What we’re reading (5/1)
“How Apple Does M&A: Small And Quiet, With No Bankers” (CNBC). “While big tech rivals routinely strike multi-billion dollar deals, Apple has followed a different strategy. It’s refined the ‘acquihire,’ or strategic purchase of a small company primarily for its staff.”
“E.U. Accuses Apple Of Antitrust Violations Over App Store Rules After Spotify Complaint” (Washington Post). “Apple is facing antitrust charges in Europe for allegedly abusing its ‘dominant position’ to choke competition from music streaming rivals in its App Store, regulators announced Friday.”
“The Global Chip Shortage Is Going From Bad To Worse. Here's Why You Should Care” (CNN Business). “In the market for a new car, smartphone or washing machine this year? A global shortage of computer chips could mean you have to wait a while and pay more. A growing number of manufacturers around the world are having trouble securing supplies of semiconductors, delaying the production and delivery of goods and threatening to push up the prices paid by consumers.”
“Buffett Fights With Investors, With His Reputation At Risk” (DealBook). “Investors are pressing Berkshire to disclose more about climate change and work-force diversity. Shareholders, including the Calpers public pension fund, argue that Buffett’s conglomerate isn’t doing enough to disclose its portfolio companies’ progress in addressing those issues. Buffett opposed these initiatives ahead of the meeting, arguing that they cut against Berkshire’s philosophy of letting its subsidiaries operate largely independently. ‘I don’t believe in imposing my political opinions on the activities of our businesses,” he said at Berkshire’s 2018 annual meeting.’”
“America's Wealthiest Added $195 Billion To Their Fortunes In Biden's First 100 days” (Business Insider). “Over the last 13 months, as the pandemic has taken its economic toll, American billionaires have added $1.62 trillion to their collective net worths, according to a report from the left-leaning Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF). That report also found that the number of American billionaires has grown from 66 in 1990 to 719 today.”
