Tag: amazon

Walmart to acquire smart TV maker Vizio for $2.3 billion to boost its advertising business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Walmart is buying the smart TV maker Vizio for $2.3 billion as it attempts to expand its rapidly growing advertising business to compete with Amazon.

If completed, the deal would give Walmart access to Vizio’s SmartCast operating system, allowing the retail behemoth to offer its suppliers the ability to display ads on streaming devices.

Walmart has been ramping up its media and ad business with Walmart Connect, giving advertisers access to Walmart’s massive customer base. In its earnings release on Tuesday, Walmart said its global advertising business grew approximately 28% to $3.4 billion last year.

The moves come as Amazon announced last month it would start charging its Prime members $2.99 per month to keep their movies and TV shows ad-free, on top of the fee it charges for Prime: $14.99 per month or $139 per year.

Vizio’s SmartCast system has 18 million active accounts and has grown by 400% since 2018. The companies say that Vizio’s platform has more than 500 direct advertisers and that ads now account for the majority of the company’s gross profit.

Makers of streaming hardware like Roku and Vizio have increasingly shifted their focus to ad revenue in recent years. Vizio launched its Vizio Ads business unit in 2019, claiming that it was “one of the few connected TV companies with the device penetration, consumer opt-in and infrastructure to deliver meaningful scale.”

Walmart recognised the Vizio’s expanding consumer reach and jumped at the chance to supplement its Walmart Connect business.

“We believe the combination of these two businesses would be impactful as we redefine the intersection of retail and entertainment,” said Seth Dallaire, executive vice president and chief revenue officer for Walmart US.

Other major streamers — such as Netflix and Disney — have embraced the dual model that allows them to earn revenue from ads and also offer subscribers the option to opt out with a higher fee.

However, in the constantly evolving streaming sector, it remains to be seen whether consumers are willing to pay more to see fewer ads when they are already paying subscription fees, often for multiple services. A big reason that so many viewers “cut the cord” and quit cable TV was frustration over their ever-increasing bills.

Vizio shares jumped nearly 15% in the afternoon, to $10.96 per share.

Walmart, which reported sales and profit Tuesday that topped Wall Street’s expectations, rose 3.1% to $175.66 per share.

Shares of Roku, one of Vizio’s main competitors, tumbled 6.4% at midday.

Also Read: Jeff Bezos wraps up 50 million Amazon stock sale netting $8.5 billion

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amazon to be added to the Dow Jones Industrial Average, replacing Walgreens Boots Alliance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amazon.com Inc. is being added to the Dow Jones Industrial Average, joining Apple, Walt Disney, Walmart and other companies that make up the 30-stock average.

The e-commerce giant will replace drugstore operator Walgreens Boots Alliance in the Dow before the open of trading on Monday, S&P Dow Jones Indices said Tuesday.

The shift was prompted by Walmart’s decision to do a 3-to-1 stock split, which will reduce its stock’s weighting in the index. The Dow is a price-weighted index, so stocks that fetch higher prices are given more weight.

Seattle-based Amazon will join the Dow on the same day that Walmart executes its stock split.

“Reflecting the evolving nature of the American economy, this change will increase consumer retail exposure as well as other business areas in the DJIA,” S&P Dow Jones Indices said.

Amazon’s entry into the Dow, Walgreens’ exit and Walmart’s stock split will cause a ripple effect on the weighting of the Dow stocks. Once the shift is completed, Amazon’s weight in the Dow will rank 17th out of the 30 stocks in the index. Walmart’s weighting will drop to 26 from 17. UnitedHealth Group will remain the most heavily weighted stock in the index.

Also before the start of trading on Monday, ride-sharing service Uber Technologies will be added to the Dow Jones Transportation Average, S&P Dow Jones Indices said.

The change help give the index exposure to the ride-sharing industry.

San Francisco-based Uber will take the spot now held by JetBlue Airways, whose low share price caused its weight in the index to drop to less than one-half of one percentage point.

S&P Dow Jones Indices made the announcements after the closing bell. Amazon shares rose 1.4% in after-hours trading, while Uber’s stock picked up 1.1%.

Also Read: Jeff Bezos wraps up 50 million Amazon stock sale netting $8.5 billion

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jeff Bezos wraps up 50 million Amazon stock sale netting $8.5 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jeff Bezos unloaded 14 million Amazon.com Inc. shares worth about $2.4 billion, finishing in just nine trading days the plan he disclosed earlier this month to sell up to 50 million shares.

