Mar 6, 2017

Snap stock slumps

Dan Primack

Snap stock closed trading on Monday at $23.77 per share, which is a 12.26% drop for the day and nearly 1% below where the company's stock began trading last Thursday after its $3.4 billion IPO.

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Data: Money.net; Chart: Andrew Witherspoon / Axios

What happened? A bunch of Wall Street analysts issued "sell" ratings on Snap, which has yet to receive a "buy" rating.

Does it matter? Not really, unless you're a day trader who bought this morning. Remember that the real key date for Snap stock is July 31, since that's when a lot of pre-IPO shareholders (including employees) will be allowed to sell. Or March 2, 2018 for institutional buyers of the IPO at $17 per share, as reports are that such groups are locked up for an entire year.

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Dion Rabouin

Tesla short sellers wish Elon Musk had funding secured at $420

Data: Money.net; Chart: Axios Visuals

Tesla has been among the most derided companies in the world, but CEO Elon Musk has been getting revenge against hated short sellers since the electric car company's June swoon.

Why it matters: Many probably wish Musk had taken the company private at $420 a share, as he said he would in an August 2018 tweet in which he claimed to have "funding secured" for the move.

Go deeperArrowJan 14, 2020
Kia Kokalitcheva

Snap continues its acquisition spree with video animation startup

Photo: DENIS CHARLET/AFP via Getty Images

Snapchat's parent company confirmed to Axios that it has acquired AI Factory, the Ukrainian startup it worked with to develop its new "Cameos" feature that maps selfies onto videos, deepfake-style, a deal first reported by Ukraine tech publication AIN.UA.

Why it matters: Snap has a long history of smartly acquiring small, innovative startups to feed its product development. In 2015, Snap acquired AI Factory founder Victor Shaburov's previous company, Looksery, to use its facial feature detection and manipulation tech as the basis for one of Snapchat's most successful features, "Lenses."

Keep ReadingArrowJan 3, 2020
Bob Herman

Cigna's big divestiture on its life and disability insurance business

Photo: Julia Rendleman/Getty Images for Eventive Marketing

Cigna finally pulled the trigger on selling its life and disability insurance business, netting $5.3 billion after taxes from New York Life.

The big picture: Health insurers have been divesting products that have less to do with actual medical care and instead combining with companies that sell drug benefits

Go deeperArrowDec 19, 2019