Raiders’ Nassib top-selling jersey, Vegas gambles on comeback, Buffett exits Gates Foundation
Julie Hyman breaks down Wednesday's business headlines, including: Warren Buffett resigning from the Gates Foundation, Vegas building a new resort for $4.3 billion as the city hopes for a resurgence in business after COVID-19, Raiders' Carl Nassib's, the first openly gay player in the NFL, gaining the top-selling jersey in the league, Tesla's rival Xpeng Motors to raise $2 billion in Hong Kong listing, and Krispy Kreme's nearly $4 billion valuation ahead of IPO next week.
Video transcript
JULIE HYMAN: Here's a check of some other business headlines now. Warren Buffett resigning as a trustee to the Bill and Melinda Gates Foundation. Buffett says he hasn't been active there for years. His decision is happening as the future of the foundation is in question after Bill and Melinda announced their divorce in early May. Buffett also announced he's donating over $4 billion of Berkshire Hathaway shares to five separate foundations.
Las Vegas has a new casino, the first one on the Strip in more than a decade. It's classic Vegas. The $4.3 billion Resorts World will have a 5,000-seat theater, with Celine Dion in residency, 3,500 hotel rooms, seven swimming pools, and, natch, a 100,000-square-foot LED screen on one side of the building. You see it there. The resort will mark its opening on July 4 with a Miley Cyrus concert and fireworks show.
And speaking of Vegas, Las Vegas Raiders defensive lineman Carl Nassib had the top-selling NFL jersey for the past two days, according to a Fanatics spokesperson. Nassib, on Monday, came out as gay, the first active NFL player to do so. He also donated $100,000 to The Trevor Project, which supports LGBTQ youth with crisis intervention and suicide prevention services. And the NFL said yesterday, it would match that donation.
And in IPO headlines today, Chinese electric carmaker Xpeng got approval to list its shares in Hong Kong, according to multiple reports. The company, which is already listed in the US, seeks to raise as much as $2 billion and begin trading in July. Its US shares were higher on this news today. Meanwhile, DNUT is coming into public markets next week. That's the ticker Krispy Kreme has chosen for its return.
With a target valuation of almost $4 billion, the donut chain plans to offer 26.7 million shares at $21 to $24 bucks each. Krispy Kreme has been privately held since 2016 by JAB Holding, J-A-B Holding, which also owns Panera Bread and Caribou Coffee, Myles.
MYLES UDLAND: I know Brian Sozzi is looking forward to the Krispy Kreme IPO. I know he's going to head down to Penn Station, get himself a fresh dozen, and then see how that settles. And then, he'll do all that before he gets back out to Queens to do the show, live from his kitchen.
