What you need to know on Wall Street today

What you need to know on Wall Street today

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Billionaire investor Stanley Druckenmiller says the next financial crisis could be worse than the last

Billionaire investor Stanley Druckenmiller - who formerly managed money for George Soros, ran his own hedge fund, and now oversees a family office - says conditions are ripe for a financial crisis that could put the last one to shame.

In an exclusive interview conducted by RealVision.com and seen by Business Insider, Druckenmiller discusses what he thinks will likely cause the next meltdown.

Druckenmiller also weighs in on a wide range of other topics, including the influence of passive investing, the Federal Reserve, the trade war, and various investment philosophies.


Slack is planning to go public in 2019

Slack is planning to go public in 2019, The Wall Street Journal reported and a person familiar with the matter confirmed to Business Insider.

The initial public offering is scheduled to take place by fall 2019 and could value Slack at about $7 billion, The Journal reported, citing sources familiar with the company's plans.

A representative for Slack said the company does not comment on "rumors and speculation."

In 2017, Slack CEO Stewart Butterfield told Bloomberg that an IPO was still a long way off. The company in August closed a $427 million funding round, led by Dragoneer Investment Group and General Atlantic, that valued it at more than $7 billion.


Elon Musk reportedly blew up a settlement with the SEC at the eleventh hour

Elon Musk agreed on a settlement with the Securities and Exchange Commission (SEC), but walked away from the deal at the eleventh hour last week.

That's according to a report in The Wall Street Journal, which said the SEC was on the brink of filing the settlement, only for Musk to blow it up at the last minute.

CNBC reported on Friday that the proposed settlement would have barred Musk from being the chairman of Tesla's board of directors for two years, forced Tesla to add two new independent directors to the board, and required Musk and Tesla to pay a fine. Musk wouldn't accept the deal because he believed that doing so "would not be truthful to himself," according to CNBC.

That chain of events led to the SEC announcing on Thursday that it was suing Musk on charges he made "false and misleading statements" in tweets claiming he could take the company private.


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