Gillian Tan
@GillianTan
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Following
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Bloomberg News senior reporter @business. 🐨 in 🗽. Love tennis 🎾 & theatre 🎭 .
New York 🇺🇸 via Sydney 🇦🇺
Joined November 2010
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.@DarrenCriss’s rendition of “Maybe It’s Time” from @starisbornmovie is 😍 @ElsieFest #ElsieFest #DarrenCriss
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This weekend in 2019: @ElsieFest feat. @DarrenCriss x @HamiltonMusical . Can’t wait til we’re all back at @SummerStage, hopefully 2021 ✨ #WaitForIt #ElsieFest
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Some people who are working remotely have added a second secret job 🤯.
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Volvo-backed electric vehicle maker Polestar, one of Tesla's smaller rivals, is in talks to go public through Gores Guggenheim Inc. (a SPAC). Combined company may be valued around $25 billion. Scoop w/ @kielporter 👇 $GGPI $TSLA .
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SoftBank will take control of WeWork & Adam Neumann will give up his board seat in exchange for:. - Selling ~$1 billion of his stock into a tender offer.- A $500 million credit line.- A $185 million consulting fee. (h/t @maureenmfarrell).
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Swiss gambling data company Sportradar is in talks to go public through a merger with a SPAC led by LA Dodgers co-owner Todd Boehly (Horizon Acquisition Corp. II) . New w/ @crystalttc 👇 $HZON
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IonQ, a quantum computing co. backed by Google Ventures, NEA & others, is in advanced talks to go public through a merger with DMY Technology Group Inc. III. Potential PIPE investors include Silver Lake, MSD Partners & more. Scoop ⬇️ $DMYI
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Lilium, a German flying taxi startup, is in talks to merge with Qell, a SPAC led by former GM exec Barry Engle. A deal is set to value the combined co. at >$2bn. New w/ @kielporter & @DavidWelchBN ⬇️ $QELL.
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The SEC is poised to propose removing the safe harbor that currently prevents SPACs from being sued if projections aren't met (a key reason the vehicle has appealed to private companies that may not be deemed IPO-ready). New w/ @benbain 👇
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WeWork is withdrawing its IPO prospectus, capping a botched effort to go public that cost co-founder Adam Neumann his job via @business $WE
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EVgo, an electric vehicle charging network, is nearing a deal to merge with a SPAC, Climate Change Crisis Real Impact I Acquisition Corp. New ⬇️ $CLII
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Israeli electric vehicle technology startup REE has agreed to go public through a merger w/ 10X Capital’s SPAC that’ll give the combined entity an enterprise value of ~$3.1 billion. New w/ @sidyoutwit ⬇️ $VCVC.
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New: @drink_AG1, the nutritional-drink business formerly known as Athletic Greens, has named Kat Cole as CEO . The company is “projected to do well over $600 million in revenue and be profitable this fiscal year”, Cole said.
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Venture capital firm @Initialized has raised $230 million for a fifth fund to back "tomorrow's unicorns" per @garrytan. Individual investors in the fund include the firm's co-founder @alexisohanian (who recently left) & @briansin. New w/ @Katie_Roof 👇.
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Equinox has discussed going public via a @chamath SPAC (Social Capital Hedosophia Holdings Corp. VI) $IPOF #itsnotfitnessitslife . New w/ @crystalttc ⬇️.
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eToro is nearing a ~$10 billion deal to go public via a Betsy Cohen SPAC. Scoopage via @crystalttc 👇 $FTCV.
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SBF's bail guarantors are Stanford faculty members Andreas Paepcke, a research scientist, and Larry Kramer, former dean of Stanford law school per unredacted bonds. (via @avabmorrison).
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Call it the #PenceEffect. Men on Wall Street are spooked by #MeToo & many have adopted a rule that’s icing women out w/ @KatiaPorzo via @business.
