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Counter Strike raked in nearly $1 billion in 2023 by from randomized loot boxes

Business Insider

Business Insider · 1y ago

Counter Strike raked in nearly $1 billion in 2023 by from randomized loot boxes

According to a report, the game "Counter-Strike" generated nearly $1 billion in revenue last year through its controversial feature of loot boxes. Loot boxes are cases that players can purchase, containing random items of varying value. Regulators have been divided on whether these loot boxes should be considered a form of gambling. The debate revolves around the concern that loot boxes may promote underage gambling. Various recommendations and regulations have been proposed to address this issue, such as age restrictions and disclosure requirements for loot box purchases.

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2nd brain implant went well, patient can play video games: Neuralink

Inshorts · 11m ago

2nd brain implant went well, patient can play video games: Neuralink

Elon Musk's Neuralink said its second brain implant surgery in a human "went well". The patient, who suffers from a spinal cord injury, is able to use the chip to play video games like Counter-Strike 2 and design 3D objects, Neuralink said. Unlike the first case, the company said it found "no thread retraction in the second participant".

Microsoft brings new 'Strikes' system for Xbox to check online toxicity

Livemint

Livemint · 1y ago

Microsoft brings new 'Strikes' system for Xbox to check online toxicity

Microsoft is implementing a punitive framework called 'Strikes' on Xbox devices to combat online toxicity. Each instance of misconduct results in a strike, with progressive tiers of severity. Sanctions range from profanity (1 strike) to hate speech (up to 3 strikes). Players can appeal bans, with successful appeals leading to strike removal.

Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal

Entrackr

Entrackr · 1y ago

Lenskart raises nearly $20 Mn led by Peyush and Neha Bansal

Eyewear retailer Lenskart has raised nearly $20 million from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary and Sumeet Kapahi. This is the second investment in Lenskart by its co-founders in the last seven months. The board at Lenskart has passed a special resolution to issue 695,875 CCPS at an issue price of Rs 2,300 each to raise Rs 160 crore or $19.12 million, its regulatory filing accessed from the Registrar of companies (ROC) shows. Piyush Bansal led the round with Rs 70.70 crore while Neha Bansal put Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi participated with Rs 9.60 crore and Rs 9.35 crore, respectively. As mentioned above, this is the second instance where the co-founders invested in the company in less than a year. Piyush and Neha invested Rs 29.89 crore and Rs 29.77 crore, respectively, in December 2023 along with Choudhary and Kapahi. The development comes soon after a $200 million secondary deal announced by Lenskart. Temasek and Fidelity Management & Research Company (FMR) solely invested in the secondary at a valuation of more than $5 billion. Lenskart claims to have more than 2,500 stores of which approximately 2,000 are in India. While India accounts for nearly 60% of its revenue, the rest of the income was generated from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia. Despite funding winter, the Delhi-based company has raked in over $1 billion in the last 18 months. The continued interest of investors in the company is largely driven by its strong financial performance, unit economics and growth opportunities in overseas countries. For the fiscal year ending in March 2023, Lenskart’s revenue from operations surged to Rs 3,788 crore from Rs 1,502 crore in FY22. The decent scale and controlled expenditure helped the company to reduce its losses by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22. The firm is yet to file its annual financial report for FY24.

BYD's first chartered vessel sets sail with 5,000 EVs for Europe - Xinhua

Reuters · 1y ago

BYD's first chartered vessel sets sail with 5,000 EVs for Europe - Xinhua

Chinese automaker BYD has sent its first chartered vehicle vessel from Shenzhen to Europe, carrying over 5,000 electric vehicles. The roll-on/roll-off vehicle carrier, called "BYD Explorer No.1," is bound for the Netherlands and Germany. Chinese automakers, including BYD, Chery Automobile, and SAIC Motor, have been securing vessel orders to counter increasing shipping costs and bolster exports. China exported an estimated 5.2 million vehicles in 2023, surpassing Japan as the world's largest auto exporter. BYD exported around 243,000 cars out of its total sales of 3 million units in 2023.

91 of India's 117 Unicorns Genuinely Maintain Valuations Above $1 billion, says Blume Report

OutlookIndia

OutlookIndia · 5m ago

91 of India's 117 Unicorns Genuinely Maintain Valuations Above $1 billion, says Blume Report

Of India's 117 unicorns, 91 maintain valuations above $1 billion, despite challenges in sustaining these valuations long-term, according to a Blume Ventures report. India's unicorn creation significantly fell from 44 in 2021 to 2 in 2023, amid a funding winter that saw overall startup funding drop from $42 billion in 2021 to $16 billion in 2023. This downturn also led to the closure of over 35,000 startups in 2023.

How WeWork founder Adam Neumann's wealth grew while the company tumbled

Livemint

Livemint · 1y ago

How WeWork founder Adam Neumann's wealth grew while the company tumbled

Co-working company WeWork Inc. has filed for Chapter 11 bankruptcy, seeing its net worth plummet from nearly $50 billion to below $1 per share. However, founder Adam Neumann has remained financially secure, accumulating wealth while distancing himself from WeWork's struggles. Neumann reportedly received $770 million in cash from the 2021 SPAC process, along with investments in his new real estate tech venture, "Flow," valued at $1 billion. Despite WeWork's bankruptcy, the Indian division of the company claims it will not be affected.

Crypto hackers stole around $1.7 bln in 2023

Reuters · 1y ago

Crypto hackers stole around $1.7 bln in 2023

According to a report by Chainalysis, hackers stole approximately $1.7 billion from cryptocurrency platforms in 2023, which is a 54.3% decrease from the previous year. While the total stolen funds decreased, the number of individual hacking incidents increased to 231 in 2023. The report also noted that North Korea-linked organizations were responsible for 20 of these hacks, stealing over $1 billion.

TikTok parent ByteDance's valuation slumps to $223.5 billion in stock buyback: report

Economic Times

Economic Times · 1y ago

TikTok parent ByteDance's valuation slumps to $223.5 billion in stock buyback: report

ByteDance is repurchasing shares from its U.S. employees, valuing the company at $223.5 billion, a 26% decrease from the previous year. The company plans to buy at least $300 million worth of stock from current and former U.S. employees. This move comes as ByteDance-owned TikTok faces calls for a nationwide ban in the U.S. due to concerns about potential Chinese government influence. Despite the valuation drop, ByteDance reported an operating profit of nearly $6 billion in the first quarter of 2023, nearly double from the previous year, according to the Wall Street Journal.

Funding winter leaves late-stage startups out in the cold

Deccan Herald · 2y ago

Funding winter leaves late-stage startups out in the cold

Indian startups raised $2 billion in Q1 2023, a 75% drop from the same period in the previous year, and the smallest quarterly number in nearly three years, according to CB Insights data. The number of startups that received funding in Q1 2023 was 271, compared to 561 in the same period during the previous year.

Private funding falls by nearly half for Israeli startups, report says

Economic Times

Economic Times · 1y ago

Private funding falls by nearly half for Israeli startups, report says

According to a report by Startup Nation Central, annual funding for the Israeli tech industry is expected to have fallen by nearly half in 2023 due to a planned judicial reform and the war with Hamas in Gaza. Private funding is expected to have reached nearly $10 billion, down from the $19 billion it received in 2022. However, investor appetite remains strong, and 88% of multinational corporations plan to either sustain or increase their presence in Israel.

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