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<ul class="summary-list"></ul>Halfway to the weekend! Here's a video of Mark Zuckerberg <a style="text-decoration: underline;" href="https://www.businessinsider.com/mark-zuckerberg-spars-mma-fighters-floating-barge-video-2023-9">sparring with MMA fighters</a> on a floating barge, proving that reality is always better than fiction. Speaking of fighting, the IPO market has been KO'd since 2022. But that could change with one company's <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/arm-ipo-softbank-apple-nvidia-google-stock-market-debut-chips-2023-9">upcoming public debut</a>. More in today's big story. What's on deck: <ul><li>Markets: Bad news for <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/commodities/oil-prices-russia-saudi-arabia-production-cuts-opec-supply-demand-2023-9">your gas tank</a>.</li><li>Tech: Getting <a style="text-decoration: underline;" href="https://www.businessinsider.com/apple-iphone-15-will-require-usb-c-charger-lightning-2023-9">Apple's new iPhone</a> means new chargers.</li><li>Business: What's fueling the <a style="text-decoration: underline;" href="https://www.businessinsider.com/loneliness-epidemic-decline-in-third-places-friends-parks-community-2023-9">loneliness epidemic</a>.</li></ul>But first, an initial important public offering.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a><a href="https://markets.businessinsider.com/news/stocks/arm-ipo-softbank-apple-nvidia-google-stock-market-debut-chips-2023-9" target="_blank" rel="noopener"></a><div type="image" title="arm ipo semiconductor chipmaker" height="768" width="1024" msid="103438907" hostid="261" sizebytes="33312"></div>The big storyA company's upcoming IPO will likely be the biggest US stock debut of the year and a bellwether for the fate of the wider market.But no pressure, Arm!The Softbank Group-owned chip designer filed paperwork Tuesday <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/arm-ipo-softbank-apple-nvidia-google-stock-market-debut-chips-2023-9">with plans to go public</a>, writes Insider's Phil Rosen. To put it simply, it's a big one.The British company, which designs chips used in most smartphones, is looking to raise up to $4.87 billion with a valuation as high as $52 billion. Even if it slightly misses those numbers, it'll still be the largest public debut in the US since <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/rivian-stock-price-ipo-debut-valuation-100-billion-ford-gm-2021-11">Rivian's IPO</a> in late 2021.But this isn't your run-of-the-mill large IPO. The market for companies going public has been all but dead since 2022. The lack of public offerings since March of last year is the worst IPO drought since 2009, according to Bloomberg data.However, the crux of the issue with IPOs dates back well before 2022. As is often the case, things took a turn at the onset of the pandemic. When the market collapsed in March 2020, plans to go public were put on hold. The stock market recovered in record time, but then something else held up IPOs: VC money. Rich with cash, venture investors were happy to keep pouring money into startups. The public markets suddenly didn't seem appealing when a startup could wait six months for its valuation to double from another round of funding. That formula suited startups well until 2022, when cracks started to show in the market. Cash wasn't cheap anymore — thanks a lot, Fed! — which meant no more eye-popping funding rounds. Meanwhile, IPOs weren't an option since public investors wouldn't support the puffed-up valuations startups were clinging to.Which brings us to Arm's IPO. A successful public debut, especially such a large one, would open up the floodgates for other companies on the fence about an IPO. Cleaning out the backlog of companies waiting to go public over the past three-plus years would also have some significant knock-on effects. More IPOs mean VCs get to cash out those early-stage investments. That means more cash for future investments, something the startup community desperately needs, save for those in AI. Of course, there are no guarantees. Should Arm's IPO fall flat, it could spell disaster. Arm has indicated interest in its IPO from the likes of Google, Apple, and Nvidia.But if a company in a buzzy sector with big-name backers can't crack the IPO drought, who can?<a href="https://markets.businessinsider.com/news/stocks/arm-ipo-softbank-apple-nvidia-google-stock-market-debut-chips-2023-9">Read the full story here.</a>3 things in markets Before the opening bell: US stock futures fall <a style="text-decoration: underline;" href="https://markets.businessinsider.com/premarket" target="_blank" rel="noopener">early Wednesday</a> as investors await the release of more economic data <a href="https://markets.businessinsider.com/news/commodities/oil-prices-russia-saudi-arabia-production-cuts-opec-supply-demand-2023-9" target="_blank" rel="noopener"></a><div type="image" title="oil rig" height="540" width="810" msid="103438909" hostid="261" sizebytes="64786"></div>1. Oil prices just surged thanks to Russia and Saudi Arabia extending production cuts. Brent crude surpassed $90 a barrel for the first time since November. The production cut, which will last until December, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/commodities/oil-prices-russia-saudi-arabia-production-cuts-opec-supply-demand-2023-9">surprised industry experts</a>.2. Private equity is finally opening up to the public cloud. From improving dealmaking capabilities to boosting their portfolio companies, <a style="text-decoration: underline;" href="https://www.businessinsider.com/private-equity-apollo-eqt-approach-public-cloud-generative-ai-2023-9" target="_blank" rel="noopener">here's how companies like Apollo and EQT</a> are using the public cloud. 