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Slack goes public at $23 billion market cap

NYSE for Slack's direct listing. Photo: Drew Angerer/Getty Images

Slack, the workplace chat app going public on Thursday, opened trading at $38.50 per share after the NYSE issued a reference price of $26 Wednesday, giving it a market cap of $23 billion, more than three times its last private valuation of $7.1 billion in 2018.

Yes, but: It still has to maintain low-volatility (a concern with direct listings) and keep its price up.