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12/08/20: What’s Going On

TikTok, Goldman Sachs and more from around the business world.
(nikkimeel)
(nikkimeel)
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“A second federal judge has blocked the Trump administration’s attempt to ban TikTok downloads in the U.S., underscoring the dwindling legal options the Trump administration has to pursue an outright ban of the popular app. On Monday, Judge Carl Nichols of the U.S. District Court in Washington, D.C., granted a preliminary injunction that stops the Commerce Department from implementing restrictions on TikTok that would have essentially banned the app in the U.S.”

“Online payments company Paysafe agreed to go public by merging with a special purpose acquisition company, the firms announced in a press release Monday morning. The payments firm will merge with a SPAC led by billionaire Bill Foley, called Foley Trasimene Acquisition Corp. II. The merger will value Paysafe at $9 billion, including a $2 billion private placement from long-term investors such as Fidelity National Title Insurance Co. and Chicago Title Insurance Co.”

“Goldman Sachs Group Inc. is moving to acquire 100% ownership of its securities joint venture in China, deepening its investment in the world’s second-largest economy after partnering with a domestic brokerage for 17 years. The New York-based bank is applying with Chinese regulators to take full control of Goldman Sachs Gao Hua Securities Co. and has signed an agreement to acquire the 49% share of the venture it doesn’t own, according to an internal memo seen by The Wall Street Journal.”

Companies Raising Capital
NameAmountDescription
Dragos$110 MillionDetect And Respond To Threats Facing Industrial Control Systems
Outfund£37 MillionRevenue-Based Finance Provider For Online Businesses
albo$45 MillionMexican Challenger Bank
GoHenry$40 MillionKids-Focused Prepaid Card And Finance App
Sundae$36 MillionDistressed Property Marketplace
Shippit$22.2 MillionE-Commerce Fulfillment Platform
DealShare$21 MillionExpand E-Commerce Platform To 100 Indian Cities And Towns

“E-commerce firm Wish set a tentative pricing range for its upcoming IPO at between $22 and $24 a share, it said in a securities filing. At the midpoint of that range, Wish would be valued at $13.5 billion, excluding options.”

“Home-selling firm Opendoor plans to begin trading its stock on Nasdaq on Dec. 21, the company said Monday. The listing is pending the approval of shareholders in Social Capital Hedosophia Holdings Corp. II, the shell company that is merging with Opendoor.”

“China’s internet regulator ordered the removal of 105 mobile apps including TripAdvisor, the American online travel company.”

“The Federal Communications Commission dedicated $9.2 billion to fund construction of rural broadband networks over the next decade, in what the agency’s leader called the biggest-ever U.S. step to extend high-speed internet service.”

“United States Steel Corp. has agreed to acquire the remaining 50.1% stake in Big River Steel LLC for $774 million, giving the steelmaker ownership of one of the newest, most advanced steel mills in the country.”

“Tesla Inc. is taking advantage of its surging shares by going back to the capital markets for the third time in ten months and raising as much as $5 billion of common stock.”

“Congress aims to extend government funding for an additional week while lawmakers try to scrape together spending and coronavirus relief packages, Republican and Democratic leaders said Monday.”

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