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 company began in 2007 and issued $10 million sometime earlier through convertible notes. Twenty-one companies debuting in 2021 have valuations exceeding $10 billion.īackblaze got $3 million in funding from external investors along its journey. 100+ tech companies have already gone public in the USA. Backblaze has a market cap of $650 million in the micro-cap segment. They also increased by 12% again, taking the share price to $22.31. The company got $100 million in funding, with its shares rising by 24% afterward. They were $16.2 million for the period, according to reports. The company revenues were $59.9 million for the year, concluding on 30th June, with Q2 sales figures increasing by 17%. At the other end of the spectrum, Backblaze made news with another IPO. The market cap went past $105 billion for Rivian Automotive afterward, putting it ahead of General Motors and Ford. Yet, the company made headlines, raising almost $12 billion with an IPO. 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. 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. Rowe Price Investment Services, American Fund Distributors, BlackRock Investments, Fidelity Brokerage Services and Vanguard Marketing Corp. 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. Vanguard did not respond to a request for comment by press time. Naturally, plans with under $100M wanted the lower fees available to the Institutional Fund investors,” the lawsuit says. Plans with under $100M were limited to the Retail Funds, with higher fees. 1 “recipient of cash flowing into target-date funds,” the lawsuit continues.īecause most of the money in Vanguard’s target date funds “comes from company and institutional retirement plans,” Vanguard “is therefore incentivized to keep the managers of its retirement plans happy,” according to the complaint.īefore December 2020, “only retirement plans with $100M or more could access the Institutional Funds. Vanguard is also the largest TDF manager in the industry and the No. Vanguard, the lawsuit states, “competes to get the most assets under management, while maintaining low fees.”Īs one of the largest investment companies in the world, with over $8 trillion under management, and “the largest mutual fund provider,” it is “engaged in an ongoing ‘price war’ with its competitors,” the lawsuit continues. This was a gross violation of Vanguard’s fiduciary duties (among other legal duties).” But it either did not even consider these options, or did not care about hurting its smaller, taxable investors. Vanguard, the suit states, “had other, readily-available ways to lower costs for retirement plans without hurting its taxable investors.
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