Company briefs: China Evergrande, Tesla, MoonPay

China Evergrande

China Evergrande Group said it expects to announce its preliminary restructuring plan before the end of next month, sticking to its original deadline as the world's most indebted property developer struggles to emerge from its financial crisis.

Reeling under more than US$300 billion (S$415 billion) in liabilities, the firm's offshore debt is deemed to be in default after missing payment obligations late last year. In a stock exchange filing on Monday, it said it does not have a timeline for publishing its 2021 annual results or completing a probe in its property services unit.



Electric carmaker Tesla will reduce its salaried workforce by roughly 10 per cent over the next three months, chief executive Elon Musk said yesterday.

The cuts would amount to about a 3.5 per cent reduction in total headcount at the firm, he said at the Qatar Economic Forum organised by Bloomberg.

"We grew very fast on the salaried side," he said in an interview with Bloomberg News at the forum. "A year from now, I think our headcount will be higher" both in salaried and hourly workers, but for now the headcount reduction will be 3 per cent to 3.5 per cent, he said.



Crypto payments company MoonPay is partnering with major entertainment brands as it expands further into the struggling non-fungible token (NFT) market. Fox, Universal Pictures, Creative Artists Agency and Death Row Records will create NFT collections using HyperMint, MoonPay's platform for minting digital assets, the company was set to announce yesterday.

MoonPay's co-founder and CEO Ivan Soto-Wright said the company is eyeing sports, film, music, fashion and gaming as areas that could benefit from the technology.


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A version of this article appeared in the print edition of The Straits Times on June 22, 2022, with the headline Company briefs: China Evergrande, Tesla, MoonPay. Subscribe