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11/24/20: What’s Going On

Peloton, Google and more from around the business world.
(Sundry Photography)
(Sundry Photography)
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“The biggest U.S. tech companies are providing a jolt to the slumbering commercial real-estate business, emerging as major tenants and acquirers of office and other space while many non-tech firms are trying to tear up their leases. Five of the biggest property owners in the tech industry— Amazon.com Inc., Facebook Inc., Apple Inc., Google parent Alphabet Inc. and Microsoft Corp. —together occupy around 589 million square feet of U.S. real estate, according to CoStar Group. That is more than all of the office space in New York City, or the equivalent to about 220 Empire State Buildings. It marks a fivefold increase from a decade ago.”

“Janet Yellen, President-elect Joe Biden’s nominee to be Treasury secretary, will confront an economic recovery that appears to be losing momentum and uncertain prospects for additional stimulus from Congress. If confirmed by the Senate, Ms. Yellen would play a key role pushing for more aid for an economy battered by the coronavirus pandemic and related shutdowns, especially if Congress is unable to reach an agreement on a relief package before Mr. Biden takes office on Jan. 20.”

“After raising $215 million from SoftBank to double down on the surge of interest in online learning, Kahoot has made an acquisition to expand the scope of subjects that it covers. The popular startup, which lets people build and share educational games, has picked up Drops, a startup that helps people learn languages by way of short picture- and word-based games. The plan is to integrate more Kahoot features into Drops’  apps, and to bring some of Drops’ content into the main Kahoot platform.”

Companies Raising Capital
NameAmountDescription
AMP Robotics$70 MillionRecycling Robotics Technology Developer
Percepto$45 MillionIndustrial Drone Maker
Cashfree$35.3 MillionIndian Payments Platform

“AvePoint, a 19-year old company that sells software for managing data for Microsoft 365 applications, announced plans to go public through a merger with Apex Technology Acquisition Corporation, a special-purpose acquisition company.”

“A growing share of Warner Music Group Corp.’s revenue in the latest quarter flowed from music streaming and other digital channels, a sign of how the coronavirus pandemic is reshaping listeners’ habits amid an altered landscape for the music industry.”

“As Peloton Interactive Inc. races to meet demand for its connected stationary bikes and treadmills, promoting equipment it may not deliver until 2021, some would-be owners are losing patience as they endure monthslong delivery delays.”

“Google is laying the groundwork for a fiber-optic network that for the first time will connect through historical enemies Saudi Arabia and Israel while opening a new corridor for global internet traffic.”

Apple Inc.’s AAPL head of security has been indicted on bribery charges for a scheme in which prosecutors allege he offered iPads to secure gun permits for his company’s employees.

“General Motors Co. has agreed to recall 5.9 million SUV and pickup-truck models to replace potentially faulty Takata air-bag inflaters, a fix that could cost the auto maker more than $1 billion.”

“McCormick & Co. agreed to buy hot-sauce maker Cholula [for $800 million], seeking to capitalize on record demand for spicy condiments.”

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