IT giant 'Yandex', also known as 'Google in Russia', is in crisis
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Nasdaq and the New York Stock Exchange have suspended trading of Russian companies' stocks in light of economic measures against Russia's invasion of Ukraine. It is reported that Yandex, also known as the 'Russian version of Google' by a major Russian tech company, may be suspended from trading on the New York digital stock exchange and may default.
Russian Tech Giant Yandex Says Might Default --The Moscow Times
https://www.themoscowtimes.com/2022/03/04/russian-tech-giant-yandex-says-might-default-a76752
Yandex, considered'Russia's Google', shaken and isolated by Putin's war | Financial Times
https://www.ft.com/content/5db2e1b0-ad8b-46f2-9c34-dc02af783cae
Founded in 1997, Yandex is a Russian company that operates an internet search engine, as well as car pick-up and grocery delivery services. Legally headquartered in the Netherlands, Yandex has appealed that it has not been influenced by the Russian government so far, and has continued to grow steadily even after going public in Nasdaq, New York, as of November 2021. The market capitalization of Yandex exceeded 30 billion dollars (about 3.45 trillion yen).
by ermakov
However, as soon as the Russian army began invading Ukraine on February 24, 2022, the value of the company plummeted, and more than 75% of the corporate value accumulated over the past six months was blown away. According to Forbes, the world's millionaire ranking, Yandex founder Arkady Volozh has held $ 580 million in assets, with the value of his holdings reduced by more than 60%. It became a yen) and reported that it had fallen from the billionaire.
Russian version of Google 'Yandex' founder falls from billionaire (Forbes JAPAN) --Yahoo! News
https://news.yahoo.co.jp/articles/c234d34c8d8b51d5803199c6fb842dd76f447802
In addition, on February 28, Nasdaq and the New York Stock Exchange temporarily traded stocks of Russian-based companies because Western countries such as the United States, the United Kingdom, and the EU imposed economic sanctions on Russia. It has stopped. According toReuters , Yandex is one of the stocks that Nasdaq has declared to suspend trading.
If a Yandex stock is suspended for more than five days, some investors will be able to seek redemption along with interest, but according to Yandex, it is sufficient for the entire group to redeem the debt in full. There is no money. 'Even if we can secure the funds, recording such a large amount of spending at one time can have a significant negative impact on short-term financial conditions and liquidity, and can hinder other operations,' Yandex said. I am saying.
'Yandex is not subject to economic sanctions. There are currently no restrictions on the trading of Yandex shares by people in the United States, United Kingdom and the EU,' Yandex said on March 3, 2022. I did.
In response to the AFP communication inquiry, Nasdaq replied, 'The listing of Yandex remains suspended.'
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