Epic Games has teamed up with Colombian reggaeton singer J Balvin for Fortnite’s next big event: A Halloween concert that Epic says would combine an artist’s performance and its XR technology (cross reality) technology for the first time. The developer has been making a push for live concerts and other events in Fortnite over the past few months, ever since people had to stay at home due to the coronavirus pandemic. Travis Scott went on an in-game concert tour back in April, resulting in over 12.3 million players logging in at once to experience his first show.
(Bloomberg) -- Renrenche was one of China’s hottest tech unicorns backed by investors including Goldman Sachs Group Inc. and Tencent Holdings Ltd. Now the car website could sell itself for a little over $1,000.The Beijing-based startup -- which had a pre-money valuation of $1.4 billion in a financing round just two years ago -- has a preliminary plan to sell its major assets to 58.com Inc. for HK$10,000 ($1,290), according to people familiar with the matter. China’s online classified ad leader will take over Renrenche’s Hong Kong entity, while offering at least $4 million in loans to its mainland operations, said the people, asking not to be identified because the transaction is private. The parties have yet to finalize the deal and may not proceed with it, the people said.The deal may help bail out the car trading platform, which ran into financing troubles amid the unraveling of China’s once-booming sharing economy. Founded in 2014, Renrenche connects users seeking to trade second-hand vehicles, taking a smaller cut than offline dealers. Its backers include ride-hailing giant Didi Chuxing, as well as venture firms like Shunwei Capital and Redpoint China. In 2018, it completed a $300 million investment round led by Goldman Sachs, according to a company statement.But competition with rivals like Uxin Ltd. and Softbank Vision Fund-backed Guazi.com -- coupled with business disruptions during the Covid-19 pandemic -- quickly dried up funding for Renrenche. One of its creditors, Argyle Street Management Ltd., is seeking a winding-up order in a court in the Cayman Islands, where Renrenche is registered, on the grounds that the company was unable to pay back roughly $15 million in debts, according to a court filing viewed by Bloomberg News.That petition may complicate the transaction with 58.com. The deal was rejected by some investors but won key support from Tencent and Didi during a shareholder meeting last week, according to the people. Investors are still looking into other options to resolve Renrenche’s liquidity crisis, said the people.Representatives at Renrenche and 58.com didn’t respond to requests for comment, while spokespeople at Tencent and Didi declined to comment.If the firesale goes through, it would mark one of the more spectacular startup failures since China’s internet boom kicked off a decade ago. Renrenche’s rapid fall echoed high-profile failures when mini-bubbles popped, like Mobike or Ofo in bike-sharing, but those have been rarities given sustained growth in smartphone and internet adoption. 58.com, often billed as China’s answer to Craigslist, also counts Tencent among its backers. In June, the online classified portal agreed to a buyout deal at about an $8.7 billion value, joining a slew of Chinese firms to ditch their U.S listings.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Snap Inc.’s co-founders got richer by billions of dollars in just a few hours, after the company reported better-than-expected results as the coronavirus pandemic boosted usage of its app.Shares soared as much as 25% to $35.57 in late New York trading after the owner of the popular Snapchat mobile app said sales jumped 52% to $678.7 million in the third quarter, with 249 million daily active users. The gains lifted the fortunes of Snap’s co-founders, Evan Spiegel and Bobby Murphy, by $1.3 billion and $1.4 billion, respectively, taking them to $6.9 billion and $7.2 billion, according to the Bloomberg Billionaires Index.Wealth accumulation in the tech world has been eye-popping this year as the shift of everything from work, shopping, schooling and entertainment online in the Covid-19 economy has boosted demand for digital services. Zoom Video Communication Inc.’s Eric Yuan added $6.6 billion to his net worth in just one day last month, and Amazon.com Inc.’s Jeff Bezos, the world’s richest person, saw his fortune swell by $75 billion in 2020 to $190 billion.Snap, whose Snapchat is used to send photos and videos that disappear within seconds, said its net loss narrowed to $200 million, or 14 cents a share. The company posted profit of 1 cent a share excluding some costs, beating the 5 cent loss that analysts predicted. If the positive advertising trends continue, fourth-quarter revenue may jump 47% to 50% from the same period last year, Snap added.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.