Sections SEARCH Skip to content Skip to site index Style Subscribe Log In Log In Today’s Paper Style | Thousands of New Millionaires Are About to Eat San Francisco Alive Advertisement Supported by ByNellie Bowles March 7, 2019 SAN FRANCISCO — Big wealth doesn’t come in monthly paychecks. It comes when a start-up goes public, transforming hypothetical money into extremely real money. This year — with Uber, Lyft, Slack, Postmates, Pinterest and Airbnb all hoping to enter the public markets — there’s going to be a lot of it in the Bay Area. Estimates of Uber’s value on the market have been as high as $120 billion. Airbnb was most recently valued at $31 billion, with Lyft and Pinterest around $15 and $12 billion. It’s anyone’s guess what prices these companies actually will command once they go public Welcomed finally into the elite caste who can afford to live comfortably … [Read more...] about Thousands of New Millionaires Are About to Eat San Francisco Alive
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Tech companies have changed the way we chat, bank, travel and date. Are they about to disrupt capital markets too? “In [Silicon] Valley there’s always been that mentality: how do we hack Wall Street?” says Rob Kniaz, a founder of tech-focused venture capital firm Hoxton Ventures. Two weeks ago reports broke that Slack, the workplace messaging app, was planning to go public, potentially firing the starting gun on a slew of major tech company flotations in 2019. Ride-hailing apps Uber and Lyft, home-sharing giant Airbnb and office space provider WeWork are among those pondering an initial public offering (IPO) in 2019. Uber’s IPO, if it happens, could see it valued in the region of $100bn (£77.6bn). But if the tech giants are to expose themselves to the scrutiny and regulation that comes with a public listing they will want to do so on their own terms. Early indications are that Slack may follow the lead of Swedish music streaming service Spotify, which … [Read more...] about Hacking Wall Street: Are tech unicorns about to disrupt stock market flotations?
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Associated Press January 07, 2019 Stocks rose again Monday, led by gains by retailers and smaller companies, after a report showed strong orders last month for service-sector companies, where most Americans work. Investors were also encouraged by the resumption of trade talks between the United States and China.That helped stocks build on the huge gains they made Friday. The US economy has been a top concern for investors over the last three months, and the strong report on service companies showed that banks and health care and construction companies were holding up well.Dollar stores and other retailers, clothing companies, and car makers all climbed. Amazon surpassed Microsoft to become the most valuable publicly traded company. The two-day gain followed a huge pullback Thursday, when a weak report on manufacturing helped send large multinational companies … [Read more...] about Stocks climb on trade talks, encouraging economic report
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Nick Baker Bloomberg News January 07, 2019 CHICAGO — A group of big banks and brokers is forming a new US stock market, funneling years of frustration about how much exchanges charge into the creation of a competitor.The nine founders, including Morgan Stanley, UBS Group AG, Citadel Securities LLC, and Virtu Financial Inc., are seeking to “increase competition, improve operational transparency, further reduce fixed costs and simplify the execution of equity trading in the U.S.,” according to a statement Monday. The Members Exchange, or MEMX, raised $70 million from the original group and is open to other investors, according to a person with knowledge of the matter.The move recalls the days when the New York Stock Exchange and other exchanges were owned by their members rather than being for-profit, publicly traded corporations whose interests … [Read more...] about Brokers say new US stock market will take on NYSE, Nasdaq
By Dave Michaels The Wall Street Journal Alexander Osipovich Tues., Nov. 27, 2018 Silicon Valley’s plan to build a better stock exchange for the nation’s hottest startups hit a snag earlier this year when a member of the Securities and Exchange Commission opposed it, people familiar with the matter said. The Long-Term Stock Exchange — a proposed new market backed by venture capitalist Marc Andreessen, LinkedIn co-founder Reid Hoffman and other tech luminaries — was criticized by SEC Commissioner Robert Jackson Jr. He questioned whether the exchange’s model could entrench the power of founders and early investors in startup companies while hurting other shareholders, the people said. The agency’s approval is needed to approve major changes to how exchanges work, and any member of the SEC can slow the process by calling for a full commission vote. Mr. Jackson’s move, which hasn’t been previously reported, overrode a … [Read more...] about Silicon Valley’s stock exchange hits a roadblock