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SPAC enthusiasts, @Opendoor is in advanced talks to go public via a merger with @chamath's Social Capital II in a deal that'd value the combined company at $5 billion $IPOB. Scoop from me, @pat_clark & @crystalttc ⬇️.
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💵🦁 MoneyLion is in talks to go public through a merger with Fusion Acquisition Corp. Scoop w/ @crystalttc ⬇️ $FUSE .
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Can’t believe this is the first stage production the amazing @JasCephasJones has done since @HamiltonMusical — here’s hoping for much more (& that new LP? )🤞
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Israeli startup Otonomo, which operates a data platform linked to connected cars, is nearing a deal to go public through a merger with Software Acquisition Group Inc. II . New w/ @DavidWelchBN & @EdLudlow 👇 $SAII
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Airbnb is set to raise $1 billion in new debt from investors including:.⏺ Apollo.⏺ Benefit Street.⏺ Glade Brook.⏺ Oaktree .⏺ Owl Rock.as well as its newest backers Silver Lake & Sixth Street. New w/ @EricNewcomer @dscigliuzzo ⬇️.
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Triller, the social-video platform (& TikTok rival) that Trump turned to in January after being suspended from Twitter, is in talks to go public through a reverse merger with Seachange International . New 👇 $SEAC
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Payments startup Payoneer is in talks to go public through a merger with one of Betsy Cohen's SPACs, FTAC Olympus Acquisition Corp. New w/ @kbenme ⬇️ $FTOC .
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DeepGreen Metals, which plans to produce metals used in electric-vehicle batteries, is in talks to go public through a merger with Sustainable Opportunities Acquisition Corp. New ⬇️ $SOAC 🔋.
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Buzzfeed is in talks to go public through 890 5th Avenue Partners, a SPAC named after the Avengers mansion. New w/ @Lucas_Shaw 👇 $ENFA.
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Hyzon Motors has agreed to go public through a merger with Decarbonization Plus Acquisition Corp. New w/ @EdLudlow 👇 $DCRB.
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In which @McIlroyRory says he'd text @NiallOfficial back before @realDonaldTrump and also gets the best wedding gift possible from Billy!
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Solid Power, a Ford & BMW-backed maker of solid-state batteries (which could dramatically speed up electric-vehicle adoption), is in talks to go public through a merger w/ Decarbonization Plus Acquisition Corp. III . New ⬇️ $DCRC.
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Bill Ackman’s Pershing Square Foundation & Prysm Capital co-led a $26 million investment in Winners Alliance, a new for-profit affiliate of @ptpaplayers that will help players make off-court earnings via licensing & more
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🦛 Hippo, an insurtech startup, is in talks to go public through Reid Hoffman & Mark Pincus' SPAC (Reinvent Technology Partners). New w/ @mcbridesg @k_chiglinsky @Katie_Roof ⬇️ $RTP.
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Manscaped, a startup focused on below the waist men's grooming products, is in talks to go public via a SPAC (Bright Lights Acquisition Corp.) . New w/ @crystalttc ⬇️ $BLTS
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Bakkt, a cryptocurrency platform that operates a regulated bitcoin futures & options market, is in talks to go public through a merger with VPC Impact Acquisition Holdings. Scoop w/ @crystalttc ⬇️ $VIH $BTC
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*APPLE SAYS NO DISCUSSIONS TO BUY TIKTOK, NOT INTERESTED IN DEAL $AAPL via @markgurman.
As we report in Axios Pro Rata today, Apple has expressed serious interest in buying TikTok.
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"The next 9-12 months will be one of the best times in history to be greedy and deploy capital within venture," @GavinSBaker wrote in a memo to investors. His hedge fund Atreides plans to raise a vehicle that can make structured bets/take companies private
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Cybersecurity co. IronNet is in talks to go public through a merger with LGL Systems (a SPAC). New w/ @Katie_Roof ⬇️ $DFNS
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This week’s @BW cover is lit. Literally. 🔥💵. SoftBank’s Vision Fund is global & so was our collaboration. New w/ @mcbridesg @turnergs @pelstrom @pashakun @BradStone
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🧢 @litcapital (still anon) has made its first public hire: @fboyisland star & Centerview alum @itsmarkmoran as the startup looks to monetize its influence. Fun fact: It’s launching a podcast “Big Swinging Decks” next month.
