#37 Mince Pie Sales Hit £100 mn 🤷
And an NFT sells for $10 mn!
Dobré ráno (Do-bre Raa-no) or good morning as they say in Czech. Welcome back to another edition of Business News for Kids (BNFK for short; genius isn’t it? 🤯).
Busy business this week 💼
Haven’t bought your mince pies 🥧 yet? 5.5 million people in Britain have! The Christmas 🎄 sweet pies that have nothing to do with meat (they’re made with mixed fruit 😆) and are forecasted to top £100m in sales per The Week. Clearly Christmas has come early 🤷
Be careful this Christmas and make sure you don’t fall for those ever popular Buy Now Pay Later 💸 deals (they are a $100 billion industry already!).. try a Save Now Pay Later 💰 instead.. with Egyptian fintech startup Sympl that just raised $6 million. It is quite new, so it is a big achievement for them 👏.
Might not be out for Christmas, but Sony is reportedly working on a new Xbox like game pass for PS5 🎮. Possibly called PlayStation Plus, it will be an overhaul of the existing Playstation Now service that has 3 million subscribers, compared to 18 million paying users of Xbox 😱.
Chinese companies on the other hand are having a tough Christmas season.. ride hailing company Uber’s competitor DiDi has announced that they will be delisting from the New York Stock Exchange, just 6 odd months since listing. Shares have crashed 50% 📉 since IPO.
And while it might be getting nice and Christmassy cold in many places, it’s super hot or should we say Fusion hot in Nuclear Fusion tech land. Startup Commonwealth Fusion Systems just raised a whopping $1.8 billion 🔥🔥🔥
Wait, what is..
Subscribers: the absolutely awesome people that ‘subscribe’ to a product or service and typically pay a monthly fee. Like all you awesome folks that are subscribers of BNFK 🚀.
Delisting: Like with a listing companies go Public, with a delisting companies typically go private and stop trading shares publicly. But in the above case DiDi plans to re-list on the Hong Kong Stock Exchange.
Stock Exchange: A marketplace where Shares of companies are bought and sold.
Woah 😱 Weird 🥴?
How much do you think one of the hottest CryptoPunk NFTs sold for? 20k? 30k? How about a whooping $10.5M USD 😱. Thats how much this ‘rare’ ape NFT sold from one of the first ever NFT collections CryptoPunks👇👇👇.
Inspiring business people to know 🙏
Meet Gita Gopinath, our inspiring business person of the week.
Ms.Gopinath is the First Joint Managing Director of the IMF - the first doesn’t indicate she is the first Joint MD, rather it is a title that effectively indicates she is the most senior Joint MD at the IMF 🚀.. and the first person of Indian origin to hold that post. Previously, she was the IMF’s chief economist 🙇. The IMF or the International Monetary Fund is a financial collaboration platform between 190 countries that helps keep a tab on finances of each country, and also acts like a global bank that lends money to them.
About BNFK
Knowledge is at the heart of being. To be more, we must know more.
With this weekly we distill the latest, most interesting, Business News 📰 .. to an emoji filled, ultra informative, Newsletter for Kids. A dad 👽 & son 👾 experiment, delivered every Sunday.
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Stocks, stonks and.. ⚡️
Crypto payments provider Moonpay has received $555 million in their Series A finance. The funding was at a $3.4 billion valuation 🤯.
Navi, a fintech startup by Sachin Bansal (founder of now Walmart owned Flipkart.com), is heading for an IPO by 2022 🚀. If successful it would be one of the fastest startup to IPO journey in India. With them already clocking revenues of Rs.780 crores (~$100 million) this will be one mega IPO (reports suggest they plan to raise $500 million) 😱.
Series A, IPO more 👉 Wait What Glossary 👈
Mental models.. whaaaat! 🤯
My dad insisted we put this section in here, even though I protested saying its going to be a while before kids need to apply mental models. Mental models are nothing but ways of thinking, you can use as a framework, to take decisions or solve problems. Who knows, they might just be useful!
Principal-Agent Problem: The Principal Agent problem is one businesses encounter very often. It essentially stems from the fact that the Principal (typically the owner of a business) and the Agent (typically a person that works for the business) have different incentives.. and often they work for their own interests, at the detriment of the other.
For e.g. a business that foresees its profits falling, may ask some of its employees to leave. Because if they stay, the businesses profits will decrease even more. This benefitted the business (Principal) but was detrimental to the employee (Agent).Discuss with Mom, Dad or a big person and ask them to explain this & watch this.
Tech, products, toys ++ 🤖
As the virtual world goes mainstream, Meta has launched its VirtualReality social platform Horizon World. Sure would be nice to check out. 👇
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