9th February 2021

Reddit Greatly Benefited From The GameStop Fiasco With A Fresh Funding Round And A More Attractive Valuation

Dear Reader,

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.

Programming note: We’re thinking of handing out rewards to people who share the gift of Under60 with their friends and family. Every referral counts, so start sharing by clicking the button below! Rewards will be announced soon.

[M&A] U.K. fashion retailer Boohoo is set to buy Burton, Dorothy Perkins, and Wallis from the financially troubled Arcadia. The deal is believed to be in the £25 million space and will involve Boohoo acquiring the brands' digital assets and intellectual property mentioned above. 

Over60: The Guardian

[Treasuries] Yields on the 30-year U.S. Treasuries touched 2%, its highest in a year as investors expect President Biden's potential $1.9 trillion fiscal stimulus package to revive economic growth. Morgan Stanley expects the economy to grow by 6.5% in 2021. 

Over60: MarketWatch

[Oil and Gas] Prices of Brent Crude have hit $60 per barrel for the first time since the pandemic rocked the industry. WTI futures were trading at $57 a barrel compared to the -$37 per barrel in April. Despite rising investor interest in alternative energy, supply cuts by OPEC members have pushed oil prices up. 

Over60: F.T., What's the difference between Brent and WTI?

[M&A] U.S. food delivery giant DoorDash acquired robotics startup Chowbotics, signaling increased interest in automating food production when ordering is at an all-time high. Last week Uber agreed to buy alcohol-delivery service Drizly for $1.1 billion.

Over60: WSJ, TechCrunch

[Valuation] Reddit has raised $250 million and doubled its valuation to $6 billion following the GameStop trading saga.

Over60: Business Insider

If this was forwarded to you, subscribe here.

We thrive on subscriber feedback. Feel free to reach out to us on Instagram

Follow us on Instagram!