9th February 2021
Reddit Greatly Benefited From The GameStop Fiasco With A Fresh Funding Round And A More Attractive Valuation
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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[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.
[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.
[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.
[Valuation] Reddit has raised $250 million and doubled its valuation to $6 billion following the GameStop trading saga.
Over60: Business Insider
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