Aug 29, 2019

The Long-Term Stock Exchange raises $50 million in new funding

Illustration:Rebecca Zisser/Axios

The Long-Term Stock Exchange has raised $50 million in Series B funding led by Founders Fund, with new investors joining existing ones like Andreessen Horowitz, Obvious Ventures, and Initialized Capital.

Why it matters: Silicon Valley's big tech "startups" have increasingly delayed going public, in part because of the pressures of quarterly performance they must explain to stockholders. The LTSE, a brainchild of "Lean Startup" author Eric Ries, seeks to build a stock exchange without these traditional short-term pressures.

What's next: The company tells Axios that the U.S. Securities and Exchange Commission recently approved its standards. There's no word yet on when it plans to start operating, though a spokesman says that "early next year seems plausible."

  • When it does debut, it will likely start with just stock trading, though it could also have listings if interested companies' IPO timelines happen to line up.

Go deeper: Startups get a stock exchange

Go deeper

Updated 11 mins ago - Politics & Policy

Updates: George Floyd protests nationwide

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued for a seventh day across the U.S., with President Trump threatening on Monday to deploy the military if the unrest continues.

The latest: New York City Mayor Bill de Blasio tweeted early Tuesday that he'd just left the Bronx and the police commissioner was sending additional assistance to problem areas. Protesters were "overwhelmingly peaceful" Monday, he said. "But some people tonight had nothing to do with the cause + stole + damaged instead," he added.

2 hours ago - Technology

Civil rights leaders blast Facebook after meeting with Zuckerberg

Screenshot of an image some Facebook employees used as part of their virtual walkout on Monday.

A trio of civil rights leaders issued a blistering statement Monday following a meeting with Facebook CEO Mark Zuckerberg and other top executives to discuss the social network's decision to leave up comments from President Trump they say amount to calls for violence and voter suppression.

Why it matters: While Twitter has flagged two of the president's Tweets, one for being potentially misleading about mail-in ballot procedures and another for glorifying violence, Facebook has left those and other posts up, with CEO Mark Zuckerberg saying he doesn't want to be the "arbiter of truth."

4 hours ago - Technology

Cisco, Sony postpone events amid continued protests

Screenshot: Axios (via YouTube)

Cisco said Monday night that it is postponing the online version of Cisco Live, its major customer event, amid the ongoing protests that have followed the killing of George Floyd.

Why it matters: Cisco joins Sony, Electronic Arts and Google in delaying tech events planned for this week.