The NY Times and Business Insider report that Uber is holding acquisition talks with food delivery startup Postmates. Earlier this year Uber was reported to be holding acquisition talks with Grubhub. But those talks reportedly fell through. In mid-June Grubhub announced it was merging with Just Eat. Postmates is smaller than Grubhub, and would be more amenable to a take-over.
Just Eat Takeaway, a food-delivery service based in Europe, bought Grubhub. According to Gizmodo, while sales have spiked, operation costs have also been high. The acquisition of Grubhub makes it the largest digital food delivery service operator outside of China. Stories analyzing the deal pointed out a European deal was less likely to get blocked by antitrust regulators. Before Just Eat Takeaway acquired Grubhub, Uber wanted to also buy the food-delivery service.
Travis Kalanick is the founder of Uber. He was recently kicked out of the company. Business Insider reports that Kalanick founded CloudKitchens, a delivery-only restaurant operation. Kalanick says the company is the victim of arson. On Twitter, the company said two fires were started. They posted video evidence of the intruders. The company is worth more than $7 billion. It's funded from Kalanick's Uber wealth as well as Saudi Arabia.
Wall Street plummeted Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve. Fred Katayama reports on the market action.
Dr. Anthony Fauci warned that the US is still in its first wave of the coronavirus. This warning comes as multiple states record their highest-ever daily new case totals. "People keep talking about a second wave. We're still in a first wave." Fauci to The Wall Street Journal Many countries that appear to have brought the virus under control are now worried. A possible second wave, where cases peak again, is very much a reality reports Business Insider.
CNBC reports that Instacart is raising $225 million. That boosts its valuation from $8 billion in 2018 to $13.7 billion. The company plans to use these new funds to support its partner grocers and shoppers, who fulfill orders for customers. They are also planning to improve conditions for its shoppers. DoorDash is also close to raising funds at a $15 billion valuation. DoorDash was valued at around $13 billion in 2019, according to The Wall Street Journal.
Car rental giant Hertz filed for bankruptcy in May due to the coronavirus pandemic. On Friday, a judge ruled Hertz can sell $1 billion in new stock to raise money. The Wall Street Journal reports that traders bought Hertz stock since its bankruptcy. The company's lawyers cited that volatility as a "unique opportunity" to shore up its coffers. After the Chapter 11 filing on May 22, shares of Hertz skyrocketed. The stock flew up Robinhood's list of most popular names.
New York (CNN Business) The $26 billion merger between T-Mobile and Sprint is reportedly one step closer thanks to a powerful nod of approval. A federal judge will rule in favor of the marriage allowing the two telecom giants to combine, the Wall Street Journal reported. News of the potential green light sent Sprint's stock up a stunning 64% in premarket trading.
Walmart is reportedly set to launch Walmart+ ...the company’s answer to Amazon Prime. Walmart + will go live later in July, after the coronavirus pandemic delayed its initial springtime launch. A Walmart spokesperson declined to provide further comment about Walmart+ to Business Insider. This is Walmart's latest bid to dominate e-commerce and fend off its online, Seattle-based rival. The $98 monthly subscription is rumored to include several perks, including...
Competition in the US wireless carrier market remains fierce, reports Business Insider. The Big Four US carriers are Verizon, AT&T, T-Mobile, and Sprint. In an attempt to avoid further competition on price, carriers began shifting their focus. Most added value to their mobile plans with new offerings to differentiate from the competition. New, expensive unlimited plan tiers loaded offer an array of features and choices.
According to Business Insider, research shows that Americans who work for themselves report high levels of happiness and satisfaction. And considering the US now has a higher rate of unemployment than during the Great Depression, perhaps it's time to think about creating your own job. If you're thinking about starting your own business, the first thing to do is to get started. Think about what you want to do or sell, and if there's a market for it.
Kanye West said he intended to run for president of the United States. West announced his presidential ambitions on Twitter on Saturday. "We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States!" Business Insider reports that West received a range of reactions. The deadline to file as an independent presidential candidate has passed in six states. Seven other states have deadlines fast approaching.
As many as 20 major EU banks are set to announce details for a new payments initiative in the very near future. This announcement came from Electronic Payments International. Business Insider reports the system is referred to as the Pan European Payment System Initiative (PEPSI). It will process card payments in addition to making fund transfers and mobile payments without using Mastercard's or Visa's network.