DiDi reaps $8 billion in IPO
Plus, Amazon says FTC should take new chair off its cases & DiDi reaps $8 billion in IPO
Hello there,
Didi (DIDI), the biggest ride-hailing company in China, raised about $4.4 billion in its U.S. initial public offering.
Why this matters: Five years ago, Uber (UBER) bowed out of China by selling its China business to rival DiDi in exchange for a stake in the company. That makes Uber’s current 12% stake worth about $8.1 billion. Didi’s public offering is the second-largest U.S. listing by a Chinese company, behind Alibaba Group Holding Ltd.’s $25 billion debut in 2014. The company is trading on Bamboo under the ticker DiDi. (Yahoo Finance)
Hertz exits bankruptcy in style
Hertz exits bankruptcy and the stock may debut at more than double that price.
Why this matters:
Last year, car rental company Hertz filed for bankruptcy. It was an entire fiasco. The stock jumped to $5.50 after the company announced bankruptcy to the confusion of experts. Regulators stepped in, blocked the company from selling any new shares to gullible investors. Yesterday, when Hertz exited bankruptcy under the new ticker symbol HTZZ, the stock debuted at more than double its last year’s price. (Yahoo Finance)
Amazon says FTC should take new chair off its cases
Amazon (AMZN) filed a petition asking for the Federal Trade Commission (FTC) Chair, Lina Khan, to be recused on antitrust matters related to the online retail giant.
Why this matters: Khan is a well-known big tech critic and has advocated for stronger anticompetitive regulation, especially against Amazon. The company said in its filing that it was requesting Khan's recusal from all matters related to Amazon because of her previous work while at an antitrust advocacy group, public statements and work for a congressional subcommittee. (Yahoo Finance)
Market Roundup
In this week’s market roundup, Microsoft became only the second US public company to reach a $2 trillion market cap, and all it took was 46 years, and a sprinkle of Nadella. We talk details, implications & more in our new Market Roundup series.
That’s it for us today.
See you tomorrow.