Chinese ride-hailing company Didi Chuxing started trading on the New York Stock Exchange Wednesday — popping nearly 19% from its $14 IPO price.
Why it matters: Didi’s debut makes it one of SoftBank’s biggest exits. Masayoshi Son’s Vision Fund is the company’s biggest investor with a roughly 20% stake in the company.
The IRS wrapped filing season with more than quadruple the amount of unprocessed returns than the last pre-pandemic tax season.
The big picture: These returns — which include paper filings, ones that have been amended or set aside for additional review — need human touch to be processed, per a new report from an independent office within the IRS.
Robinhood lied to its customers for years, costing them millions of dollars and breaking numerous regulatory rules, according to a blockbuster disciplinary action revealed on Tuesday by the Financial Industry Regulatory Authority, the brokerage's chief regulator.
Why it matters: Robinhood burst onto a relatively sleepy discount-brokerage scene by offering disruptive mobile-native free stock trading. Finra's complaint, coupled with a record $70 million in fines and restitution, reveals the degree to which Robinhood failed at core components of what a brokerage must be able to do.
The Gates Foundation said Wednesday it will spend $2.1 billion on gender-equality work over the next five years, the Wall Street Journal reports.
Why it matters: It's one of the largest commitments the foundation has made to a cause in over 20 years of work, at about roughly $420 million a year. The funding is aimed at helping women get training and financial services, and elevating women into leadership roles in health, law and economics, per WSJ.
The Yale School of Drama announced on Wednesday that degree and certificate programs will be tuition-free "in perpetuity" thanks to an "unprecedented" $150 million donation from billionaire David Geffen.
Why it matters: For a school whose tuition previously amounted to $32,800, the move "should remove a barrier to entry for low-income students and those worried about incurring high student debt before entering an often low-paying field," the New York Times writes.
TikTok on Wednesday said it removed more than 7 million accounts "from the full TikTok experience” during the first quarter of 2021 for potentially belonging to people under the age of 13.
Why it matters: The disclosure marks the first time the tech giant has revealed the number of accounts it has had to address for possibly belonging to kids and pre-teens.
Declan Kelly is out as CEO of corporate advisory firm Teneo, more than a month after being accused of drunkenly groping women at a charity event.
Why it matters: Kelly, a former Clinton aide and noted philanthropist, has turned Teneo into one of the most influential corporate PR players, with its clients often appearing in this space. It's also been on an acquisition spree since being acquired by CVC Capital Partners, whose lead partner on the deal is also chair of the nonprofit whose event Kelly desecrated.
The U.S. is the best major country in the world to be a giant private-sector monopoly. That's one message sent by Judge James Boasberg of the Federal District Court in D.C. on Monday, when he tossed out an FTC antitrust lawsuit against Facebook.
Why it matters: There are deep structural reasons America's laws-based antitrust system finds it incredibly hard to hobble monopolists, especially ones that give their products away free.
History says the stockmarket could be due for a big selloff.
Why it matters: Historically, bull markets rarely happen in the form of a smooth line, up and to the right. And so, long-term investors shouldn’t be surprised to see a period of poor returns.
With home prices surging, some Federal Reserve officials have made the case for the central bank to back out of the mortgage securities market.
Why it matters: The Fed has been purchasing $40 billion worth of mortgage-backed securities (MBS) each month in an effort to keep interest rates steady and bond markets very liquid.
Frantically trying to hire workers, fast-food franchises are offering aggressive incentives to get candidates in the door.
Why it matters: Hourly workers are hard to find, just as people are starting to venture out to restaurants and take vacations that should include lots of fast food stops.
Walmart is now selling rapid-acting insulins, made by drug manufacturer Novo Nordisk, for cash prices of $73 per vial and $86 for a box of five pre-filled syringes.
The big picture: Walmart is attempting to retain and attract more diabetes patients to its stores by offering a more modern insulin at a lower cash price. Novo Nordisk is trying to keep its insulin market share. But this deal doesn't ensure an affordable price for patients and the broader public.
New York City's Commission on Human Rights announced Tuesday that Fox News has agreed to pay a $1 million penalty following an investigation into workplace culture stemming from allegations of sexual misconduct by founder Roger Ailes.
Why it matters: The investigation "into a series of high-profile reports" alleged "a culture of pervasive sexual harassment and retaliation at the network," the commission said in a statement, noting this was the largest civil penalty it had ever ordered.
Business leaders across the country are trying to insert themselves into the infrastructure debate, using whatever external power they possess to push lawmakers to pass the $1.2 trillion bipartisan deal.
Why it matters: Axios surveyed an array of business leaders and their statements, and from UPS to Siemens to Raytheon, everyone seems to want the deal to succeed — particularly since it doesn't include tax increases.
