February 9, 2021 - Biz in 60

Business in 60 Seconds

Reddit's valuation doubles to $6B after funding round Reddit has raised more than 250 million dollars in a new round of funding, that doubled its valuation to six- billion dollars. The funding came after the social media platform gained attention for its role in the recent Wall Street trading mania. The company also said, it's planning to double the number of its employees this year. Total reports 66% plunge in full-year profit to $4.06B Total has reported a sharp fall in full-year earnings as the COVID-19 pandemic weighed on the energy sector. Net profit at the French oil major fell 66 percent from a year ago to 4-point-06 billion dollars, hit by lower energy prices. The company also took charges of 8-point-1 billion dollars last year, to cover asset write-downs. Chinese car sales jump 25% year-on-year in January Car sales in China rose more than expected in January, as the world's biggest auto market recovers from lows hit during coronavirus lockdowns. Retail sales of passenger cars rose 25 percent from a year ago, to 2-point-16 million vehicles. But, sales slowed from the previous month, as semi-conductor chip shortages hit production.