12th March 2021
Another Setback For China’s Ant Group, Global Food Prices Rise,Ride-hailing Startup To SPAC This Year
Welcome to another edition of 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.
[Leadership] Ant Group Co. Chief Executive Simon Hu has resigned, the company said Friday, amid heightened scrutiny over the Chinese financial-technology behemoth. Ant Group is an affiliate of Alibaba Group Holding Ltd. This company is now revamping its entire business, following the abrupt cancellation of its blockbuster initial public offering late last year.
[SPAC] Grab Holdings Inc. is in talks to go public through a merger with a SPAC that could value the Southeast Asian ride-hailing startup at as much as $40 billion, making it by far the largest such deal on record.
[EV] GM's venture arm invested in battery startup SolidEnergy Systems five years ago. Now, GM is tapping the MIT spinout to help it pack more energy into its batteries, the latest in a string of moves by the automaker to accelerate its shift to electric vehicles.
[VC] Gather, a startup that uses a virtual platform to help people' gather' for reasons such as weddings, meetings, etc., has raised $26 million in a Series A round led by Sequoia Capital. The platform has grown to four million users and is backed by the same Venture Capitalists (VC) that backed Zoom and Slack.
[Global Economy] Global food prices rose by 2.4% in February, marking the ninth straight month of price rises, causing the index — which is adjusted for inflation — to reach its highest level since July 2014.
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