Aug 27, 2020 - Economy & Business

Regulators approve NYSE for direct listings with capital raise

Photo: ANGELA WEISS/AFP via Getty Images

The U.S. Securities and Exchange Commission on Wednesday approved the New York Stock Exchange's rule change that will allow companies to raise new capital as part of a direct listing.

Why it matters: Though there's been growing interest in direct listings, especially from Silicon Valley tech companies, it has not been an appropriate path to going public for many companies that need to raise capital as part of the process.

  • This is the exchange's second attempt after the SEC rejected its first proposal for a rule change late last year.
  • In the latest proposal, a company has to sell at least $100 million worth of shares, or the combined value of outstanding shares must be at least $250 million.
  • Earlier this week, NYSE rival Nasdaq, filed with the SEC for approval of its own rule-change proposal to allow companies to do the same.

The big picture: Since music streaming giant Spotify paved the way in 2018, only Slack has taken the direct listing plunge, with now Asana and Palantir set to do the same.

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Kyle Daly
Aug 27, 2020 - Technology

Tech's deepening split over ads and privacy

Illustration: Eniola Odetunde/Axios

A new fight between Facebook and Apple over the mechanics of ad tech is surfacing an industry divide over user privacy and spotlighting longstanding dilemmas about the tracking and use of personal information online.

Why it matters: Privacy advocates have been sounding alarms for years about tech firms' expansive, sometimes inescapable data harvesting without making much headway in the U.S. But the game could change if major industry players start taking opposite sides.

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Axios
Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272 — Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649 — Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off — The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course — 1 million mortgage-holders fall through safety net — How the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.
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Jacob Knutson
Updated 21 mins ago - Politics & Policy

What they're saying: Ruth Bader Ginsburg was a "tireless and resolute champion of justice"

Ruth Bader Ginsburg speaking in February. Photo: Sarah Silbiger/Getty Images

Democratic and Republican lawmakers along with other leading figures paid tribute to Supreme Court Justice Ruth Bader Ginsburg, who died on Friday night at age 87.

What they're saying: “Our Nation has lost a jurist of historic stature," Chief Justice John Roberts said. "We at the Supreme Court have lost a cherished colleague. Today we mourn, but with confidence that future generations will remember Ruth Bader Ginsburg as we knew her — a tireless and resolute champion of justice.”

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