3. China can't catch a break. More bad news for the country that is struggling to revive its economy and is battling a property crisis. Bloomberg Economics predicts <a style="text-decoration: underline;" href="https://www.businessinsider.com/china-worlds-largest-economy-slowdown-growth-property-crisis-bloomberg-economics-2023-9">China's GDP</a> will only briefly surpass the US's in the mid-2040s before "falling back behind." The economists had previously believed China could overtake the US in the 2030s.3 things in tech<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-sector-dominance-sp500-apple-microsoft-amazon-2023-9"></a><div type="image" title="Workers at big tech companies like Apple (left), Amazon, and Meta may be leaving after two years because of workplace dissatisfaction. " height="1500" width="3000" msid="103438911" hostid="261" sizebytes="317260"></div>1. RIP to Apple's lightning cable. The iPhone maker is set to change its charging cable for the first time in more than a decade. The iPhone 15 — set to come out this month — will reportedly <a style="text-decoration: underline;" href="https://www.businessinsider.com/apple-iphone-15-will-require-usb-c-charger-lightning-2023-9">use the new cord</a>.2. Why tech is positioned to dominate the stock market. Tech has already led the stock market for about a decade — starting when Apple became the biggest company in the world. But tech like AI is going to <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-sector-dominance-sp500-apple-microsoft-amazon-2023-9">solidify the industry's dominance</a> even more.3. Cofounder of Google's AI division says everyone will soon have their own AI-powered "chief of staff." Mustafa Suleyman predicted that within the next five years, everyone will have access to <a style="text-decoration: underline;" href="https://www.businessinsider.com/google-deepmind-cofounder-mustafa-suleyman-everyone-will-have-ai-assistant-2023-9">an AI assistant</a>. It'll be super smart and even understand your personal history.3 things in business<a href="https://www.businessinsider.com/loneliness-epidemic-decline-in-third-places-friends-parks-community-2023-9"></a><div type="image" title="Amid a midnight blue background, bright red and orange lonely faces wander among shuttered buildings and structures" height="1200" width="2400" msid="103438912" hostid="261" sizebytes="604852"></div>1. Loneliness is a design flaw. The amount of third places — social spaces we regularly visit that aren't our home or work — is on the decline. This is a catastrophe for our communities and for us, Insider's Eliza Relman<a style="text-decoration: underline;" href="https://dev.insider.com/author/eliza-relman" target="_blank" rel="noopener"></a> writes. It's so bad that the US Surgeon General Vivek Murthy calls this <a style="text-decoration: underline;" href="https://www.businessinsider.com/loneliness-epidemic-decline-in-third-places-friends-parks-community-2023-9">an epidemic of loneliness</a>.2. Inside the secretive world of superyachts. The rich are buying superyachts in record numbers. They're the ultimate symbol of wealth and allow the rich to relax — <a style="text-decoration: underline;" href="https://www.businessinsider.com/inside-the-secretive-world-of-superyachts-2023-8">and broker deals</a> — without so many prying eyes. Their staff onboard even have to sign comprehensive non-disclosure agreements.3. NYC is having an Airbnb reckoning. A new short-term rental law is going into effect this week. It impacts around 40,000 listings and includes restrictions like a reservation cap of two people and <a style="text-decoration: underline;" href="https://www.businessinsider.com/nyc-airbnb-crackdown-squeezes-hosts-and-renters-starting-september-5-2023-9">banning entire-unit rentals</a>.In other news<a href="https://www.businessinsider.com/how-more-than-quadrupled-salary-career-pivoting-2023-9" target="_blank" rel="noopener"></a><div type="image" title="headshot of Christian Lovell outside" height="3126" width="4160" msid="103438913" hostid="261" sizebytes="299022"></div><ul><li>United Airlines is back in the air after a <a style="text-decoration: underline;" href="https://www.businessinsider.com/united-airlines-ground-stop-nationwide-flights-2023-9">nationwide ground stop</a>.</li><li>China is reportedly planning a <a style="text-decoration: underline;" href="https://www.businessinsider.com/china-planning-41-billion-semiconductor-fund-chip-war-heats-up-2023-9">$41 billion boost</a> to its semiconductor industry.</li><li>Mercedes claims <a style="text-decoration: underline;" href="https://www.businessinsider.com/mercedes-says-new-sedan-beats-any-tesla-on-mileage-range-2023-9">its new EV</a> can beat any Tesla's driving range on a single charge.</li><li>From student loans to Social Security benefits, <a style="text-decoration: underline;" href="https://www.businessinsider.com/social-security-benefits-student-loan-repayment-congress-funding-budget-fight-2023-8">here's what's at stake</a> during the budget showdown.</li><li>This 30-year-old career strategist revealed how she <a style="text-decoration: underline;" href="https://www.businessinsider.com/how-more-than-quadrupled-salary-career-pivoting-2023-9">quadrupled her income</a>.</li><li>These are the 17 most affordable US cities, <a style="text-decoration: underline;" href="https://www.businessinsider.com/top-us-cities-real-estate-investing-rent-and-price-increases-2023-9">including Nashville and Las Vegas</a>.</li><li>Brands are <a style="text-decoration: underline;" href="https://www.businessinsider.com/brands-making-film-tv-demand-more-audience-data-sharing-streamers-2023-9">pouring money</a> into film and TV content.</li></ul>What's happening today<ul><li>Fit for a Queen: Freddie Mercury's personal belongings are up for auction. Around 1,500 items from his London home are up for sale — they've been untouched for 30 years. They include jewelry, stage-worn outfits, a grand piano, and manuscripts.</li><li>He's the one — Lil Wayne is honored at the BMI R&amp;B/Hip Hop Awards. The event celebrates 50 years of hip hop. And Lil Wayne will receive the BMI icon award — the organization's highest honor.</li><li>Earnings today: American Eagle, Dave &amp; Buster's, <a style="text-decoration: underline;" href="https://markets.businessinsider.com/earnings-calendar">and other companies</a>.</li></ul><div type="image" title="Elaine LaLanne" height="683" width="1024" msid="103438914" hostid="261" sizebytes="70876"></div>For your bookmarksElaine LaLanne and her husband shaped the healthy-living movement. She's worked out for decades and revealed her <a style="text-decoration: underline;" href="https://www.insider.com/elaine-lalanne-97-does-these-exercises-every-day-2023-9" target="_blank" rel="noopener">daily 20-minute routine</a>.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Insider Today: IPOs' make-or-break moment

