When Slack (WORK) listed on the NYSE this year, it was the first tech unicorn to grace American markets through a direct listing rather than the traditional Initial Public Offering (IPO). This historic event came on the heels of a growing dissatisfaction in Silicon Valley over Wall Street’s preferred path to public trading.
The Institute of Supply Management (ISM) U.S. manufacturing survey was released yesterday and, boy, did it ever raise alarms.
There must be something in the air this IPO season, because Ultimate Fighting Championship (UFC) parent company Endeavor Group Holdings joins the ranks of WeWork, Lyft (LYFT.Q), Uber (UBER.NYSE) and Peloton Interactive (PTON.Q) as companies that have either stalled their IPO, cancelled it outright, or tanked badly shortly after.
Facebook’s (FB.Q) Libra project endured another wild setback in France when Finance Minister, Bruno LeMaire, put the kibosh on Zuckerberg’s cryptocurrency dreams.
Con artists make money through deception. They lie and cheat people into thinking they’re being let in on some great deal, or some easy money, when they’re the ones who’ll be making the money. If that doesn’t work, then they’ll poke at our insecurities, our loneliness, our need for validation. America’s favourite con is you can be successful if you just work harder.