🚀 Stubhub IPO values company at $8.6B

Market Overview
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Year To Date Performances:

1. StubHub has priced its IPO at $23.50 per share, valuing the ticketing platform at $8.6 billion and setting the stage for its New York Stock Exchange debut under the ticker “STUB.” The pricing lands in the middle of the company’s expected $22–$25 range, though it remains well below the $16.5 billion valuation StubHub once targeted. Founded in 2000 and reacquired by co-founder Eric Baker in 2020 through Viagogo, the company has repeatedly delayed its public debut, most recently in April after President Trump’s tariff announcements rattled markets. Now benefiting from a broader rebound in IPO activity following years of inflation-driven stagnation, StubHub joins a wave of successful listings by firms like Klarna, Circle, and Figma. Despite revenue growth of 10% in the first quarter to $397.6 million, StubHub continues to post losses, underscoring both the promise and risks investors face in its return to the public markets.

2. President Donald Trump has once again extended the deadline for ByteDance to divest TikTok’s U.S. business, giving the Chinese company until December 16 to finalize a deal with an investor group led by Oracle, Silver Lake, and Andreessen Horowitz. The framework agreement reportedly gives the consortium about 80% ownership of TikTok’s U.S. operations, while also requiring existing users to migrate to a new app. The extension marks the fourth reprieve for TikTok, which faced an imminent ban under a national security law that would have penalized Apple, Google, and internet providers for supporting the app. Treasury Secretary Scott Bessent said the deal’s commercial terms were largely set months ago but stalled due to U.S.-China tensions, with Beijing softening its stance only after Trump threatened to let TikTok “go dark.” The agreement is expected to close within 30 to 45 days, preserving TikTok’s U.S. presence while securing Oracle’s cloud hosting arrangement, though Trump and President Xi are still slated to discuss final terms later this week.

3. The Federal Reserve is expected to cut interest rates by a quarter point this week, but markets are focused on what the central bank signals about future moves as political tensions swirl. President Trump has pressed for deeper cuts, and his newly appointed Fed governor, Stephen Miran, is expected to dissent in favour of a more aggressive reduction, highlighting fractures within the FOMC. While traders are betting on additional cuts in October and December, Chair Jerome Powell’s language in his press conference will be closely parsed for hints about the path ahead. The outcome underscores the Fed’s challenge of balancing a cooling labour market against tariff-driven inflation while navigating increasing political pressure.

   Headlines

   1. Tech companies have already commited over $40B in AI investments in the UK.

   2. China is increasing export restrictions on rare earth minerals.