6 Most Important Things in Business Today

By Douglas A. McIntyre Updated Mar 13, 3:50PM EDT · Published Nov 28, 5:19AM EST

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Softbank’s investment in Uber is based on a 30% discount to its peak valuation. According to Reuters:

Japan’s SoftBank Group Corp is offering to purchase shares of Uber Technologies Inc at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday.

The investment, which was approved by the Uber board in October, would also trigger a string of governance changes at Uber that would limit some early shareholders’ voting power, expand the board from 11 to 17 directors and cut the influence of former Chief Executive Travis Kalanick.

Wells Fargo & Co. (NYSE: WFC) faces yet another scandal. According to The Wall Street Journal:

Employees say lofty rewards tied to revenue pushed foreign-exchange staff to ignore agreed-upon fees. Years of whispers were confirmed in a conference call.

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A major challenger to Tesla Inc. (NASDAQ: TSLA) has hit trouble with its financials. According to Bloomberg:

The dwindling empire of China’s Jia Yueting, who once boasted he would leapfrog Tesla Inc., faces a new hurdle as his U.S. electric car startup struggles to raise a $500 million funding round, people familiar with the matter said.

A convertible note of more than $400 million, with a 12 percent interest charge, becomes payable immediately if Faraday & Future Inc. can’t raise the Series A round by December, the people said, asking to not be identified as the matter is private. The electric carmaker, which is also dealing with about $100 million of unpaid bills, hasn’t been able to line up funding after months of searching as it tries to pay off Chinese investors who financed the debt, the people said.

Meredith Corp. (NYSE: MDP) could start huge layoffs after its takes over Time Inc. (NYSE: TIME). According to the New York Post:

Get ready for a bloodbath under Time Inc.’s new owner — starting with the publishing giant’s CEO.

Rich Battista is expected to end his year-old stint as chief executive after the publisher of Time, People and Sports Illustrated completes its $2.8 billion sale to rival Meredith Corp. in the first quarter of 2018.

Battista will be just one casualty among many, insiders say, as Meredith — whose bread and butter is women- and family-focused titles like Better Homes & Gardens and Martha Stewart Living — is promising $400 million to $500 million in “cost synergies” over the first two years of the combination.

Cyber Monday sales hit $6.6 billion. According to 24/7 Wall St.:

Cyber Monday sales, critical to e-commerce revenue for the holiday season, surged 16.8% to $6.59 billion, according to industry research. The data also show that total online sales have topped $1 billion every day in November.

SpaceX, run by Elon Musk, raised money that pegged its valuation close to $22 billion. According to CNBC:

Elon Musk’s SpaceX has raised another $100 million as part of its latest funding round, according to new regulatory documents.

In August, the space exploration company sold $349.9 million worth of shares, a Securities and Exchange Commission (SEC) filing showed. That amount has now risen to $449.9 million, a new filing showed on Monday, adding an extra $100 million onto the current fundraising effort.

The latest injection of cash values SpaceX at $21.5 billion, according to Equidate, a platform that facilitates the trading of shares in private technology firms.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.