Apr 26, 2019

Slack files to go public

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

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 857,487 — Total deaths: 42,107 — Total recoveries: 178,034.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 9 p.m. ET: 188,172 — Total deaths: 3,873 — Total recoveries: 7,024.
  3. Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
  4. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
  5. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  6. U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: UN warns of recession with "no parallel" to recent past

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 856,000 and the death toll exceeded 42,000 Tuesday, per Johns Hopkins data. Italy reported more than 12,000 deaths.

Go deeperArrowUpdated 1 hour ago - Health

White House projects 100,000 to 240,000 U.S. coronavirus deaths

President Trump said at a press briefing on Tuesday that the next two weeks in the U.S. will be "very painful" and that he wants "every American to be prepared for the days that lie ahead," before giving way to Deborah Birx to explain the models informing the White House's new guidance on the coronavirus.

Why it matters: It's a somber new tone from the president that comes after his medical advisers showed him data projecting that the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperArrowUpdated 3 hours ago - Health