![]() Plans with under $100M were limited to the Retail Funds, with higher fees. Naturally, plans with under $100M wanted the lower fees available to the Institutional Fund investors,” the lawsuit says. Vanguard did not respond to a request for comment by press time. William Galvin, Massachusetts’ top securities regulator, launched an investigation in late January into the purchase of target date mutual funds by Massachusetts customers in taxable accounts at five broker-dealers - T. Rowe Price Investment Services, American Fund Distributors, BlackRock Investments, Fidelity Brokerage Services and Vanguard Marketing Corp. Galvin said he was particularly concerned by reports of inadequately disclosed fund changes that shifted financial burdens to small-dollar investors, resulting in large tax bills for those who held the funds in non-retirement accounts. The Massachusetts Securities Division “is looking at issues like those that recently happened with Vanguard,” a spokesperson for Galvin’s office told ThinkAdvisor then.Rivian Automotive, a leading electric vehicle manufacturer, currently has negligible revenues. Yet, the company made headlines, raising almost $12 billion with an IPO. The market cap went past $105 billion for Rivian Automotive afterward, putting it ahead of General Motors and Ford. At the other end of the spectrum, Backblaze made news with another IPO. The company revenues were $59.9 million for the year, concluding on 30th June, with Q2 sales figures increasing by 17%. They were $16.2 million for the period, according to reports. The company got $100 million in funding, with its shares rising by 24% afterward. They also increased by 12% again, taking the share price to $22.31. Backblaze has a market cap of $650 million in the micro-cap segment. 100+ tech companies have already gone public in the USA. Twenty-one companies debuting in 2021 have valuations exceeding $10 billion.īackblaze got $3 million in funding from external investors along its journey. The company began in 2007 and issued $10 million sometime earlier through convertible notes. It saw 61% of growth in Q2.According to the company’s CEO & co-founder, Gleb Budman, investors were always eager for a company approaching a public listing while having raised a tiny sum of money to date. ![]() The B2 division takes on S3 cloud storage offerings from Amazon. It has 500,000 subscription customers and will boost sales with these funds. Backblaze has two exabytes under storage. ![]() Backblaze went public for several reasons, opening up the company books to clients while proving its maturity with a technology play for the long haul. He added that the company has efficiently developed its reach and operations over the years. According to the company’s CEO & co-founder, Gleb Budman, investors were always eager for a company approaching a public listing while having raised a tiny sum of money to date. Rivian Automotive, a leading electric vehicle manufacturer, currently has negligible revenues.
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