Apple owns more than 7,000 acres of land
While Google and Amazon are reportedly planning to add huge quantities of office space in New York to their real estate inventory, a new report from the FT reveals that Apple is focused on land more generally:
The iPhone maker’s annual report, published earlier this week, revealed that Apple owns 7,376 acres of land, up from 4,928 last year and 2,583 in 2016. In 2011 it owned just 584 acres, older filings show.
The land — which is equivalent to more than 11.5 square miles, an area greater than Apple’s hometown, Cupertino — is listed as being in addition to the 40.8 million square feet of building space that Apple owns or leases for its offices and retail stores.
What’s it for? Some analysts think Apple’s property could one day be used for manufacturing sites or autonomous car testing facilities. But much of it is also being given over to data centers and solar farms.
Google has hired David Feinberg, previously the C.E.O. of Geisinger Health, to oversee its health strategy. (CNBC)
Procter & Gamble is restructuring its management team to streamline operations. (WSJ)
The plane and train maker Bombardier will cut 5,000 jobs and sell off turboprop plane-making and pilot-training units. (WSJ)
Virgin Hyperloop One has hired Jay Walder, previously C.E.O. of the bike-share company Motivate, as its new chief executive. (The Verge)
The speed read
• CommScope, which makes telecommunications equipment, is buying Arris International, a maker of set-top boxes, for $7.4 billion. (Reuters)
• SoftBank is considering an investment in Hellobike, a Chinese bike-sharing start-up that claims to be worth more than $2 billion. (Reuters)
• Faraday Future, an electric vehicle start-up, has accused its main investor, the Chinese real estate conglomerate Evergrande, of deliberately starving it into bankruptcy. (The Verge)