Good morning, and welcome to the
Essential California newsletter. It’s Monday, May 6, and here’s
a quick look at the week ahead:
Monday marks the first full day of
Ramadan. After the Christchurch mosque shootings and the synagogue attack in Poway, Islam’s holiest month will be met with
heightened security at some mosques.
Also Monday:
Director John Singleton will be laid to rest at
an intimate private funeral in Los Angeles. A larger public memorial will probably happen in the next few weeks.
On
Wednesday and Thursday, Democratic
presidential candidate Joe Biden will be in California campaigning, per the Associated Press.
Wednesday will also see
Uber and Lyft drivers strike in cities around the country (including in
L.A. and San Francisco) for part of the day, in protest of pay rates. Expect to be
hearing plenty about Uber all week in the run-up to the ride-sharing giant’s long-awaited initial public offering.
Friday will be the big event, when
Uber lists its shares on the New York Stock Exchange in what’s slated to be the
largest IPO of the year. The listing could see Uber valued at
as much as $84 billion, though the actual numbers remain to be seen. Uber’s IPO comes a little more than a month after ride-share rival
Lyft went public in
a rocky debut that saw shares
tumble below their IPO price after a mere two days of trading.
(See also: DealBook’s “Everything You Need to Know About the Uber I.P.O.”)
Along with the ride-share giants, Pinterest recently went public and a number of other tech companies, including Slack, Airbnb and Palantir, are likely soon to follow.
Forbes estimates that this
IPO gold rushcould mint as many as
6,000 new millionaires, with much of that
wealth concentrated in the Bay Area — which has people talking about the potential effects on
the already hyper-stratified city of San Francisco.
The influx of money after all those IPOs are made could also add
a potential $1-billion windfall to the state’s coffers in tax revenue, creating what the
Washington Post calls “a welcome quandary for the state’s budget writers.”
And now,
here’s what’s happening across California:
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