DIDI - Wall Street Breakfast: What Were They Thinking?

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. What were they thinking?More details are coming together in the lead-up to DiDi Global's (NYSE:DIDI) IPO on the New York Stock Exchange. The stock tumbled 20% yesterday to $12.49/share - just three sessions after the company went public - after China began a probe into the firm's data practices and barred new users from its app. DIDI is down another 4% in premarket trade this morning, leading many to question how much was known before the ride-hailing giant raised $4.4B at a $67B valuation?The underwriters: Wall Street banks including Goldman Sachs, Morgan Stanley and J.P. Morgan made about 2% on the total amount raised, or around $88M when spread out between them. Language about the risks of doing business in China starts on page 7 of

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Wall Street Breakfast: What Were They Thinking?