What You Need To Know This Week — September 28th, 2019
What You Need To Know This Week
A weekly recap to keep you informed on the most important events this week impacting markets, business, tech and the global economy.
PELOTON FALLS AS MUCH AS -15% IN UNDERWHELMING IPO
Fitness equipment maker Peloton saw its shares plunge in its stock market debut, as its stock fell as much as -15% on its first day of trading as investors grew sour on IPOs of money-losing companies. The stock, bought for $29 in the IPO, opened up at $27 and closed below $25.
UFC-OWNER ENDEAVOR PULLS IPO AMIDST LACKLUSTER DEMAND
In the midst of weak investor demand and poor recent performance of other IPOs, Hollywood powerhouse Endeavour scrapped its initial public offering. The company, headed by super-agent Ari Emanuel, owns the Ultimate Fighting Championship and Miss Universe pageant. Investors balked at the company’s proposed $8 billion valuation.
WEWORK CEO FIRES HIMSELF AFTER INVESTORS LOSE CONFIDENCE IN THE CO-WORKING COMPANY’S LEADER
Adam Neumann, the controversial co-founder of co-working startup WeWork, ousted himself as CEO after a failed IPO. Under pressure from WeWork’s largest investor, Softbank, Neumann relinquished the CEO title after the soon-to-be cash-strapped startup lost the faith of investors amidst a need for financing.
ALTRIA AND PHILIP MORRIS CALL OFF MERGER TALKS AS VAPING CRISIS HITS JUUL
In what was supposed to be one the largest mergers of all-time, the proposed $200 billion combination of tobacco companies Altria and Philip Morris has been shelved, given investor skepticism and increased regulatory scrutiny of e-cigarettes. Philip Morris shares were up 5.2% on the news while Altria shares were flat.
Recommended Articles, Podcasts, Books and Tweets
Listen to Spearhead, Naval Ravikant’s new podcast on angel investing.
Oil has given back all of its post-Saudi attack gains after the U.S. offered to lift Iranian sanctions.
The SEC streamlined the approval process for new ETFs.
The Trump administration is considering action to delist Chinese companies from American stock exchanges.
Payments company Stripe raised $250 million in equity financing at a $35 billion valuation.
Yield-seeking investors are turning to music royalty funds.
The high fees of private equity make it an asset class ripe for disruption.
Softbank staffers have been encouraged to borrow up to 10x their salary to invest in the company’s Vision Fund.
-The Accelerate Team
