Warpaint, a cosmetics rival, acquired the British make-up brand Barry M, while YouTube megastar MrBeast's company, Beast Industries, purchased the teen-focused banking app Step, and Riot Games announced staff cuts on its new fighting game, 2XKO, according to reports released Monday. Meanwhile, protests erupted in Australia against the visit of Israeli President Isaac Herzog, with police using tear gas and pepper spray on demonstrators.
Barry M, a family-run make-up brand established in north London in 1982, was bought out of administration by Warpaint for £1.4 million, according to BBC Business. The acquisition will result in the closure of Barry M's factory in the capital and put 100 jobs at risk. Barry M, known for its eye-catching colors, had been a favorite of make-up fans and drag queens. The brand had struggled to innovate and been overtaken by competitors, analysts said, according to BBC Business. Dean Mero had run Barry M since the death of his father, Barry Mero, in 2014.
In the tech world, MrBeast, whose real name is Jimmy Donaldson, announced that Beast Industries acquired Step, a banking app designed for teens and young adults, according to TechCrunch and The Verge. Step, which raised half a billion in funding and has over 7 million users, offers financial services geared toward Gen Z to help them build credit, save money, and invest. The company attracted celebrity investors like Charli D'Amelio, Will Smith, The Chainsmokers, and Stephen Curry, in addition to venture firms like General Catalyst and Coatue. Donaldson's main YouTube channel has 466 million subscribers, according to The Verge. The move comes a couple of months after Donaldson announced plans to start a new YouTube channel centered on personal finance and investing, according to The Verge.
Riot Games is reducing the size of the team working on its recently-released free-to-play fighting game 2XKO, according to a post from executive producer Tom Cannon, reported by The Verge. The game, set in the League of Legends universe, launched in early access on PC in October and hit consoles a few weeks ago.
In Australia, police reportedly used pepper spray and tear gas on protesters demonstrating against the visit of Israeli President Isaac Herzog, according to Sky News. Mr. Herzog was invited by Australian Prime Minister Anthony Albanese following the shooting at a Hanukkah event in Sydney in December that killed at least 15 people, according to Sky News. Thousands of people participated in the protests.
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