March 6, 2021

billion

Insurance Startup Hippo to Go Public in $5 Billion SPAC Merger

Home-insurance technology upstart Hippo Enterprises Inc. is teaming with a special-purpose acquisition company to go public, the latest insuretech business to tap equity markets and challenge traditional insurers head-on.

The six-year-old Hippo, based in Palo Alto, Calif., will go public through a merger with

Reinvent Technology Partners Z

RTPZ 2.39%

in a deal that values the firm at $5 billion, the companies said. Reinvent Technology Partners Z had an initial public offering of stock in November.

Reinvent’s co-directors are LinkedIn co-founder

Reid Hoffman

and

Mark Pincus,

founder of mobile-game maker

Zynga Inc.

Hippo’s move will provide funding as it continues

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Limiting Private Insurance Reimbursement to Medicare Rates Would Reduce Health Spending by About $350 Billion in 2021

The cost of health care is becoming less affordable for both privately insured individuals and employers who offer health insurance coverage. Long-standing concerns about high and rising health care costs in the United States have been recently exacerbated by the COVID-19 pandemic, which has increased financial pressure on many employers and individuals and led to record unemployment, furloughs and reduced wages. A large body of research has documented that private insurers pay higher prices than Medicare and that this gap is growing. Health care spending in the United States is nearly double the average amount spent by other high-income

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Bitcoin miners raked in more than $1 billion in combined earnings last month. Here’s how they make money. | Currency News | Financial and Business News

Bitcoin miners earned a combined $1.1 billion in January.
  • Bitcoin mining is the process that allows new coins to enter circulation, adding to the crypto ecosystem.
  • Miners receive bitcoin as a reward for verifying “blocks” of transactions on the blockchain.
  • Last month, they earned more than $1 billion in combined earnings. Here’s how they do it. 
  • Visit the Business section of Insider for more stories.

Bitcoin is created on a decentralized network called the blockchain, where a vast network of digital “miners” work to verify transactions at any given time.

These miners earned a combined $1.1 billion in

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Video shows how Earth’s tectonic plates moved over 1 billion years

The land mass that became Antarctica once sat along the Equator. Over Earth’s history, several supercontinents have broken up and come back together like the Backstreet Boys.

Our current seven continents and five oceans are the result of more than 3 billion years of planetary evolution, the tectonic plates crisscrossing atop the semi-solid ooze of Earth’s core. 

But charting the precise movements of those plates over all that time is challenging; existing models are often piecemeal, span only a few million years, or focus on just continental or oceanic changes, not both. 

Now, for the first time, a group of

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