The evolution of retirement — and what it might mean for you
By Kate Ashford | NerdWallet
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Reddit is preparing to sell shares to the public. Here’s what you need to know
By DAVID HAMILTON (AP Business Writer)
SAN FRANCISCO (AP) — Reddit, that vast, lively and sometimes chaotic repository of internet discussion, is expected to carry a valuation up to $6.4 billion when it conducts its initial public offering on the stock market.
The offering also makes Reddit one of the first online companies to offer shares to its contributors — the “Redditors” who comment on its boards and the moderators who manage them. That’s a break with traditional IPO practice, in which initial shares are typically sold to institutional investors and fund managers who then begin trading the stock on the open market. Adding the company’s users to the mix could make for a much livelier offering, and not necessarily in a good way.
It could be an interesting ride.
WHAT ARE THE DETAILS OF THE IPO?
Reddit plans to list 22 million shares at a price between $31 and $34, according to the latest version of the IPO prospectus it filed with the Securities and Exchange Commission. The company stands to take in between $473.6 million and $519.4 million from the sale of roughly 15.3 million shares.
What the big realtors settlement means for home buyers and sellers
By Holden Lewis | NerdWallet
A landmark legal settlement between home sellers and the real estate industry could cause a shakeup in the way homes are bought and sold, beginning this summer.
The National Association of Realtors announced Friday that it had agreed to pay $418 million to settle more than a dozen antitrust lawsuits that accused NAR of imposing rules that inflated real estate commissions. NAR admitted to no wrongdoing, according to the news release.
Under the settlement’s terms, negotiations between buyers and sellers might become gnarlier. Home sellers would pay smaller commissions, allowing them to keep more of the proceeds from sales. And buyers, not sellers, would decide how much buyer’s agents are paid.
The settlement would mark a significant change for buyers, sellers and real estate agents. It’s uncertain how real estate markets will make the transition between now and mid-July, when the settlement is due to go into effect.
What the lawsuits are about
The settlement stems from a federal class-action antitrust lawsuit, Burnett v. National Association of Realtors et al., filed in Kansas City, Missouri. Last October, a jury sided with the plaintiffs, agreeing that NAR and large brokerages conspired to inflate commissions paid by sellers.
American debt stings like never before in new era for households
After years of managing household budgets through the stress of the worst inflation in a generation, U.S. families are increasingly pressured by a different kind of financial squeeze: The cost of carrying debt.
Two years after the Federal Reserve began hiking interest rates to tame prices, delinquency rates on credit cards and auto loans are the highest in more than a decade. For the first time on record, interest payments on those and other non-mortgage debts are as big a financial burden for U.S. households as mortgage interest payments.
The figures suggest a difficult reality for the millions of consumers who are the engine of the U.S. economy: The era of high borrowing costs — however necessary to slow price increases — has a sting of its own that many families may feel for years to come, especially the ones that haven’t locked in cheap home loans. And the Fed, which meets next week for a policy decision, doesn’t appear poised to cut rates until later in 2024.
Biden and congressional leaders announce a deal on government funding as a partial shutdown looms
By KEVIN FREKING (Associated Press)
WASHINGTON (AP) — President Joe Biden and congressional leaders announced Tuesday that they have reached an agreement on this fiscal year’s final set of spending bills. Now, the question is how fast lawmakers can get the bills passed to avoid a partial government shutdown.
While Biden said he’ll sign the bill package as soon as he receives it, time is running short. Legislative staff needs time to finish the bill text, an arduous task. The House has a rule that lawmakers get 72 hours to review a bill before voting. And the Senate has never been known for its ability to sprint. Meanwhile, funding for several key agencies expires at midnight Friday.
“We have come to an agreement with Congressional leaders on a path forward for the remaining full-year funding bills,” Biden, a Democrat, said in a statement Tuesday morning. “The House and Senate are now working to finalize a package that can quickly be brought to the floor, and I will sign it immediately.”