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Dropbox raised $756 million in its IPO, pricing shares at $21. That's above its already-increased offering range, and indications are that it will open trading today much higher.

But most of the attention so far is on a fully-diluted IPO valuation ($9.23 billion) that falls a little short of Dropbox's last private-market valuation.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Both tweets have merit, but let's address Hunter's (since it's aimed at folks like me).

Yes, this will be a huge return for the Series A investors and a decent one for the Series B investors (using $21 as baseline). But beyond the numbers of Series C shares is that many LPs in Series A and B funds have been sitting on inflated paper valuations for more than four years (since general protocol is to mark to the most recent primary round). And those valuations have potentially impacted allocations, not to mention expectations. Moreover, many employees have had inflated expectations of their own (no matter what 409a valuation is tied to their shares).

Bottom line: The long-hold unicorn trend can have investment consequences beyond the calculator's +/- function.

Go deeper

CCP releases two jailed Canadians after Huawei CFO deal with DOJ

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Two Canadians imprisoned by the Chinese government for over 1,000 days have been released and are expected to arrive in Canada on Saturday, Prime Minister Justin Trudeau said Friday.

Why it matters: Their release comes hours after Huawei Technologies CFO Meng Wanzhou reached a deal with the U.S. Department of Justice that resolves the criminal charges against her and could pave the way for her to return to China.

Updated 19 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.