Illustration: Aïda Amer/Axios

Slack is considering a direct listing at some point this year, according to reports in both the WSJ and the FT on Friday.

Why it matters: The move would allow Slack stock to be traded on the stock exchange, but it's not an IPO — no new shares would be issued, and the company would not raise any money.

  • That's no great hardship for Slack, which has already raised some $1.2 billion, per Crunchbase, and has so much money that it has an in-house VC arm that invests in other companies. Whatever growth constraints it might have, they're not financial.
  • Another advantage of a direct listing: It doesn't dilute existing shareholders. If the share price turns out to be significantly lower than earlier-stage investors like SoftBank think the company is worth, then it's a great opportunity for them to increase their stake without the company having to answer pointed questions about taking Saudi money.
  • SoftBank's Vision Fund is designed as a private equity fund, not a public-equity fund. But SoftBank founder Masayoshi Son also talks about having a time horizon of hundreds of years, and he is happy to own public companies like Sprint.

The bottom line: A lot of people would love the opportunity to invest in Slack, while many others, including employees, would love the opportunity to be able to sell their stock at will and diversify their investments.

  • A direct listing is an elegant solution that brings those two sides together. And if CEO Stewart Butterfield wants to be able to show impressive long-term growth in his share price, then if anything it helps him to go public at a relatively low valuation.

Go deeper: Spotify inspires unicorns to ponder going public via direct listing

Go deeper

Trump signs bill to prevent government shutdown

Senate Majority Leader Mitch McConnel and President Trump arrives at the U.S. Capitol in March. Photo: Samuel Corum/Getty Images

President Trump signed a bill to extend current levels of government funding into early December, White House spokesperson Judd Deere confirmed early Thursday.

Driving the news: The Senate on Tuesday passed the legislation to fund the federal government through Dec. 11, by a vote of 84-10. The move averts a government shutdown before the Nov. 3 election, though funding did expire briefly before the bill was signed.

Editor's note: This is a developing news story. Please check back for updates.

Updated 30 mins ago - Science

In photos: Deadly wildfires devastate California's wine country

The Shady Fire ravages a home as it approaches Santa Rosa in Napa County, California, on Sept. 28. The blaze is part of the massive Glass Fire Complex, which has razed over 51,620 acres at 2% containment. Photo: Samuel Corum/Agence France-Presse/AFP via Getty Images

More than 1700 firefighters are battling 26 major blazes across California, including in the heart of the wine country, where one mega-blaze claimed the lives of three people and forced thousands of others to evacuate this week.

The big picture: More than 8,100 wildfires have burned across a record 39 million-plus acres, killing 29 people and razing almost 7,900 structures in California this year, per Cal Fire. Just like the deadly blazes of 2017, the wine country has become a wildfires epicenter. Gov. Gavin Newsom has declared a state of emergency in Napa, Sonoma, and Shasta counties.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 33,880,896 — Total deaths: 1,012,964 — Total recoveries: 23,551,663Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 7,232,823 — Total deaths: 206,887 — Total recoveries: 2,840,688 — Total tests: 103,939,667Map.
  3. Education: School-aged children now make up 10% of all U.S COVID-19 cases.
  4. Health: Moderna says its coronavirus vaccine won't be ready until 2021
  5. Travel: CDC: 3,689 COVID-19 or coronavirus-like cases found on cruise ships in U.S. waters — Airlines begin mass layoffs while clinging to hope for federal aid
  6. Business: Real-time data show economy's rebound slowing but still going.
  7. Sports: Steelers-Titans NFL game delayed after coronavirus outbreak.