Restless sleep Mattress startup Casper IPO’d Thursday and, to many people’s surprise, rose 13% during its first day of trading. Unfortunately, the magic didn’t quite last in the bedroom (been there), as the bed-in-a-box stock dropped below its IPO price and closed down 18% Friday. Not a great second day.
The real stinger is when you look at its valuation. The once $1.1B unicorn is now valued at $438M, as investors have seemingly grown skeptical about businesses that don’t “make a profit”… whatever that means.
Getting closure Mattel closed two toy factories in China and Indonesia and has announced plans to close a third factory in Montreal this year. The plant closure would affect roughly 560 hard-working Canadians, who spend their days making Mega Bloks and their night most likely eating poutine, being much more polite than their neighbors to the south and slamming Molsens.
The maker of Hot Wheels is on a cost-cutting mission and has been hit hard by weak sales from the Toys’R’Us liquidation and decreased demand of Fisher-Price and American Girl dolls.
PIMPCO’ing ain’t easy Former PIMCO CEO Douglas Hodge will spend nine months in prison as a part of the college admissions scandal that was uncovered last year. Dougie Fresh, as he’s likely to be called by his future cellmate, will serve the longest sentence doled out thus far related the scandal. Hodge made payments totaling $850k to the company and charity of the scheme’s ring leader William “Rick” Singer, a former tennis coach at Georgetown, and into a USC account.
His sentence would’ve been a year, but he got a 25% discount from prison (I need better lawyers) due to his past philanthropic work. #GoodGuyDoug.
The Rick Springer college admissions scandal has allegedly involved billionaires, executives, coaches, and even Aunt f*cking Becky. You know what they all have in common? They’re loving parents, and if that’s against the law then lock me up and throw away the key.
Juuuust missed it “Another day, another dollar”… and Softbank would need over 2 million years to make up for the shortfall it is expected to have. Softbank had a lofty goal of raising $108B for its new tech fund, but will likely raise half that amount. Not great, Bob.
Soiled by bad bets like WeWork, and a refusal to put up more moolah, the decrease in dough raised will likely have an impact across the industry, as many companies, such as Uber and DoorDash, got big boosts from the fund’s $90B spend over the past two years.