On The Daily (OTD) - 27th November 2024

Top Stories Today: Just Eat Takeaway; OpenAI and Australia Social Media Ban.

Table of Contents

Top Stories Today

Economy & Finance

Just Eat Takeaway

Just Eat Takeaway has announced plans to withdraw its shares from the London Stock Exchange (LSE) by December 27, consolidating its trading presence in Amsterdam. The company cited low trading volumes, reduced liquidity, and the complexity of dual listings as reasons for the move, which it expects will cut administrative and regulatory costs. The decision follows a challenging period for the firm, including the recent sale of its GrubHub division for $650 million, significantly less than the $7.3 billion it paid for the platform. Shares dropped 1.5% after the delisting announcement.

OpenAI

OpenAI is offering employees the option to sell up to $1.5 billion in shares to Japan's SoftBank through a new tender offer, according to sources. SoftBank's Vision Fund 2 will finance the deal, matching OpenAI’s recent valuation of $157 billion. This follows SoftBank CEO Masayoshi Son's efforts to deepen the conglomerate's investments in AI after participating in a $6.6 billion funding round in October. Employees have until December 24 to decide on selling shares. OpenAI’s rapid growth, including ChatGPT’s 250 million weekly users, has fueled its appeal to major investors.

Technology

Australia Social Media Ban

Australia's lower house has passed legislation aiming to restrict social media access for children under 16, marking one of the world's strictest social media regulations. Backed by Prime Minister Anthony Albanese's government, the bill proposes age-verification measures, potentially using biometrics or government ID, and fines up to AUD 49.5 million for non-compliance. While public support is strong, with 77% favoring the move, tech companies like Google and Meta have called for delays until ongoing age-verification trials conclude in 2025. The legislation has sparked debate, with youth advocates warning of its impact on connection and expression, and critics, including the Australian Human Rights Commission, citing privacy and civil liberties concerns. The Senate is set to debate the bill, with the government aiming for passage by year-end.

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