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90 Second News Issue #37
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In statements by people close to the matter, it appears as though federal and state antitrust authorities are looking to file up to four more cases against Google ($GOOG) and Facebook ($FB) in the near future. Both companies claim that they’re operating in a free market, but the government feels as though Google is dominating search and advertising, and Facebook is dominating social media. If Facebook ends up being sued, it will be the first time a social media company will face charges in the U.S.
DoorDash ($DASH) recently set the terms for its upcoming IPO, and announced that they would be selling 33 million shares. That would value the company at roughly $32 billion, and with the price range set between $75 and $85 per share, the IPO would net more than $2.54bn in proceeds.
In a press release yesterday, GM ($GM) and Nikola ($NKLA) announced that the broad partnership they announced in September would be walked back to a less intensive collaboration. GM will no longer produce an electric truck for Nikola, nor take an 11% stake in them. They will however, continue forward with their plan to supply hydrogen fuel cells to Nikola. On the news, Nikola stock dropped more than 27%, lowering it to a quarter of the market cap it had after its IPO in June.
The man who oversaw the rollback of net neutrality, and the merger of T-Mobile ($TMUS) and Sprint, Ajit Pai, is set to retire on January 20th. He was also the first Asian-American in the role, and introduced added transparency measures for regulation.
Moderna ($MRNA) officially asked U.S. and European government agencies for approval on its 94.1% effective covid vaccine. If approved, it would likely become the second vaccine to gain approval and be available by the end of the year.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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