Connect with us

Published

on

Fabricio Bloisi, chief executive officer of Prosus NV, during an interview in London, UK, on Monday, Oct. 21, 2024. Bloisi took the reins of South Africa’s Naspers Ltd. and its investment arm Prosus NV in July with a plan to double the value of the 110-year-old group within the next four years.

Jose Sarmento Matos | Bloomberg | Getty Images

India will produce a $100 billion tech company in the coming years, the CEO of Prosus told CNBC on Monday, as the firm bets on the country for its next big investment win.

Prosus, which is majority owned by South African company Naspers, is one of the biggest tech investors in the world.

The company is hoping it can replicate the success it saw with its return on Chinese social media and gaming giant Tencent. Prosus’ parent company Naspers bought a near 50% holding in Tencent back in 2001 for around $32 million. That early stake in Tencent is now worth billions of dollars, with the WeChat operator valued at nearly $600 billion as of Monday.

“The companies there [in India] are still small, our investment there is around $10 billion, as it was in China 14 years ago,” Prosus CEO Fabricio Bloisi told CNBC.

“What’s the learning? We believe it’s going to be, not a $20 billion company, but a $100 billion company, maybe [a] half a trillion dollar company in India. So we are not investing there to sell next month.”

Prosus has invested in some of the buzziest tech firms in India, including payments service PayU and e-commerce company Meesho. Prosus also owns just under 25% of food delivery firm Swiggy, which went public in November.

Bloisi said listing Prosus’ India investments are a key part of its strategy. He added that he expects five Indian companies that Prosus is invested in to carry out an initial public offering this year.

“I think this is very good for India, because we have the local markets here investing in the local companies. This was critical for U.S., this was critical for China. I think if India can greater strong local markets investing in tech, it’s going to be amazing for India,” Bloisi said.

Prosus has also been targeting big investments in Europe and the Latin America.

The company’s playbook revolves around the idea of ecosystems surrounding services, which Tencent managed to execute in China. Tencent runs China’s biggest messaging app called WeChat, which integrates features like payments and the ability to hail taxis or order food.

“We believe that we have ecosystems, just like we have in China in the U.S., like Microsoft or Uber or Google or Meta. They’re not just one product. They have one product that enables cross-sell and technology shared between many other adjacencies. That’s what we are doing,” Bloisi said.

In Latin America, Prosus has stakes in Brazilian food delivery firm iFood, online travel firm Despegar and online marketplace OLX Brasil.

Bloisi said food delivery and payments are the foundation of their investments, followed by areas like e-commerce and experiences such as travel.

“That’s the kind of ecosystem we believe. We learned that from China, we are doing that in that in Latin America right now, very, very successfully,” Bloisi said.

In the meantime, Prosus this year made a proposal to acquire European food delivery giant Just Eat Takeaway.com in an all-cash deal worth around 4.1 billion euros ($4.7 billion).

Bloisi said Prosus on Monday officially began proceedings to seek permission from the European Commission to approve the deal. The Prosus CEO said he was “optimistic” that the European regulators will “approve it quickly.”

Continue Reading

Technology

Amazon launches second batch of Kuiper internet satellites, taking on Elon Musk’s Starlink

Published

on

By

Amazon launches second batch of Kuiper internet satellites, taking on Elon Musk's Starlink

An Atlas V rocket of United Launch Alliance (ULA) lifts off from Space Launch Complex 41 at the Kennedy Space Center in Cape Canaveral, Florida on June 23, 2025.

Gregg Newton | Afp | Getty Images

Amazon‘s second batch of Kuiper internet satellites reached low Earth orbit on Monday, adding to its plans for a massive constellation and ramping up competition with SpaceX’s Starlink.

A United Launch Alliance rocket carrying 27 Kuiper satellites lifted off from a launchpad at the Cape Canaveral Space Force Station in Florida at 6:54 a.m. ET, according to a livestream.

“We have ignition and lift off of United Launch Alliance Atlas V rocket carrying satellites for Amazon’s Project Kuiper internet constellation, continuing a new chapter in low Earth orbit satellite connectivity,” Ben Chilton, an ordnance engineer at ULA, said on the livestream following the launch.

Monday’s mission was rescheduled twice, owing to inclement weather and a problem with the rocket booster.

Read more CNBC Amazon coverage

Six years ago, Amazon unveiled its plans to build a constellation of internet-beaming satellites in low Earth orbit, called Project Kuiper. The service will compete directly with Elon Musk’s Starlink, which currently dominates the market and has 8,000 satellites in orbit.

Amazon in April successfully sent up 27 Kuiper internet satellites into low Earth orbit, a region of space that’s within 1,200 miles of the Earth’s surface.

