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Rathbones’ top strategist breaks down the 2 reasons he will join other major UK fund managers in shunning Amazon-backed Deliveroo’s upcoming IPO – London’s largest for a decade.

Source: Business Insider

Summary List Placement Deliveroo’s hotly anticipated listing on the London Stock Exchange received a fresh blow on Friday, as David Coombs, head of multi asset investing at UK-asset manager Rathbones, told Insider his funds would not invest in the food delivery company’s IPO because of several concerns around the business model. Coombs, who oversees around $2.7 billion, according to Bloomberg data, joins other heavyweight UK firms like Legal and General, Aviva Investors and Standard Life Aberdeen to avoid the blockbuster IPO. These three firms collectively manage over $2.9 trillion. Deliveroo, which is part-backed by Amazon, is targeting a valuation of up to £8.8 billion ($12.12 billion) at IPO, which would make it London’s largest since commodity miner and trader Glencore listed in 2011. But, the company has issues on “just about every level,” Coombs told Insider, highlighting potential unprofitability and workers’ rights issues. “I’m not making a moral judgment, this is a business risk issue… but it doesn’t fit a multi-asset stock on multiple levels,” he said.

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Twitter CEO Jack Dorsey was caught red-handed trolling Congress by tweeting a sarcastic poll during a Big Tech hearing

Source: Business Insider

Summary List Placement Twitter boss Jack Dorsey on Thursday was busted tweeting a saracastic poll during a congressional hearing about misinformation on social media platforms. Lawmakers grilled Dorsey, as well as Google CEO Sundar Pichai and Facebook CEO Mark Zuckerberg , about their sites’ handling of vaccine misinformation, election fraud claims, and online extremism. Congress asked the three CEOs to answer “yes or no” to a range of complicated, extensive questions. Lawmakers sometimes interrupted if the CEOs tried to give longer answers. During the hearing, Dorsey took a jab at the tactic by tweeting a poll that was simply a question mark, asking Twitter users to vote “yes” or “no.” Read more: Here are some of the potential future CEOs in big tech, and how much they’re currently paid Democratic Rep. Kathleen Rice picked up on Dorsey’s tweet and asked him: “Mr Dorsey, what is winning, yes or no, on your Twitter account poll?” Dorsey said that “yes” was in the lead. Rice replied: “Hmm, your multitasking skills are quite impressive.” At the time of publication, the poll has more than 97,000 votes.

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