Good morning and Happy Monday! Today, we’re talking about how over 3,500 U.S. companies have sued the Trump administration. Meanwhile, Google has decided to limit election advertising. Plus both Hims Inc and Poshmark have plans to go public.
3,500 U.S. Companies Sue Trump Administration over Chinese Tariffs
The U.S. v China saga continues… but this time with some new players. In the last two weeks, some 3,500 U.S. companies have sued the Trump administration over the imposition of tariffs on more than $300 billion in Chinese-made goods.
What are the suits about?
Here’s the breakdown of the lawsuits:
They challenge the “unlawful escalation” of the U.S. trade war with China via the imposition of a third and fourth round of tariffs.
The companies argue that the Trump administration failed to impose tariffs within a required 12-month period and did not comply with administrative procedures.
One of the suits argues that the administration cannot expand tariffs to other Chinese imports “for reasons untethered to the unfair intellectual property policies and practices it originally investigated.”
Who’s going head-to-head with Trump?
Oh, just about 3,500 U.S. companies. This includes Tesla, Ford Motor, Target, Walgreen, Home Depot, Volvo Group North America, Ralph Lauren, and Dole Packaged Foods.
The Trump administration is likely going to claim that the tariffs are justified because of national security — just like it did when the World Trade Organization found the U.S. breached global trading rules by imposing multibillion-dollar tariffs in Trump’s trade war with China.
But, as pressure mounts and more companies sue, that answer — and the imposition of the tariffs — could very well change.
Google To Halt Election Ads After Polls Close
No ads, no misinformation, and no premature celebration. Google is set to halt election advertising after the polls close for the U.S. presidential election. The policy also applies to YouTube.
Why the radio silence? This is all part of the company’s effort to curb misinformation about the outcome of the vote. In an email to advertisers, the tech titan said that advertisers will not be able to run ads referencing candidates, the election, or its outcomes. Nada.
The winner of the election is often announced on election night. But, the results will likely be delayed this year because many are voting by mail due to the pandemic.
Telemedicine Hims Is Nearing A Deal To Go Public Via SPAC
The deal, which could be announced as soon as next week, could value Hims at about $1.6 billion. Oaktree, meanwhile, is in talks with investors to raise about $75 million to help fund the transaction.
Wait, what’s SPAC?
A SPAC or special purpose acquisition company is also sometimes called a blank-check company. It’s basically a shell company that has no operations but goes public strictly to raise funds to acquire an existing company.
Who’s Hims, again?
Hims is perhaps best known for offering online prescriptions for… uh… more discreet conditions that patients might be shy to talk to an in-person provider about. For instance, hair loss and sexual dysfunction.
While there’s quite a bit of fanfare over this news, it’s really not much of a surprise that the company is thriving. After all, telemedicine is having its moment — especially in light of the pandemic.
Poshmark Has Filed To Go Public
Give me all the details
Alas, there isn’t much to share. According to a statement by Poshmark, the number of shares and the price range for the IPO haven’t been determined.
What we do know is that the company had put off a potential IPO in 2019 to focus on boosting sales and improving its execution.
Then, tell me about Poshmark
That we can do. It’s an online marketplace to buy and sell clothing, shoes, and accessories. In June 2019, the company expanded its marketplace to include home décor.
Coincidentally, its rival, ThredUp Inc, is also pursuing an IPO. Targeted for early 2021, ThredUp could raise $200 to $300 million, according to sources.
Among Us, a 2018 murder mystery game set in space, is the latest multimillion dollar craze in video games after Animal Crossing. This is to be expected, really, as it offers the best of intrigues: murder mystery and space.
Time’s Up. Alphabet, Google’s parent company, has settled a series of shareholder lawsuits over its handling of sexual harassment claims.
Nothing is certain but death and a hike in taxes? Well, for the rich anyway. Legislators in nine states are proposing higher taxes on the wealthy.
- Move over, Kylie Jenner! Electric truck startup Hyliion is slated to go public next week with its founder set to be the youngest self-made billionaire at 28.