The 54 craft currently in orbit are the start of Amazon’s planned constellation of 3,236 satellites. The company has to meet a Federal Communications Commission deadline to launch half of its total constellation, or 1,618 satellites, by July 2026.

The company has booked more than 80 launches with several providers, including rival SpaceX, to deliver Kuiper its satellites into orbit.

WATCH: Amazon Web Services CEO: Lots of opportunity to expand infrastructure globally

AWS CEO: Lots of opportunity to expand infrastructure globally

Continue Reading

Technology

Tesla stock pops 10% as Musk touts ‘successful’ robotaxi Austin launch

Published

on

By

Tesla stock pops 10% as Musk touts 'successful' robotaxi Austin launch

A Tesla Inc. robotaxi on Oltorf Street in Austin, Texas, US, on Sunday, June 22, 2025. T

Tim Goessman | Bloomberg | Getty Images

Tesla‘s driverless robotaxi finally hit the road this weekend, sending shares of the electric vehicle maker up 10% on Monday.

The EV giant debuted autonomous rides in Austin, Texas, on Sunday, opening the service to a limited number of riders by invitation only. CEO Elon Musk said in a post on social media platform X that customers were charged a flat fee of $4.20.

“Super congratulations to the @Tesla_AI software & chip design teams on a successful @Robotaxi launch!! Culmination of a decade of hard work. Both the AI chip and software teams were built from scratch within Tesla,” he said in a post.

One tester wrote on X that they did 11 with the service with “zero issues.” Musk reposted numerous firsthand encounters with the services.

Read more CNBC tech news

Musk has long promised a driverless Tesla robotaxi fleet to investors, amping up the pressure to deliver.

The launch puts Tesla head-to-head with Alphabet‘s Waymo, which is already operating a fleet of robotaxis in several cities across the U.S. and reached 10 million trips last month.

Musk told CNBC’s David Faber last month that Tesla aims to have “Hundreds of thousands, if not over a million” self-driving cars in the U.S. by the end of next year. In May, Musk first announced plans to launch the service in Austin, with later debuts set for Los Angeles and San Francisco.

Heading into the launch, Tesla faced pushback from a group of Democratic lawmakers in Texas and public safety activists urged the company to delay the debut.

Tesla’s full-self driving capabilities, which feature a standard FSD or FSD supervised, include automatic steering and parking, but have been linked to accidents and fatalities, according to data tracked by the National Highway Traffic Safety Administration.

Continue Reading

Technology

Trump Media approves $400 million stock buyback

Published

on

By

Trump Media approves 0 million stock buyback

U.S. President Donald Trump speaks to the media upon arrival at Joint Base Andrews following a visit to North Carolina, in Maryland, U.S., June 10, 2025.

Evelyn Hockstein | Reuters

Trump Media & Technology Group, the parent company of Truth Social, Truth+, and the fintech platform Truth.Fi, said Monday its board has approved a stock buyback of up to $400 million.

Trump Media stock rose about 3% on the news premarket.

The Florida-based company, which trades under the ticker DJT on both Nasdaq and NYSE Texas, said the buyback could include both common stock and warrants, executed through open market transactions. All repurchased shares would be retired.

“Since Trump Media now has approximately $3 billion on its balance sheet, we have the flexibility to take actions like this which support strong shareholder returns, as we continue exploring further strategic opportunities,” said CEO Devin Nunes in a release announcing the move.

President Donald Trump, who indirectly owns more than 114 million shares of the company through a revocable trust, remains the largest shareholder.

Read more CNBC tech news

The announcement follows Trump Media’s $2.5 billion raise last month from institutional investors — one of the largest bitcoin treasury plays by a public company. The company said it would use those funds, which include $1.5 billion in equity and $1 billion in convertible notes, to buy bitcoin, with custody provided by Anchorage Digital and Crypto.com.

Calling bitcoin a “crown jewel,” Nunes said the move was designed to defend the company against what he described as “discrimination by financial institutions” against conservative businesses. The funds will also support the launch of Trump-branded exchange-traded funds and other crypto products later this year, pending regulatory approval.

Trump Media said the buyback will be funded independently and will not affect the capital already earmarked for its bitcoin treasury initiative.

In February, Trump Media reported a $400.9 million net loss for the full year on just $3.6 million in annual revenue. The company cited legal fees and a revised advertising revenue-sharing agreement as contributing factors.

Despite the losses, Trump Media said it ended the year with $776.8 million in cash and short-term investments.

The company, which went public via special purpose acquisition company, or SPAC, last year, now trades with a market capitalization of around $4.9 billion.

The stock nearly doubled in 2024 as Trump won the U.S. presidential election in November. As of Friday’s close, the stock was down nearly 48% this year.

WATCH: Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

Continue Reading

Trending