<ul class="summary-list"><li>Two heirs of Birkenstock are now worth $3.4 billion after the company's IPO, Bloomberg reported.</li><li>The German sandal brand, long mocked as producing "ugly" shoes, has seen sales boom in recent years.</li></ul>Two of the heirs of German sandal maker <a target="_blank" href="https://www.businessinsider.com/the-history-growth-of-birkenstock-german-shoe-brand-2023-8">Birkenstock</a> are now worth a combined $3.4 billion after the company went public, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-10-11/birkenstock-birk-ipo-brothers-behind-shoe-brand-are-worth-3-5-billion?srnd=wealth">Bloomberg</a> reported.This is despite the company's opening being the worst in more than two years for a company listing for $1 billion or more in New York. Shares opened at $41 on Wednesday, 11% below their offer price of $46.The <a target="_blank" href="https://www.businessinsider.com/the-history-growth-of-birkenstock-german-shoe-brand-2023-8">nearly 250-year-old company</a> listed on the New York Stock Exchange via an IPO, trading under the ticker "BIRK" and pushing up the fortunes of Alex and Christian Birkenstock.Insider has approached the company for comment on Alex and Christian Birkenstock's net worth.The brothers became involved in the family sandal business — which traces its <a target="_blank" href="https://www.birkenstock-group.com/de/en/about-us/tradition-since-1774/">origins</a> back to rural central Germany in 1774 — as teenagers in the 1980s and were later joined by their old brother Stephan.In 2002, their father, Karl Birkenstock, stepped down and transferred management to the brothers. Around a decade later, the Birkenstock family gave up control, became a corporation, and appointed co-CEOs, its first non-family leaders. Stephan sold his shares, Bloomberg reported.Alex and Christian Birkenstock, who prior to then had been the ultimate controlling parties of the company, sold a majority stake to private-equity firm L Catterton in 2021 in a deal that valued Birkenstock at $4.9 billion. The brothers netted more than €3 billion ($3.2 billion) from that transaction, Bloomberg reported.Since then, Christian Birkenstock retained a minority stake in the company and has got a return of more than 100%, Bloomberg reported, while Alex Birkenstock is no longer a listed shareholder.L Catterton is backed by billionaire Bernard Arnault's luxury conglomerate LVMH. In an October filing, Birkenstock named his son, <a target="_blank" rel="" href="https://www.businessinsider.com/alexandre-arnault-profile-tiffany-rimowa-lvmh-2021-7">Alexandre Arnault</a>, to the company's board of directors.According to Bloomberg, the brothers' combined wealth places them on the Bloomberg Billionaires Index. <a target="_blank" href="https://www.bloomberg.com/billionaires/">They are not within the top 500 people on the list</a>, who are listed publicly online, with the 500th wealthiest person on that list, Charles Dolan, being worth over $5 billion.<h2>Kendall Jenner made the shoes cool, while 'Barbie' mocked them</h2>Birkenstock <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1977102/000119312523233488/d541624df1.htm">said</a> that it sold about 30 million units in 2022, with revenues of 1.24 billion euros ($1.32 billion). Direct-to-customer sales made up 38% of revenues in fiscal 2022, up from 18% in fiscal 2018, which it said was mainly because of e-commerce growth. The company has about 45 stores, nearly half of which are in Germany, it said.In its <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1977102/000119312523233488/d541624df1.htm">IPO prospectus</a>, it said that 72% of its customers were female, more than half of its revenues came from the Americas, and more than a third came from Europe. Baby boomers, millennials, and Gen Xers each accounted for around 30% of its customers, with Gen Zers making up just 12%, it said.Birkenstock's IPO prospectus details how over the years the sandals became a mainstay for various groups – hippies in the 1960s and 1970s, eco-conscious people in the 1980s, and women in the 1990s.<div type="image" title="A Birkenstock shoe in &quot;Barbie.&quot;" height="1276" width="2556" msid="104373316" hostid="261" sizebytes="50450"></div>The German orthopedic brand, long mocked as producing "ugly" shoes, has became a status symbol in recent years. Celebrities including Kendall Jenner and YouTuber Emma Chamberlain wore its <a target="_blank" href="https://www.businessinsider.com/birkenstock-boston-tiktok-trend-leads-to-high-resale-prices-2022-10">$160 Boston clog</a>, which subsequently sold out, and its sandals featured in Greta Gerwig's blockbuster "Barbie" as a symbol of the world beyond Barbieland.

