Dropbox set terms for its IPO which is expected to debut sometime next week on the Nasdaq. The file sharing company plans to sell 36 million Class A shares at $16 to $18 a piece. That sets the company's valuation as high as $8 billion, which is significantly lower than Dropbox's 2014 private valuation of $10 billion. Shares are expected to start trading sometime next week on the Nasdaq under the ticker symbol DBX.
Elon Musk surprised fans by showing up at a South by Southwest panel for HBO's "Westworld" to talk about space travel. He set a new timeline for his mission to send test flights to Mars, saying this could happen as soon as the first half of next year. However, Musk did acknowledge his propensity for setting unrealistic timelines for his projects. In addition to talking about SpaceX, Musk also spoke about his other companies, Tesla and The Boring Company.
Michael Harriot from The Root joins us to talk about the high stakes in the Pennsylvania special election. Democrat Conor Lamb faces Republican Rick Saccone in a battle to represent the state's 18th district, a traditionally conservative district. However, polls show it's a close race between the two candidates. Harriot says the unpopularity of President Trump is giving Democrat Conor Lamb an advantage. He also says this race is very important as it could have huge implications for the midterm elections later this year.
And we catch up with Joseph Lubin, co-founder of Ethereum, at South by Southwest to talk about the future of cryptocurrency. He compares the rise in popularity of cryptocurrency to the dot-com boom in the late 90s, saying that this is a learning period for those in the industry. With regard to the recent volatility in the price of bitcoin, Lubin says he's not too concerned and is instead focused on long-term growth.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
