Elon Musk’s Tesla is not the only electric car in the market, although the media hype on Tesla could make one believe otherwise. Other big players are making giant strides in this industry segment and carving out their own share of the market. Notable among them are:
- NIO ( Owned by a Chinese billionaire )
- Volkswagen VWAGY
- BYD Company (backed by Warren Buffet )
- Li Auto
Meet Li Xiang, the Chinese maverick
39 years old Li Xiang is among the millennial entrepreneurs who braved the odds to get their companies trading on the Nasdaq exchange. Li Xiang is the founder of Li Auto, one of China’s foremost electric car companies.
Li Auto is his third main business startup after the previous two failed. He is an ardent fan of Elon Musk and worked closely with William Li Bin, the founder of Chinese bestselling Electric Vehicle, NIO.
Li Auto raised an initial public offering of $1.1bn in its first opening in July 2020.
Li Xiang also has another company, Autohome, a website for automobile-related sales, listed on the New York Stock Exchange.
Key features of the Li One SUV brand
Li Xiang’s Electric Vehicle Company is famous for its SUV brand, Li One. The vehicle features both a battery pack and a gas-powered engine that charges the battery on the go.
The Li One runs on an elite EREV Technology which enables it to be powered by electricity and gasoline at the same time. It solved an emerging challenge with electric vehicles today, which is the quick-burning out of the batteries.
The famous Li One goes for a starting price of $21,000 which is relatively cheaper than its rivals, giving the automobile a price advantage.
What you should know
- Li Xiang is 39 years old and currently the youngest player in the electric vehicle market.
- As of June 2020, Li Auto sold around 10,400 units of its flagship model, Li One. The firm now has an estimated fully diluted market cap of between $7.9 billion and $10 billion According To Kr Asia.
- Li Xiang started his entrepreneurial journey early. At 18 his IT website, PC POP was making $14,350 every year.
- Li Xiang is currently worth $4.5 billion according to Forbes.
TikTok’s parent company, Bytedance now more valuable than Coca Cola and Exxon Mobil
A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
TikTok’s parent company, ByteDance which was founded in 2012 is now more valuable than the world’s biggest soda brand Coca Cola and energy giants, Exxon Mobil.
ByteDance was founded by Zhang Yiming in 2012 and he went on to launch TikTok, a video sharing application in 2016. Tiktok immediately became a hit on the internet. In less than two years of its launch, it became the most downloaded app in the world according to Forbes.
With over 500m active monthly users, TikTok quickly gained the attention of big venture capitalist firms who invested more in it.
ByteDance was founded in 2012 and is currently more valuable than a company founded in 1892 (Coca Cola) and (1999) Exxon Mobil.
Difference in valuation
According to Bloomberg, ByteDance is currently trading at a valuation of more than $250 billion in the secondary market. The number is set to go up with some investors pegging the valuation at $350 billion.
What you should know
- The above story paints a clear picture of the power of the internet age. A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
- According to Investopedia a valuation is the analytical process of determining the current (or projected) worth of an asset or a company. An analyst placing a value on a company looks at the business’ management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets.
Squarespace founder is the latest billionaire, set to make $3bn from listing his company
The latest valuation of Squarespace sets Casalena up for a fresh $3billion, making him the latest billionaire in the market.
What is Squarespace?
Squarespace is a platform that helps small businesses and individuals build customized websites and online stores for e-commerce. It is also a hosting company which is based in New York City, United States. It provides software as a service for website building and hosting, and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages.
Who founded Squarespace?
Squarespace was founded by 38-year-old Anthony Casalena seventeen years ago. The platform was founded in his dorm room at the University of Maryland. For many years, he was the only one running the platform. He launched the platform with a $30,000 seed fund and grants from his university and the platform reached a $1m valuation in 2006.
Squarespace latest valuation and growth
Last month, Squarespace raised a whopping $300m from investors who valued the company at $10bn. The successful outing prompted the decision by the Founder to go public.
The company has grown tremendously since its inception in 2003. The number of subscribers increased nearly 23% in 2020, to 3.7 million users. The company also made a revenue of $620 million which was a 28% increase from the previous year according to Forbes.
Squarespace employees have grown from just the Founder to 1200 employees across the United States and Ireland.
Anthony Casalena’s new net worth
Following the latest valuation of his company at $10bn, Anthony Casalena is set to become a billionaire. According to Forbes Squarespace’s SEC filings revealed that he has a 33% stake in the company.
The latest valuation of his company sets him up for a fresh $3bn making him the latest billionaire in the market.
What you should know
Squarespace is listing its company in the market using direct listing. A direct listing is a process by which a company can go public by selling existing shares instead of offering new ones.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.
- VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.
- GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.
- Secure Electronic Technology Plc records a 121% surge in Profit after tax in Q1 2021.
- Lafarge Africa Plc notifies stakeholders of 62nd Annual General Meeting.