Business and Finance News - 2.24.25

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23andMe CEO Anne Wojcicki and New Mountain Capital have proposed taking the company private by offering to purchase all outstanding shares for $2.53 each, valuing the deal at approximately $74.7 million. The proposal, following a significant stock decline in 2024, now awaits approval from the company’s special committee of independent directors. (CNBC)

Key Insight → The proposal to take 23andMe private marks a significant strategic pivot amid the company’s dramatic stock decline and operational challenges. This move reflects a broader market trend where companies opt for privatization to restructure and secure fresh financing when public market pressures become overwhelming. For investors and market observers, it underscores the shifting landscape of tech and biotech industries, highlighting how changing market conditions can lead to dramatic reevaluations of company value and liquidity.

Apple has disabled its Advanced Data Protection feature for iCloud backups in the UK, preventing new users from enabling end-to-end encryption and eventually requiring existing users to disable it. This change follows UK government demands for access to encrypted data, potentially allowing authorities to access user backups under legal compulsion. (Reuters)

Key Insight → This development is crucial because it shows that even leading tech companies like Apple may have to compromise robust data security features under government pressure, which could expose users to increased risks of unauthorized access. It highlights a broader, ongoing struggle between national security demands and individual privacy rights, reflecting the challenges companies face in maintaining strong encryption standards amid regulatory pressures. For the larger market, such moves set a concerning precedent that might encourage similar interventions globally, potentially weakening consumer trust in cloud-based services and reshaping the competitive landscape for data protection technologies.

Berkshire Hathaway reported a Q4 2024 operating profit of $14.527 billion—a 71% increase—driven by a 302% rise in insurance underwriting to $3.409 billion. For the full year, operating earnings grew 27% to $47.437 billion, with insurance investment income rising nearly 50% to $4.088 billion. (CNBC)

Key Insight → Berkshire Hathaway’s impressive surge in operating profit, led by a 302% increase in insurance underwriting, demonstrates the power of a diversified business model to drive performance even in volatile conditions. This outcome is important because it highlights how robust underwriting and strategic risk management can significantly enhance overall profitability and provide a buffer against market fluctuations. For the larger market, it serves as a benchmark for resilience, suggesting that diversified revenue streams and disciplined financial strategies are essential for sustainable growth in an unpredictable economic landscape.

The General Services Administration will shut down its federal EV charger network, covering 8,000 plugs, as federal employees receive shutdown guidance next week. This move is part of the Trump administration’s rollback of federal renewable energy support, including its EV charging program. (TechCrunch)

Key Insight → Shutting down federal EV chargers signals a significant rollback in government support for renewable energy infrastructure, which directly affects federal fleets and employee mobility. This decision not only disrupts current charging networks but also underscores a broader shift in policy that deprioritizes clean energy initiatives. For the larger market, it could reduce investor confidence in green technologies and force private companies to recalibrate their strategies in an environment where public sector backing for sustainable projects is diminishing.

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Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 43,428.02 -748.63 (-1.69%)

• S&P 500: 6,013.13 -104.39 (-1.71%)

• Nasdaq Composite: 19,524.01 -438.36 (-2.20%)

• Russell 2000: 2,195.35 -66.39 (-2.94%)

Here’s how The Magnificent Seven did on Friday:

• Apple (AAPL) [3.693T]: 245.55 -0.28 (-0.11%)

• Nvidia (NVDA) [3.292T]: 134.43 -5.68 (-4.05%)

• Microsoft (MSFT) [3.035T]: 408.21 -7.92 (-1.90%)

• Amazon (AMZN) [2.295T]: 216.58 -6.30 (-2.83%)

• Alphabet (GOOGL) [2.193T]: 179.66 -4.90 (-2.65%)

• Meta Platforms (META) [1.732T]: 683.55 -11.29 (-1.62%)

• Tesla (TSLA) [1.087T]: 337.80 -16.60 (-4.68%)

Here’s how Bitcoin and Ethereum did yesterday:

• Bitcoin (BTC): $96,036.73 (6:30PM PST on 2/23/25)

• Ethereum (ETH): $2,778.84 (6:30PM PST on 2/23/25)