Square, Inc. to buy majority of Tidal and put Jay-Z on board [AP]
Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square’s board of directors, and he and other artists who currently own shares in Tidal will remain stakeholders…. Tidal has presented itself as the artist-friendly alternative to other music streamers, and Square says it will take that phenomenon further for musicians just as it has for businesses with its financial systems.
Insurance Startup Hippo to Go Public in $5 Billion SPAC Merger [WSJ]
The six-year-old Hippo, based in Palo Alto, Calif., will go public through a merger with Reinvent Technology Partners Z…. Reinvent Technology Partners Z had an initial public offering of stock in November….
Hippo’s move will provide funding as it continues a transition from being a partner to insurance carriers that provides a digital-sales channel for them to being both a partner and a direct competitor.
Private equity firm acquires Michaels in $5 billion deal [CNN]
Apollo will buy all outstanding Michaels shares for $22 each — a 47% premium to Friday's closing stock price, and well above the stock's pandemic-era low of around $1…. "As a private company, we will have financial flexibility to invest in, expand, and improve our retail and digital platforms," Ashley Buchanan, the CEO of Michaels, added.
Alamo Drafthouse files for Chapter 11 bankruptcy, will sell assets to Altamont Capital and Fortress Investment [CNBC]
The filing comes as part of an asset-purchase agreement with Altamont Capital Partners and affiliates of Fortress Investment Group. Alamo’s operations will run normally as the company goes through the bankruptcy process, which will give it the necessary capital to survive the coronavirus pandemic.
Tesla is losing market shares to Ford Mustang Mach-E, according to Morgan Stanley [Electrek]
BEV sales outgrew the total market by nearly 40% (EV +34% YoY adj. vs. total market -5%). Tesla’s share of the BEV market declined significantly to 69% vs. 81% in the prior year. The Ford Mustang Mach-E accounted for nearly 100% of the share loss…. Next year is going to be even more significant, with higher volume vehicles and especially electric pickup trucks. In 2022, I see Tesla’s market share of the EV market in the US fall below 50%, but EV market shares in the overall automotive market are going to be over 10%.
SpaceX Mars Rocket Prototype Explodes, but This Time It Lands First [NYT]
The Starship then tipped over to a horizontal position, in essence belly flopping through the atmosphere in a controlled fall back toward the ground. The rocket then fired its engines again to flip back into a vertical position and slowed down to a gentle landing.
As the smoke cleared, SN10 was still standing, but tilted. [SpaceX engineer John] Insprucker declared the test a success. While earlier flights to this altitude had ended in fiery crashes, this time the rocket landed in one piece…. A few minutes later, after SpaceX began its recovery operations of the vehicle and had concluded its video feed, video cameras operated by the website NASA Spaceflight captured an explosion that sent the rocket on an unplanned second hop, disintegrating in flames.