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1/20/21: What’s Going On

Moderna, Wattpad and more from around the business world.
(rafapress)
(rafapress)
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“Moderna Inc.’s leader said the drugmaker is on track to produce enough doses of its new Covid-19 vaccine to help meet President-elect Joe Biden’s goal to administer 100 million vaccine doses in the first 100 days after he takes office on Wednesday. Chief Executive Stéphane Bancel said Tuesday that Moderna plans to deliver 100 million doses of its shot, which requires two doses per person, for use in the U.S. by the end of March, with additional doses to follow. Pfizer Inc. and its partner BioNTech SE also are supplying doses of their vaccine to the U.S.”

“Embattled billionaire Jack Ma made his first public appearance in nearly three months, speaking via a video link at a philanthropic event on Wednesday, easing speculation about his safety and whereabouts. Spokespersons for the Jack Ma Foundation and Ant Group Co., the financial-technology giant that Mr. Ma controls, confirmed a Chinese media report that said he gave a speech to a group of teachers from rural schools.”

“The Federal Trade Commission has ordered a photo storage company to delete facial recognition algorithms it used on photos it collected from users without their permission, according to Medium’s OneZero. The FTC’s action is the first time a company has been required to delete algorithms and could be a harbinger for future regulation. Lawmakers are increasingly focused on algorithms as a potential target for regulation.”

Companies Raising Capital
NameAmountDescription
Rivian$2.65 BillionEV Company Preparing To Begin Production Of Its All-Electric Pickup Truck
Cruise$2 BillionAutonomous Vehicle Company Aiming To Commercialize Their Tech

“Wattpad, the 14-year-old, Toronto-based, venture-backed storytelling platform with reach into a number of verticals, is being acquired by Naver, the South Korean conglomerate, in a $600 million cash-and-stock deal.”

“Stellantis N.V.’s new Chief Executive Carlos Tavares outlined his vision for the newly combined automaker Tuesday, saying he would preserve factories, draw more distinctions between brands and reassess troubled operations in China.”

“UnitedHealth Group Inc. recorded a smaller profit for the last quarter of 2020 as the company had to pay more in medical costs to cover insured members who returned in greater numbers to doctors’ offices after putting off care earlier in the coronavirus pandemic.”

“Corporate technology recruiters say rolling back restrictions on immigrant work visas, a move backed by President-elect Joe Biden, will expand the pool of information technology job candidates and help ease a longstanding labor shortage.”

“The head of the European Commission called on incoming U.S. president Joe Biden to work with European lawmakers in reining in the power of America’s largest tech companies.”

“European biotech firms are flocking to the U.S. this year to raise equity capital, lured by the world’s largest pool of money and lofty valuations, with some skipping a listing in their home market entirely.”

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