Plus: Nordstrom stock surges after GameStop chairman Ryan Cohen acquires stake in the company
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U.S. unemployment hit a 53-year low at 3.4% as the January 2023 U.S. jobs report showed 517,000 new jobs were created. The number is well above the expected 187,000. More: - It's the lowest unemployment figure since May 1969.
- The sectors that added the most jobs were:
- Leisure and hospitality — 128,000 jobs
- Professional and business services — 82,000
- Government — 74,000
- Health care — 58,000.
- Average hourly earnings increased by 0.3%, up 4.4% from a year ago.
- The unemployment rate for African Americans fell to 5.4%, while the unemployment rate for women stood at 3.1%.
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The U.S. Treasury has changed the EV tax credit eligibility definition for SUVs, making Tesla and GM models eligible for $7,500. The decision comes as EV consumers and executives have recently expressed their frustration. More: - The credits are part of the Biden administration's $437B Inflation Reduction Act.
- With the new rules, SUVs that cost up to $80,000 still qualify for EV tax credits, while cars have to be priced at $55,000 or less.
- Elon Musk, CEO of Tesla, recently expressed his frustration with the Treasury's rules on Twitter, while Ford and GM have also stated their willingness to lobby for the rules to change.
- GM and The Alliance for Automotive Innovation publically thanked the Treasury for implementing these changes in separate statements.
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Ford has announced that it will join Formula One as a way of increasing sales and reaching customers. The announcement comes shortly after GM stated its plan to launch an F1 team. More: - Ford will collaborate with the Red Bull F1 team to create hybrid-powered cars which have both an internal combustion engine and an electric motor. These cars will be compulsory by the 2026 racing season.
- The company likely plans to capitalize on the momentum that F1 has created in terms of viewership in the U.S. Netflix's "Drive to Survive" series proved to be a turning point for the sport, which soared in popularity shortly after the series debuted.
- The show follows the racers and team managers, showing their day-to-day life and the way they approach every competition.
- The U.S. hosts three F1 races: Austin, Miami, and Las Vegas.
- Ford first entered the sport in 1968 with Lotus. The automaker remains the third most successful engine manufacturer of all time in the sport, after Ferrari and Mercedes, even though it left in 2004.
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Nordstrom stock surged after Gamestop Chairman Ryan Cohen acquired a stake in the company. Its stock's price rose by more than 20%. More: - Cohen is now one of the largest shareholders of the company, excluding the Nordstrom family members.
- He is reportedly planning to propose cost-cutting as a first step for the company's management, something that other industries, such as tech, have been implementing for several months now.
- The news of Cohen's involvement comes shortly after Nordstrom posted disappointing holiday sales numbers that forced it to redraft its guidance for 2023.
- The executive is also known as the founder of Chewy.com, a pet health site.
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California-based Patient Square Capital has raised $3.9B to invest in healthcare companies. The company manages $5.9B worth of assets. More: - Patient Square Capital aims to invest in healthcare companies that work in creating therapies, medical devices, software solutions, and other products across different healthcare verticals.
- The firm has invested in companies such as:
- Access Telecare,
- Apollo Therapeutics,
- Eargo,
- Enavate Sciences,
- Hanger, and
- Kriya Therapeutics.
- The fund was backed by sovereign wealth funds, pension funds, endowments, foundations, family offices, health systems, consultants, private wealth platforms, and insurance companies.
- Patient Square Capital is based in Menlo Park, California.
- The company was founded in 2020.
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Vince McMahon is open to leaving WWE if a serious acquisition offer is on the table, according to WWE CEO Nick Khan. A potential acquisition for the company has been reported for the last few months. More: - McMahon acquired WWF from his father in 1982 and transformed it into the world's most popular wrestling league, known today as WWE.
- He quit his position as CEO in June 2022 after reports came out that he had several affairs with his employees and paid them money to silence them.
- His daughter, Stephanie McMahon, served as Co-CEO with Khan until three weeks ago.
- Recently, reports of a potential acquisition by Saudi Arabian investors made headlines, but nothing has been confirmed by WWE.
- WWE's stock price rose 4% after Khan's statement.
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- Shell has reported its highest annual earnings ever, reporting almost $40B in revenue. The company has doubled its 2021 revenue which stood at $19B.
- ShopUp has raised a $30M funding round to help over 60 million people in Bangladesh have better access to food.
- The value of the average U.S. business, which surged during the pandemic, has dropped by 10%, according to a new report.
- Sdui has raised a $27.3M Series A to enable schools, children, and parents to communicate through GDPR-compliant tools.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | 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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