Julie Hyman details Thursday’s business headlines including: Didi Global Inc, a Beijing-based ridesharing company seeking a valuation of $ 62-67 billion in an IPO, with Panasonic selling its stake in Tesla for $ 3.6 billion, and Conan O’Brien ending his TBS late-night show ahead of his transition to HBO Max.
JULIE HYMAN: Let’s take a look at some other headlines we’re watching at this time. Chinese giant DiDi is targeting a valuation of $ 62 billion to $ 67 billion for its IPO. The company plans to sell 288 million US custodian shares in a range of $ 13 to $ 14 each. This would raise $ 3.9 million at these levels. Uber, which does not operate in China, has a stake in DiDi, as do SoftBank and Tencent.
Panasonic is taking profits on its initial investment in Tesla, taking profits and more. The Japanese conglomerate bought 1.4 million Tesla shares in 2010 for $ 21.15 each. This represents a total cost of approximately $ 30 million. He sold them for around $ 3.61 billion. Panasonic will continue to supply batteries to Tesla.
And Conan O’Brien wrapped up nearly 11 years of hosting his TBS show last night. This is his third late-night hosting gig in a 28-year span, just behind Carson at 30. He is now working on a weekly variety series for HBO Max which will air in 2022. O’Brien has also taken care of his podcast, “Conan O’Brien Needs a Friend”. And Brian Sozzi, that sort of mirrors the continuation of the streaming wars, right, the switch from TBS to HBO Max. And we’ll see what it does for them.
BRIAN SOZZI: Julie, I still think of Panasonic. We need to have their chief trader. It’s a hell of a deal out there for the folks at Panasonic on Tesla. But no, eventually Conan O’Brien will be on HBO Max. Who will it end up benefiting? The new owner, Discovery, if the deal is made with AT&T.
JULIE HYMAN: Exactly. Well, we’ll keep watching it.