Business News Weekly ─ December 2, 2019

Kylie Jenner sold control of the makeup and skin care group she founded to Cody for $600 million. The youngest member of the Kardashian-Jenner clan comes with more than 151 million Instagram followers.

“Unicorns $100 billion drop jolts Silicon Valley investors” ─ from an article in the Wall Street Journal. Once Silicon Valley’s highest flying darlings, companies from WeWork to Uber technologies have collectively lost $100 billion in value this year. Softbank fund draws fire.

“Blank-Check IPOs hit record $12.6 billion” ─ from an article in the Wall Street Journal. Investors are more willing than ever to write blank checks and initial public offerings of special-purpose acquisition companies – essentially, shell companies that go public to raise cash for deals – have reached a record

“Apple, Microsoft dwarf the rest of the market” ─ from an article in the Wall Street Journal. Apple and Microsoft helped lift that Dow industrials above 2800 for the first time this month.

“Shoppers ring up record Thanksgiving sales online. Black Friday’s tally to exceed $7 billion” ─ from an article in CNBC. hoppers spent $4.2 billion online on Thanksgiving, a 14.5% increase from last year and a record high, according to data released by Adobe Analytics, which monitors the online transactions of 80 of the top 100 web retailers in the U.S.

While this is the first year Thanksgiving spending surpassed $4 billion, it was shy of the $4.4 billion estimate Adobe made late Thursday.

Black Friday online sales are on track to hit $7.4 billion, according to preliminary data, Adobe said. As of 9 a.m. ET, shoppers had already spent $600 million online on Black Friday, a 19.2% increase from last year. That is the most recent data Adobe has reported.

“Auto Maker Daimler to Slash 10,000 Jobs” ─ from an article in Newsmax. German automaker Daimler said Friday that it plans to cut at least 10,000 jobs worldwide by the end of 2022. It plans not to fill some vacant posts and to offer severance packages in Germany to reduce administrative jobs.

The company had said Nov. 14 that it plans to slash costs by 1.4 billion euros ($1.54 billion) by cutting every 10th managerial position and through other measures, but didn’t give details.