There are 3 ways that a company can go public: a traditional IPO, a Dutch auction (Google being the prime example), or a direct listing.

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Graphic: Sarah Grillo/Axios

Between the lines: There's a catch with direct listings, however: The way that SEC regulations are currently set up, companies can't raise any money that way. The question, asks Axios' Dan Primack, is whether that can change, with corporations issuing stock into a direct listing. His answer: Yes, probably.

  • The highest hurdle would be finding a company that wants to do it. Most companies don't want the hassle of working out all the complications with SEC officials.
  • The most likely candidate: Airbnb is going public in the next year, more likely in Q1 2020 than in Q4 2019. It's unclear whether CFO Dave Stephenson has the appetite to blaze a new trail.

The bottom line: Just because it can be done doesn't mean it will be done. VC-backed unicorns rarely extend their "disruption" philosophy to their own securities.

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Commission releases topics for first presidential debate

Moderator Chris Wallace. Photo: Drew Angerer/Getty Images

Fox News anchor Chris Wallace has selected what topics he'll cover while moderating the first presidential debate between President Trump and former Vice President Joe Biden next week.

What to watch: Topics for the Sept. 29 debate will include Trump and Biden's records, the Supreme Court, COVID-19, economic policy, racism and the integrity of the election, the Commission for Presidential Debates announced on Tuesday. Each topic will receive 15 minutes of conversation and will be presented in no particular order.

Fed chair warns economy will feel the weight of expired stimulus

Treasury Secretary Steven Mnuchin and Fed Chair Jay Powell bump elbows before House hearing on Tuesday. Photo: Joshua Roberts/Pool/AFP via Getty Images

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee on Tuesday that the expiration of Congress' coronavirus stimulus will weigh on the U.S. economy.

Why it matters: Powell warned that the effects of dried-up benefits are a looming risk to the economy, even if the consequences aren't yet visible.

1 hour ago - World

Beijing draws Chinese companies even closer

Illustration: Annelise Capossela/Axios

Chinese Communist Party Secretary Xi Jinping announced last week that the party must strengthen its leadership over private companies, and that entrepreneurs must meet the party's needs. 

Why it matters: Xi's new announcement will increase fears that Chinese businesses may serve as a Trojan horse for the CCP.

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