Electric-truck startup Rivian Automotive Inc chasing $70 billion valuation in potential IPO

Rivian Automotive Inc, an electric-truck startup is targeting a valuation of around $70 billion in its potential initial public offering later this year. Earlier this year in January, Amazon.com Inc and Ford Motor Co-backed Rivian had a valuation of $27.6 billion, following a $2.65-billion investment round led by T. Rowe Price. Rivian has hired advisers including…

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Delivery’s Hero’s $4 billion acquisition of South Korea’s Woowa Brothers raises antitrust concerns

On Monday, South Korean restaurant owners expressed concern over food delivery giant Delivery Hero’s $4 billion planned acquisition of its local rival, Woowa Brothers, subject to regulatory approval. The move could undermine competition and lead to higher fees feel South Korean restaurant owners. In December 2019, Delivery Hero, the second-largest food delivery app operator in…

Goldman Sachs should pull Apple Card algorithm if it can’t explain it: Democratic presidential candidate Elizabeth Warren

Following a series of tweets by David Heinemeier Hansson wherein he criticized Apple Card’s algorithm, saying it gave him 20 times the credit limit compared to the one his wife received, U.S. Senator Elizabeth Warren questioned Goldman Sachs’s response to the allegations of bias in how the bank evaluates applicants for Apple Inc’s credit card.…

U.S. buyout firm KKR and China Tencent Music Entertainment Group eyeing to purchase 50% stake in UMG

Tech-savvy KKR has prior experience in the music industry given its earlier deal with Bertelsmann; however negotiations with Vincent Bollore are expected to be tough, especially if KKR and Tencent push for a controlling stake. According to sources familiar with the matter at hand, China’s Tencent Music Entertainment Group and U.S. buyout fund KKR are…