Mark Zuckerberg sold $111.1M in Facebook stock To support Libra
By MYBRANDBOOK
Mark Zuckerberg has sold more than 23.1 million shares worth almost $68.3 million and he has also selling another 15.4 million worth almost $42.8 million,to support company’s latest project: the Libra Association, a blockchain cryptocurrency initiativebacked by a variety of well-heeled corporations - including Facebook (FB), private venture capital firms, and major players in payment processing.
Facebook has signed NDA with a dozen companies, including Visa Inc, Mastercard Inc, PayPal Holdings Inc. and Uber Technologies Inc, to back its cryptocurrency project, Libra. Mark Zuckerberg is expected to unveil Bitcoin rival Libra soon, however the official launch of the cryptocurrency is scheduled for 2020.
The new Libra crypto coin will be administered by the Libra Association, not by Facebook directly. The Association is grouping of Libra’s backers, each of which gets an equal voice in overseeing the currency. The Libra Association members each put the same $10 million investment into the common pot backing the currency, so no one member can claim a larger share than the others. On paper, it’s appears to be a good system, sources said.
For its part, Facebook – and its partners – are approaching the Libra project with caution. David Marcus has already said that the new crypto coin will undergo “the most extensive and most careful pre-launch oversight in financial tech history.” Libra won’t launch until the middle of next year, and while a charter is not yet public, Marcus’ statement makes clear that Libra’s rules are being drawn up in the sure knowledge that they will face close regulatory scrutiny.
Mastercard is an original member of the Libra Association, and in addition to the membership fee, it brings its payment processing network and long experience in the financial industry. In all of the recent regulatory dust-up around Libra, Mastercard’s only official statement was not to comment on the matter. Fortunately for customers, Mastercard has a far better reputation than Facebook when it comes to data protection.
Visa is very similar to Mastercard as an investment. The company is solid, having shown steady returns over an extended timeframe. It offers a low-yield dividend of 0.57%, but the share price boosts the dividend payment to a full $1 annualized. Visa’s fiscal Q3 results beat the forecasts last month, and suggest that the company will just keep chugging along with steady low- to mid-teens growth rates. Like Mastercard, Visa has not commented on the regulatory agencies’ interest in Libra.
At the same time PayPal Holdings, PayPal has been operating independently since 2015, and has shown consistent stock gains since then. Shares are up 26% year-to-date, despite a slip at the end of July. PayPal’s involvement in Libra makes eminent sense. The company’s proven expertise in payment processing and online finance are highly relevant to the Libra Association, and unlike Facebook, PayPal has not been plagued by data privacy issues. And like Mastercard and Visa, PayPal is a high-quality investment-grade stock.
BREAKING NEWS
TECHNO TRENDS
GST Council likely to reduce tax on food delivery to 5%
The Goods and Services Tax (GST) Council is reportedly considering a prop...
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
E-Magazine
TECHNOTAINMENT
Pushpa 2 leaks online after recording highest pre-sales in Ind
Pushpa 2, which is one of the most anticipated films of the year, has had a
Eloelo teams up with Elvish Yadav for India's biggest digital
Eloelo, India’s leading platform for live entertainment and creator-drive
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TP-LINK INDIA PVT. LTD.
TAC SECURITY SOLUTIONS
INFOSYS TECHNOLOGIES PVT. LTD.
RELIANCE JIO INFOCOMM LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
ICONS OF INDIA : SRIDHAR VEMBU
Sridhar Vembu is the chief executive officer (CEO) of Zoho Corporation...
PARTNER SPEAKERS
PSU
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
