⏱Facebook might be done
Flying taxis, and insane IPOs
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Yesterday the Federal Trade Commission and over 46 states filed an antitrust lawsuit against Facebook ($FB), accusing them of creating a massive campaign to squash competition within the marketplace through acquisitions such as Instagram and WhatsApp. This lawsuit, passed by a 3-2 vote in the FTC, seeks the breakup of Facebook, and states that the goal is to, “roll back Faceboock’s anti competitive conduct and restore competition so that innovation and free competition can thrive.”
0:26- Holy IPO, batman
DoorDash ($DASH) had their IPO this morning, and woah. Their initial guidance was $90-$95 per share, they ended up selling for $102, and the first trades on the market were at $182, about double what they were initially expecting. That $80 pop from sale price to trade price cost the company about $2.64 billion dollars. This situation is similar to Airbnb ($ABNB), as the bed and breakfast company is also blowing past their initial guidance for share price.
AT&T ($T) recently put DirecTV up for auction, and it’s received plenty of bids, including from blank-check firm Churchill Capital Corp. IV ($CCIV), and Apollo Global ($APO). We’re not quite sure why the bids are so competitive — AT&T has been leaking money on DirecTV, and it’s only been getting worse as more and more streaming services enter the game.
Yes, you read that correctly, Uber’s flying taxi business is a real thing, and much like their other futuristic self driving component, they’re selling it to try to turn a profit this year. Uber is selling to Joby Aviation, a California start up, and will allow them to use their app to broker rides when the product is ready in what is estimated to be 2023.
1:21- Apps are still booming
According to forecasts, App downloads will total 130 billion across Google Play and iOS this year. This number, which is up 10% YoY, largely accounted for the 25% increase in screen time this year (we wonder what caused that).
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-The 90 Second News Team
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