Spotify has entered 2018 with a bang. Yesterday, news broke that Spotify was being hit with a $1.6 billion lawsuit. Then today, AXIOS reported that Spotify had filed IPO documents with the SEC at the end of December. The two journalists who broke these stories join Cheddar to break down the news and what's in store for Spotify.
Dan Primack of AXIOS explains that the company is pursuing a direct listing. This creates a unique path for the tech company that is distinctly different from the traditional IPO path. Primack reports that Spotify is targeting a Q1 public offering, and based on their current timeline, he thinks it is possible.
Eriq Gardner is the senior editor at The Hollywood Reporter and he broke the $1.6 billion lawsuit story. He reports that Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs without a license and proper compensation. Some of the artists under Wixen Publishing include Tom Petty, Neil Young, and the Doors. Gardner was not surprised by the lawsuit. He says that many record labels are fans of the music streaming company because they have deals that could lead to billions of dollars if the company goes public. However, as current law stands, music publishers have not benefitted from the rise in popularity of Spotify. This is why he was not surprised by the lawsuit.
The Fed's vice chair for supervision will testify Tuesday that the central bank will look into the possibility that a 2018 law contributed to SVB's collapse by allowing them to keep less cash on hand.
Tom Wheelwright, certified public accountant and CEO of Wealthability, joined Cheddar News to explain what the benefits are for married couples to either separately or jointly file taxes.
Cheddar News breaks down what to look for on The Day Ahead. Economic data, including Jan. home prices and consumer confidence, are slated to be released while the Senate Banking Committee has a hearing scheduled in the wake of the collapse of Silicon Valley Bank. Earnings from Walgreens, Lululemon and Micron are also expected.
Disney's first round of layoffs starts this week and will eventually to the loss of about 7,000 jobs after three rounds, according to a memo sent by CEO Bob Iger.
President Joe Biden’s choice to run the Federal Aviation Administration has withdrawn his nomination, a setback for the administration that comes after Denver International Airport CEO Phillip Washington appeared to lack enough support in the closely divided Senate.
The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Changpeng Zhao, CEO of Binance, one of the last remaining major crypto exchanges. The suit charges that the platform
