President Trump is preparing a massive stimulus proposal, Amazon adjusts to COVID-19 and HashiCorp is now valued at more than $5 billion. Here’s your Daily Crunch for March 17, 2020.
1. Trump administration proposes $850B stimulus package to stabilize the economy
The Trump administration is heading to Congress to ask for an $850 billion stimulus package to stabilize an economy shaken by the dramatic response to the novel coronavirus. Citing multiple sources, stories in The Washington Post, The New York Times and CNBC report that Treasury Secretary Steven Mnuchin is presenting details to Senate Republicans later on Tuesday.
While the specifics of the planned stimulus package are limited, the White House is pushing for a payroll tax cut and another $50 billion in direct stimulus to help the airline industry, which has cratered as global quarantine rules have stymied air travel.
2. Amazon limiting shipments to certain types of products due to COVID-19 pandemic
Amazon’s “Fulfillment by Amazon” program — through which it provides warehousing and shipment services for products from third-party sellers — was well as its larger vendor shipment services are being partially suspended through April 5 due to the global coronavirus outbreak. This suspension will allow Amazon to prioritize shipment of “household staples, medical supplies and other high-demand products,” the company said.
3. HashiCorp soars above $5B valuation in new $175M venture round
HashiCorp’s suite of products helps everyone in the tech workforce, from IT admins to software developers, operate in the cloud (mostly) effortlessly and natively. The company’s products have long garnered rave reviews from technical teams, and now it’s looking at a brand new massive valuation.
4. NBCUniversal will break the theatrical window to release ‘The Invisible Man’ and other movies on-demand
With cities going on lockdown and movie theaters closing, NBCUniversal announced that its movie studio Universal Pictures and specialty label Focus Features will be releasing their films in theaters and on-demand, simultaneously.
5. Veteran VC Mike Volpi discusses investing and fundraising in ‘a very difficult time’
In an interview, Volpi talks about who is likely to snap shut their checkbook first — and why, in some cases, the best thing to do now is to keep the money flowing. (Extra Crunch membership required.)
6. SpaceX will launch Intelsat’s next satellite using a re-used Falcon 9 in 2022
Intelsat has tapped SpaceX for the launch of its Intelsat 40e spacecraft, a high-throughput communications satellite that will join the company’s existing geostationary network.
7. Uber suspends Uber Pool shared rides in the US and Canada to help limit coronavirus spread
Meanwhile, regular Uber on-demand rides for individual bookings, as well as Uber Eats delivery services, will still be operating as before. Uber did institute a new persistent in-app message for its ride-hailing app for riders, however, labeled “Flatten the Curve” and advising users to “travel only if necessary,” and to “exercise caution for your safety and the safety of our community.”
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