and CEO, Bernard Arnault, $8 billion richer this week, with a net worth of $122 billion.

Between Thursday, October 15 and Thursday, October 22, LVMH’s stock jumped 6%, far outperforming the S&P 500, which was down 0.9% over that time period, and the Dow Jones Industrial Average, which was down 0.5%. 

LVMH is not out of the woods. The company—parent to legacy brands like Bulgari, Guerlain and Dom Pérignon—reported a 21% drop in revenue in the first nine months of the year on October 15. Its  cosmetics, beverage, jewelry and retail sectors all reported lower revenues in the third quarter than for the same period last year, but its fashion

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Intelsat rejects $1.8 billion SES claim for C-band clearing payments

WASHINGTON — Intelsat rejected a $1.8 billion claim filed by SES regarding the breakup of the C-Band Alliance, arguing instead that SES’s action cost Intelsat more than $1.6 billion in potential C-band clearing payments.

SES filed the claim in July in U.S. Bankruptcy Court for the Eastern District of Virginia, where Intelsat filed for Chapter 11 bankruptcy in May. SES argued that Intelsat violated the agreement among the members of the C-Band Alliance in February, when it lobbied the Federal Communications Commission for a larger share of the payments it is offering to satellite operators for clearing a portion of C-band spectrum for terrestrial 5G services.

The FCC order for the C-band clearing process provided Intelsat with $4.87 billion in accelerated relocation payments if it can clear its spectrum by December 2023, and $3.97 billion to SES. In its claim, SES said it was seeking $450 million in payments that

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Elon Musk’s SpaceX Gets Bullish $100 Billion Valuation From Morgan Stanley, Double What Investors Said It Was Worth In August

Morgan Stanley, the New York-based investment bank, has nearly doubled its valuation of Elon Musk’s rocket company SpaceX, from $52 billion in July to over $100 billion, it said in a research note issued Thursday. The bank’s so-called “bull case”–its absolute best-case scenario–puts SpaceX at a value above $200 billion.

The research note titled SpaceX: Raising Valuation Scenarios Following Key Developments, listed the company’s recent $1.9 billion funding round and the “continued momentum in winning government contracts” (mainly from NASA and the U.S Department of Defense) as key reasons for its revision of SpaceX’s value. The note doesn’t bother to mention important financial details like SpaceX’s current revenue or estimated revenue for 2020 or even 2021.

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Industrial Automation And Instrumentation Market In India Will Register an Incremental Growth of $2.58 Billion during 2020-2024

Technavio has been monitoring the industrial automation and instrumentation market in India, operating under the industrials segment. The latest report on the industrial automation and instrumentation market in India, 2020-2024 estimates it to register an incremental growth of USD 2.58 bn, at a CAGR of over 10% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201022005982/en/

Technavio has announced its latest market research report titled Industrial Automation and Instrumentation Market in India 2020-2024 (Graphic: Business Wire)

Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download Latest Free Sample Report on COVID-19 Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have

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Applied Intuition Reaches $1.25 Billion Valuation In New Funding For Its Autonomous Vehicle Testing Software

As Tesla, Waymo and others jockey for positioning in the race to make self-driving vehicles mainstream, a lesser-known Bay Area startup has reached “unicorn” status by offering the industry the software needed to run autonomous tests.

Applied Intuition has raised $125 million in a new Series C funding round co-led by previous investors Lux Capital, Andreessen Horowitz and General Catalyst, the company confirmed on Thursday. With the new funding, Applied Intuition’s valuation has reached $1.25 billion, according to two sources with knowledge of the deal.

Founded in 2017 by Qasar Younis and Peter Ludwig, Applied Intuition pitches itself as a bridge between Silicon Valley and traditional automakers. Younis, cofounder of a startup acquired by Google and later the chief operating officer of startup accelerator Y Combinator,

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Roblox Passes $2 Billion On Mobile Alone

The MMO Roblox is performing phenomenally well on mobile. According to Sensor Tower’s estimates, the game has now crossed $2 billion in lifetime revenue globally across iOS and Android.

Like other games, Roblox’s mobile edition saw its microtransaction revenue surge during the COVID-19 pandemic. In particular, May 2020 was the game’s biggest month ever, with $113 million in spending.

The US is by far the biggest market for Roblox, accounting for $1.3 billion in lifetime revenue. The UK is No. 2 with $161 million, while Canada comes in third with $81 million, according to Sensor Tower.

The iOS version of Roblox is much more lucrative than the Android edition, bringing in around $1.5 billion compared to $545 million on Google Play. Apple itself has made $450 million from the iOS edition, while Google has taken $164 million; all of this is due to the 30% cut that each company takes

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