15th March 2021
Stripe Breaks More Records, China’s Government Further Increases Tension For Alibaba And More
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.
[Private Equity] Stripe is officially the most valuable private company coming out of Silicon Valley. In the latest $600 million funding round, investors such as Sequoia Capital, Allianz and others valued Stripe at $95 billion. The online payment processor's valuation has tripled in less than a year.
[Tech] Apple has discontinued its original HomePod after four years. It says that it will continue to produce and focus on the HomePod mini, introduced last year. The high retail price of $349 is expected to be the reason for the product's discontinuation. Last year, Google's high-end smart home speaker ($249) was also discontinued.
[Regulation] China's government has asked Alibaba Group Holding Ltd. to dispose of its media assets, as officials grow more concerned about the technology giant's sway over public opinion in the country.
[VC] Airtable, the no-code relational database that has amassed a customer base that spans 250,000 different organizations, has today announced the close of a $270 million in series E funding. The company says it plans to use the funding to accelerate its enterprise product development and grow the team.
[IPO] Russian mining firm, GV Gold, is planning to IPO on the Moscow Stock Exchange at a time when investor interest in Russian markets is increasing. The company is seeking a maximum valuation of $1.8 billion. GV Gold was supposed to list in London in 2007 and had also considered listing three years ago.
[Commodities] Prices of Iron Ore have tumbled by 8% from their all-time high as China has tightened its crackdown on pollution. The expectation of new pollution curbs from Beijing against blast furnace-based steel production has weighed down on the commodity's price.
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