Airbnb sells shares at $68 in IPO, pricing above range [CNBC]
The company previously said it expected to sell shares at between $56 and $60…. Airbnb’s IPO will follow that of DoorDash, which began trading on Wednesday. DoorDash’s stock price soared 86% to $189.51 from its IPO price of $102.
SoftBank Vision Fund turns $680 million DoorDash investment into $11.5 billion based on Wednesday’s opening price [CNBC]
The $100 billion Vision Fund invested in DoorDash four times, pumping $680 million into the company in Series D, F, G and H rounds…. That investment is now worth $11.5 billion — an almost 17x gain.
Rajeev Misra, the head of the SoftBank Vision Fund, told CNBC in March the fund would show major improvements in the next 18 to 24 months after more than a dozen of the portfolio’s investments went public…. SoftBank said in November the Vision Fund had gained $6.1 billion in the quarter ended Sept. 30, bouncing back from a $17 billion loss earlier in the year.
Zuckerberg’s Deal Making for Facebook Is Central to Antitrust Cases [WSJ]
The FTC and a group of 46 states in separate antitrust lawsuits on Wednesday alleged that Facebook engaged in a yearslong campaign to acquire or stymie nascent technology companies that it feared could become rivals. The FTC said it was seeking court relief that could include forcing Facebook to sell two of its biggest acquisitions: messaging service WhatsApp and photo-sharing app Instagram, which competition authorities previously chose not to challenge…. Since co-founding the social network in his dorm as a Harvard sophomore, Mr. Zuckerberg has closely managed its approach to rivals, including the deals for Instagram, WhatsApp and virtual-reality company Oculus VR….
Ex-SAC Manager Jason Karp Joins SPAC Rush With Wellness Deal [Bloomberg]
HumanCo Acquisition Corp., the blank-check company Karp formed with Cavu Venture Partners, raised $250 million in a stock sale on Tuesday. Now begins the search for a closely held business in the health and wellness industry they can take public via a reverse merger.
Karp, who once worked as a portfolio manager at Steve Cohen’s SAC Capital Advisors, said in an interview he shouldn’t be lumped in with the “rich and connected guys” cashing in on enthusiasm for special purpose acquisition companies as a “side hustle.”
SEC Approves Plan to Bring More Detailed Stock-Market Data to Public [WSJ]
Under the SEC’s plan, detailed data showing supply and demand for stocks will be added to the public feeds, which are called securities information processors, or SIPs…. Another part of the SEC’s plan allows upstart versions of the SIPs to compete with the existing feeds, which are operated by the New York Stock Exchange and Nasdaq Inc.
Together, the measures amount to one of the biggest overhauls of the SIPs since the rules governing them were passed in the 1970s. They are also a parting shot by departing SEC Chairman Jay Clayton at big stock-exchange operators that have challenged a number of commission rules during his term.
S&P DJI removes Chinese firms from indexes after U.S. order [Reuters]
S&P DJI said it would remove mainland-listed A-shares, Hong Kong-listed H-shares and American Depositary Receipts (ADRs) of 10 companies including Hangzhou Hikvision Digital Technology Co Ltd and Semiconductor Manufacturing International Corp (SMIC) from all equity indexes prior to the market open on Dec. 21.
The company said it will also remove securities issued by 18 Chinese companies from its fixed income indices before Jan. 1….
FTSE Russell said last week that it would remove eight Chinese firms from its products to comply with the U.S. executive order, which bars U.S. investors from buying securities of blacklisted firms starting in November 2021.