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.
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[Automobiles] Tesla issued a recall for ~135,000 Model S and Model X SUVs over an issue with their touch screen that could fail if a memory chip runs out of storage capacity. Guidehouse Insights estimated that the recall could cost around $200 million to $250 million to Tesla.
[Economy] India's finance minister, Nirmala Sitharaman, announced large fiscal spending increases as part of the Union Budget 2021 bill. The bill announced plans for higher government spending, bank privatization, liberalization of the insurance sector, and protective tariff increases over the next financial year. The IMF projects that India's GDP will grow about 11% in 2021, following an 8% contraction the year prior.
[SPAC] Houston billionaire Tilman Fertitta plans to return part of his business to the public markets via a SPAC after a 10-year hiatus. Fertitta's holding company Fertitta Entertainment includes companies such as Golden Nugget casinos and Del Frisco's Restaurant Group in its portfolio. The deal with blank-cheque company Fast Acquisition would value Fertitta Entertainment at $6.7 billion and give Fertitta a 60% stake worth $2 billion.
[Markets] Robinhood, the app-based online broker, has raised an additional $2.4 billion to shore up its finances in the wake of the volatility from spikes caused by short-sellers in GameStop and AMC, among other companies. Robinhood chief executive Vlad Tenev late on Sunday said that its equities clearing house had asked for $3bn of margin deposits overnight on Thursday. This appears to be the reason for the broker's temporary trading restrictions.
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