Slack goes public at $23 billion market cap

Slack, the workplace chat app going public on Thursday, opened trading at $38.50 per share after the NYSE issued a reference price of $26 Wednesday, giving it a market cap of $23 billion, more than three times its last private valuation of $7.1 billion in 2018.

Yes, but: It still has to maintain low-volatility (a concern with direct listings) and keep its price up.