The Birkenstock brothers are worth $3.4 billion, even after the shoemaker's shares tanked at its IPO

<ul><li><keyword id="6362992" type="General" weightage="20" keywordseo="yatra" source="Orion">Yatra</keyword> is looking to go public in India to raise ₹750 crore.</li><li>The company mentioned that its heavy reliance on <keyword id="44023" type="General" weightage="20" keywordseo="airlines" source="Orion">airlines</keyword> may be a risk factor.</li><li>It currently earns close to 70% of its revenue just by selling air tickets.</li></ul>There is no denying that the last couple of years have been extremely tough on the global travel and tourism industry. Whenever the segment started to make a little recovery, they would once again be hit by a new COVID-19 variant and another deadly wave. While everyone hopes that the worst of the pandemic is behind us, Yatra.com may have a little more to worry about. Yatra, which is now looking to go public in India to raise ₹750 crore, has revealed that its heavy dependence on air ticketing business and airline supplier relationship is one of the risk factors to its business. The reason simply being the financial conditions of the Indian aviation industry. The airlines and airports in India incurred an estimated loss of ₹19,564 crore and ₹5,116 crore in 2022-2021 due to several disruptions caused by the global pandemic, the government of India revealed in December 2021. Another <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/domestic-aviation-industry-will-need-up-to-rs-35000-crore-additional-funding-in-fy21-23-icra/articleshow/75742002.cms?from=mdr">report</a> by Investment Information and Credit Rating Agency of India (ICRA) revealed that the domestic aviation industry will require an additional funding worth ₹32,500 crore to ₹35,000 crore during fiscal year 2021-23 to overcome the impact of the pandemic. The report added that airlines were losing ₹75-90 crore on a daily basis during the COVID-19 lockdown. The industry level debt was also expected to increase to ₹46,500 crore over FY2021-22, the report noted. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Airlines </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Debt </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SpiceJet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,400 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Air India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹61,562 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndiGo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹29,859 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GoAir </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,346 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 2021 </td></tr></tbody></table>Source: Statista, Air India, IndiGo, GoAir The situation of Indian airlines could impact Yatra A report by ResearchGate<a href="https://www.researchgate.net/publication/341768345_Financial_Distress_in_Indian_Aviation_Industry_Investigation_Using_Bankruptcy_Prediction_Models"> mentioned </a>that the Indian aviation sector has shown significant growth prospects in the last few years, but the financial performance of most of the air carriers individually is not at all “impressive”. “Every five years one airline in India is being grounded…,” the report added. Jet Airways was grounded in 2019 and will now be <a href="https://www.businessinsider.in/business/news/meet-sanjiv-kapoor-the-new-ceo-of-jet-airways-2-0/slidelist/89987676.cms">making a re-entry</a> three years later next month. Yatra Online Limited, in its draft red herring prospectus (DRHP) revealed, “We are exposed to risks associated with these Indian businesses which risks have recently been heightened by the COVID-19 pandemic, including bankruptcies, restructurings, consolidations and alliances of its partners, the credit worthiness of these partners, and the possible obligation to make payments to our partners. For example, the Indian airline industry has experienced significant losses and has undergone bankruptcies, restructurings, consolidations and other similar events.” The company also cited the example of Jet Airways whose bankruptcy and cessation of operations negatively impacted Yatra’s revenue. The Jet Airways bankruptcy — or any future bankruptcies or increased consolidation in the airline industry — could create challenges for the company and reduce the profitability of its airline ticketing business, the company said. But it gets worse Yatra Online Limited generated over 70% of its business from air ticketing in the fiscal year 2021 and nearly 66% in the first half of fiscal year 2022. Any reduction in the profit margins in air ticketing could have a larger impact on Yatra’s revenue and profitability. <div type="image" title="Yatra.com’s biggest source of revenue is also its biggest risk" msid="90570411" hostid="261"></div> To make matters worse, a substantial portion of Yatra Online Limited’s revenue comes from only four domestic airlines. Even though it provides access to 407 airlines, seven domestic and 400 international airlines. These include domestic flights like Air Asia, Air India, Air India Express, Go First, IndiGo, SpiceJet, Vistara, and international airlines such as Air France-KLM, British Airways, Emirates, Etihad Airways, Lufthansa, and others. “Because the majority of the domestic Indian air travel industry is concentrated among these four domestic airlines, any adverse market developments across the Indian commercial aviation landscape, particularly among the most dominant domestic airlines are more likely to impact our business,” the company said in its DRHP. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/tech/news/dysons-new-headphones-with-an-air-purifier-bank-on-peoples-masking-habits/articleshow/90561834.cms">Dyson's new headphones with an air purifier bank on people’s masking habits</a>

