China considers taking more control over internet users’ data. Beijing has reportedly proposed creating a joint venture with domestic tech platforms that would oversee all of the personal information, according to Bloomberg. It comes as the Chinese government tightens the reins on tech giants like Alibaba and Tencent.

First-day pops in the prices of SPAC offerings are fading. Shares in blank-check firms had routinely jumped on their first day of trading, but nearly all of the I.P.O.s this week closed below their offer price. Supply may have swamped demand for the red-hot acquisition vehicles, which have raised nearly $100 billion this year.

The S.E.C. may be investigating SoftBank over its “Nasdaq whale” trades. The short-selling firm Plainview published a letter purportedly from the agency, obtained via a Freedom of Information Act request, that says “the investigation from which you seek records is still active and ongoing.” SoftBank has been under scrutiny over its huge market-moving bets on stock options tied to tech companies last year.

Financial firms combat employee burnout with … cash. Credit Suisse will pay junior bankers a $20,000 bonus in an acknowledgment of “unprecedented deal volume.” And amid departures of younger employees, Apollo Global Management has offered some associates up to $200,000 to stay through late 2022.
The New York Times