Day: July 9, 2020

Exclusive: Amazon plans at least $100 million to keep Zoox talent after $1.3 billion deal

(Reuters) – Amazon.com Inc (AMZN.O) plans to create at least $100 million in stock awards to retain the 900-plus employees of Zoox, the self-driving car startup it offered to buy last month, and can walk away from the deal if large numbers of them turn down job offers from the technology giant.

FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, April 22, 2020 amid the coronavirus disease (COVID-19) outbreak. REUTERS/Pascal Rossignol

Amazon, which is aggressively expanding into self-driving technology, announced June 26 it had agreed to acquire the Silicon Valley company, which was founded on an ambitious effort to design a fully autonomous vehicle from scratch rather than retrofitting existing cars for self-driving.

Amazon will pay $1.3 billion in cash for the takeover, which the parties hope to close by September, according to deal documents seen by Reuters.

Zoox

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Exclusive: Goldman Sachs-backed payments startup Marqeta prepares for IPO

(Reuters) – Marqeta Inc, the U.S. payment card issuing start-up whose investors include Goldman Sachs Group Inc, is seeking to hire investment banks to advise on a potential initial public offering (IPO), according to people familiar with the matter.

The Oakland, California-based company enables companies to issue credit and debit cards to their staff. It has seen a surge in online shopping and food delivery payments processed through its platform, as U.S. consumers make purchases from home during the coronavirus outbreak.

Later this month, Marqeta is planning to interview investment banks that are seeking roles in its IPO, the sources said. The IPO could come later this year or in 2021, the sources said.

The sources requested anonymity to discuss the confidential IPO preparations. Marqeta declined to comment.

Marqeta raised $150 million in a private fundraising round in May, doubling its valuation to $4.3 billion. Banks have told the company

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Tesla appears poised to electrify S&P 500

(Reuters) – Wall Street’s most controversial stock may be about to go mainstream.

FILE PHOTO: Tesla electric vehicles for test driving are parked in Hanam, South Korea, July 6, 2020. REUTERS/Kim Hong-Ji

Tesla Inc appears on the verge of joining the S&P 500, a major accomplishment for Chief Executive Officer Elon Musk that would unleash a flood of new demand for the electric car maker’s shares, which have already surged 500% over the past year.

Higher-than-expected second-quarter vehicle deliveries, announced last week, have analysts increasingly confident the company will show a profit in its quarterly report on July 22. That would mark Tesla’s first cumulative four-quarter profit, a key hurdle to be added to the S&P 500.

With a market capitalization of about $250 billion, Tesla would be among the most valuable companies ever added to the S&P 500, larger than 95% of the index’s existing components. It would have

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Exclusive: TIM excludes Huawei from 5G core equipment tender in Italy, Brazil

MILAN (Reuters) – Telecom Italia (TIM) (TLIT.MI) has excluded China’s Huawei Technologies from a tender for 5G equipment for the core network it is preparing to build in Italy and Brasil, two sources familiar with the matter said on Thursday.

FILE PHOTO: Huawei’s new flagship store is seen ahead of tomorrow’s official opening in Shanghai, following the coronavirus disease (COVID-19) outbreak, China June 23, 2020. REUTERS/Aly Song/File Photo

The list of invited suppliers comprises Cisco (CSCO.O), Ericsson (ERICb.ST), Nokia (NOKIA.HE), Mavenir and Affirmed Networks, a company recently acquired by Microsoft (MSFT.O), one of the two sources said.

Representatives for Huawei in Italy and Brazil declined to comment.

The move comes amid reports that Italy is considering whether to exclude Huawei from building its 5G network over concerns it could open the way for China to spy on key Western telecoms

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