*By Bridgette Webb*
A market downturn couldn't hold back Elastic's public debut on Friday.
The Dow , NASDAQ, and S&P 500, all closed in the red, as mixed employment data pushed interest rates higher. But shares of data service provider Elastic ($ESTC) opened at $70 per share, almost double its listing price of $36.
The company raised $252 million in the offering, but founder and CEO Shay Banon said that's not why he decided to take his company public.
"We view \[the IPO\] as a maturity event for a company ー it's time to stop being an adolescent and start to become a real company that's arch goes beyond a few years," Banon said in an interview on Cheddar Friday.
The Silicon Valley-based company's search tech finds information and gleans insights after reviewing large amounts of data, which is available for a diverse set of applications and uses.
Some of Elastic's clients include Uber, Facebook ($FB), Lyft, Microsoft ($MSFT), and Match Group's (MTCH) Tinder.
Competitors include Amazon($AMZN), Alphabet's ($GOOGL) Google, and Splunk ($SPLK).
For full interview [click here](https://cheddar.com/videos/elastic-has-strong-market-debut).
Half of U.S. states are raising their minimum wage next year.
Sony's PlayStation 5 console has now passed 50 million units sold.
FedEx decreased its full-year revenue forecast after reporting lower-than-expected quarterly profits in its latest results.
Cora is among dozens of young kids across the U.S. poisoned by lead linked to tainted pouches of the cinnamon-and-fruit puree
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