The latest transaction, which brings his cash out total to $8.5 billion, took place over three trading days ending Tuesday, according to a regulatory filing. Before his selling spree, the world’s third-richest person hadn’t disposed of company stock since 2021.

Bezos, who founded Amazon and owns space exploration company Blue Origin and the Washington Post, hasn’t disclosed plans for the proceeds. He announced on November 2 he was moving to Miami from the Seattle region.

Washington state instituted a 7% capital gains tax in 2022 — something Florida doesn’t have — meaning Bezos’s relocation is likely saving him hundreds of millions of dollars in taxes.

Bezos has a net worth of $191.3 billion, according to the Bloomberg Billionaires Index.

Spokespeople for Amazon and Bezos didn’t immediately respond to requests for comment.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nvidia replaces Alphabet as Wall Street’s third most valuable company

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nvidia eclipsed Google-parent Alphabet as the third most valuable US company on Wednesday, just after overtaking Amazon and as investors looked to the dominant AI chipmaker’s upcoming quarterly report.

The Santa Clara, California company’s stock rose 2.46%, putting its value at $1.825 trillion, while Alphabet’s stock climbed 0.55%, leaving it with a value of $1.821 trillion.

Nvidia has been a top beneficiary of technology companies’ race to build AI into their products and services, and the latest gain in its stock came a day after it ended a session with a market capitalisation above Amazon‘s for the first time in two decades.

Amazon’s market capitalisation was $1.776 trillion after its stock rose 1.39% on Wednesday.

Nvidia controls about 80% of the high-end AI chip market, a position that has boosted its stock price 47% this year after it more than tripled in 2023. Customers face shortages of Nvidia’s top-of-the-line components while AI developers face months-long waiting lists to use its processors through cloud-computing providers.

Technology-related companies, including Microsoft and Meta Platforms, have also rallied to record highs on AI optimism.

Nvidia’s quarterly report next Wednesday will be among Wall Street’s most closely watched of the week. Analysts expect another blowout quarter and outlook, and anything less could deflate Wall Street’s AI rally, some investors warned.

“The market recognises Nvidia as the AI king. But if Nvidia has one bad quarterly report, if they don’t overly exceed investors’ expectations, this thing could sell off 20 or 30% in one after-hours session,” said Jake Dollarhide, Chief Executive Officer of Longbow Asset Management in Tulsa.

Susquehanna analyst Christopher Rolland on Wednesday increased his price target for Nvidia’s stock to $850 from $625, saying he expects strong quarterly results and guidance. Nvidia shares were last at $739.

An early leader in the AI race, Microsoft in January overtook Apple to become the world’s most valuable company, now valued at over $3 trillion. State oil giant Saudi Aramco is the world’s third most valuable publicly-listed company, according to LSEG.

Analysts, on average, see Nvidia’s January fiscal quarter revenue more than tripling to $20.37 billion, fueled by demand for its top-shelf AI chips, according to LSEG data. Analysts see its adjusted net profit surging over 400% to $11.38 billion.

Nvidia is trading at around 34 times expected earnings, up from about 24 in early January, and down from over 50 a year ago, according to LSEG.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jeff Bezos sells $4 billion of Amazon stock in four trading days

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jeff Bezos didn’t wait long to start cashing in on Amazon.com Inc.’s rally to start the year.

Less than two weeks after disclosing a plan to dispose of as many as 50 million shares of the company he founded, Bezos has offloaded 24 million shares, worth more than $4 billion. The sales, revealed in regulatory filings, took place over just four trading days. The world’s second-richest person previously hadn’t sold stock since 2021.

Bezos hasn’t explained why he’s selling now, but the timing of when he instituted the trading plan may provide a clue. He announced on Nov. 2 he was moving to Miami from the Seattle region. He adopted a so-called 10(b)5-1 plan on Nov. 8.

Washington state instituted a 7% capital gains tax in 2022 — something Florida doesn’t have — meaning Bezos’s relocation is likely saving him $288 million so far. Because Bezos has only ever bought a single share of Amazon, it’s safe to assume he’s owned the stock since the company was founded and therefore virtually all of their value would be considered capital gains.

Amazon shares were up 13% this year through Monday’s close, the last day on which Bezos sold shares, according to a filing. They slipped 2.2% to $168.64 on Tuesday.

Spokespeople for Amazon and Bezos declined to comment.

A tax bill of $288 million would be a significant windfall for Washington, which raised $855 million from the capital gains tax last year, more than half of which came from just 10 people, according to state officials.

