Morgan Stanley and Goldman Sachs will take the lead.
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]
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Next up: Shareholders will vote on November 17.
This Is Cool
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.