The long-awaited Facebook antitrust bomb dropped on Wednesday, with the FTC and attorneys general from more than 40 states accusing Zuck & Co. of “buying up its rivals to illegally squash competition” in D.C. federal district court suits that “underscore the growing bipartisan and international tsunami against Big Tech.” The regulators are calling for those deals (think Instagram and WhatsApp, especially) to be unwound - NYTimes and WSJ and Bloomberg and MarketWatch and Law360 and TechCrunch
DoorDash went BIG on its first day of trading, with shares ending the day at $190 apiece, or 86% above its already elevated offering price of $102/share - NYTimes and WSJ and Bloomberg and MarketWatch
Inspired by that success, Airbnb has priced its shares at $68/share—far above its own projected high end—with hopes for a valuation of roughly $47 billion. That figure grew some $20/share from just last week based on a thirsty IPO market - WSJ and Bloomberg and MarketWatch and TechCrunch and NYTimes
Days after Warner Bros. shook the film industry with its announcement about its dual-cinema/HBO Max release plans, Disney will lay out its plans for a “Death Star-size trove of coming content” that will be spread across theaters and online debuts while all serving the ultimate goal of “strengthening Disney+, the company’s flagship streaming service” - NYTimes
After a “multiyear probe into how GE recognized some costs and profits,” the SEC has reached a $200 million settlement with the company over allegations that it “misled investors by failing to disclose problems in its gas-turbine power and insurance businesses” - WSJ and Bloomberg and MarketWatch and Law360
The latest on fraud in the PPP program doesn’t do much to instill confidence in the basic goodness of humanity - NYTimes
The White House is flexing some new USMCA muscle with its first enforcement action under Nafta 2.0 over “measures that Canada uses to protect its dairy market” - NYTimes
Sony will buy streaming-video service Crunchyroll from AT&T for a reported $1.175 billion, “adding to the Japanese company’s extensive library of animated movies and TV shows” and helping AT&T trim its debt load - WSJ