The tax has received some pushback in the state. Billionaire Ken Fisher in March said he would move his firm from Washington to Texas, criticizing the tax and the court decision that upheld it. A ballot initiative could make its way to voters in November seeking to repeal the levy.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amazon’s Alexa dominates family homes — Young kids drive double the interaction, reveals data

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amazon’s virtual assistant, Alexa, and its Echo smart speakers have become integral to Indian households for the past six years, catering to a diverse range of needs. Amazon disclosed that Alexa’s popularity is notably higher among families with children under the age of 8, with these households engaging with the virtual assistant twice as much as other users.

Weekends, in particular, witness a surge in family interactions with Alexa, as there was a 15% increase in requests for children’s music over the past year, the company stated.

The top five requested songs include favorites like “Baby Shark,” “Lakdi Ki Kathi,” “Johnny Johnny Yes Papa,” “Wheels on the Bus,” and “Twinkle Twinkle Little Star.”

Also read: How to transfer money from Amazon Pay wallet to your bank account — a step-by-step guide

Moreover, traditional Indian folktales such as Akbar Birbal, Tenali Raman, and Panchatantra stories are gaining traction, especially in Hindi, with an average of 34 requests per hour in 2023, it added.

The appeal of Alexa for families lies not only in its entertainment features but also in its ability to simplify daily tasks. Parents find comfort in the kid-friendly aspects of Alexa, offering interactive games, quizzes, nursery rhymes, and answering questions on various subjects like spellings, general knowledge, history, and science, amazon informed in its report.

Dilip R.S., Director and Country Manager for Alexa, Amazon India, emphasised how Alexa has seamlessly integrated into parenting routines. “Parents often tell us how Alexa has become a companion in their parenting journeys. The option to access a number of useful kid-friendly experiences with simple voice commands makes Alexa a convincing addition for a young family,” he noted.

A study conducted by Kantar for Amazon revealed that Alexa is contributing positively to children’s learning experiences. Parents actively using Alexa smart speakers reported a 95% reduction in screen time, considering it a true companion for their kids. Additionally, 90% believed that Alexa helps keep their children mentally active, fosters learning, and encourages independence.

Customers can explore anniversary deals on the Alexa anniversary page, offering up to 50% off on Echo smart speakers, Fire TV Stick, and Alexa smart home combos. Deals include a 49% discount on the Alexa smart home combo, featuring Echo Dot 4th Gen (with clock) + Wipro Simple Setup 9W smart bulb at ₹3,899, a 59% discount on Echo Pop Gift twin packs with Wipro Simple Setup 9W smart bulb at ₹4,898, and a 40% discount on the best-selling Fire TV Stick, available for ₹2,999.

Also read: Amazon’s Alexa turns 6 | 200% rise in smart devices connected in 3 years, tech giant says

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How to transfer money from Amazon Pay wallet to your bank account — a step-by-step guide

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amazon Pay, a service offered to Amazon customers, offers a broad spectrum of uses, from shopping on Amazon.in to ordering food, booking cabs, and even paying utility bills. Customers can scan and pay using it on any QR.

This Unified Payment Service (UPI) handle allows users to utilise their Amazon Pay Wallet to transfer money via UPI to their bank accounts.

It’s important to note that this feature doesn’t apply to the Amazon Pay gift card balance.

In order to complete know your customer (KYC), users can log in to Amazon account and navigate to the ‘Amazon Pay’ dashboard. They are then required to click on the ‘Amazon Pay Balance’ button at the top of the page.

Further, users can click on ‘Upgrade now’ on this page to initiate full KYC.

Here’s a step-by-step guide on how to transfer the Amazon Pay balance to bank account:

Step 1: Start by logging in to the Amazon account and navigate to the ‘Amazon Pay’ dashboard. This can typically be found in the payment section of the account.

Step 2: Click on ‘Send Money.’ Once on the ‘Amazon Pay’ dashboard, locate and click on the ‘Send Money’ option. This will open up a menu with various transfer options.

Step 3: Within the ‘Send Money’ menu, choose the ‘To Bank’ option. This step is crucial as it specifies that users intend to transfer their funds to the bank accounts.

Step 4: Provide the necessary information such as the bank account details. Double check the accuracy of the details to ensure a smooth transaction.

