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.
[Social Media] Kevin Mayer, CEO of TikTok, has resigned due to a ‘change in the political environment’ surrounding the Trump Administration’s ban order on TikTok.
[Monetary Policy] U.S. Fed to part with its traditional strategy of controlling higher inflation by lifting interest rates. This follows lessons learned by central bank officials in recent years, wherein inflation did not rise as anticipated when unemployment rates fell to historically low levels.
[IPO] The world’s second-largest maker of flash memory chips, Kioxia Holdings, has filed for its IPO with the Tokyo Stock Exchange, looking to raise funds amounting to $3.6 billion. Toshiba previously sold the company to a consortium of investors.
[IPO] The SEC has granted regulatory approval to NYSE for allowing direct listings to take place. Similarly, Peter Theil backed Palantir Technologies will go public via a direct listing.
[Private Equity] Former Bank of England Mark Carney will join Brookfield and launch a fund focused solely on impact investing to generate financial returns as well as social and environmental benefits.
[Information Technology] Salesforce added more than $50 billion in market capitalization as shares jumped 27% on Wednesday on account of better than expected financials. Salesforce saw a 63% jump in contracts worth more than $1 million compared to Q2 2019. The company also announced that it would cut 1,000 jobs.