The sale process of the bankrupt DNA data bank 23andMe is encountering delays as the company seeks a lead bidder capable of swiftly navigating regulatory requirements while ensuring customer privacy protocols are upheld. The Silicon Valley-founded enterprise, cofounded by Anne Wojcicki, has been in negotiations with prospective buyers aiming to secure a binding initial offer that could serve as a minimum benchmark in a court-supervised auction. Originally set for Friday, the deadline was extended to Monday, according to recent court filings.
Since going public in 2021 via a merger with a Richard Branson-founded blank-check firm, 23andMe—which reached a valuation of $3.5 billion at the time—has not achieved profitability. Despite this, it amassed DNA data from saliva samples of over 15 million customers. With the company now bankrupt, those genetic samples and the information derived from them have become its most valuable assets. This potential auction of sensitive genetic data has raised concerns among customers regarding how their personal information may be utilised and managed. Additionally, bankruptcy officials have expressed apprehensions over these developments.
In related business news, London-based food delivery service Deliveroo saw shares reach a three-year peak after receiving a proposed $3.6 billion takeover bid from American counterpart DoorDash. The offer was announced after European market closure on a recent Friday. Deliveroo concurrently suspended a $133.5 million share buyback scheme launched the previous month. The company’s board has informed DoorDash that it would recommend the bid to shareholders if a firm offer was lodged on the proposed financial terms, and it has granted DoorDash access to due diligence materials. DoorDash must decide by May 23 whether to proceed with a formal buyout offer.
In the entertainment sector, Spotify disclosed payments exceeding $100 million to podcast publishers and creators since January as part of a new programme aimed at attracting content creators amid rising competition from video podcasting platforms. Since introducing video podcasting in 2019, Spotify faces competition from platforms like YouTube, where more than half of Americans older than 12 have viewed video podcasts. Spotify, which claims to reach 1 billion podcast consumers monthly, now counts about 170 million monthly podcast listeners. Compared to YouTube, which has paid out over $70 billion to creators and media companies in recent years, Spotify continues to expand its presence in podcasting.
OpenAI introduced a shopping feature within its ChatGPT chatbot, allowing users to compare products and make purchases through external websites. Initially, the feature covers categories such as electronics, fashion, beauty, and home goods, with plans to expand further. This addition positions ChatGPT as a multifunctional app, providing capabilities akin to a search engine, voice assistant, and video generator. OpenAI reports that the shopping tool is accessible to all users, whether logged in or not, and does not earn affiliate revenue from purchases made through the platform.
In an unprecedented move within broadcast media, the television news programme '60 Minutes' aired a direct critique of its parent company, Paramount, during its Sunday evening television broadcast. Correspondent Scott Pelley remarked, “Paramount began to supervise our content in new ways. None of our stories has been blocked, but Bill [Owens] felt he lost the independence that honest journalism requires.” These comments followed the recent announcement by Bill Owens, the show’s executive producer, of his intention to resign amid disagreements with the corporation. Owens had expressed the sentiment, “It’s clear the company is done with me,” causing significant attention both within the programme's staff and in the media.
Meanwhile, several leading corporate executives, including CEOs from Nvidia, Johnson & Johnson, Eli Lilly, General Electric, and SoftBank Group, are scheduled to meet with President Trump at the White House to showcase newly announced investments in the United States. The event, labelled "Invest in America," highlights commitments made in the first 100 days of the president's second term, reportedly amounting to $2 trillion in investments. A White House official indicated these companies hail from sectors including defence, technology, healthcare, and consumer products. The White House press secretary, Karoline Leavitt, stated, “President Trump has secured more investments in the United States of America in 100 days than Joe Biden did in four years.” However, some economists have expressed scepticism about the realisation of all pledged spending. The event arrives amid concerns about inflation and economic uncertainty related to the ongoing trade policies and tariff implementations.
These developments across different industries illustrate a dynamic landscape of business negotiations, innovation, and corporate-government interactions occurring globally.
Source: Noah Wire Services