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🚨 SoftBank is assembling a rescue financing plan for WeWork that may value the office-sharing co. below $8 billion, a fraction of the $47 billion valuation it commanded as recently as January. $WE Scoop w/ @sonalibasak @MichelleF_Davis @SarithaRai 👇 .
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Litquidity aka @litcapital, the Wall Street meme account closely followed by junior bankers, is expanding into their recruitment .
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Amazon is prioritizing household staples & medical supplies $AMZN
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🔌 🚙 . Faraday Future is in talks to go public through a merger w/ Property Solutions Acquisition Corp. $PSAC scoop w/ @ManuBaigorri & @EdLudlow ⬇️.
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WeWork has clinched $1.75 billion in new financing, led by Goldman Sachs, which will free up roughly $800 million in cash that the co. had set aside to satisfy previous covenants. Scooplet w/ @sridinats $WE
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Crypto platform @chia_project, led by @bramcohen & @hoffmang, has raised new funding at a $500 million valuation & could go public as soon as this year (via an IPO or a deal with the "right" SPAC) . New ⬇️
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Matterport, a maker of software that's used for virtual property tours, is in talks to go public through a SPAC (Gores VI). New w/ @Katie_Roof @crystalttc 👇 $GHVI
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JPMorgan's Highbridge Capital is in talks to raise $1 billion or more to bet on SPACs & associated instruments e.g. PIPEs & warrants. New ⬇️
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WeWork has a plan to reprice options for current staff & those impacted by its restructuring to a strike price of $4.12. But they’re ineligible for SoftBank’s $3 billion tender offer at $19.19, in part due to the onerous tax burden. Fri night scoop ⬇️.
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New: The Mid-Size Bank Coalition of America, which has 110 members, asked federal regulators to extend FDIC insurance to *all* deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.
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Vicarious Surgical, a startup backed by @BillGates, is in talks to go public through a SPAC (D8). New ⬇️ $DEH
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Boxed, an online retailer of groceries/household products in bulk, is in talks to go public through a merger with a SPAC (Seven Oaks Acquisition Corp.). New ⬇️ $SVOK 📦 .
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Solera, a software-maker owned by Vista Equity Partners, is in talks to go public through a merger with Apollo Strategic Growth Capital. New w/ @LianaBaker @crystalttc @kielporter ⬇️ $APSG
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Michele Kang, @WashSpirit @OLfeminin @LC_Lionesses owner, pledged $50 million in funding/matching contributions in a new effort to pioneer performance research “so we can stop training women as if they are simply small men & unlock their true potential”.
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JCPenney, Spotify, Qatalyst & Quicken Loans join companies observing Juneteenth as a paid holiday. JCP's CEO acknowledged the deaths of George Floyd & Rayshard Brooks. "American voices are growing louder & calling for an end to racial injustices.".
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Vision+, the “Netflix of Indonesia” is in talks to go public through a merger with Malacca Straits Acquisition Co. New ⬇️ $MLAC 🇮🇩 .
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👟 Franklin Templeton is in talks to invest in Allbirds at a premium to its last valuation of $1.4 billion. Scoop w/ @Katie_Roof ⬇️.
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The SPAC attack continues 💥. Topgolf is in talks to merge with Churchill Capital II $CCX ⛳️🏌️♀️🏌️🏌🏼♂️. Friday night scoop w/ @crystalttc ⬇️.
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Have a spare 13 minutes & want to catch up on the rise & fall of WeWork feat. @ellenhuet @ShiraOvide @amol & yours truly? 👇.
