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.
[Privacy] Alphabet Inc. said Wednesday that it plans next year to stop using or investing in tracking technologies that uniquely identify web users as they move from site to site across the internet. The move would mean that Google would stop selling ads based on individuals’ browsing across multiple websites, a change that could hasten upheaval in the digital advertising industry.
[Regulation] The U.K. plans on revamping its company listing rules to allow SPACs to list on the London Stock Exchange, making it more competitive with New York and other European exchanges. The U.K. plans on making the country a more attractive financial hub, especially since Brexit forced many companies to move operations to alternative sites.
[Private Equity] U.S. based grocery delivery company, Instacart, raised $265 million at a $39 billion valuation from its existing P.E. investors. The company’s valuation doubled from its November round of funding, which valued the company at $18 billion. With the company being the second most valuable unicorn in the U.S. (behind SpaceX), Instacart plans on going public soon.
[IPO] Joshua Kushner’s (brother of Jared Kushner) health insurance company, Oscar Health, raised $1.4 billion at $39 per share in its IPO. The shares debuted at a price above its indicative price range of $32-$34.
[Telecom] Chinese tech giant Huawei has informed its key suppliers that smartphone production for 2021 will fall by more than 60%. The move comes as the sanctions imposed by the U.S. Government prevent Huawei from importing 5G components, thereby limiting the company to produce only 4G smartphones.
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