Plus, Apple announces press event on Sept. 7 at 1 p.m. ET.
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President Biden announced on Wednesday he would issue an order canceling up to $10,000 in federal student loans for borrowers earning under $125,000 a year. Biden also said he would cancel up to $20,000 for recipients of the Pell Grant. More: - The President extended the repayment pause on most federal student loans through Dec. 31, 2022.
- The pause has been in place since March 2020, at the beginning of the pandemic.
- According to higher education expert Mark Kantrowitz, about 9 million borrowers could have their entire balance cleared by Biden’s plan.
- The $10,000 cancelation will cost the federal government about $244B, and the $20,000 cancelation for Pell Grant recipients would cost around $120B.
- More than 40 million U.S. student loan borrowers collectively owe about $1.7T.
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The FTC has removed Meta CEO Mark Zuckerberg from its lawsuit against the social media company filed last month. The agency seeks to block Meta from buying Within Unlimited Inc., a virtual reality company. Meta had asked the FTC to remove Zuckerberg from the lawsuit. More: - As part of the agreement, Zuckerberg would not buy Within Unlimited or its fitness app Supernatural in his personal capacity or through any other entity he controls.
- Last month the FTC accused Meta and Zuckerberg of violating antitrust laws by attempting to expand the company’s VR empire.
- The agency said Meta already owns a top-selling VR device and a leading app store and has seven of the most successful developers.
- Last fall, Meta, formerly Facebook, rebranded to highlight its new focus on the metaverse.
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Peloton is partnering with Amazon to sell its fitness equipment and apparel on the e-commerce giant’s website. The move comes months after the WSJ reported that Amazon was exploring a potential deal to acquire Peloton. Peloton shares rose more than 20% on Wednesday following news of its Amazon listing. The company is down more than 80% in the last 12 months. More: - Peloton chief commercial officer Kevin Cornils said the company aims to meet customers where they are, adding that customers were shopping on Amazon.
- Demand for Peloton’s stationary bike peaked during the COVID-19 pandemic as customers relied on home-fitness equipment.
- Peloton has struggled with demand in recent months as people have returned to the gym and pandemic restrictions have eased.
- Peloton is offering free delivery and assembly to customers who purchase their fitness equipment on Amazon.
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French energy conglomerate Schneider Electric is exploring a complete takeover of U.K.-based software developer Aveva. On Wednesday, Schneider said it is considering buying the remaining 40% of Aveva. The energy company currently owns 60% of Aveva. Schneider has not made any official offers to Aveva’s shareholders. More: - Aveva was spun out of Cambridge University in the 1960s; it is one of the oldest tech companies in the U.K.
- The firm focuses its technology mainly on the energy, infrastructure, and manufacturing sectors.
- In 2017, Schneider took a 60% stake in Aveva for £3B ($3.5B).
- Shares of Aveva jumped over 25% on Wednesday following news of a possible complete acquisition.
- Under the U.K. Takeover Panel rules, Schneider has until Sept. 21 to make a formal offer for Aveva.
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Amazon Prime has signed a multi-year agreement with DirecTV to broadcast its “Thursday Night Football” games. Amazon Prime has exclusive rights to the games with the NFL for the next 11 seasons. It is the first streaming service to hold rights to a package of NFL games. More: - DirecTV will air the games in more than 300,000 bars, restaurants, and other businesses.
- The first game is a preseason matchup between the San Francisco 49ers and Houston Texans scheduled this Thursday.
- Amazon Prime will air its first regular season game on Sept. 15.
- DirecTV currently holds the rights to the NFL’s Sunday Ticket, a subscription package for out-of-market games.
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Arte Moreno, the owner of MLB team the Los Angeles Angels, is considering selling the team. Moreno bought the team from Disney in 2003 for $183.5M and has owned it for the last 20 seasons. The team was last valued at $2.2B by Forbes. More: - The Angels have been through four managers in five seasons and four general managers in 12.
- Despite having two of the biggest names in all of MLB on the roster in outfielder Mike Trout and pitcher/designated hitter Shohei Ohtani, the Angels are 52-71 entering Wednesday’s games. The team last had a winning record in 2015 and last made the playoffs in 2014.
- The team has also been implicated in a political scandal in Anaheim, California.
- According to the LA Times, former Anaheim mayor Harry Sidhu shared confidential information with Angels’ representatives about the city’s plans to sell the Angel Stadium in exchange for a donation to his reelection campaign.
- The FBI charged Anaheim’s former chamber of commerce head with lying to a mortgage lender.
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Quick Hits - Top companies are planning their holiday gifting now. Here’s why their gifts are sure to be a success.*
- Apple announced it would hold a press event on Sept. 7 at 1 p.m. ET. The tech giant is expected to announce its new iPhones and other products. The event will be streamed on Apple’s website.
- Tesla shares will start trading on a split-adjusted basis on Thursday after market close. Earlier this month, Tesla shareholders voted to approve a 3-for-1 stock split at the company’s annual meeting.
- Lyft plans to sublease some of its larger U.S. offices as more employees work from home. The company plans to rent part of its office space in San Francisco, New York City, Nashville, and Seattle.
- Vacation rental company Vacasa has named former Expedia executive Rob Greyber as its new CEO. Greyber will succeed current CEO Matt Roberts on Sept. 6. Greyber led Expedia’s Egencia division from 2009 to 2020 and is considered a protégé of Uber’s CEO Dara Khosrowshahi.
- Five ways you can use content and data to create a cycle of unforgettable customer experiences.*
*This is sponsored content.
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*This is a sponsored listing.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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