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Scoop: BlackRock-backed electric vehicle maker Arrival is in advanced talks to go public through a deal with a SPAC (CIIG Merger Corp.) that'll give the combined companies an enterprise value of $5 billion to $6 billion $CIIC.
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Merger talks between Equinox & Social Capital Hedosophia Holdings Corp VI have ended over a disagreement re: the valuation of the combined entity. New 👇 $IPOF.
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🇦🇺 Aussie electric vehicle charger maker Tritium has agreed to go public through a merger w/ Decarbonization Plus Acquisition Corp. II . Scoop via @crystalttc ⬇️ $DCRN
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Jeff Bezos, Nvidia and other big technology names (like Amazon, Microsoft & OpenAI) are investing in Figure AI, a startup that’s developing human-like robots, part of a scramble to find new applications for AI . New w/ @markgurman ⬇️ $NVDA $MSFT $AMZN.
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Artificial intelligence specialist BigBear is in talks to go public through a merger w/ GigCapital4 (a SPAC). Scoop 👇 $GIG
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SoftBank is planning to write down the carrying value of its Vision Fund by $5 billion or more due to plunging valuations of investments like WeWork and $UBER. Scoop w/@turnergs
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It’s raining SPACs! 🌧 . @chamath’s Social Capital Hedosophia has filed for $IPOD $IPOE $IPOF .
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One of @chamath’s healthcare SPACs, Social Capital Suvretta III, is in talks to merge with ProKidney. New w/ @crystalttc ⬇️ $DNAC
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🎰 Sheldon Adelson’s Las Vegas Sands is exploring the sale of its flagship casinos in Las Vegas, which could fetch $6 billion or more . $LVS scoop w/ @chrispalmeri ⬇️.
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Reservoir Media, a music publisher that represents copyrights & master recordings for artists including Lady Gaga, Sheryl Crow & Bruno Mars, is in talks to go public via a Roth SPAC. New ⬇️ $ROCC .
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Barry Sternlicht's Jaws Spitfire (a SPAC that has Serena Williams on its board) is in talks to merge with Velo3D, a maker of 3D metal printers. New 👇 $SPFR .
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#ElsieFest was phenomenal, amazing line up capped off by the organizer himself @DarrenCriss with Tom Perry's "Free Fallin'" @ElsieFest
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Scoop: Apollo privately tells investors its private equity arm is snapping up the discounted debt of its portfolio companies, has spent $1 billion on distressed opps & will mark down its PE portfolio between 15% & low 20% in Q1. That and more⬇️ $APO.
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Game developer Playstudios is in talks to go public through a merger with Acies Acqusition Corp., a SPAC that counts former MGM CEO Jim Murren as its chairman. Scoop w/ @chrispalmeri ⬇️ $ACAC
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Koch’s newish growth equity platform has made an investment in EVBox $TPGY.
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🛻 Self-driving truck startup Plus is in talks to merge with Hennessy Capital Investment Corp. V . New w/ @luluyilun & @ManuBaigorri ⬇️ $HCIC.
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Brazil’s @embraer is in talks to merge its eVTOL arm @EveAirMobility with Zanite Acquisition Corp., in what’d be the latest flying taxi SPAC deal 🚁. Scoop w/ @tomwblack ⬇️ $ZNTE
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An investor group led by the family office of billionaire New York Liberty/Brooklyn Nets owner @joetsai1999 & feat. @BillieJeanKing @AbbyWambach @samkerr1 among others, has backed women's sports media platform @justwsports . New 👇.
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⚡🔌 Lightning eMotors is in talks to go public through a merger with a SPAC (GigCapital3) . Scoop ⬇️ $GIK
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🚨 A slew of major US banks are close to agreeing upon a plan to deposit about $30 billion with First Republic Bank in an effort orchestrated by the US government to stabilize the Californian lender. New w/ @hannahlevitt @sridinats ⬇️ $FRC
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