Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

Saudi Aramco's troubled IPO plan is increasingly looking dead, or at least in a deep freeze, but the Saudis pushed back against those reports late last night.

Driving the news: Reuters, citing "four senior industry sources," reported yesterday that Saudi Arabia had called off the plan to sell about 5% of the company. And a source familiar with the company's work with outside advisers and banks told me roughly the same thing after their story hit.

Why it matters: The kingdom had hoped to raise tens of billions of dollars through the IPO to help fund initiatives to diversify its oil-dependent economy away from crude oil sales.

But the plan to sell about 5% of the company has been beset with delays, indecision about an international listing venue, and related questions about the Saudis' appetite for the transparency that comes with going public.

  • Plus, multiple analysts believe the company would not achieve the kingdom's hoped-for $2 trillion valuation.

Yes, but: Khalid Al-Falih, the Saudi energy minister, pushed back againstyesterday's obits for the plan. "The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum," he said.

  • Reality check: Absent from his lengthy statement is even a rough timeframe for the IPO.

One big question, via Axios' Dan Primack: The IPO's seeming demise, or at least deep freeze, could be good or bad news for the prospect of the Saudis bankrolling CEO Elon Musk's plan to take Tesla private.

  • The bullish case for Tesla: The Saudis think they can diversify their economy without the IPO, and Tesla could be one avenue.
  • The bearish case for Tesla: Without cash from the IPO, there's less money to spread around.

The intrigue: The fate of the IPO appears to be bound up in a separate transaction — Aramco's potential purchase of a controlling stake in the petrochemical firm Saudi Basic Industries Corp. (SABIC) from the kingdom's sovereign wealth fund.

  • Al-Falih's statement obliquely references this, noting the IPO timing will be affected by a "downstream acquisition which the Company will pursue in the next few months."
  • Bloomberg writes that could be a roughly $70 billion deal. "That will replace at least some of the money the Public Investment Fund had been expected to receive from the Aramco IPO," they report.

What they're saying:

  • Randy Bell, director of the Atlantic Council's Global Energy Center, tells Axios that the delay is a good development: "A delay suggests that Saudi leadership recognizes the challenge and is going to wait until they get it right to proceed. That should give the investor community more confidence in the country over the long run."
  • Jim Krane of Rice University’s Baker Institute for Public Policy says that while the rationale behind the IPO — raising money to diversify the economy — remains sound, the plan itself turned out to be "flawed": "Aramco executives worried that the company's vaunted autonomy and long-term planning would be sacrificed to meet short-term demands of shareholders."

Go deeper: I wrote about the rationale for pouring resources into SABIC here.

Go deeper

Kendall Baker, author of Sports
1 min ago - Sports

MLB falls out favor with Republicans

Expand chart
Data: Morning Consult; Chart: Will Chase/Axios

MLB is the latest sports league to fall out of favor with Republicans following its decision to pull the All-Star Game out of Atlanta.

By the numbers: In mid-March, MLB's net favorability rating among Republicans was 47%, the highest of the four major U.S. sports leagues. Since then, it has plummeted to 12%, dropping the league below the NFL and NHL, according to new data from Morning Consult.

16 mins ago - World

Blinken makes unannounced trip to Afghanistan to sell troop withdrawal

Photo: CARLOS BARRIA/POOL/AFP via Getty Images

Secretary of State Antony Blinken made an unannounced trip to Afghanistan on Thursday to meet with the nation's president, Ashraf Ghani, and Abdullah Abdullah, who is representing the Taliban in negotiations, per the Washington Post.

Why it matters: Blinken sought to reassure the pair that the U.S. will maintain support for the country, despite President Biden's decision to withdraw troops from Afghanistan starting May 1 and concluding in full by Sept. 11.

Women rise to the top at major media companies

Illustration: Aïda Amer/Axios

Several women have been tapped to lead some of the country's largest newsrooms over the past year — a promising sign of progress for an industry that's typically been slow to accept change and embrace diversity.

Driving the news: CBS News executive Kimberly Godwin was named president of ABC News on Wednesday. Godwin will be the first Black woman to lead a major broadcast news division when she takes the helm in May.