If you need some Wednesday motivation, know that Uber has FINALLY reported a quarterly operating profit. To get there, the company lost more than $32 billion subsidizing rides until it was able to destroy the entire taxi industry. The clear message here is to never give up – so how many taxis are you willing to destroy to chase down your dreams?

The lowdown

• 🚕 Uber reports first operating profit after more than $32 billion in losses.

• 🏦 HSBC doubles income and announces $2 billion share buyback.

• 💉 Steve Jobs’ son Reed launches $200 million VC fund that will invest in cancer treatments.

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New Relic goes private

Web tracking and analytics company New Relic is set to go private in a $6.5 billion all-cash deal led by PE firms TPG and Francisco Partners. The deal was revived after the PE consortium secured sufficient debt financing following an initial fall through of the agreement months prior.

New Relic now has a 45-day "go-shop" period to receive offers from other potential bidders. If the deal closes as planned, New Relic shareholders will receive $87 per share, representing a 7.5% premium over the stock's closing price on the previous Friday. Not enormous by any means.

The agreement will provide New Relic with additional resources to accelerate its strategy. The ‘observability’ market is expected to grow significantly – projections estimate its worth at $4.1 billion by 2028, almost doubling from its current value of $2.4 billion. If true, the premium seems a little light.

The content we're consuming today

• Unhedged podcast: The case for a soft landing.

• United States District Court for the Eastern District of NY: Frank Siragusa vs Taco Bell.

• St James Investment Company: Value Investor’s Quarterly Letter.

Off-balance sheet items

• The Booker prize has revealed its long list for 2023. The prize is given annually to the best original novel, written in English, and published in the United Kingdom or Ireland.

The bottom line