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Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[IPO] Didi, the biggest ride-hailing company in China, raised about $4.4 billion in its U.S. initial public offering on Tuesday and sold more shares than originally planned. As a result, Didi’s stock closed up 1% at $14.14 on Wednesday, giving the company a market value of about $68 billion. This makes Uber’s current 12% stake worth about $8.1 billion. Didi’s public offering is the second-largest U.S. listing by a Chinese company, behind Alibaba Group Holding Ltd.’s $25 billion debut in 2014.
Over60: Bloomberg
[Taxes] The world took a big step toward sweeping changes to global taxation as 130 countries and jurisdictions endorsed setting a minimum rate of at least 15% for corporations along with rules to share the spoils from multinational firms like Facebook Inc. and Alphabet Inc.’s Google. The new rule could be implemented as soon as 2023.
Over60: Bloomberg
[Regulation] A Wall Street regulator has ordered the retail trading platform Robinhood to pay more than $70 million in penalties for causing what it described as “widespread and significant” harm to its customers. Widespread technical problems on the platform during periods of high volatility cost some traders tens of thousands of dollars and were quoted as reasons for the large fine.
Over60: F.T.
[Regulation] Amazon is pushing back against Lina Khan, the newly confirmed chair of the Federal Trade Commission, by filing a recusal motion against the longtime antitrust advocate. The petition asks Khan to restrict herself from any proceedings involving Amazon based on her past statements about the company, including claims that Amazon is a monopoly and should be broken up.
Over60: The Verge
[Tech] Instagram is building its version of Twitter’s Super Follow with a feature that would allow online creators to publish “exclusive” content to their Instagram Stories that’s only available to their fans — access that would likely come with a subscription payment of some kind.
Over60: TechCrunch
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