Major indices on Wall Street closed Monday’s session higher on the back of news that President Joe Biden’s advisers are preparing to deliver legislative proposals this week on the government’s next funding bill which could amount up to $3 trillion.
According to several media reports, the funding will go towards investing in infrastructure, education, workforce development and fighting climate change.
According to the New York Times, the new infrastructure bill is named as the “Build Back Better Recovery Plan”, and is expected to be financed through tax increases on corporations and wealthy Americans.
WeWork reported a loss of $3.2 billion in 2020, from $3.5 billion in 2019, Financial Times reported on Monday.
The improvement came from capital expenditure reduction, which the company slashed from $2.2 billion to just $49 million. Occupancy was down to 47% at the end of the year, down 25 percentage points compared to the prior year.
Tencent Q4 Earnings
Chinese tech giant Tencent on Monday reported its financial performance for the fourth quarter of 2020. The firm reported a 14.3% increase in total revenue to $1.28 billion. Net profit for the period grew 15.3% to $183 million while revenue from online music subscriptions rose 41.9% higher to $242 million.
For the full year 2020, total revenue rose 14.6% to $4.47 billion while the net profit was up 4.3% to $637 million.
Twitter CEO Sells First Tweet for $2.9 million
The CEO of Twitter and Square Jack Dorsey on Monday sold his first tweet as a nonfungible token (NFT) for $2.9 million to the highest bidder on the auction, Sina Estavi, CEO of Bridge Oracle.
The auction took place on a “Valuables” platform, run by a blockchain-powered social media called Cent. The sold tweet was Dorsey’s first post on Twitter that was published on March 21, 2006, and read: “just setting up my twttr”.