3rd May 2021

Buffet Puts Game Of Throne References To Bed With Succession Announcement

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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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[M&A] Apollo Global Management Inc. agreed to pay about $5 billion to acquire Yahoo and AOL from Verizon Communications Inc. as the wireless company exits its ill-fated foray into the media business. 

Over60: WSJ, CNBC

[Sports] Manchester United fans intensified the pressure on the club’s American owners on Monday with demands that they reduce their stake in the club. This comes just one day after a large-scale protest outside the team’s Old Trafford stadium turned violent and saw hundreds of fans break onto the field. Fans have become increasingly frustrated with the Glazer family (team owners) for its profit-first attitude towards football. 

Over60: WSJ

[SPAC] Shares in businesses that went public through deals with “blank-cheque” companies have dropped by an average of two-fifths from their highs, as appetite for the once red-hot sector of the US stock market cools rapidly.

Over60: FT

[Leadership] Warren Buffett said Greg Abel would succeed him as Berkshire Hathaway Inc.’s chief executive should he leave the role in the short term. Abel’s sphere includes railroad holdings, utilities, manufacturers, retailers and even auto dealerships.

Over60: WSJ, CNBC

[Valuation] Fidelity Investments, which was among an elite group of global investors that bought into Jack Ma’s Ant Group Co. three years ago, halved its valuation of the company. Regulatory filings show that Fidelity marked down Ant shares in several of its funds at prices that implied a $144 billion valuation for the company at the end of February.

Over60: WSJ

[AI] Chinese tech giant Baidu rolled out its paid driverless taxi service on Sunday, making it the first company to commercialize autonomous driving operations in China.

Over60: AP News


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