Business and Tech News - 3.27.24

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Skool Projekt Staff
March 27, 2024

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Visa and Mastercard Agree To Limit Credit Card Transaction Fees

Visa Inc. and Mastercard Inc. have settled to limit credit-card swipe fees, promising U.S. merchants savings of at least $30 billion over five years, concluding a nearly two decade antitrust battle. Pending court approval, the agreement permits retailers to add surcharges for Visa or Mastercard payments and encourage the use of cheaper cards. This landmark settlement allows for new pricing strategies at checkout, as stated by lawyers for the merchants.

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Take control of your AWS spend and cut backup bills by 50%

As cloud adoption increases to run modernized applications, costs can quickly rise out of control. How do best-in-class companies manage their storage spend while continuing to grow the business? Clumio, a cloud-native backup solution, depends on cloud storage to run their entire business. They took a FinOps approach to optimizing their costs, and reduced their AWS dev costs by over 50%.

 

Value of Trump's Media Company Soars

The merger of Donald Trump's social media company, Trump Media & Technology Group, with the shell company DWAC, has led to an rapid increase in value of Trump Media & Technology. The value of Trump Media & Technology rose to nearly $8 Billion while Donald Trump's personal net worth surged by over $4 billion, hitting approximately $6.5 billion.

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Adam Neumann Makes Offer To Buy Back WeWork

Adam Neumann has made an unsolicited offer exceeding $500 million to acquire WeWork out of bankruptcy, with the possibility of increasing to $900 million. WeWork is evaluating expressions of interest, including Neumann's bid, as part of its broader efforts to navigate bankruptcy challenges. This move follows reports of Neumann's renewed interest in reclaiming the company he was removed from five years ago.

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NBC News Facing Backlash From Its Own Stars

NBC News ended its brief association with Ronna McDaniel, the ex-chairwoman of the Republican National Committee, after facing intense criticism from top network personalities. The decision, reversing the hire intended to add a conservative perspective to election coverage, was communicated in a memo by Cesar Conde of NBCUniversal, citing the need for alignment and cohesion within the organization. 

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Growing Retirement Crisis

BlackRock’s Larry Fink argues that the retirement affordability crisis in the U.S. can be mitigated through capital markets, alongside reforms from government and businesses in retirement systems. The crisis is deepened by the fact that nearly half of Americans aged 55 to 65 lack personal retirement savings and the looming inability of the Social Security system to pay full benefits by 2034. To address these issues, Fink advocates for increasing the retirement age and enhancing access to retirement savings.

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Here’s how the markets closed yesterday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.