Beyond Meat stock jumps 163%, Hulu subscriber base totals 28 million; Activision Blizzard reports first quarter earnings
Santa Monica-based streaming firm Hulu announced today it hit 28 million subscribers, up from 20 million last year. The Hollywood Reporter notes that 1.3 million of the 28 million users are testing the service via free, promotional accounts, so the company actually has roughly 26.8 paid subscribers. Hulu is majority-owned by Burbank-based Walt Disney Co., which reportedly wants to buy Comcast’s stake in the company to become its sole owner.
El Segundo-based plant-based meat substitute developer Beyond Meat Inc. had its first day of trading on the Nasdaq stock exchange and saw stocks jump nearly 163% from its initial public offering, when it raised about $240 million selling shares at $25 each. Beyond Meat’s stock traded at $67.75 per share at market close today, the Business Journal reports. The company has raised over $120 million from seven investors including Twitter Inc. co-founder Biz Stone and Microsoft Corp. co-founder Bill Gates.
Distressed electric vehicle developer Faraday & Future Inc., based in Gardena, secured a short-term bridge financing arrangement worth up to $225 million with Chicago-based Birch Lake Associates. The Verge reports $150 million of that sum is dedicated to paying back roughly 60 percent of Faraday Future’s vendor debts, and is offering all of its assets and proceed thereof as collateral.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.
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