Tether abandons $20 billion fundraising target after investor opposition
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According to a report by Bijie Network: Tether CEO Paolo Ardoino downplayed the scale of its potential funding round, clarifying that the previously reported $15 billion to $20 billion target was a "misunderstanding" and was only the maximum valuation. The stablecoin issuer previously faced investor backlash over its $500 billion valuation target and may now only be able to raise $5 billion. Ardoino emphasized Tether's profitability, noting that the company's profit last year was about $10 billion, and defended its high valuation by comparing it to loss-making artificial intelligence companies. He pointed out that the company has attracted widespread attention from investors and highlighted the momentum brought by new U.S. stablecoin legislation and its compliant U.S. token issuance.
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