February 8, 2021 - Biz in 60

Business in 60 Seconds

Elon Musk's electric carmaker Tesla invests $1.5B in bitcoin Tesla has announced it bought 1-and-a-half billion dollars worth of Bitcoin in January as part of its efforts to diversify its investments. In a regulatory filing, the electric carmaker also said it will start accepting the cryptocurrency as a form of payment for its products. The news sent bitcoin rallying to a new record high of 44-thousand dollars. SoftBank sees WeWork recovery, Q3 net profit soars to $11B Softbank net profit soared to 11 billion dollars in the third quarter, thanks to the global rally in tech stocks. The figure marks a more than twenty-fold jump from a year ago, when profits were almost wiped out due to troubles with its office-sharing business, WeWork. The Japanese group's Vision Fund also swung to a record 8-billion dollar profit during the period. Boohoo buys three brands from Arcadia for $34.6M British online fashion retailer Boohoo has agreed to buy Dorothy Perkins and two other brands from Arcadia for 34-point-6 million dollars. But the deal does NOT include the group's high-street stores, putting 2-and-a half thousand jobs at risk. Philip Green's Arcadia fashion empire went into administration last year, becoming Britain's largest corporate casualty of the pandemic.