Spotify

Direct listings challenge benefits of traditional IPOs for unicorns

Photo: Eric Baradat/AFP/Getty Images

This year's rush of unicorns to the public market is challenging many long-held notions about the stock market, perhaps most notably the idea that companies need pricey investment bankers and other well-paid middlemen to go public.

Why it matters: With a historically low number of companies going public in recent years, investment banks are relying on big deals from billion-dollar companies like Uber, Zoom and Lyft to make their money.

Everyone's ripping off Snapchat's Stories

Illustration: Sarah Grillo/Axios

Stories, the string of photos and videos invented by Snapchat and ripped off by Facebook for Instagram are now being ripped off by ... everyone.

Why it matters: There’s no doubt that the format has been a success and a growing number of companies repurposing it to fit their users’ needs and — hopefully — gain some of their attention.