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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Mark Cuban is making a significant change in the Dallas Mavericks' ownership, selling a majority stake to Miriam Adelson and her family, the principal shareholders of Las Vegas Sands. This move will see Cuban retaining a portion of the team and continuing to oversee basketball operations. In a strategic financial move, Adelson is divesting approximately $2 billion worth of company stock, about 10% of her stake, specifically to fund this acquisition. The deal is subject to customary league approvals, as per a Las Vegas Sands filing. Despite Las Vegas Sands' stock dipping post-announcement, this development marks a notable shift for Adelson, moving from her established realms of casino operations and substantial political contributions to the world of professional sports. This new venture for Adelson, a renowned medical doctor and philanthropist, expands her diverse portfolio of investments and interests.

2. The IPO horizon for 2024 is shaping up to be a bustling one, signalling a resurgence of confidence in the markets after a couple of challenging years. Among the notable names considering going public is Kim Kardashian's Skims, a lingerie brand with a valuation of $4 billion. Reddit, with its ongoing discussions with investors, could potentially see its IPO as early as the first quarter of 2024. Rubrik, backed by Microsoft and specializing in cloud and data security, is also eyeing an IPO at the start of 2024. Shein, the fashion retailer that moved its base from China to Singapore and valued at $66 billion, has initiated its IPO filing process. These companies join the ranks of highly anticipated IPO candidates like Waystar, Fanatics, Databricks, Stripe, and Circle. After two of the worst years for IPO markets, Wall Street eagerly anticipates a rebound in 2024, heralded by these diverse and significant entries.

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4. Headlines

   1. Charlie Munger, Warren Buffett’s right-hand man, passed away at the age of 99.

   2. Sports tickets have seen some of the highest inflation, up 25% on average from October 2022 to October 2023.

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