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.
[M&A] LVMH and Tiffany are attempting to renegotiate the terms of their $16.6 billion deal. The previous agreement involved LVMH paying $135 per share of Tiffany. Tiffany is said to be considering any deal that involves LVMH paying above $130 per share.
[Social Media] TikTok is adding Shopify to its platform, allowing users to shop as they use the app. Integrating e-commerce into social media platforms provides merchants with access to a much larger audience. Facebook and Instagram have already adopted the ‘social commerce model.’
[M&A] The semiconductor industry is facing one of the most active years in terms of deal making. Advanced Micro Devices (AMD) has agreed to buy Xilinx for $35 billion in an all-stock deal. The deal is expected to close in 2021.
[Technology] SpaceX launched beta testing for its Starlink satellite internet service. To join the beta, customers would have to pay $499 for the equipment to connect to the satellites and $99 a month after that in an aptly named “Better Than Nothing Beta” test.
[Blockchain] JPMorgan Chase’s blockchain and digital currency unit, Onyx, says the firm’s digital currency JPM coin will be used for the first time this week by a large technology client to send payments around the world. If successful, this would be a breakthrough for digital currency as it would be the first time that blockchain technology makes money for businesses.