I’ve always wanted to be a rich weirdo.
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.