The US stock market closed mixed on Thursday with the Dow Jones unchanged while the Nasdaq 100 rose 0.58% as the S&P 500 closed 0.19% higher.
The United States Congressional Budget Office released its budget and economic outlook for 2021-2031 on Thursday, noting that the federal budget deficit in 2021 is projected to be $2.3 trillion, the second-largest only to 2020 in US history.
While it is a drop from 2020’s $3.13 trillion deficit, it does not include the upcoming stimulus bill, reportedly worth $1.9 trillion.
Bumble Inc started trading at $76 per share on the Nasdaq Global Select Market on Thursday under the ticker BMBL and surged by 76.7% from its initial public offering (IPO) price of $43. Bumble Inc is the parent company of Badoo and Bumble, two of the world’s highest-grossing dating apps.
Financial Times reported on Thursday that Microsoft has approached Pinterest with an offer to buy the company. The talks took place “in recent months” and are no longer active, according to people familiar with the matter.
In its latest earnings release, Pinterest reported an increase of 100 million monthly active users in 2020. It’s fourth-quarter income improved by 76% on a yearly basis to reach $706 million, while its share price jumped by over 200% in a year.
In the calendar year 2020, the company grossed $1.693 billion, 48% more than in the previous twelve months. The firm scored a net income of $208 million in the fourth quarter, improving from the net loss of $35.7 million reported in the same trimester in 2019.
Uber Not Buying Bitcoin
Uber Technologies CEO Dara Khosrowshahi on Thursday said that the company decided against buying bitcoin with corporate cash, CNBC reported.
“We’re going to keep our cash safe. We’re not in the speculation business……The upside in our company is in the business that we’ve built, not the investments that we invest in,” Khosrowshahi said but added that Uber may engage in accepting cryptocurrency payments in the future.
The statement comes shortly after Tesla revealed it had purchased $1.5 billion worth of bitcoin and an unknown amount of dogecoin for SpaceX.
Meanwhile, America’s oldest Bank of New York Mellon said it had decided to hold, transfer and issue cryptocurrency, including bitcoin, for its asset-management clients, The Wall Street Journal reported.
“Digital assets are becoming part of the mainstream,” said Roman Regelman, the bank’s chief executive, adding that the decision came after asset managers, clients of the bank, came forward asking BNY Mellon to accommodate their newly acquired digital assets, just like other traditional holdings.
BNY Mellon is currently testing a platform that is built for its customers’ universal use with all kinds of holdings, whether it’s digital assets, stocks or government bonds.
Bitcoin has gained by 39% over the last one month and touched a new record high of $49,000 on Thursday’s session.