Welcome to a new week, here’s what you need to know today.
1. Atlassian got hammered on Friday. Just look at the chart. Shares down 15% to the lowest it has ever been since its the company’s IPO in December. Although Atlassian wasn’t alone on Friday, with other big tech companies hit hard. Facebook also lost 5.8%, while LinkedIn lost a huge 44% after forecasting a year of slow growth for the social media company.
2. 5 Aussie telcos are joining the ACCC’s fight against Telstra. An ACCC decision in June that would see Telstra forced to charge less for other networks to access their internet cables in rural areas now has more carriers backing the ACCC. Macquarie Telecom, MyNetFone subsidiary Symbio and Telcoinabox are all joining TPG and Optus as they believe the ACCC’s ruling to cut the wholesale prices is “fundamental” to developing a competitive broadband market.
3. Optus doesn’t know what to do with its English Premier League rights. It looks like Optus will be starting an on demand streaming service for next season’s EPL, but it’s having a problem making the apps and monetising it. Optus will apparently need nearly 80,000 subscribers just to break even on its $63 million a year deal, as well as working out a way to get the games in pubs who already pay big dollars for their Foxtel subscription.
4. Telstra’s venture arm warns valuation’s are looking stretched. Telstra Ventures managing director spoke with the AFR saying that while the potential opportunities in global startups was a “nirvana”, a lot of valuations were looking stretched.
“We are in a bit of a downdraft because all of these unicorns got funded in 2013, 2014 and 2015 and valuations got a little ahead of where they probably should be,” he told The Australian Financial Review.
“Cool companies keep raising more money. It is like a frog in boiling water and all of a sudden somebody wakes up and says holy cow its pretty hot in here and we’ve got to jump out of the pot.”
5. A video gamer nearly won the Bathurst 12 Hour for the second time in a row. Florian Strauss is a graduate of Nissan’s GT Academy which turns video gamers into real life race drivers. Last year he was a driver on the winning Nissan GT-R at one of the world’s most challenging races, the Bathurst 12 Hour, and now this year his team came just over 1 second short of taking out the 2016 race. Australia’s first GT Academy winner Matt Simmons was at the track over the weekend learning from the team before he embarks on his first season as a pro driver after turning from a video game racer to a pro racer last year. Check out the epic ending.
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