Two stories come from Europe and one story from the US
1- Margrethe Vestager, Big Tech’s European nemesis, steps down
Margrethe Vestager, the European Union’s commissioner for competition, won’t be nominated for a third term and will be stepping down this year. I saw this story at Engadget and she is known for being one of Europe’s top antitrust authorities with a tough attitude on big tech companies during her tenure. European Commission president Ursula von der Leyen , President at European Commission, to start negotiating with new candidates next week, and Vestager’s replacement is expected this autumn. Margrethe Vestager is well-known for Digital Markets Act (DMA) the regulation to provide large companies must not misuse their dominating market power. For example, Apple, Google and Meta had to apply changes after the introduction of DMA.(I have a story here about Hakan Bulgurlu and his election to lead Europe’s home appliance association.)
2-$45B: Revolut becomes Europe’s most valuable private tech firm
Revolut, a UK fintech, becomes Europe’s most valuable private tech firm with a USD45B. I read this story at The Next Web and this valuation has been possible with a share sale by employees.
Let me explain what an employee share sale means: it happens when employees sell their company shares either to the company they work for, external investors, or on the open market. “In Revolut’s case, its employees sold a portion of their shares to investors including Coatue, D1 Capital Partners, and Tiger Global, among others,” the story said.
The news appears as Revolut prepares for expected IPO. There is no a specific schedule for the IPO, New York seems a possible market though. However, an IPO in London is on the table.
“Last month, the company finally secured its UK banking licence, which allows it to provide overdrafts, loans, and savings products — just like traditional banks. In 2023, Revolut reported revenues of $2.2bn and says it is on track to surpass 50 million customers by the end of this year,” per the story.
3-New York brings $200m to boost EVs for school bus fleet
Governor of New York Kathy Hochul said $200 million increase in funding for zero-emission school buses, the second wave from New York’s historic $4.2 billion Environmental Bond Act. I read this story at ESG News and the new funding, available through the New York School Bus Incentive Program (NYSBIP), supports school districts and bus operators in buying electric buses, installing charging infrastructure, and planning fleet electrification. “Administered by the New York State Energy Research and Development Authority (NYSERDA), the NYSBIP offers incentives covering up to 100% of the incremental cost of new or repowered zero-emission buses, depending on the vehicle type,” the story said. Schools will be able to receive charging vouchers to offset infrastructure costs and funding for fleet electrification plans, making electric bus adoption more accessible.
Since the program’s introduction, over 75 school districts have applied for funds to buy 350 buses, including 51 districts in disadvantaged communities. As a side note, NYSERDA’s efforts have included training sessions, webinars, and ongoing support for districts across the state.
