Top 5 Business News in the US That Shook the Industry in 2021
2021 has been a year of challenges and opportunities for businesses around the world. The global pandemic has transformed the way we work and live, and the US business industry was not spared from its impact. Despite the challenges, the US business industry has witnessed some headline-grabbing news that has shaken the industry to its core. Here are the top 5 business news in the US that shook the industry in 2021.
1. GameStop Saga
In January 2021, the GameStop saga was the talk of the town. A group of retail investors, mostly from Reddit’s WallStreetBets, rallied behind GameStop, a struggling video game retailer. They drove the stock’s price from $18 per share to almost $500 per share in just a few weeks, causing significant losses for hedge funds that had bet against GameStop’s future. The event highlighted the power of collective action and the potential for retail investors to challenge Wall Street’s influence in the market.
2. The Rise of Cryptocurrency
2021 was also the year when cryptocurrency became mainstream. The value of Bitcoin, the largest cryptocurrency, rose from around $29,000 at the beginning of the year to almost $65,000 in April, before dropping back to around $40,000 in September. The surge of interest in cryptocurrencies has led to increased adoption by businesses, including Elon Musk’s Tesla, which invested $1.5 billion in Bitcoin. The rise of cryptocurrencies has challenged traditional financial institutions and may transform the way we manage our finances.
3. Amazon Unionization Efforts
In March 2021, Amazon workers at a fulfillment center in Bessemer, Alabama, voted on whether to form a union, which would be the first for the tech giant in the US. The unionization efforts garnered widespread attention and support from politicians and labor activists. In the end, the majority of workers voted against the union, but the event highlighted the growing concerns around workers’ rights and the power dynamics in the tech industry.
4. Corporate Responses to Social Justice Movements
2021 also saw corporations responding to the social justice movements that swept the US in the wake of George Floyd’s murder. Many businesses released statements in support of racial justice and equity and pledged to take actions to create a more diverse and inclusive workplace. Some companies even took steps to financially support organizations working to promote equity and justice. This shift towards corporate social responsibility highlights the influence of social issues on customer loyalty and brand reputation.
5. Cybersecurity Breaches
In recent years, cybersecurity breaches have become more frequent and costly to businesses. In 2021, cyberattacks hit some of the biggest companies, including Colonial Pipeline and JBS Foods, resulting in significant disruptions to their operations and supply chains. The incidents highlighted the need for businesses to invest in cybersecurity and preparedness, as well as the growing threats of cyberattacks to critical infrastructure and the economy.
In conclusion, 2021 has been a year of significant changes and challenges for the US business industry. From GameStop to cybersecurity breaches, these top 5 business news stories have captured the attention of the public and highlighted new opportunities and risks for businesses. As we move forward into 2022, it’s important for businesses to stay informed and prepared for the evolving landscape.
