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| Here are today's top stories: - Elon Musk has called the Tesla worker's strike in Sweden "insane."
- Bitcoin reached a year-high price of $38,287 today as crypto owners react to Binance news.
- Warren Buffet's Berkshire Hathaway has sold its position in Pytm, the firm's first-ever investment in India.
Arbër
p/Arber | |
| 1 | | Elon Musk has called the Tesla worker's strike in Sweden "insane" as more sectors join the protest. The strike began in October after Tesla refused to recognize a proposed labor union for 130 mechanics, but the protest later spread to dockworkers, electricians, and mechanics. This week, postal workers said they will stop delivering Tesla plates. More: - The IF Metall Union, which is helping organize the strike, said the walkout aims to help workers get better wages, pensions, and benefits.
- Unions are very powerful in Sweden, where 9 out of 10 employees are unionized.
Zoom Out: - Tesla also faces labor challenges in Germany, where unions say the carmakers should sign a collective agreement for its Berlin factory employees.
- According to unions, Tesla is unfairly firing employees on sick leave and underpaying them.
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| 2 | | 
Bitcoin reached a year-high price of $38,287 today, a 5% jump from the previous week. The price increase comes after consumers withdrew over $1B from Binance. More: - Ether, the second largest cryptocurrency by market cap, reached $2,122, after a 9% price increase.
- Solana, another popular cryptocurrency, has not seen its price change significantly this week.
- This year, Solana has outperformed other cryptocurrencies, having seen its price soar by 470%.
Zoom Out: - Changpeng Zhao, the co-founder and former CEO of Binance, pleaded guilty to federal criminal charges brought by the U.S. Department of Justice earlier this week.
- Users subsequently withdrew nearly $1B of their funds from Binance.
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| 3 | | Warren Buffet's Berkshire Hathaway has sold its shares in fintech company Paytm at a 40% loss. Berkshire invested $260M in Paytm in 2018, securing a 3% stake in the company, which was then valued at $10B. More: - Berkshire sold $36M worth of Paytm shares at a profit in 2021.
- This week it sold its remaining shares in the digital payments firm for approximately $165M.
- According to official data, Berkshire had a 2.46% stake in the company after the first sale.
- Berkshire has terminated other investments in Asia this year, including Japan's SoftBank Group and China's Alibaba Group.
Zoom Out: - Berkshire mostly invests in U.S. companies and Paytm was its first foray in India.
- Since going public in 2021 at a $25 share price, Paytm's stock price has dropped to $10.
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| 4 | | Alibaba is revamping its cloud department after a failed IPO has put the company under pressure. The tech giant will bring back company veterans in key positions. More: - Alibaba will overhaul its public cloud, hybrid cloud, and cloud infrastructure departments.
- Weiguang Liu will lead the public cloud division, Jin Li will head the hybrid cloud division, and Jiangwei Jiang will be in charge of the cloud infrastructure division.
- These executives will report to Alibaba's group CEO, Eddie Wu, and the Chief Technology Officer, Jingren Zhou.
- The company's restructuring aims to boost its focus on the development of AI, specifically by offering AI companies computing power and better cloud capabilities.
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| 5 | | Fastweb could acquire Vodafone Italy's assets as the Italian telecom market is set to change drastically following the sale of Telecom Italia's network. More: - Fastweb, a subsidiary of Swisscom, employs nearly 4,000 people and is the smallest of the country's five mobile operators, with around 5 million customers.
- Fastweb is now looking to expand its market share through a potential acquisition of Vodafone Italia's assets.
- Illiad, a telecom company controlled by French billionaire Xavier Niel, previously tried to acquire Vodafone Italia's assets for €11B but the offer was rejected.
- Illiad controls Free, a mobile operator with approximately 10 million customers in Italy.
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| 6 | | The HSBC mobile banking app has suffered an outage that prevented thousands of U.K. users from accessing the service today. The bank has 14.8 million customers in the country. More: - Nearly 4,000 people reported that they were unable to transfer money between their accounts, verify payments, or pay bills.
- In a post on X, the company said it is investigating the outage.
- Customers took to social media to say that HSCB has not published updates about the outage on its website.
- The problem could prevent HSBC customers from shopping on Black Friday.
- Customers of First Direct, a division of HSBC U.K., have also faced difficulties signing on to their mobile banking app.
Zoom Out: - In November 2022, HSBC said it planned to close 114 branches in the U.K. this year because most customers were switching to online banking.
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- U.S. consumers spent approximately $5.5B online on Thanksgiving Day, a 5.5% increase compared to 2022.
- Amazon workers in multiple locations in Europe have walked out on strike to demand better working conditions.
- Denmark-based intelligence software company Factbird has raised $16M from Expedition Growth Capital and EIFO.
- Saviu Ventures has raised $13M from French and Kenyan backers. The VC firm aims to close the round at $50M and plans to invest the capital in French-speaking countries in Africa.
- Experience exciting new stories of innovation from prominent brands like LEGO, Ben and Jerry's, Delta, and VMware on Season 2 of Adobe's The Power of Teamwork podcast.*
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Term of the Day Long (position): A long position involves the purchase of a security from another party believing it will appreciate in value. Question of the Week What perks would convince you to return to the office? Join the conversation |
 | Writer | | 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. | | This newsletter was edited by Eduardo Garcia | |
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