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.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. EST: 32,135,220 — Total deaths: 981,660 — Total recoveries: 22,149,441Map.
  2. U.S.: Total confirmed cases as of 10 p.m EST: 6,975,980 — Total deaths: 202,738 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. Politics: House Democrats prepare new $2.4 trillion coronavirus relief package.
  4. Health: Cases are surging again in 22 states — New York will conduct its own review of coronavirus vaccine.
  5. Business: America is closing out its strongest quarter of economic growth.
  6. Technology: 2020 tech solutions may be sapping our resolve to beat the pandemic.
  7. Sports: Pac-12 will play this fall despite ongoing pandemic — Here's what college basketball will look like this season.
  8. Science: Global coronavirus vaccine initiative launches without U.S. or China — During COVID-19 shutdown, a common sparrow changed its song.
4 hours ago - Sports

Pac-12 will play football this fall, reversing course

A view of Levi's Stadium during the 2019 Pac-12 Championship football game. Photo: Alika Jenner/Getty Images

The Pac-12, which includes universities in Arizona, California, Colorado, Oregon, Utah and Washington state, will play football starting Nov. 6, reversing its earlier decision to postpone the season because of the coronavirus pandemic.

Why it matters: The conference's about-face follows a similar move by the Big Ten last week and comes as President Trump has publicly pressured sports to resume despite the ongoing pandemic. The Pac-12 will play a seven-game conference football season, according to ESPN.

Dave Lawler, author of World
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Global coronavirus vaccine initiative launches without U.S. or China

Data: Gavi, The Vaccine Alliance; Map: Naema Ahmed/Axios

A global initiative to ensure equitable distribution of coronavirus vaccines now includes most of the world — but not the U.S., China or Russia.

Why it matters: Assuming one or more vaccines ultimately gain approval, there will be a period of months or even years in which supply lags far behind global demand. The COVAX initiative is an attempt to ensure doses go where they're most needed, rather than simply to countries that can produce or buy them at scale.

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