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Illustration: Aïda Amer/Axios

Slack, the ubiquitous workplace messaging tool, on Friday filed to go public via a direct stock listing.

Why it matters: Slack is one of the hottest names in enterprise software, most recently valued at over $7 billion by venture capitalists, causing some speculation that it could receive a major acquisition offer before or after the listing.

  • The direct listing is different from an IPO in that Slack itself isn't selling shares to the public.
  • Instead, shares are being sold by insiders like early employees and investors.
  • This is similar to what Spotify did last April, and Slack is using some of the same Wall Street banks.
  • It disclosed that $100 million of shares would be sold, but that's almost certainly a placeholder figure.

Slack plans to list on the New York Stock Exchange under ticker symbol SK, likely sometime next month.

It reports a $138 million net loss on $400 million of revenue for 2018, compared to a $140 million net loss on $221 million in revenue for 2017.

Founder and CEO Stewart Butterfield earned $10.4 million in 2018 compensation, almost all of which was in the form of stock.

The San Francisco-based company had raised around $1.2 billion in private funding from firms like Accel, Andreessen Horowitz, Social Capital, SoftBank, Google Ventures and Kleiner Perkins.

Go deeper

U.S. economy adds 245,000 jobs in November as recovery slows

Data: BLS; Chart: Axios Visuals

The U.S. economy added 245,000 jobs in November, while the unemployment rate fell to 6.7% from 6.9%, the government said on Friday.

Why it matters: The labor market continues to recover even as coronavirus cases surge— though it's still millions of jobs short of the pre-pandemic level. The problem is that the rate of recovery is slowing significantly.

2 hours ago - Health

Fauci says he accepted Biden's offer to be chief medical adviser "on the spot"

The government's top infectious-disease expert Anthony Fauci said Friday that he "absolutely" will accept the offer from President-elect Joe Biden to serve as his chief medical adviser, telling NBC's "Today" that he said yes "right on the spot."

Why it matters: President Trump had a contentious relationship with Fauci, who has been forced during the pandemic to correct many of the president's false claims about the coronavirus. Biden, meanwhile, has emphasized the importance of "listening to the scientists" throughout his campaign and transition.

Updated 3 hours ago - Politics & Policy

Highlights from Biden and Harris' first joint interview since the election

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden and Vice President-elect Kamala Harris sat down with CNN on Thursday for their first joint interview since the election.

The big picture: In the hour-long segment, the twosome laid out plans for responding to the pandemic, jump-starting the economy and managing the transition of power, among other priorities.