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2/3/21: What’s Going On

GameStop, Google and more from around the business world.
(Evan El-Amin)
(Evan El-Amin)
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“Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks. The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said. One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.”

“Shares of GameStop plummeted over 49% Tuesday to around $114 in a sign that the Reddit-fuelled rally in the stock was losing momentum, which could mean the stock will eventually return to the levels of around $20 where it traded just a few weeks ago. Individual investors had pushed the stock to a high of $347, squeezing big hedge funds that had bet against GameStock shares. Trading activity in GameStop has been particularly popular on the app-based brokerage Robinhood, which raised $3.4 billion in fresh funds in the past week to help bolster its balance sheet as it’s drawn a massive influx of new customers.”

“CCC Information Services Inc. is teaming up with a special-purpose acquisition company to go public in a deal that values the IT provider to car insurers at $6.5 billion. CCC will merge with a SPAC backed by Dragoneer Investment Group in a deal worth $7 billion including debt, the companies said Wednesday, confirming an earlier WSJ report.”

Companies Raising Capital
NameAmountDescription
Vivino$155 MillionWine Recommendation And Marketplace App
Zetwerk$120 MillionBangalore-Based Startup Scaling Its B2B Marketplace For Manufacturing Parts
Good Eggs$100 MillionGrocery Delivery Startup Planning To Launch California Business
TouchCast$55 MillionNew York-Based Startup With AR-Based Virtual Event Platform

“Google rode a surge in online holiday spending to record revenue in the fourth quarter, even though it disclosed for the first time continued losses in its closely watched cloud division.”

“Alphabet’s Google broke out operating income for its cloud-computing business for the first time. It said it made $13 billion in revenue last year, 46% higher than the prior year and generated a $5.6 billion loss.”

“Robinhood Markets Inc. will advertise during the Super Bowl, as the online brokerage seeks to repair its image in the wake of the GameStop Corp. stock-trading saga.”

“Researchers from the University of Oxford said Tuesday its Covid-19 vaccine could have a substantial effect on curbing virus transmission after one dose, and said that spacing doses apart by as long as three months improved effectiveness, according to data adding to previously published findings.”

“Alibaba Group Holding Ltd. plans to sell billions of dollars of bonds, in what will be a test of investor appetite after the e-commerce giant’s recent run-ins with Chinese authorities.”

“President Biden says his proposal to raise the federal minimum wage to $15 an hour will lift many low-wage workers out of poverty, but some businesses and economists warn it could cost jobs as the U.S. recovers from pandemic layoffs.”

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