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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

Laurel Hubbard to become 1st openly trans athlete to compete at Olympics

New Zealand's Laurel Hubbard at the Gold Coast 2018 Commonwealth Games in Australia, when she became the first openly transgender athlete to represent NZ. Photo: Scott Barbour/Getty Images

The New Zealand Olympic Committee has announced that Laurel Hubbard has been selected for the women's weightlifting team for the Tokyo Games — making her the first openly transgender athlete to compete at the event.

The big picture: Hubbard, 43, is part of a five-member Kiwi weightlifting team and will compete in the women's super heavyweight category. Meanwhile, BMX rider Chelsea Wolfe will become the first openly trans athlete to travel to the Olympics with Team USA, when she arrives in Tokyo as a reserve rider.

American Airlines cuts hundreds of flights amid demand surge

Photo: Joe Raedle/Getty Images

American Airlines announced Sunday that it's cutting some 950 flights from its schedule, including 296 this weekend, to reduce potential pressure on its operations, the Wall Street Journal first reported.

Driving the news: The U.S. vaccine rollout has led to a massive increase in travel bookings. The airline noted in an emailed statement that it's facing an "incredibly quick ramp up of customer demand."

Updated 3 hours ago - Politics & Policy

Florida Pride parade fatal crash a "tragic accident," police say

Participants walk away as police investigate the scene where a pickup truck drove into a crowd of people at a Pride parade in Wilton Manors, Florida, on Saturday. Photo: Jason Koerner/Getty Images

Police said Sunday they believe a driver unintentionally hit spectators at a weekend Pride parade in Wilton Manors, Florida, resulting in the death of one man and leaving another person hospitalized.

The latest: Addressing speculation that the crash may have been a hate crime against the LGBTQ community, Wilton Manors police chief Gary Blocker said in a statement: "Today we know yesterday's incident was a tragic accident, and not a criminal act directed at anyone, or any group of individuals."