Netflix Reappoints Susan Rice to Board; Instacart to Target Reduced Valuation Range at IPO

by Hannah Dillon on 12th Sep 2023 in News

In today’s ExchangeWire news digest: Netflix announces Susan Rice's return to its board of directors; Instacart to target a drastically lower valuation ahead of IPO; and China is on track to remain the world’s leading e-commerce market.

Susan Rice reappointed to Netflix board

Streaming giant Netflix announced on Friday (8th September) that it has reappointed Susan Rice to its board of directors. The former U.N. ambassador previously served on the board between 2018 and 2020, before becoming a domestic policy adviser for the Biden administration. A statement from Netflix co-CEOs, Ted Sarandos and Greg Peters, said that Rice's “operational expertise will be invaluable going forward."

Instacart IPO to aim for sub-$10bn valuation

Instacart is reportedly targeting a valuation of USD$8.6bn - USD$9.3bn (~£6.8bn - £7.4bn) at its upcoming IPO. The figures are a dramatic drop for the grocery-delivery firm, which amassed circa USD$39bn (~£31.2bn) in fundraising back in 2021, highlighting waning investor confidence in fast-growing start-ups.

China to remain global e-commerce leader

Research from GlobalData has reported that China will maintain its dominance over the global e-commerce market. In 2022, China’s e-commerce market hit USD$2bn (~£1.6bn) and accounted for 33.9% of the global payments value. By 2027, the market is forecast to reach USD$3.4tn (~£2.7tn).