Bollywood’s Big ‘B’, Mr. Amitabh Bachchan is now Big ‘B’ in the Bitcoin world!
December 20, 2017 1:11 pm
For decades, Amitabh Bachchan has been the Showbiz Trendsetter, and now he is expanding that tag to invest.
Last week, Ziddu.com – A property owned by Singapore-based Meridian Tech, which Amitabh and his son Abhishek invested in $ 250,000 in 2015 – acquired by LongFin Corp, according to a report by The Economic Times.
The deal lasted only two days after the Longfin stock was listed in NASDAQ. Shares between Wednesday and Monday were up by 1,000 percent. After a rise of 2,500 percent on Friday, while the company announced its decision to acquire Ziddu.
While Bachchan invested in Meridian, Ziddu described “Cloud Storage and e-Distribution startup”. However, this month, the description changed to “a Blockchain technology empowered solutions provider”, which provides microfinance “cryptocurrencies across continents”.
So when Longfin Ziddu’s acquisition was announced, Bachchan’s 250,000 shares of LongFin in lieu instead of their holdings in Meridian Tech, saw the skyrocket worth $ 17.5 million worth USD 250,000.
LongFin thanks to the increase in blockchain and cryptocurrency this year. Many technology companies with different names of early explanations add one or both of these words to their names or descriptions, and their stock prices have risen exponentially over a period of time.
“It’s crazy… the global euphoria over Blockchain is sweeping the world…no intrinsic value can be attached.”
But still, now, there is no response from Mr.Bachchan regarding the cryptocurrency money. He did not reveal what he is going to do with it.