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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[Ride-Hailing] Uber recognizes the GMB trade union in the UK for its private hire drivers, marking it the first deal between a union and a gig economy ride-hailing service. Under the recognition deal, the GMB will have access to drivers’ meeting hubs to help and support them. It will also represent drivers if they lose access to the Uber app, and it will meet quarterly with management to discuss driver issues and concerns.
Over60: The Guardian
[SPAC] Savings and investing app Acorns plans to go public by merging with a blank-check company. The fintech start-up announced a deal Thursday to combine with Pioneer Merger Corp., a publicly traded special purpose acquisition company. The merger values Acorns at roughly $2.2 billion and is expected to close in the back half of this year.
[EV] Tesla has enabled the in-car camera in its Model 3 and Model Y vehicles to monitor drivers when its Autopilot advanced driver assistance system is used. Tesla has criticized not activating a driver monitoring system within the vehicle even as evidence mounted that owners were misusing the system. Owners have posted dozens of videos on YouTube and TikTok abusing the Autopilot system — some of whom have filmed themselves sitting in the backseat as the vehicle drives along the highway.
[Meme Stocks] The relentless four-day winning streak in AMC Entertainment Holdings Inc. is drawing even more blood from short sellers. The movie theater’s 120% surge so far this week has dealt investors betting against it roughly $1.3 billion in losses, according to financial analytics firm S3 Partners. The stock, which has become a poster child for retail traders using Twitter and Reddit to squeeze short-sellers, soared 36% Thursday to the highest level since May 2017.
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