Dropbox Priced at $21 a Share in I.P.O., Valuing Company at $9.2 Billion

Dropbox Priced at $21 a Share in I.P.O., Valuing Company at $9.2 Billion Photo Credit Thomas White/Reuters Dropbox is the latest so-called unicorn to trot into the public markets.
Some 36 million shares in the company, based in San Francisco, were sold Thursday for $21 apiece, higher than the range of $18 to $20 a share that the company’s investment bankers had recently envisioned.
Founded in 2007 by two Massachusetts Institute of Technology computer science students, Drew Houston and Arash Ferdowsi, Dropbox sells software subscriptions that let users collaborate and share files online. Until now, it was financed by private investors — including venture capital firms Sequoia Capital and Accel Partners — who valued the start-up at $9.4 billion, according to the research firm CB Insights. That large valuation earned Dropbox the coveted “unicorn” designation, which applies to start-ups valued at more than $1 billion.
The share sale on Thursday gave Dropbox a market value of about $9.2 bil..

Tech Tip: Giving Videos a Window of Their Own

Giving Videos a Window of Their Own Photo In the Safari browser, click the Picture in Picture icon, circled at top, on the video tool bar to pop out a separate floating video window on the desktop Mac. Credit The New York Times Q. How do you do picture-in-picture video with Safari on a Mac?
A. In macOS Sierra and later, you can use the Picture in Picture mode to pop out a floating video-player window on the screen while you have other pages and programs open on the desktop. The feature works in the Safari browser for videos on sites that use the HTML 5 standard for playback, like Vimeo and YouTube. Videos from Apple’s iTunes Store support the Picture in Picture view, as do some other apps.
To use the Picture in Picture mode, open a compatible video and, in the tool bar of playback controls, click the icon on the right that looks like two rectangles. The video should pop out in a small, separate window that you can resize by dragging its corner with the cursor. To reposition the video..

DealBook: Citigroup Acted. Now, Two New Ideas on How Banks Can Limit Gun Sales.

Supported by Business Day Citigroup Acted. Now, Two New Ideas on How Banks Can Limit Gun Sales. Photo A gun shop in Virginia. Asked about the response to Citibank’s new restrictions on gun sales by its retail clients, the chief executive, Michael Corbat, said, “The positives have significantly outweighed the negatives.” Credit Erin Schaff for The New York Times On Saturday afternoon, as hundreds of thousands of people joined the March for Our Lives around the nation, I was on the phone with Michael Corbat, chief executive of Citigroup.
Mr. Corbat had taken the remarkable step on Thursday of authorizing a new set of rules to restrict gun sales by Citi’s clients, the first time a Wall Street bank had used its position to influence the gun control debate.
Five weeks earlier, a gunman’s attack at a high school in Parkland, Fla., had left 17 dead. Soon afterward, I wrote a column challenging the business world to “effectively set new rules for the sales of guns in America,” given Washi..

Behind the Rise of China’s HNA: The Chairman’s Brother

Supported by Business Day Behind the Rise of China’s HNA: The Chairman’s Brother 查看简体中文版 查看繁體中文版 Photo Credit Jun Cen When a former Microsoft executive decided to sell his collection of eight golf properties in Washington State, a small Chinese company started quietly negotiating for them.
The company, West Coast Golf, said it was working on behalf of wealthy Chinese investors, including a Hong Kong company. Then the talks stalled.
A year later, a big Chinese conglomerate, HNA Group, suddenly swooped in and agreed to pay $137 million to buy the properties from the former tech executive’s company, Oki Golf.
The two Chinese companies had an important connection: The head of West Coast Golf, Wang Wei, is the younger brother of HNA’s longtime co-chairman, Wang Jian.
Continue reading the main story The activities of Wang Wei have been central to HNA’s transformation from a small regional airline to a vast global conglomerate, one with nearly $100 billion in revenue and stakes in Deuts..

Amazon shares fall wiping more than $30bn off value after reports Trump wants to 'go after' tech giant

President Trump wants to change Amazon's tax treatment and has talked about using antitrust laws to 'go after the company', according to reports
Amazon shares fell almost 5 per cent on Wednesday, wiping more than $30bn (£21.4bn) off its market value, after news website Axios reported that US President Donald Trump is obsessed with the world’s largest online retailer and wants to rein in its growing power.
President Trump has talked about using antitrust law to “go after” the company because he is worried about mum-and-pop retailers being put out of business by Amazon, Axios reported, citing five sources it said had discussed the issue with him.
President Trump also wants to change Amazon’s tax treatment, the Axios report said, an issue the president raised publicly last year when he called for an internet tax for online retailers, even though Amazon already collects sales tax on items it sells direct to customers.
Read more Amazon to drop $1bn on adaptation of one..

Letter 51: Getting to Know (and Appreciate) Rural Australia

Getting to Know (and Appreciate) Rural Australia Damien Cave, our Australia bureau chief, shares insights on Australia, news of the world and reader feedback in this weekly newsletter. Want it by email? Sign up.
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I’m in rural Victoria this week reporting on immigration — part of our effort to explore Australia’s multicultural present and future — and I have to say, now I get why so many of you urged me to get out of the cities and into the country.
This isn’t my first trip to regional Australia, and let’s put aside the “real Australia” argument; in my book, cities and towns are both reflections of national character.
But just as dinner parties are different with six guests rather than 60, towns with a few hundred people do have a lot to teach about human interaction and how a country really works.
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Continue reading the main story In my experience, towns of the singular — one market, one intersection — tend to produce a few things in abundance. Questions are among t..