Yatra.com’s biggest source of revenue is also its biggest risk

<ul class="summary-list"><li>Regulators' harsh response to <keyword id="6383278" type="PERSON" weightage="60" keywordseo="didi">Didi</keyword>'s <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> has forced the 20 or so Chinese companies that had plans to go public in <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> to re-evaluate, according to <a href="https://www.ft.com/content/90620c2c-ea07-4425-9a18-f3b4587ed3ad" target="_blank" rel="noopener">a Financial Times report</a>.</li><li>34 Chinese firms raised $12.4 billion in New York capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> in the first half of this year, according to Dealogic data.</li><li>Data-oriented companies have been most eager to plan for <keyword id="24349" type="COMPANY" weightage="60" keywordseo="Hong-Kong">Hong Kong</keyword> listings, in large part because the mainland government's crackdown has centered around data privacy.</li></ul>Investment banks are scrambling to divert Chinese IPOs away from the US market and into Hong Kong as the government's crackdown on foreign listings spreads, according to a <a href="https://www.ft.com/content/90620c2c-ea07-4425-9a18-f3b4587ed3ad" target="_blank" rel="noopener">Financial Times report</a>.Regulators' harsh response to China's last major foreign IPO, that of <a href="https://markets.businessinsider.com/stocks/didi-stock">Didi Chuxing</a>, has forced the 20 or so Chinese companies that had plans to go public in New York to re-evaluate. Bankers who spoke with the FT said clients are exploring moving listings to Hong Kong but are also wary of the hurdles. Hong Kong-specific regulatory requirements and the inherent uncertainty of going first were among the leading concerns."We're speaking to everyone about it," one Hong Kong-based investment banker told the FT. "If you want to do a deal this year, at best you'll be delayed until 2022 and at worst you won't be able to do it."The move toward Hong Kong is an abrupt shift for corporate China. 34 Chinese firms raised $12.4 billion in New York capital markets in the first half of this year, according to Dealogic data previously <a href="https://www.ft.com/content/d0873b18-01ea-44d3-ac5c-755e0e50d2e3">reported by the FT</a>.In the wake of Didi's NYSE debut, China's <keyword id="6361948" type="UNKNOWN" weightage="60" keywordseo="cybersecurity">cybersecurity</keyword> ministry alleged the company had violated privacy laws and launched an investigation into its data practices. The action <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-china-launches-cybersecurity-review-us-ipo-ride-alibaba-2021-7">took Didi's stock price down sharply</a> the day of the announcement.Data-oriented companies have been most eager to plan for Hong Kong listings, in large part because the mainland government's crackdown has centered around data privacy. Moving to Hong Kong could abate some of that scrutiny, two bankers told the FT.

Banks are reportedly scrambling to move IPOs of Chinese companies from New York to Hong Kong after regulators cracked down on overseas listings

