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Shein’s IPO is being pitched at under $30 billion. Four years ago it was worth $100 billion.
TL;DR Shein advisers pitching HK IPO at sub-$30B, down 70% from $100B+ peak. Q1 net loss $99M. Net profit fell from $3.4B to $2B. Margins halved to 4.9%. Tariffs, Temu competition, and lost de minimis exemption crushing model. Shein’s advisers are pitching the fast-fashion giant
OpenAI is hiring a power trader, because electricity is now a position on its books
OpenAI is recruiting a power-trading lead for its data centres. The role will own commodity hedging strategy across the company’s power portfolio. It will have no direct reports at first. Bloomberg’s Julian Hast reported the listing on Monday. OpenAI did not immediately respond to a request for comment.
Google Play adds Venmo as a payment option in the US. In other markets, it is testing cash.
TL;DR Venmo now accepted on Google Play in the US for apps, games, subscriptions, and creator tips. Joins PayPal, Cash App, and cards. $167B spent on in-app purchases in 2025 (up 10.6%). Google also testing cash payments via Pending Transactions in some markets. Google Play now accepts Venmo