The cloud-based team-collaboration software platform, Slack made its public debut on the New York Stock Exchange this morning, debuting at $26 per share.
Under the ticker “WORK”, it was the fifth largest opening trade on record in the US market as well as the first direct listing since Spotify made its debut last year. With a value of around $17 billion at the time of writing, the company is in a great position- growing fast and with lucrative revenues.
At the end of the last quarter revenues topped $792 million with a burn rate of approximately $136 million a year.
Shunning the traditional IPO, Slack instead opted for a direct listing which is where those already holding shares such as employees, founders, and early shareholders, sell their shares to public investors. This means that they can avoid the fees of Wall Street, or any lock-up period which generally prevents insiders from trading after an IPO has been launched. Whilst the method is rarely used, it is becoming more popular, with some touting it as the future for Wall Street listing.
Deutsche Bank facing money laundering investigation
The world’s 15th largest bank and financial services provider, Deutsche Bank is under investigation in the US for failure to comply with anti-money laundering laws, according to the Financial Times.
Former employee at the bank, Tammy McFadden who worked as a compliance officer alleged that between 2016 and 2017, she flagged a number of potentially suspicious transactions pertaining to entities controlled by Donald Trump and his son-in-law Jared Kushner. She claims that her concerns were completely ignored by the bank and that as a result, she was fired from her job.
McFaddden then made a complaint with the Securities and Exchange Commission. The complaints have also been referred to the Financial Crimes Enforcement Network and the Department of Justice. Deutsche Bank refused to comment.
Amazon: no plans to launch cryptocurrency
Online retail giant Amazon has confirmed that they have no immediate plans to launch a cryptocurrency and that they would only consider it in “several years time”.
The comment came from Patrick Gaulthier, the VP of Amazon Pay who added that Facebook’s launch of its native crypto, “Libra” was a step too far at the moment.
“[crypto] is fresh, it’s speculative. At Amazon, we don’t really deal with speculative, in the now” he added.
The global firm with an annual revenue of over $232 billion have taken several steps in the field of blockchain and various cryptographic innovations, but they remain adamant that they have no plans to even consider launching their own currency for at least two or three years.
Apple considers manufacturing migration from China
According to various reports, Apple has asked its suppliers to consider the logistics of shifting the financial assembly and manufacture of some products, out of China. The tech giant could be set to move “up to around a third of the production of some devices” to other locations throughout Southeast Asia.
Suppliers and other stakeholders are being asked to weigh up the costs of such a decision, before Apple decides on a plan of action.
The move comes at a time where US-China relations are particularly tense.