<ul class="summary-list"><li>Elon Musk saw a massive chunk of his wealth disappear in 2022, while Sam Bankman-Fried faces federal fraud charges. </li><li>But other sectors of the market suffered major setbacks amid a turbulent year, such as housing.</li></ul>Elon Musk saw a massive chunk of his wealth vanish in 2022, while Sam Bankman-Fried faces federal fraud charges related to the collapse of FTX. But other sectors of the market suffered major setbacks amid a turbulent macro environment that included red-hot inflation, 425 basis points in Fed rate hikes, and Russia's war on Ukraine.Here's a list of the five biggest market losers in 2022. 1. Elon MuskThe Tesla CEO and self-proclaimed "chief twit" has seen <a href="https://markets.businessinsider.com/news/stocks/elon-musk-net-worth-richest-person-tesla-stock-price-decline-2022-12">more than $130 billion disappear from his net worth</a> in 2022 as shares of his EV company tumbled nearly 70%.Since Musk completed his $44 billion acquisition of Twitter in late October, shares of <a href="https://markets.businessinsider.com/news/stocks/elon-musk-argues-tesla-stock-falling-fed-interest-rate-hikes-2022-12?utm_medium=ingest&amp;utm_source=markets" rel="">Tesla have dropped more than 50% compared to just a 3% decline</a> for the Nasdaq. <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-stock-outlook-price-target-175-twitter-2022-12">Wedbush even said he's "asleep at the wheel."</a>Other factors hurting Tesla stock include Musk's sales of his shares to fund the Twitter buy, fears of a recession, and the Fed's aggressive campaign to <a href="https://markets.businessinsider.com/news/stocks/elon-musk-argues-tesla-stock-falling-fed-interest-rate-hikes-2022-12?utm_medium=ingest&amp;utm_source=markets" rel="">hike interest rates</a>. Weaker demand has also forced Tesla to extend a slowdown at its China factory through January.2. Sam Bankman-Fried and the collapse of cryptos Even before FTX's crash, crypto was already having a bad year. Celsius and Three Arrows Capital filed for bankruptcy in the spring as Fed rate hikes slammed risk assets and key stablecoins lost their 1-for-1 peg to the dollar. The total crypto market cap fell below $1 trillion after peaking above $3 trillion in late 2021.Then came FTX. The crypto exchange filed for bankruptcy last month, following a liquidity crisis and reports that FTX transferred billions in client funds to Bankman-Fried's Alameda Research.Bankman-Fried was arrested earlier this month and faces federal fraud charges, while nearly all his wealth has been wiped out from a high of $16 billion. 3. HousingAlthough home prices have yet to stage a full-scale downturn, other indicators pointed to a major retreat. In October, mortgage applications hit a 25-year low as borrowing costs surged. They have since recovered a bit as the 30-year fixed rate fell back below 7%.Elsewhere, the National Association of Home Builders sentiment index has fallen for 12 straight months to hit the lowest since 2012, excluding the COVID pandemic. The National Association of Realtors said existing home sales have fallen for 10 consecutive months, the <a href="https://markets.businessinsider.com/news/stocks/us-housing-crash-home-sales-fall-longest-decline-mortgage-rates-2022-12">longest slump since 1999</a>. And Redfin said home sales slumped 35% in November, the <a href="https://www.redfin.com/news/housing-market-tracker-november-2022/" target="_blank" rel="noopener">largest decline in its records that date back to 2012</a>.4. Initial Public Offerings, SPACsHistorically, initial public offerings proliferate when investors are keen on growth stocks. But the opposite occurred this year as they were some of the worst performers in 2022. As a result, the number of IPOs plunged 83% from a year earlier to 178.That coincided with the collapse of a once-hot corner of the IPO market: special purpose acquisition companies. SPAC IPOs are down 86% this year, <a href="https://www.spacanalytics.com/" target="_blank" rel="noopener">according to SPAC Analytics</a>. SPAC creators have lost more than $1.1 billion on liquidations this year, data provider SPAC Research says. And an ETF tracking SPAC IPOs has lost over 70% in 2022.5. Tech stocks Tech darlings that were central in the explosion of growth stocks from the pandemic into 2021 finally gave a name to their pain this year: the Federal Reserve. The tech-heavy Nasdaq has dropped 35% this year. In addition to Tesla's plunge, other heavy hitters have suffered big time. Meta has crashed 66%. Apple and Amazon shed 26% and 49%, respectively. Netflix is down more than 50%.

The 5 biggest market losers in 2022: Elon Musk and Sam Bankman-Fried lead turbulent year

<ul class="summary-list"><li>Goldman Sachs CEO David Solomon took a salary cut in 2022, making just $25 million in compensation.</li><li>His performance-based pay fell by about 30% from $35 million in 2021.</li></ul>Goldman Sachs cut CEO David Solomon's pay by about 30% in 2022 to $25 million, compared to $35 million in 2021.Solomon's annual base salary is $2 million, which remains unchanged year-over-year, and he made $23 million in annual variable compensation last year, according to a <a href="https://www.goldmansachs.com/investor-relations/financials/8k/2023/8k-01-27-23.pdf">Securities and Exchange Commission filing</a>.Seventy percent of his annual variable compensation, or $16.1 million, was in performance-based restricted stock units, or "PSUs," which are tied to his performance metrics. The rest of his annual variable compensation is paid in cash.The bank's Compensation Committee determined Solomon's salary for 2022 from Goldman's Performance Assessment Framework, which is made up of financial performance metrics and other non-financial components like risk management and people strategy, the filing said. Goldman did not have a good year in 2022, laying off 6.5% of its global workforce — its <a href="https://www.businessinsider.com/who-got-laid-off-at-goldman-employees-speak-out-2023-1">worst round of layoffs</a> in a decade. With a decline in mergers and acquisitions and the IPO market, two places that drive revenue for Goldman, the bank had to lay off employees <a href="https://www.businessinsider.com/goldman-sachs-layoffs-plans-headcount-reduction-2022-12">in its investment-banking</a> division.It also reported <a href="https://www.businessinsider.com/here-where-goldman-sachs-still-hiring-jobs-on-wall-street-2023-1">losing over $3 billion</a> since 2020 in its consumer lending unit that Solomon had championed. Solomon eventually announced that the bank would undergo <a href="https://www.businessinsider.com/goldman-sachs-layoffs-plans-headcount-reduction-2022-12">a restructuring to address</a> the struggling division.Goldman's net earnings fell by about 48% to $11.3 billion in 2022, from <a href="https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2021-q4-results.pdf" target="_blank" rel="noopener">$21.6 billion in 2021</a>, according to the filing.Among some of his notable peers, Solomon's salary for 2022 is the lowest. JPMorgan CEO Jamie Dimon <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-leaves-ceo-dimons-pay-at-us$34-5m-for-2022-12086218">kept his $34.5 million</a> salary, while Morgan Stanley CEO James Gorman took home <a href="https://www.crainsnewyork.com/finance/morgan-stanley-cuts-ceo-james-gormans-pay-10-percent-31-5m#:~:text=Morgan%20Stanley%20cut%20Chief%20Executive,said%20in%20a%20filing%20Friday.">$31.5 million, a 10% drop</a> from the previous year.