Step 5: After entering the bank details, click on ‘Pay Now’ to initiate the transfer process. The Amazon Pay Balance will be transferred to the bank account.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amazon’s Alexa turns 6 | 200% rise in smart devices connected in 3 years, tech giant says

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amazon’s voice-controlled virtual assistant, Alexa, has marked its sixth year in Indian households, contributing to the simplification of daily tasks and the growing popularity of smarter homes. According to Amazon, devices featuring Alexa, such as Echo smart speakers and Fire TV Stick, have found homes in various locations, with customers from 99% of India’s PIN codes embracing the technology in both metro and non-metro cities. Over the last three years, there has been a 200% increase in connected devices, the company said.

In a press release, Amazon stated that the rise in connected devices has also led to a parallel 100% increase in requests to Alexa for managing compatible smart home appliances, including lights, plugs, fans, TVs, security cameras, ACs, water heaters, and air purifiers. The use of Alexa to control smart fans and smart ACs witnessed a significant 37% increase in the last year, showcasing the evolving preferences of Indian customers in the smart home sector, Amazon said.

To mark Alexa’s sixth anniversary in India, Amazon is offering customers up to a 50% discount on Echo smart speakers and Alexa smart home combos.

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Parag Gupta, Director and Country Manager, Amazon Devices, India, commented on the evolving landscape, stating, “Since we launched Alexa and Echo smart speakers in India, the smart home sector has evolved significantly. Customers can easily set up a smart home by getting a compatible smart bulb and instantly control it with Alexa or get a smart plug to automate existing appliances.”

Indian smart home brands have responded to the growing trend by introducing locally relevant devices such as tube lights, ceiling fans, IR blasters, and smart strips. The selection of Alexa-compatible smart home appliances has expanded by 12% in the last year, Amazon said, featuring new products from brands like Xiaomi, OnePlus, Hindware, and Atomberg.

Amazon said it is further enhancing the Alexa experience with new features, including a redesigned Alexa app, an Alexa Connect Kit smart bulb for simplified setup, wake-up lighting capabilities, and timed actions for efficient automation.

Customers can explore anniversary deals on the Alexa anniversary page, offering up to 50% off on Echo smart speakers, Fire TV Stick, and Alexa smart home combos. Deals include a 49% discount on the Alexa smart home combo, featuring Echo Dot 4th Gen (with clock) + Wipro Simple Setup 9W smart bulb at ₹3,899, a 59% discount on Echo Pop Gift twin packs with Wipro Simple Setup 9W smart bulb at ₹4,898, and a 40% discount on the best-selling Fire TV Stick, available for ₹2,999.

Also read: iQOO and LAVA challenging established brands in India, says CMR report

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Meta, Amazon job cuts and belt-tightening pay off for investors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Meta Platforms Inc. and Amazon.com Inc. spent 2023 cutting costs and re-focusing their businesses. It was a strategy that upended the lives of displaced tech workers in Seattle and Silicon Valley, but appears to have paid off handsomely for investors who are likely to continue reaping benefits.

Both companies reported better-than-expected earnings on Thursday, sending their stock prices soaring and validating the belt-tightening strategies that defined the tech industry’s past 16 months.

Meta, which cut headcount by 22% in 2023, unveiled plans for a $50 billion stock buyback, and even announced its first ever quarterly dividend — a sign to investors that it has money to spare and a reason for them to stick around. Amazon investors asked about any plans to return capital to shareholders and executives were noncommittal.

Amazon initiated its biggest-ever round of corporate job cuts beginning in 2022 that affected about 35,000 people last year. Already in 2024, the company has said more positions will be eliminated in its Prime Video, studios and Twitch livestreaming businesses

Investors were happy to see tech companies — often prone to splurge on moonshot projects with no foreseeable payout — narrow their investments on profitable business lines, said Gil Luria, managing director at D.A. Davidson & Co.

“This new found cost discipline is paying off for investors as these companies were able to prune less productive businesses while still being able to invest some of those savings in the faster growing parts of their business,” he said. “At the same time, these companies have been able to accelerate revenue growth, thus significantly increasing margins.”

Both companies also reported holiday quarter revenue growth in their central businesses — digital advertising for Meta and e-commerce sales for Amazon — that surpassed estimates. The results sent Meta’s shares up 15% in extended trading while Amazon’s stock rose more than 7%.

Meta Chief Executive Officer Mark Zuckerberg acknowledged that the strong business results raise questions about whether Meta should start investing heavily again.

“The biggest thing that’s holding me back from doing that is that at this point I feel like I’ve really come around to thinking that we operate better as a leaner company,” he said Thursday. “There are always these questions about adding a few people here or there to do something, and I guess I just have more of an appreciation about how all of that adds up.”

