Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Automobiles] Uber has abandoned its project of developing self-driving cars. Instead, the company opted to purchase a minority stake in Aurora, a company backed by Amazon and Sequoia. Uber will hold a 26% stake in Aurora, and Dhara Khosrowshah, CEO of Uber, will take a board seat on Aurora.
[Markets] Goldman Sachs looks to buy out the remaining 49% stake from its venture partner in Goldman Sachs Gao Hua. This decision comes when investment banks are trying to increase their exposure to China’s financial services industry. The deal is subject to regulatory approval.
[Markets] Tesla is looking to raise $5 billion by selling additional stock. The company has hired ten investment banks to help it with its share sale. Tesla is a part of the S&P 500, which will further boost its share price as passive investors tracking the index will be forced to buy the script.
[Airlines] Jet Airways, an Indian full-service airline, is expected to resume its operations in Summer 2021. The carrier’s aircraft have been grounded since April 2019 as the company had gone bankrupt. The Jalan-Kalrock Capital consortium backing the airline has begun talks to reinstate airport slots.