FT News Briefing Thursday, November 7
Nov 7, 2019
Airbnb's valuation is soaring to $42 billion as investors prepare for its IPO. Meanwhile, two former Twitter employees face espionage charges for spying on behalf of Saudi Arabia. Uber shares hit a new low post-lockup, and SoftBank's founder admits to ignoring governance issues at WeWork. Xerox is making waves with a $30 billion bid for HP. On the political front, France is tightening its immigration policy to gain electoral support, while grappling with the impacts of illegal migration and labor market needs.
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Airbnb's Soaring Valuation
- Investors are buying indirect stakes in Airbnb ahead of its 2020 IPO, valuing it as high as $42 billion.
- This is up from a $31 billion valuation in 2017, and it's considered a safer bet than other recent IPOs.
Twitter Spying Scandal
- The US Department of Justice has charged two former Twitter employees with spying for the Saudi government.
- They allegedly used internal systems to access personal data of Saudi critics and thousands of other users.
Uber Shares Tumble
- Uber's share price hit a new low after early investors were allowed to sell their shares.
- This happened after the lock-up period ended, with shares falling below $26, significantly down from the $45 IPO price.