For years, Meta and Amazon reinvested profits back into the companies, fueling hiring sprees and expanding into new technologies and business lines. The strategy was increasingly apparent in the wake of the Covid-19 pandemic, when both companies spent aggressively.

Meta’s headcount increased 30% in 2020, and another 23% in 2021, while pivoting the entire company toward a massive investment in augmented and virtual reality technology dubbed the metaverse. Amazon, for its part, doubled the size of its logistics network to meet pandemic demand and increased its workforce almost 30% in 2022 before it cooled on hiring and building new facilities.

The question now becomes whether leaner, more focused versions of Meta and Amazon can continue to strive for the bold and ambitious tech advancements that have made them household names.

In Meta’s case, that includes spending aggressively on artificial intelligence advancements, both in generative AI but also on the background technologies to help feed it social media products and power its ad targeting. Zuckerberg is also still committed to VR and AR headsets, and the company’s Reality Labs division building these kinds of technologies still lost $16 billion in 2023.

Zuckerberg said he plans to keep headcount growth “relatively minimal” for 2024 and beyond despite the lofty ambitions. “Until we reach a point where we are just really under water on our ability to execute, I kind of want to keep things lean because I think that’s the right thing for us to do culturally.”

Amazon CEO Andy Jassy said Amazon reduced the cost to serve a customer’s order by 45 cents per unit in 2023, its first decrease on that metric in five years, and he vowed to continue to look for ways to bring those costs even lower.

Chief Financial Officer Brian Olsavsky said the company would be cautious about new investments. “Where we can find efficiencies and do more with less, we’re going to do that as well,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amazon’s bid to buy Roomba maker iRobot is called off amid pushback in Europe

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amazon called off its purchase of robot vacuum maker iRobot on Monday, blaming “undue and disproportionate regulatory hurdles” after the European Union signalled its objection to the deal.

The companies said in a joint statement that they were disappointed but mutually agreed to terminate the acquisition. The deal faced antitrust scrutiny on both sides of the Atlantic, but most strongly in Europe, where regulators investigating competition concerns were expected to issue a final decision by February 14.

Amazon announced in 2022 that it would buy iRobot, maker of the circular-shaped Roomba vacuum, for $1.7 billion in cash. But the value of the deal fell 15% after iRobot incurred new debt.

Amazon will pay the Bedford, Massachusetts-based company a previously agreed termination fee of $94 million, iRobot said in a separate announcement, which also disclosed that it would lay off about 31% of its staff and see its CEO depart.

The European Commission, the European Union’s executive arm and top antitrust enforcer had informed Amazon last year of its “preliminary view” that the iRobot acquisition would hurt competition in the industry.

While British antitrust regulators cleared the purchase in June, it also still faced scrutiny in the US by the Federal Trade Commission.

The European Commission did not respond immediately to a request for comment. It had been concerned that Amazon could reduce the visibility of an iRobot competitor’s product or limit access to certain labels, such as “Amazon’s choice,” that may attract more shoppers.

The commission said last year that Amazon also might have found ways to raise the costs of iRobot’s rivals to advertise and sell their products on its platform.

David Zapolsky, Amazon’s general counsel, lashed out at regulators and said consumers would lose out on “faster innovation and more competitive prices.”

“Mergers and acquisitions like this help companies like iRobot better compete in the global marketplace, particularly against companies, and from countries, that aren’t subject to the same regulatory requirements in fast-moving technology segments like robotics,” he said.

He added that “undue and disproportionate regulatory hurdles discourage entrepreneurs, who should be able to see acquisition as one path to success, and that hurts both consumers and competition — the very things that regulators say they’re trying to protect.”

Now that the deal has been called off, iRobot said it would undergo a restructuring plan designed to stabilise the company. As part of those changes, the company will lay off roughly 350 employees.

iRobot Chairman and CEO Colin Angle also will step down. Glen Weinstein, the company’s executive vice president and chief legal officer, will serve as interim CEO.

Consumer rights groups had voiced concerns about the Amazon-iRobot deal, saying it would broaden the e-commerce giant’s dominance in the smart home market.

Amazon has purchased other smart home companies in the past, including home security camera maker Blink, doorbell camera maker Ring and the mesh-networking Wi-Fi company Eero.

This is the latest example of a deal involving US companies that fell apart after facing scrutiny from European regulators.

Last year, Adobe abandoned its plan to buy online design company Figma for $20 billion because of EU and British antitrust concerns. Biotech giant Illumina was forced to undo its $7.1 billion purchase of cancer-screening company Grail after losing legal battles with antitrust enforcers in both Europe and the US.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow