IPOs, SPACs, and direct listings: Silicon Valley opens the doors to more investors

When the members of Fortune’s annual Investor Roundtable met this month, late-stage tech startups were very much in the public eye. Sky-high valuations in the private market are encouraging more companies like Airbnb and DoorDash to pull the trigger and go public. And other startups are eyeing alternatives to traditional initial public offerings—including direct listings and mergers with special purpose acquisition companies (aka SPACs). 

Those alternatives are often good for the founders—but are they good for investors? Our panelists had no shortage of opinions. 

Joining us were Savita Subramanian, head of U.S. equity and quantitative strategy and head of global ESG research at Bank of America Merrill Lynch; Josh Brown, CEO of Ritholtz Wealth Management; David Eiswert, head of the top-performing T. Rowe Price Global Stock Fund; Sarah Ketterer, CEO and fundamental portfolio manager of Causeway Capital; and Mallun Yen, cofounder and general partner of early stage venture capital firm … Read More

Pfizer to submit U.S. emergency use application for COVID-19 vaccine By Reuters


(Reuters) – Pfizer Inc (NYSE:) said it will apply to U.S. health regulators on Friday for emergency use authorization (EUA) of its COVID-19 vaccine, the first such application in a major step toward providing protection against the new coronavirus.

The application to the U.S. Food and Drug Administration (FDA) comes just days after Pfizer and German partner BioNTech SE (NASDAQ:) reported final trial results that showed the vaccine was 95% effective in preventing COVID-19 with no major safety concerns.

Pfizer’s shares rose 2% and BioNTech climbed 5% on the news that a vaccine could soon be available, raising hopes for the end of a pandemic that has claimed more than a quarter of a million lives in the United States and over 1.3 million worldwide.

The application also includes safety data on about 100 children 12-15 years of age. The company said 45% of U.S.

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