Snap Inc. has been publicly-traded for a month now, and so far has been a pretty boring stock.
The "camera company" originally priced in IPO at $17 per share, but began trading on March 3 at $24 per share. It spiked early, but since then has mostly settled into the low $20s. Today it opened at $22.70 per share, which gives Snap a fully-diluted value of around $31.55 billion.
Illustration: Eniola Odetunde/Axios
Venture capital is beginning a belated conversation about its dearth of black investors and support of black founders, but hasn't yet turned its attention to the trivial participation of historically black colleges and universities (HBCUs) as limited partners in funds.
Why it matters: This increases educational and economic inequality, as the vast majority of VC profits go to limited partners.
The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.
Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.
The shocking May jobs report — with a decline in the unemployment rate to 13.3% and more than 2 million jobs added — destroyed expectations of a much worse economic picture.
Why it matters: Traditional economic reports have failed to keep up with the devastation of the coronavirus pandemic and have made it nearly impossible for researchers to determine the state of the U.S. labor market or the economy.