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. Epic Games received a $2 billion USD cash injection from Sony and KIRKBI
Both Sony and LEGO Group owner KIRKBI contributed $1 billion USD each. Sony said the investment was aimed at building out Epic Games’ metaverse ambitions.
2. Elon Musk made an unsolicited offer to buy Twitter for $40 billion USD
Musk said in an SEC filing that he was offering to buy 100% of Twitter for $54.20 USD per share in cash. “Twitter has extraordinary potential. I will unlock it,” he added.
3. Facebook and Google joined Stripe’s $925 million USD initiative for carbon capture
The Frontier Program is a subsidiary of Stripe that is focused on using the earnings made from transactions to further develop carbon capture technology. E-commerce giant Shopify and consulting firm McKinsey have also joined the program.
4. Vans sued MSCHF over its new “Wavy Baby” sneaker
MSCHF’s new shoe in collaboration with Tyga made its debut last week. The lawsuit claims trademark infringement, false designation of origin and unfair competition, in addition to trademark dilution.
5. Meta will take a nearly 50% cut of creator fees in its VR game Horizon Worlds
The company said it’s currently testing out new tools that will enable creators to derive an income from things they build in the game. The company’s cut will comprise of a “hardware platform fee” of 30% for sales made through the Meta Quest Store and Horizon Worlds will charge a 17.5% fee.