First, to our top story. Slack makes its public debut the at a direct listing on the new york stock exchange, opening 48 above its reference price. Valuing the software messenger at more than 20 billion, a big increase from the last private valuation. They raised money at a 70. 1 7. 1 billion valuation. I caught up with slack right before shares began trading. At this point it has been working exactly the way it is supposed to work and ultimately, we will open and have a high and low. The same thing will happen tomorrow and we are very much focused on the longterm. Emily you are still paying large fees to bankers. You raise a lot of money. So what problem are you really solving by doing a direct listing versus a traditional ipo . The first is there is no need to raise primary capital. We came into the process with 300 million on the balance sheet. Dilution to existing shareholders would have been tough. We did get a little more freedom with how we tell the story. Instead of only having
Are the Market Leader because we have matured aggressively and are solving real problems for real customers. Moneygram is a manifestation of that and the secondlargest global remittance company. We have a big impact with one customer and one partner. Emily Western Union has tested ripple to use for its network but said it is more expensive. Is moneygram saving money by using ripple . Western union said they have been around for decades and they said in our beta time, when the product had not launched, that we match the efficiency of what they were optimized. My view was they spent decades getting to an efficiency that we matched with a beta product. So i was pleased Western Union said we are already as good as the decades they have invested in building out the capability. With moneygram, we know out of the gates we can make their system much more efficient because today Western Union and moneygram prefund accounts throughout the world so they can make payments. Moneygram and Western Un
Flax makes its public debut. Itses opening above reference price, valuing the software messenger add more than 20 million. Icon up with the cfo. At this point it has been working exactly the way it is supposed to work. We are very much focused on you are still paying large fees to bankers and you still the public on market. What problem are you solving . The first one is, no need to raise primary capital. A little bit more freedom in how we tell the story. Instead of only having a roadshow, we were able to do an investor day, livestream it and make the video available to everyone. Emily black is still profitable. Our primary focus is to invest in growth. This is the drive toward the national breakeven. We can still invest very aggressively. Emily how much of a priority is profitability . I dont want to get technical but there are a lot of deferred revenues. In outside investors is great because it allows us to control our own destiny. We try to find new ways to continue to invest. We d
The gym before wisconsin is recognized for five minutes. I think the chair. Let me start with you if i can, mr. Johnson. The cfpb can see that it quote lacks sufficient information of substantial number of known Market Participants necessary to estimate their larger participant status, end quote. In other words, they dont know the data can then have the data to and how Many Companies will be swept under the role. It of how much the rule really consult with the full market impacts coulde. Cfpb uscirf under cfpb. With this the unusual in your al opinion . I think would be unusual and certainly present a challenge risk. In some ways this is bureaus response to an executive order and revise guidance or omb regarding the relaxingf standards for costbenefit analysis. I appreciate that. I continue to have concert cfpb isnt doing a proper costbenefit analysis and the fact we dont have data that will be swept in and residual ethic is currently concerning. Let me continue on which if i can mr. J
The gym before wisconsin is recognized for five minutes. I think the chair. Me start , mr. Johnson. The cfpb can see that it quote lacks sufficient information of â– substantial number of known Market Participants necessary to estimate their larger participant status, end quote. In other words, they dont know the data can then have the data. It of how much the rule really consult with the full market impacts could be. Cfpb uscirf under cfpb. With this the unusual in your professional opinion . I think would be unusual and certainly present a challenge risk. In some ways this is bureaus response to an executive order and revise guidance or omb regarding the relaxing of standards for costbenefit analysis. I appreciate that. I continue to have concert cfpb isnt doing a proper costbenefit analysis and the fact we dont have data that swl ethic is currently concerning. Let me continue on which if i can mr. Johns. The law authorizing the cfpb says the bureau shall consult with the federal tra