FanDuel Parent Lists On NYSE

The U.S. “degenerate economy” is getting its latest entrant, with FanDuel parent company Flutter Entertainment making its debut on the New York Stock Exchange (NYSE) today. ๐Ÿคฉ

With that said, the company did not receive the traditional fanfare it would in a standard initial public offering (IPO). That’s because it was listed on the London Stock Exchange (LSE) in May 2019, and its American depository receipts (ADR) have traded over the counter under the ticker $PDYPY for years.

However, this secondary listing on the NYSE is the first step in the company’s seeking shareholder approval to make the U.S. exchange its primary listing. While the company says it makes sense because the U.S. is its biggest customer market, others have pointed out that the London Stock Exchange has recently lost its luster with many companies. ๐Ÿ‘Ž

The exchange has been plagued with depressed valuations, especially since Brexit, as investor appetite shifted elsewhere. So, with U.S. exchanges and investors able to offer better fundraising potential, we’re seeing more and more companies turn to U.S. markets.ย 

Although $FLUT shares were essentially unchanged in their debut, it’s important to note that Flutter has been one of the better-performing stocks in the industry since going public almost five years ago. Whether or not that will continue remains to be seen, but the company has caught investors’ attention before a bet-heavy Super Bowl Sunday. ๐Ÿ’ธ

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Adobe Leads Day Of Breakups

Most of today’s stories were related to hookups in the market, but we also need to touch on some major breakups. ๐Ÿ’”

The first and most prevalent news story was that Adobe and Figma have called off their $20 billion acquisition. The two companies have faced intense scrutiny from European regulators, today saying, “There is no clear path to receive necessary regulatory approvals from the European Commission and the U.K. Competition and Markets Authority.” โŒ

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Biotech Buyout Spree Continues

It may be the last week of the year, but many companies are rushing to get deals done before year-end. Two significant transactions in the biotech space were announced today, so let’s dive in. ๐Ÿ‘‡

The first deal involves RayzeBio, which raised $358 million via an initial public offering (IPO) just three months ago. However, its time as a public company is being cut short by Bristol Myers Squibb, which is acquiring the radiopharmaceutical therapeutics company for $62.50 per share in cash. ๐Ÿ’ฐ

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AI’s Copyright Crisis Begins

We all knew copyright law would be a key issue at the heart of the artificial intelligence (AI) revolution, but we didn’t know when. Well, the time has come. โŒ›

Today, The New York Times filed a lawsuit against Microsoft and OpenAI, accusing them of infringing copyright and abusing the newspaper’s intellectual property. In its court filing, the publisher said it looks to hold the two companies accountable for the “unlawful copying and use of The Times’s uniquely valuable works,” claiming billions in statutory and actual damages.

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Apple Drains EV Resources For AI

After ten years of research and development, Tim Apple is finally pulling the plug on Apple’s electric vehicle (EV) project. Because as we all know, EVs have lost their luster and given way to the business world’s new savior…artificial intelligence (AI). ๐Ÿ˜‡

Bloomberg broke the news today, saying the tech giant disclosed the strategy shift internally and surprised the nearly 2,000 employees working on the project. Executives told staffers the project would begin winding down and that many of the car team’s employees would be shifted to its artificial intelligence division, focused on generative AI.ย 

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