Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before.
HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in-the-know about trends across industries.
Business
1. Ermenegildo Zegna announced plans to go public with $3.2 billion USD valuation
Italian label Ermenegildo Zegna has announced plans to go public. A New York-based special purpose acquisition company will help the label raise $880 million USD in funding.
2. Zoom acquired cloud contact center Five9
Zoom purchased cloud contact center Five9 in an all-stock transaction valued at approximately $14.7 billion USD. The video communications giant will combine Five9’s contact center as a service solution within Zoom’s popular platform.
3. LVMH acquired a majority stake in the Off-White™ brand
LVMH has agreed to purchase a majority stake in Off-White LLC, the owner of Virgil Abloh‘s Off-White™ streetwear brand. Abloh will reportedly retain 40 percent ownership in the company following the deal.
4. Netflix sees its growth slow after 2020 boom
Netflix racked up another 1.5 million subscriptions over Q2 of 2021, falling short of its Q1 numbers. The numbers look even weaker when compared to the first quarter of 2020.
5. Twitter reached more than 206 million users
Twitter revealed in its second-quarter earnings report that is has more than 206 million monetizable daily active users. The company also reported a second-quarter revenue of $1.19 billion USD — an increase of 74 percent compared to its 2020 figures.
Crypto
1. Steve Jobs‘ handwritten 1973 job application is selling as an NFT
Apple co-founder Steve Jobs' 1973 job application is up for auction, pitting NFTs against physical collectables. The auction ends on Wednesday, July 28, and bids can be placed via the auction’s official website.
2. A new NFT service will mint any NFT you can dream of
Real Nifty has launched an NFT minting service that allows anyone to create an NFT for the things they want to buy. Prospective NFT consumers can fill out a form detailing their wish, who they want it from and name their bid price.
3. A new documentary about the future of crypto is in the works
Optimist will officially begin production on a cryptocurrency documentary, titled Ethereum: The Infinite Garden. The film centers on ethereum founder Vitalik Buterin and other leaders in the space.
4. Elon Musk confirmed that he still owns bitcoin
During a conference hosted by the Crypto Council for Innovation on Wednesday afternoon, Elon Musk doubled down on his support for cryptocurrency, causing prices to jump. Previously, there was speculation that Musk had sold his holdings.
5. Amazon appears to be expanding in cryptocurrency
Amazon appears to be expanding into cryptocurrency and blockchain products, according to a job posting. Amazon is looking to hire a “Digital Currency and Blockchain Product Lead” who will “innovate on behalf of customers within the payments and financial system.”
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