Goldman Sachs cut CEO David Solomon's pay by 30% in 2022. He made only $25 million.

<ul><li><keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">Private equity</keyword> investments in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s <keyword id="6354553" type="General" weightage="20" keywordseo="Real-estate" source="Orion">real estate</keyword> sector witnessed a 17% decline in 2022 to $5.1 billion. </li><li>The overall number of PE investment deals also came down significantly to 29 in 2022 from 52 last year. </li><li>Office and warehousing sectors emerged as PE favourites, accounting for 82% of the total investments this year. </li></ul>Private equity (PE) investments in India’s real estate sector registered a 17.2% decline in 2022, hurt by the troika of elevated inflation, rising interest rates and geopolitical tensions. Overall, PE firms invested $5.1 billion in the country’s real estate sector in 2022, down from $6.2 billion in 2021. According to a report by <keyword id="151748" type="General" weightage="100" keywordseo="knight-frank-india" source="Orion">Knight Frank India</keyword>, the office, residential and retail sectors contributed most to this decline – PE investments in these three sectors fell between 19-63% from last year. “The investment climate in India moderated in 2022 as investors grew more cautious in response to escalating international tensions and concerns about rising inflation and interest rates,” said Shishir Baijal, chairman and managing director, Knight Frank India. <cmsannotation type="cmsannotation" annotationid="Warehousing: A standout" comment="subhead" text="Warehousing: A standout">Warehousing: A standout</cmsannotation> The warehousing sector, however, was the only sector that saw a growth in PE investments over last year – $1.9 billion in 2022 compared with $1.3 billion in 2021. The demand for warehouses was due to a strong demand from manufacturing, e-commerce and logistics companies, the Knight Frank India report said, adding that the need for modern warehouses and a dearth of organised assets in this sector led to several greenfield investments. Despite the growing appeal of warehousing, the office sector managed to draw the largest share of PE investments – accounting for 45% of the total investments. Warehousing came in second with a share of 37%, according to the Knight Frank India report. <div type="image" title="PE investments sector-wise 2022." msid="96338821" hostid="261" sizebytes="16502" caption="&amp;lt;p&amp;gt;PE investments in real estate in 2022&amp;lt;/p&amp;gt;"></div> The office sector saw most of its $2.3 billion PE investments diverted to Mumbai and Bengaluru in 2022, the report said. <cmsannotation type="cmsannotation" annotationid="Fewer, but bigger deals" comment="subhead" text="Fewer, but bigger deals">Fewer, but bigger deals</cmsannotation> According to the report, PE firms entered into 29 real estate deals this year, down 44% from the 52 deals entered into last year. While the overall number of deals, and the total investments are down in 2022, the average deal size has registered an increase of 49% to $177 million, from $119 million last year. Overall, PE firm exits declined 41% in 2022 to $822 million, from $1.39 billion a year ago – an indication that investors may be looking for longer-term gains. <cmsannotation type="cmsannotation" annotationid="Investments to improve next year" comment="subhead" text="Investments to improve next year">Investments to improve next year</cmsannotation> The investment climate is expected to improve in 2023 thanks to moderating inflation, and as a result, slower rate hikes. For instance, India’s retail inflation saw a 5.88% rise in November – the lowest in the past 11 months and within the Reserve Bank of India’s comfort band. “Looking forward to 2023, we anticipate that inflation for most of the nations and the pace of rate hikes will moderate. With investors paying attention to the economy, governmental and regulatory framework, business results, and valuations, investments in India are expected to improve,” Baijal added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-gainers-and-losers-stocks-of-2022-in-india/articleshow/96332417.cms">Best and worst performing stocks of 2022</a> <a href="https://www.businessinsider.in/stock-market/news/ipos-pick-up-steam-in-last-three-months-of-2022-strong-pipeline-likely-to-propel-listings-in-2023/articleshow/96325621.cms">IPOs pick up steam in last three months of 2022 – Strong pipeline likely to propel listings in 2023</a> <a href="https://www.businessinsider.in/thelife/personalities/news/i-am-glad-i-fd-up-so-much-in-life-that-it-is-content-now-says-ankur-warikoo/articleshow/96282722.cms">I am glad I F**%*D up so much in life that it is content now says Ankur Warikoo</a>

PE investments in real estate decline 17% in 2022 due to inflation, rising interest rates – Knight Frank India

