Apple loosens up on its App Store payment rules
Plus: Amazon is hiring 40,000 workers & Lucid stock is falling and we know why
Apple (AAPL) has announced that it is relaxing the payment rules of its App Store.
Why this matters: Thanks to the Japan Fair Trade Commission (JFTC), Apple has agreed to let developers share a single link to their websites to help users set up and manage accounts. This is the company’s second compromise in less than a week in response to legal challenges it is facing in regards to the App Store. These changes will, however, not apply to gaming companies, which are the largest category of money makers for Apple on its App Store. (Reuters)
Amazon is hiring 40,000 workers
Amazon (AMZN) announced that it is hiring over 40,000 workers for corporate, operations, and tech roles during its upcoming virtual career fair.
Why this matters: “Amazon Career Day” will be free for all who attend and applicants of all experience levels and fields are encouraged to sign up. VP, Workforce Development, Ardine Williams, said that this hiring spree is fueled by unprecedented unemployment caused by the pandemic. The company has hired more than 450,000 people in the U.S. since the beginning of the pandemic and is now the country’s largest job-creator. (CNBC)
Lucid stock is falling and we know why
Lucid (LCID)’s stock fell 10% because some of the company's big investors could sell their shares.
Why this matters: For context, they became a publicly traded company by merging with a special-purpose acquisition company (SPAC). And a common feature with SPAC mergers is PIPE aka private investment in public equity. PIPE shareholders have now been allowed to sell their shares for the first time since Lucid went public and this pressure is causing the stock to tank. Anytime a large amount of stock becomes available to sell, it creates a situation whereby the fear of selling causes actual selling. (Barron's)
That’s it from us
See you tomorrow.