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Music streaming service Spotify had been considering an IPO, but sources tell CNBC's David Faber that it's planning a direct listing on the New York Stock Exchange as early as this fall.

Why a direct listing? Spotify, with 100 million users, isn't looking to raise capital; they're already cash-flow positive. Instead, it wants a liquidity event for employees and early investors looking to cash out, as CNBC reports. In a direct listing, only investors are allowed to buy shares through the open market.

Spotify v. Pandora: Pandora reported growing net loss in its Q1 earnings earlier this week and announced it was raising money to explore a sale. Spotify is such a dominant player in the music market that, once listed, it's expected to trade on the peer multiple of Netflix rather than Pandora.

Go deeper

Pundits react to a chaotic debate: “What a dark event we just witnessed”

The first presidential debate between President Trump and Joe Biden in Cleveland on Tuesday night was a shouting match, punctuated by interruptions and hallmarked by name-calling.

Why it matters: If Trump aimed to make the debate as chaotic as possible with a torrent of disruptions, he succeeded. Pundits struggled to make sense of what they saw, and it's tough to imagine that the American people were able to either.

Trump to far-right Proud Boys: "Stand back and stand by"

Asked to condemn white supremacist violence at the first presidential debate on Tuesday, President Trump said the far-right Proud Boys group should "stand back and stand by," before immediately arguing that violence in the U.S. "is not a right-wing problem. This is a left-wing problem."

Why it matters: Trump has repeatedly been accused of failing to condemn white nationalism and right-wing violence, despite the FBI's assessment that it's the most significant domestic terrorism threat that the country faces. The president has frequently associated antifa and the left-wing violence that has afflicted some U.S. cities with Biden, despite his condemnation of violent protests.

Mike Allen, author of AM
1 hour ago - Politics & Policy

The first Trump v. Biden presidential debate was a hot mess

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

This debate was like the country: Everybody’s talking. Nobody’s listening. Nothing is learned. It’s a mess.

  • We were told President Trump would be savage. Turned out, that was a gross understatement. Even the moderator, Fox News' Chris Wallace, got bulldozed.

Why it matters: Honestly, who the hell knows?

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