Slack Goes Public : Planet Money

Slack Sets IPO Reference Point At $26 Per Share

Much like its recent IPO peers, Slack is not yet a profitable company.

The workplace collaboration player made its trading debut via direct listing on the New York Stock Exchange Thursday under the ticker symbol WORK.

A direct listing is different from an IPO in that only existing shares owned by employees and investors are sold, without the involvement of underwriters.

Shares of Slack shot up more than 50% within moments of beginning trading on the public markets Thursday.

Spotify's direct listing in April 2018 was perceived as a success at the time, although shares have fallen as the company sacrifices profit margins for growth.

But Slack made a decision to remain true to its brand identity and take an unconventional approach, using something called a DPO - a direct public offering.

Cardi B Indicted on Assault Charges Stemming From Strip Club Altercation
Queens prosecutors say (via NBC News) the singer was indicted Friday on two counts of felony attempted assault and lesser charges. You may have forgotten about the strip club attack that was allegedly orchestrated by Cardi B , but the USA court system didn't.

Joe Biden Is Playing a Risky Game With Black Voters
Herman Talmadge (D-GA) as another example of political civility, whom he described as being "one of the meanest guys I ever knew". Biden formed a political alliance with Eastland, a diehard, last-ditch defender of white supremacy, to support his legislation.

Teaching as first-choice job: Kiwis below OECD average
The results show that the vast majority of teachers and school leaders report that their schools are open to innovative practices. Regardless of the category, however, few American teachers reported a "high level of need" for professional development.

Slack's direct listing could have implications for other large technology companies such as Airbnb Inc, which is considering going public through a similar approach, a person familiar with the matter said. Thursday's debut makes Slack one of the most valuable technology companies to reach U.S. markets this year, following in the footsteps of Uber Technologies Inc and Lyft Inc. A direct listing helps companies avoid hefty underwriting fees and a lengthy roadshow process.

"Investors have a love affair with enterprise software companies, and with good reason".

On Wednesday evening, the NYSE set a reference price of $26 per share. Slack's stock price eventually climbed to a high of $42 until it ended the day at $38.62 which means the company is now valued at close to $23bn.

Slack reported an adjusted operating loss of $33.8 million for the quarter, compared with a $20.2 million loss a year earlier. What the future holds for the now public company remains to be seen but one area in which it has excelled is continually adding more paying customers.

"We are in a growth phase right now and we are continuing to invest, but we expect to hit breakeven cash flow soon", CFO Shim said.


  • Oil rises on US-Iran tensions: 'Iran made a very big mistake!'

    Oil rises on US-Iran tensions: 'Iran made a very big mistake!'

    Cyber Command launched a digital strike against an Iranian spy group on Thursday, Yahoo News reported. Both incidents happened near the strategic Strait of Hormuz, a major conduit for global oil supplies.
    Small Plane Crash in Hawaii Kills All 9 on Board

    Small Plane Crash in Hawaii Kills All 9 on Board

    Neves also confirmed, "We had some helicopters with the military, but this is a civilian plane with that many people on board". Chief neves added: "We're still gathering that information". "It is very hard ", he added according to HNN.
    Sweeney Wins Top GM Award

    Sweeney Wins Top GM Award

    Add on a fourth trophy for O'Reilly on Wednesday, as he claimed the Selke for being the best defensive forward this past season. Giordano is the fourth defenseman to win the Norris at 35 or older, joining Nicklas Lidstrom, Doug Harvey and Al MacInnis.
  • Donald Trump accused of sexually assaulting NY  writer

    Donald Trump accused of sexually assaulting NY writer

    I would like to thank Bergdorf Goodman for confirming they have no video footage of any such incident, because it never happened. Ms Carroll told New York Magazine the real estate tycoon approached her in Bergdorf Goodman and started a friendly chat.
    ICE's deportation crackdown will target more than 2000 undocumented immigrants

    ICE's deportation crackdown will target more than 2000 undocumented immigrants

    Advocacy groups say they're mobilizing beginning Sunday in anticipation of the operation. They broke the law by coming into the country, & now by staying, ' he said.
    Nick Kyrgios blasts officials after

    Nick Kyrgios blasts officials after "rigging" rant at Queen's

    It's a serious joke... "Your hat looks ridiculous, also", Kyrgios said. "It's not even sunny", said the 24-year-old. Kyrgios started his rant after Murphy issued him a code violation, saying "it's a joke, man".
  • No one emerged from the Biden-Booker fracas a better man

    No one emerged from the Biden-Booker fracas a better man

    Biden watchers could fill a book with malapropisms that have slipped the lips of the widely beloved nicest guy in Washington. But today, you look at the other side and you're the enemy.
    KFC has a Cheetos sandwich now and it is extremely orange

    KFC has a Cheetos sandwich now and it is extremely orange

    That may be why the chicken chain has teamed up with the snack food brand to produce the KFC Cheetos Chicken Sandwich . For just four weeks, KFC will feature four new items on their menu that combine the signature tastes.
    United Kingdom  politician caught on video 'assaulting' protester at black-tie event

