World Street | Bitcoin hits new high, Reddit IPO roadshow, US bill to ban TikTok or force sale, and more

Reddit Inc is informing potential investors during its IPO roadshow that it anticipates a revenue surge of over 20 percent in 2024 compared to the preceding year. The company's revenue guidance aligns with its trajectory from the previous year, where revenue reached $804 million in 2023, marking a 20.5 percent increase from the year before, according to Bloomberg, and disclosed in its filing with the US Securities and Exchange Commission (US SEC).

Musk's German Sojourn

Elon Musk on Wednesday visited Tesla's European gigafactory in Gruenheide, Germany, where operations had resumed after an arson attack on a nearby electricity pylon last week led to a costly power outage that halted production. Elon Musk, the CEO of Tesla, was captured at the German factory sporting a black T-shirt with the slogan "We are (Giga) the future." Exiting the factory, he exclaimed, "Hey, Deutschland rocks! Dig in Berlin for the win!" before boarding a car.

TikTok Takedown

The US House of Representatives approved a bill aimed at banning TikTok in the country unless its Chinese owner divests the video-sharing app, marking a significant threat to a platform utilized by 170 million Americans. Despite criticism labelling TikTok as a national security risk, the bill's fate remains uncertain in the Senate. Majority Leader Chuck Schumer has yet to endorse it, and opposition from members such as Republican Rand Paul adds further complexity.

Sky Scrutiny

The acting head of Europe’s aviation regulator said on Wednesday the agency expressed readiness to suspend its approval of Boeing’s aircraft manufacturing process if necessary, but he feels reassured that the planemaker is tackling its latest safety crisis.

Collaboration Cruise

Nissan Motor Co is exploring a potential collaboration with competitor Honda Motor Co to collectively venture into electric vehicle (EV) development. With declining sales prompting considerations of production capacity reductions in China by both Honda and Nissan, BYD's recent plans to unveil new models and expand its dealership network in Japan underscore the urgency for Japanese automakers to bolster their EV efforts.

Healthy Hustle

Nestle SA is facing a formal demand from some shareholders, including Legal & General Investment Management, to significantly improve the amount of healthy food the Swiss consumer group sells, reported Bloomberg. A coalition of investors, led by ShareAction, has filed a resolution asking the maker of Kit Kat chocolate to set targets to increase sales of healthier foods, at a time of surging ill health related to poor nutrition worldwide. It also wants Nestle to implement internationally accepted standards that define healthy food.