Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[Markets] The S&P 500 rose to an all-time high on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures. Tech shares climbed 0.8%, led by stalwarts Amazon.com Inc., propelling the benchmark for American equities to an all-time high of 4,239.18. GameStop Corp. plunged 27%, and AMC Entertainment Holdings Inc. sank 13%, dragging a Goldman Sachs Group Inc. basket of meme stocks to a 6% loss.
[Hacking] Hackers have broken into the systems of Electronic Arts (EA), one of the world's biggest video game publishers, and stolen source code used in company games. Hackers claimed to have obtained 780 gigabytes of data from EA, including the Frostbite source code, which is the game engine that powers the FIFA, Madden, and Battlefield series of video games, among others. The hackers plan to sell the stolen data.
[IPO] Chinese ride-hailing giant Didi Chuxing on Thursday filed to go public in what could be one of the largest tech IPOs of this year. The company reported $21.6 billion in revenue last year. It also posted a profit this past quarter on $6.4 billion in revenue. Uber owns 12.8% of the shares in the company after selling its Chinese ride-hailing business to Didi in 2016, while SoftBank's Vision Fund holds 21.5%.
[Banking] Goldman Sachs has become the first big bank to require employees to get vaccinated against Covid-19 before returning to the office next week. Though this requirement is completely legal according to the U.S. government, most other companies such as JPMorgan and Morgan Stanley have made Covid inoculations voluntary for their employees.
[Start-up] Bangalore-based neobank Open is in the advanced stages of talks to raise about $100 million led by Temasek, the Singaporean government's sovereign wealth fund, and General Atlantic, a U.S.-based growth equity firm. Open operates as a neobank that offers nearly all the features of a bank, with additional tools to serve the needs of businesses.
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