The daily business briefing: September 20, 2023
Disney says it will invest $60 billion in theme parks, Instacart shares rise in debut, and more

1. Disney to invest $60 billion in theme parks
The Walt Disney Co. said in a security filing Tuesday that it planned to spend $60 billion over the next decade to expand its theme parks and continue building its Disney Cruise Line. That would be roughly twice as much as the company spent on its domestic and international parks in the last decade, which was considered a period of heavy investment. Disney CEO Robert Iger last month called the parks division "a key growth engine" for the entertainment giant. Disney's theme parks are expected to generate about $10 billion in profit this year, compared to $2.2 billion a decade ago, according to The New York Times. The New York Times
2. Instacart shares jump 12.3% in debut
Instacart shares rose 12.3% Tuesday in their first day of trading on the Nasdaq stock exchange, the latest sign of a strengthening market for initial public offerings. The grocery delivery company priced the shares at $30, and they jumped as high as $42.95 in early trading before closing at $33.70, giving the company a valuation of more than $11 billion. The IPO marked a long-awaited milestone for Instacart, which was founded in 2012. It filed for an IPO in May 2022 but put it off due to recession fears that were rattling markets. The successful debut, which followed U.K. chip-maker Arm's massive IPO, signaled surging optimism in the IPO market. The Associated Press
3. Prosecutors examine Musk's Tesla perks
Federal prosecutors in New York are seeking information on possible personal benefits Tesla is suspected of providing to CEO Elon Musk, The Wall Street Journal reported Tuesday, citing people familiar with the investigation. The criminal investigation dates to 2017, earlier than previously known. Prosecutors are looking at numerous issues, including a proposed house for Musk known at Tesla as "Project 42." The big glass building was allegedly planned for near the electric-car maker's factory and headquarters just outside Austin, Texas. The Securities and Exchange Commission is conducting a separate civil investigation. Musk said on X, formerly Twitter, that no glass house was "built, under construction or planned." The Wall Street Journal
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
4. Stock futures gain ahead of Fed decision
U.S. stock futures rose early Wednesday ahead of the Federal Reserve's latest decision on interest rates. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up about 0.2% at 7 a.m. ET. Nasdaq futures were up 0.1%. The Dow fell 0.3% on Tuesday while the S&P 500 and the tech-heavy Nasdaq dropped 0.2% as investors cautiously awaited the end of the Fed's two-day meeting on Wednesday. Traders expect the central bank's policymakers to hold interest rates steady, but will look to its economic projections for clues about whether the Fed will hike rates once more this year to continue its fight against inflation. CNBC
5. Huawei ships surveillance-camera chips made in China
A unit of Chinese tech giant Huawei has started shipping new Chinese-made chips for surveillance cameras, the latest evidence that the company is "finding ways around four years of U.S. export controls," Reuters reported Wednesday, citing two sources briefed on the matter. Huawei's HiSilicon chip design unit started making deliveries to surveillance camera manufacturers earlier this year. Huawei also recently unveiled new smartphones equipped with advanced chips that appeared to be made in China. The developments came despite export controls Washington imposed in 2019, preventing Huawei from buying high-tech components from U.S. companies without approval. Reuters
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Why some people remember dreams and others don't
Under The Radar Age, attitude and weather all play a part in dream recall
By Chas Newkey-Burden, The Week UK Published
-
The Week contest: Hotel seal
Puzzles and Quizzes
By The Week US Published
-
New FBI Director Kash Patel could profit heavily from foreign interests
The Explainer Patel holds more than $1 million in Chinese fashion company Shein
By Justin Klawans, The Week US Published
-
Store closings could accelerate throughout 2025
Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
By Justin Klawans, The Week US Published
-
The diamond market is losing its shine
Under the radar Precious gemstones are rapidly dropping in price
By Devika Rao, The Week US Published
-
Can the US Steel-Nippon Steel merger come back to life?
Today's Big Question President Trump opposed the deal. But he could be flexible.
By Joel Mathis, The Week US Published
-
How Trump is making your Shein and Temu orders more expensive
In the Spotlight The president has ended a tariff loophole for small shipments
By Joel Mathis, The Week US Published
-
Getty Images and Shutterstock merge into a picture powerhouse to combat AI
The Explainer The $3.7 billion deal is one of the largest in the industry's history
By Justin Klawans, The Week US Published
-
What went wrong at Nissan?
In the Spotlight And will a merger with Honda make the difference?
By Joel Mathis, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Nordstrom family, investor to take retail chain private
Speed Read The business will be acquired by members of the family and El Puerto de Liverpool, a Mexican real estate company
By Peter Weber, The Week US Published