Thursday’s Headlines: PayPal Seals $4 Billion Acquisition
1. PayPal stock dropped yesterday after making the biggest acquisition in its two-decade history with the purchase of Honey Science on Wednesday. Bought for $4 billion, Honey is best known as a deal-finding service which provides discounts to customers shopping online, and boasts 17 million monthly users as well as 30,000 retail partners. PayPal said Honey’s technology will help it reach consumers as they begin their “shopping journeys” with personalized offers. Read the full story here.
2. Tesla stock fell more than 2% on Wednesday after drawing scrutiny at a Senate hearing that declared its self-driving cars as unsafe. Senator Ed Markey called for the National Highway Traffic Safety Administration to take Tesla Autopilot off the road until the company can address predictable abuse of their semi-autonomous systems. The senator revealed that he has sent a formal letter to Elon Musk’s electric car company this week, urging them to fix what he viewed as autonomous “design defects”, but Tesla is yet to respond. Catch the full report here.
3. Apple stock was down 1% Wednesday night after CEO Tim Cook and President Trump toured a Mac Pro manufacturing plant in Austin, Texas. The tour was a public symbol of Trump’s close relationship with Cook and also provided an opportunity for the president to showcase a leading American company that’s manufacturing in the U.S. “When you build in the United States you don’t have to worry about tariffs,” Trump said, as Apple continues to lobby the President to exempt the company from tariffs in China, where the company manufactures its iPhones. Get the full story here.