What You Missed: Snap Stock, Sessions Under Fire, and More
In What You Missed, we round up the best stories for you to read on your evening commute.
Snapchat is now on the stock market, and investors should be happy.
It priced its initial public offering of 200 million shares at $17 per share, much higher than everyone was expecting. The shares started trading at $24, which values the company around $33 billion, the biggest tech IPO since Alibaba went public in 2014.
Not too shabby for a company that has a stagnant user base and stiff competition.
Sessions in the Hot Seat
The Justice Department confirmed that Attorney General Jeff Sessions spoke with Russia’s ambassador to the United States twice during the presidential campaign. During his confirmation hearing, Sessions said he had not had communications with Russian officials. Now both Republicans and Democrats are calling for him to be removed from an investigation into Russian interference in the 2016 election.
In a press conference Thursday afternoon, Jeff Session announced that he is recusing himself from the investigation.
What Book You Missed
Paul Ryan made headlines this week for describing President Trump as running the country less like a traditional president, and more like a “chairman.” The analogy, of course, makes sense, given Trump’s history in business, but had pundits analyzing the subtext nonetheless. This entertaining and informative history of the tensions between a company’s shareholders and management makes extending the comparison further tempting: If Trump is the chairman of the country, then we, the voters and taxpayers, would be the stockholders. It's up to Trump and his administration to steer the country in the right direction — otherwise, come 2020, voters might use Trump’s infamous phrase: “You’re fired.”