clock menu more-arrow no yes

Recode Daily: Snapchat has picked its IPO bankers

Morgan Stanley and Goldman Sachs will take the lead.

Snapchat CEO Evan Spiegel
Michael Kovac / Getty Images

Snap, maker of the messaging app Snapchat, has chosen the bankers to handle its IPO, which could come as early as March. Leading the offering will be Morgan Stanley, which led Facebook's IPO, and Goldman Sachs, which helped take Twitter public. Snap is privately valued at about $18 billion. — [Bloomberg]

Meal-delivery startup Munchery is looking to replace CEO Tri Tran as it struggles to attract new investors and develop a profitable business model. — [Bloomberg]

Shares of Ericsson, the world's biggest maker of mobile network equipment, plunged more than 20 percent after the company reported a 94 percent drop in quarterly operating profit and slumping sales, as telecom companies await new 5G technology. Ericsson recently announced 3,000 layoffs, and more may be needed. — [Reuters]

As the White House released a report on the promise and challenges of artificial intelligence, President Obama said the government should have "a relatively light touch" as the technology develops and take a larger role when it comes to crafting regulations. — [Recode]

On the latest episode of Recode Media with Peter Kafka, journalist Kurt Andersen reminisces about co-founding Spy magazine in the mid-'80s, a publication that was one of the earliest tormentors of Donald Trump and stuck him with the epithet "short-fingered vulgarian." — [Recode]

Top Stories From Recode

Impossible Foods makes fake meat burgers with plant blood (and they’re actually not bad)

The company reverse engineered real burgers to figure out how to make synthetic meat tastier.

Mossberg: Why does Siri seem so dumb?

And if doesn’t get smarter soon, what does it mean for Apple?

I’m done pretending that Silicon Valley tech is visionary

We’re smart enough to solve real problems, but we don’t.

Full transcript: The Wirecutter’s Kevin Purdy talks mattress e-commerce on Too Embarrassed to Ask

“They are usually aiming at what they call a medium-firm mattress, which is like the medium-rare steak of the mattress world.”

Wireless charging could keep drones in the air for much longer

Most drones now can fly for only about 20 minutes before landing to recharge.

SpaceX CEO Elon Musk has done the ‘real’ Iron Man several favors

“Iron Man” and “Iron Man 2” director Jon Favreau explains on Recode Decode.

The Vice News boss says he’s not distracted by Disney acquisition chatter

Josh Tyrangiel is keeping his head down and focusing on “Vice News Tonight.”

Elon Musk is pushing the Tesla-SolarCity merger through despite naysayers and lawsuits

Next up: Shareholders will vote on November 17.

This Is Cool

Apply now to become a citizen of Asgardia

You, too, can become a founding member of a new space-based nation-state (whose "territory" will consist of a satellite), and take on the mission of promoting world peace and protecting the Earth from rogue asteroids and space debris.

This article originally appeared on Recode.net.