<ul class="summary-list"><li>Vlad Tenev is the cofounder and CEO of Robinhood, an app that makes it possible for anyone to buy and sell stocks.</li><li>It became a major tool retail traders used to pump up the stock of GameStop.</li></ul>The new movie "Dumb Money" follows the main players responsible for the GameStop stock surge in 2021. In an unprecedented event in trading, retail traders fueled by the subreddit r/WallStreetBets collectively raised the stock so high that it was eventually trading at a whopping $483 per share, leading regular people like <a href="https://www.insider.com/where-is-keith-gill-now-dumb-money-movie-gamestop-2023-9">Keith Gill</a>, played by Paul Dano in the movie, to gain millions while costing some hedge funds to lose billions.The David versus Goliath event had never been seen on Wall Street before and birthed the phrase "meme stock." The event was made possible by Robinhood, an investing app created by Baiju Bhatt and Vlad Tenev that allows users to buy stock with a simple swipe of a finger.In the lead-up to the GameStop short squeeze, Robinhood CEO Tenev was a billionaire and on the verge of launching an IPO.But then the unprecedented surge happened. Suddenly, r/WallStreetBets was shut down, and tons of retail traders were selling their shares, believing the stock had hit its peak. But while users were trying to cash in on their millions, Robinhood didn't have the collateral to pay out their clients. So, as the movie depicts, Robinhood shut down the trading for GameStop in a panic.Tenev, who is played by Sebastian Stan in the movie, faced criticism for the decision and Robinhood was hit with <a href="https://www.reuters.com/markets/us/robinhood-must-face-us-market-manipulation-claims-over-meme-stock-rally-judge-2022-08-11/" target="_blank" rel="noopener">dozens of lawsuits</a> accusing the company of market manipulation.A month after halting the trading in 2021, Tenev <a href="https://www.washingtonpost.com/context/testimony-of-vlad-tenev-ceo-of-robinhood/e75581fb-2849-4fdc-b8cc-0e193c554998/" target="_blank" rel="noopener">testified before the United States House Committee on Financial Services</a> and came under fire for not providing clear answers to a number of questions.<div type="image" title="Vlad Tenev, CEO and Co-Founder, Robinhood in his office on July 15, 2021 in Menlo Park, California." height="2462" width="3990" msid="104072165" hostid="261" sizebytes="397944"></div><h2>Vlad Tenev says 'Dumb Money' is all 'fiction'</h2>Since the madness of GameStop, Tenev has pushed forward with Robinhood. He is still the company's CEO and is trying to distance the company from its association with what happened in 2021 by offering new features to the app like retirement options and 24-hour trading.In a recent interview with the <a href="https://www.wsj.com/video/series/in-depth-features/can-robinhood-reinvent-investing-again-ceo-vlad-tenev-is-betting-on-it/4A7DADD1-7D18-4C47-A23B-9C84FFAD7893" target="_blank" rel="noopener">Wall Street Journal</a>, Tenev said he has not seen "Dumb Money" and was never contacted about it. But he has some thoughts on it."Having a movie created that has Robinhood featured is I think a really important testament to the impact we've had," he said. "But you have to remember, the movie's fiction and nobody talked to us about it so I'm expecting it to be a fictional account."However, there are some truths the movie highlights that can't be disputed.<div type="image" title="Baiju Bhatt Vlad Tenev Cindy Ord on the stock exchange" height="3166" width="4749" msid="104072166" hostid="261" sizebytes="363960"></div><h2>Did Robinhood really have the worst IPO debut ever of its size?</h2>Yes. As the movie notes in a title card at the end, when Robinhood launched its IPO in the summer of 2021, it had the <a href="https://www.bloomberg.com/news/articles/2021-07-29/robinhood-flirts-with-worst-debut-ever-for-ipo-of-its-size#xj4y7vzkg" target="_blank" rel="noopener">worst debut ever for one of its size</a>.On the first date of trading, the stock fell 8.4% ending the day at $34 a share. Robinhood's market capitalization was around $29 billion by the time trading closed that first day. Its anticipated valuation was at $35 billion.Robinhood had the worst opening-day performance on record among 51 US companies that raised as much cash as Robinhood or more.<div type="image" title="Robinhood CEO Vlad Tenev stands in front of a window overlooking New York City." height="3024" width="4032" msid="104072167" hostid="261" sizebytes="620128"></div><h2>Is Vlad Tenev no longer a billionaire?</h2>The end of "Dumb Money" states that he's lost his billionaire status, which is true. Since Robinhood went public, its stock fell 60% by January 2022, down to $14 a share.Tenev's net worth is $845 million as of 2022, <a href="https://www.forbes.com/sites/sergeiklebnikov/2022/01/19/robinhoods-struggles-continue-its-cofounders-are-no-longer-billionaires-shares-down-60-since-ipo/?sh=cba00b3362f9" target="_blank" rel="noopener">according to Forbes</a>. At its peak, his worth was $4.3 billion.

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Goldman Sachs cut CEO David Solomon's pay by 30% in 2022. He made only $25 million.

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PE investments in real estate decline 17% in 2022 due to inflation, rising interest rates – Knight Frank India

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'Dumb Money' shows how Vlad Tenev's Robinhood investing app fueled the GameStop stock frenzy — here's where the former billionaire is now

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