    United Kingdom politician caught on video 'assaulting' protester at black-tie event

    Chancellor Philip Hammond made his annual speech about the state of the U.K. economy to an audience of bankers and politicians. Johnny Mercer , Tory MP for Plymouth Moor view, completely minimised the violence, telling everyone to "calm down".
  • Toys R Us to reopen later this year, report says

    Toys R Us to reopen later this year, report says

    Instead, they are downsizing to 10,000 square feet, saving room for play areas in order to enhance the shopping experience. Barry is the CEO of Tru Kids, Inc., a new company that took over the Toys "R" Us brand earlier this year .
    Adidas three-stripe trademark invalid — European Union  court

    Adidas three-stripe trademark invalid — European Union court

    After today's rejection, the brand can still take its appeal to the EU's highest court, the European Court of Justice. Its decision upheld a 2016 ruling by the EU's intellectual property regulator cancelling the registration of.
    Huawei Kirin 810 SoC exceeds 237,000 points on AnTuTu

    Huawei Kirin 810 SoC exceeds 237,000 points on AnTuTu

    Unlike the P30 Pro, the Nova 5 Pro does come with a microSD card slot, allowing users to expand the storage if deemed necessary. It ditches the in-screen fingerprint sensor in favor of a traditional rear-mounted one and is using the older Kirin 710 CPU.


Latest news

Trump says United States moving forward with ‘additional sanctions’ on Iran
Hajizadeh said the debris were picked up from Iranian territorial waters. One user joked that Iran's " powerful Photoshop " took down the drone.

Huawei says new devices will receive Android Q update
Huawei says security updates won't be abandoned, and Android Q will be shipped to several devices, including its flagship models . In fact, we have already launched a beta developer programme for Android Q which is running right now on our Mate 20 Pro device".

Matthijs de Ligt decides to sign for Juventus from Ajax
That came after his fellow Holland global Frenkie de Jong signed for the Spanish champions in a £65m deal. De Ligt has been pretty heavily linked with both PSG and Barcelona in recent weeks.

Qantas rewards frequent flyers in program overhaul
That means that once you've built up a stack of Qantas points, they'll go further when it comes to redeeming them. For example, an economy flight from Sydney to NY will now have carrier charges of A$180, instead of A$360.

Neymar: Real Madrid to offer PSG £115m plus player Brazilian
I do not want star behaviour anymore". "Those who do not want to, or do not understand it, we meet and we speak". Costa said of the midfielder: "He is a fantastic player.

United Airlines suspends Newark-Mumbai flights over Iran airspace concerns
German airline Lufthansa said it would avoid the Strait of Hormuz and Gulf of Oman, but keep its flights to Tehran on schedule. Gulf long-haul carriers could suffer financially, and they have already faced challenges under the Trump administration.

Adidas trademarked stripes can't go sideways, EU judges rule
The ruling only confirms the refusal of an European Union wide trademark, the brand can still protect its stripes at national level.

Egypt vs. Zimbabwe - Football Match Report
The presence of Liverpool star Mohamed Salah , who is one of the best three players in the world, will help us achieve success in the future". "We are not here to talk - we are here to play football".

Lautaro Martinez Warns Argentina Teammates: "We Must Reach Copa America Quarter-Finals"
The results: Group B: Colombia 1 (Zapata 86) bt Qatar 0; Argentina 1 (Messi 57-pen) drew with Paraguay 1 (Sanchez 37). An opening 2-0 defeat by Colombia was followed by Messi equalising with a penalty to rescue a draw against Paraguay.

Ranveer Singh served legal notice
This didn't go down well with Heyman who threatened to sue the actor with copyright lawsuit on Wednesday. "Sleep. Ranveer Singh has landed himself in a very oddball situation with a mere Instagram caption.

CARBON RULE: EPA sees falling emissions, but not from its climate plan
Below is a statement by Rachel Cleetus, lead economist and policy director of the Climate and Energy Program at the Union of Concerned Scientists.

Toy Story 4 gave director 'a lot of sleepless nights'
The two meet up with long-lost friend Bo Peep (Annie Potts), an encounter that will change their lives as toys forever. After years of being on her own, Bo's adventurous spirit and life on the road belie her delicate porcelain exterior.

Boris Johnson and younger gal pal get into wild fight
He supported remaining in the European Union in the 2016 referendum but has since promised to lead Britain out of the bloc. She quit as Conservative leader earlier this month after failing to win Parliament's backing for her Brexit deal.

This Could Be The Most Earth-Like Exoplanet Discovered Yet
Astrophysicists and scientists all around the world are constantly coming up with new research or study when it comes to space. This graphic shows the top 19 potentially habitable planets as of June 2019, sorted from the most Earth-like to the least.

Trump faces new sexual assault allegation; he issues denial
The White House has responded to NY magazine's account with a flat denial of the allegations. "He'll bury you ", the friend said. When Trump asks Carroll to advise him on what to buy, she agrees, and the two eventually make their way to the lingerie section.

Other news