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Nvidia becomes the first public company worth $5 trillion.

I'm Imran Shake, and your daily crunch for Thursday starts right now.

Bending Spoons, one of Europe's largest mobile app developers,

announced on Wednesday that it's agreed to buy AOL from Yahoo,

which is backed by private equity giant Apollo. Bending Spoon says it has secured a $2.8 billion debt financing

package to support the purchase. The acquisition is expected to close by the end of the year,

and is subject to closing conditions and regulatory approvals.

AOL is an iconic, beloved business that's in good health has stood the test of time,

and we believe has unexpressed potential, said Bending Spoon CEO and co-founder Luca Ferrari in a press release. The news doesn't come as a surprise, as Reuters reported earlier this month,

that Yahoo was in talks to

sell AOL to bending spoons for around $1.4 billion.

Wednesday's news signals a new chapter for AOL, which was once one of the most recognized

brands on the internet, known for its email service, and, of course, the You've Got Mail

notification.

Now, AOL has had several owners over the past decades.

It was owned by Time Warner from 2001 to 2009, and then by Verizon Communications from 2015 to

2021. The acquisition marks spending Spoon's latest purchase in a string of other American brands

like Vimeo, Evernnote, Meetup, and more.

General Motors is laying off thousands of workers across multiple electric vehicle and battery plants in the U.S., according to multiple outlets.

Around 1,200 employees at the company's EV factory in Detroit, Michigan are being placed on indefinite layoff.

Further cuts and temporary layoffs are being made at GM's Ultium-Selds battery factories in Ohio and Tennessee. GM will also idle those battery factories

...