Aug 7, 2019

Snap prices $1.1 billion of convertible notes

Dan Primack, author of Pro Rata

Illustration: Axios Visuals

Snap priced $1.1 billion of convertible notes, due in 2026. This is slightly up-sized from a $1 billion offering size, and expectations are that it will close by Friday.

Why it matters: It reflects how Snap has become tech's comeback kid. The "camera company" was valued at $29 billion in its first day of post-IPO trading in early 2017 — or $26.05 per share — before bottoming out at less than $5 per share at year-end 2018. Last week it briefly regained its $17 IPO price on better-than-expected Q2 earnings, and the $1.1 billion infusion should help it invest more in both content and features.

Go deeper: Snapchat snaps back

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Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 5,945,737— Total deaths: 365,368 — Total recoveries — 2,515,675Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 1,747,087 — Total deaths: 102,836 — Total recoveries: 406,446 — Total tested: 16,099,515Map.
  3. Supreme Court: Chief Justice Roberts sides with liberals in denying challenge to California's pandemic worship rules.
  4. Public health: Hydroxychloroquine prescription fills exploded in March.
  5. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  6. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.

Deaths without consequences

Community organizations and activists demand police accountability at a rally in Grand Central Terminal to commemorate the 5-year anniversary of Mike Brown's death by Ferguson Police Officer Darren Wilson. Photo: Erik McGregor/Getty Images

Seven years after the launch of the Black Lives Matter movement, it's still rare for police officers to be charged in the deaths of African Americans — and even more rare for an officer to go to jail.

The big picture: The Minneapolis police officer who was captured on video kneeling on George Floyd's neck has been charged with third-degree murder and manslaughter — which is already a step beyond the consequences other police officers have faced. But it's no guarantee that he will face jail time.

Teenager killed after shots fired at protesters in Detroit

Detroit police during protests on Friday night. Photo: Matthew Hatcher/Getty Images

A 19-year-old man was killed on Friday night after shots were fired into a crowd of demonstrators in downtown Detroit who were protesting the death of George Floyd in Minneapolis police custody, per AP.

Details: The teenager was injured when shots were fired from an SUV about 11:30 p.m. and later died in hospital, reports MDN reports, which noted police were still looking for a suspect. Police said officers were not involved in the shooting, according to AP.

Go deeper: In photos: Protesters clash with police nationwide over George Floyd