It’s been a busy week for business news, with market-shaking events and billion-dollar deals dominating headlines. Stay up-to-date with the latest developments with this roundup of the top business news stories of the week.
1. GameStop stock frenzy sends shockwaves through the market
The highlight of the week was the GameStop stock frenzy, which started when a group of small-time investors launched a coordinated effort to buy GameStop stocks, driving the price up to unprecedented levels. This caused a frenzy as big investors tried to sell their shares, but the price kept soaring. The fallout from this is still being felt, with many investors losing money in the process.
2. Billion-dollar deals make waves
Several high-value deals were announced this week, including IBM’s acquisition of AI company, Expertus for $60 million. A SPAC (Special Purpose Acquisition Company) named ION is also set to merge with financial services provider, Broadway Financial in a deal worth $1.6 billion.
3. General Motors makes a bold statement about its electric vehicle commitment
General Motors announced that it plans to electrify its entire portfolio of cars and trucks by 2035. This comes on the heels of a commitment by President Biden to move the US towards zero-emissions transportation.
4. The pandemic continues to impact businesses
The pandemic is still raging on, and businesses continue to feel the effects. Airlines, for instance, have reported record losses, with Delta Airlines reporting a $12.4 billion loss for 2020. Meanwhile, Microsoft is taking a bold step to help small businesses affected by the pandemic by offering its Microsoft Teams communication platform for free.
5. Amazon’s latest initiative supports workers
Amazon has announced that it will be opening healthcare clinics for its employees, as well as the public. This comes after criticism of the company’s treatment of its workers, who were reported to be skipping bathroom breaks to meet processing targets.
In conclusion, this week was full of exciting business news, with some events causing shockwaves and others making waves. From the GameStop stock frenzy to billion-dollar deals, to General Motors’ commitment to electric vehicles, to the continued impact of the pandemic, businesses continue to make bold moves towards the future.
