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Trump win may usher in M&A revival

Japan's Nippon Steel Corp. has offered to acquire U.S. Steel for $14.1 billion. Photo: Justin Merriman/Bloomberg via Getty Images

Fintech's gen AI movement

Illustration of 100 (in a dollar bill font) showing that it is greater than 100 (in a binary code font).

Former CRO sues Linqto

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Sluggish exit market pens in unicorns

Synapse users get pennies, or less

Illustration of a gavel hovering over a broken piggy bank full of money

FTC sues Dave over ads, hidden fees

a collage of a gavel, a 100 dollar bill and checks

Co-ownership startup raises $15M

Illustration of a dollar sign made out of house keys.

Donald Trump's victory has ignited hope that mergers and acquisitions will surge under his light-touch regulatory administration.

Why it matters: A softer stance by Trump's merger cops would probably open the floodgates to a wave of deals seen as uncertain under the current antitrust regime. 

The big picture: Progressives have applauded regulators' efforts in the last few years to curtail corporate consolidation broadly. Those days may be numbered. 

Zoom in: The $35 billion credit card merger of Capital One and Discover will be a bellwether for how Trump's antitrust crew views the M&A environment. Shares of each company rose 15% after his election. 

"We think that under a Trump administration, deal approvals will speed up markedly and the process will be more clearly delineated," Piper Sandler managing director Mark Fitzgibbon wrote in a research note. 

Across industries, the post-election view was that Trump's win was a welcome sign for consolidation. 

Tapestry Inc., owner of luxury brands Coach and Kate Spade, saw shares soar on the expectation its deal with Capri Holdings would eventually pass regulators, even after they went to court to block the deal. 

Shares in airlines Frontier and Spirit both spiked — a sign their previous attempt at a merger could be revived. 

Snickers maker Mars might also see a smoother path for buying snack maker Kellanova — a $36 billion deal announced in August.

Yes, but: Trump's first term was not entirely a free pass for mergers, as seen by the years it took AT&T to close its purchase of Time Warner. 

Also, Trump's vice president-elect, JD Vance, has publicly signaled his support for the FTC's crackdown on Big Tech, an effort led by chair Lina Khan. Trump has opposed the proposed merger of U.S. Steel and Japan's Nippon Steel Corp. 

Zoom out: Aside from a few unique examples, Trump's antitrust team is expected to be deal-friendly. 

"I would anticipate that we will get much less skepticism about M&A overall, and that will include retail and consumer products," says Mike Keeley, chair of the antitrust practice at Axinn, Veltrop & Harkrider.

1 big thing: Trump win may usher in M&A revival

Nov. 4 —  Fintech's adoption of generative AI was on full display at last week's Money20/20 conference.

Why it matters: Fintechs see gen AI as a tool for use cases ranging from fraud prevention to customer service that can lower operational costs, increase internal efficiencies and drive increased revenues.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on Howard Lutnick returning to SPACs.

2. Fintech's gen AI movement

Nov. 5 — Linqto's former chief revenue officer, Gene Zawrotny, sued the private-share trading startup this month, alleging serious compliance failures and insider trading.

Why it matters: This is the second known case this year of a private-share platform coming under fire over its credibility.

Go deeper: Read Tuesday's newsletter, plus Tuesday's Pro Rata on vertical farming "unicorn" Bowery shutting down.

3. Former CRO sues Linqto

Data: PitchBook and NVCA; Chart: Axios Visuals

Nov. 5 — Unicorns find themselves captives of the private markets, as continuing low exit activity spans companies large and small.

Why it matters: At the current pace, it would take more than 49 years for every U.S. unicorn to generate an exit, Crunchbase calculated in May.

4. Sluggish exit market pens in unicorns

Nov. 6 — This week Evolve Bank & Trust began returning funds to consumers affected by the Synapse bankruptcy after users spent months without access to their accounts.

Why it matters: Many customers, including several who shared details with Axios, said they have received a mere fraction of their total.

Go deeper: Read Wednesday's newsletter, plus Wednesday's Pro Rata on fewer VCs running for elective office. 

5. Synapse users get pennies, or less

Nov. 7 — The U.S. Federal Trade Commission filed suit in federal court against Dave this week, alleging the banking app misled consumers about cash advances and charged undisclosed fees and tips without their consent.

Why it matters: Regulators are cracking down on misleading marketing and hidden fees from some providers as earned wage access and cash advances become more readily available.

Go deeper: Read Thursday's newsletter, plus Thursday's Pro Rata on Carlyle's CEO expecting a post-election dealmaking surge. 

6. FTC sues Dave over ads, hidden fees

Nov. 7 — Fractional, a startup enabling users to co-invest in properties together, raised $15 million in Series A funding led by Fifth Wall Ventures, it told Axios exclusively.

Why it matters: Amid a difficult housing market for young buyers, a rising number of consumers are co-buying properties with non-romantic partners.

7. Co-ownership startup raises $15M

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politics-policy

epstein-files

donald-trump

2026-midterm-elections

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technology

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economy

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November 08, 2024

1 big thing: Trump win may usher in M&A revival