Birkenstock, the iconic German sandal brand, expects to price its initial public offering (IPO) at $46 per share, the Wall Street Journal reported Tuesday.
That falls squarely in the middle of its expected range of $44 to $49 per share and gives the company a tentative valuation of roughly $8.64 billion. That would be a higher market cap than Crocs and comparable to the Swiss shoe brand On Running.
Meanwhile, Sony Group Corp (NYSE:SONY) has announced a new, thinner PlayStation 5 model that comes equipped with a detachable disk drive and 1 terabyte of internal storage.
The PS5 'Slim' will retail for $499.99 starting in November, replacing the current PS5 and PS5 Digital Edition, the latter of which had retailed for $449.99.
Elsewhere, European Union Commissioner Thierry Breton wrote an open letter to Elon Musk, warning him that the social network X (formerly Twitter) was spreading disinformation and illegal content related to the Israel-Hamas war.
“We have, from qualified sources, reports about potentially illegal content circulating on your service, despite flags from relevant authorities,” Breton wrote in the letter, which he posted on X.