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Real estate giant Compass valued at $8.2B in NYSE debut

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Real estate giant Compass valued at $8.2B in NYSE debut

Shares of SoftBank-backed Compass jumped 18 percent in their stock market debut on Thursday, giving the real estate brokerage firm a market value of $8.22 billion, after being priced at the lower end of the reduced initial public offering price range.

The stock opened at $21.25, above the IPO price of $18 per share.

The company, which downsized its IPO and reduced its price target range, sold 25 million shares on Wednesday, raising about $450 million. It was earlier looking to raise about $936 million by selling 36 million shares at the upper end of its initial price range of $23 to $26 per share.

Compass debuts at a time of historic boom in US capital markets, with companies raising $167 billion in 2020, according to data from Dealogic, a record that investment bankers expect will be surpassed this year.

Founded in 2012 by former Twitter engineer Ori Allon and former Goldman Sachs executive Robert Reffkin, New York City-based Compass runs an integrated software platform that serves real estate agents in the residential market.

It recorded about $152 million in transactions in residential real estate last year, a recent regulatory filing showed, which represents nearly 4 percent of the US market.

Compass saw a surge in online home transactions during the COVID-19 pandemic, with revenue jumping 56 percent to $3.7 billion in 2020.

The company had raised $1.5 billion from investors, including Goldman Sachs and Canada Pension Plan Investment Board, before its IPO. It was valued at $6.4 billion after a $370 million funding round in 2019.

Goldman Sachs, Morgan Stanley and Barclays were the lead underwriters for the offering.

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Business

Dogecoin jumps again to double record rally price

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Dogecoin jumps again to double record rally price

Dogecoin has doubled from its Wednesday morning rally to reach prices of more than $0.30 Thursday night.

The dog meme-inspired cryptocurrency — that began as a joke — is up 400 percent over the past week, according to Coindesk.

The surge came a day after Wednesday’s stock market debut for the cryptocurrency exchange Coinbase, which was considered a sign of Wall Street’s acceptance of crypto. However, Dogecoin is not listed on Coinbase.

Doge was the No. 1 trending topic on Twitter Thursday night, and at least one user told The Post they were unable to purchase the currency on Robinhood, due to the app crashing as its value skyrocketed.

“Doge Barking at the Moon,” tweeted SpaceX’s Elon Musk, who once said Dogecoin is his favorite Bitcoin rival.

“Me on Robinhood checking if #dogecoin has reached the moon every 2 seconds,” another user tweeted.

“There is fixing to be a lot of Meme Millionaires,” one user posted.

Dallas Mavericks owner Marc Cuban began accepting Dogecoin for payment for NBA tickets and merchandise last month.

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Robinhood sues Massachusetts over regulatory clampdown

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Robinhood sues Massachusetts over regulatory clampdown

 Online brokerage Robinhood on Thursday sued to invalidate Massachusetts’ recently-adopted fiduciary rule and block state regulators from proceeding with charges it encourages inexperienced investors to place risky trades without limits.

Robinhood in a lawsuit filed in state court in Boston said the fiduciary standard of conduct for broker-dealers that Massachusetts Secretary of State Bill Galvin’s office adopted last year violates state and federal law.

A spokeswoman for Galvin did not respond to a request for comment.

Galvin, the state’s top securities regulator, in December filed an administrative case accusing Robinhood of using aggressive tactics to attract inexperienced investors and failing to prevent outages on its platform.

He accused the app-based service of using strategies that treated trading like a game to lure young, inexperienced customers, including having confetti rain down for each trade made on its app.

The case is the first enforcement action brought under a state fiduciary rule adopted in September that raised the investment-advice standard for brokers.

Regulators are seeking a fine and order requiring Robinhood to engage a compliance consultant to review its platform and policies. Robinhood has denied wrongdoing.

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Veterans included in latest round

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Veterans included in latest round

The feds just doled out another 2 million stimulus checks — and a large chunk of them went to veterans.

The Internal Revenue Service’s fifth batch of coronavirus relief payments under the American Rescue Plan included more than 320,000 checks for people relying Department of Veterans Affairs benefits, officials said.

Those taxpayers are receiving compensation benefits or VA pensions available to veterans as well as their spouses or other relatives in some cases, according to the feds.

Like many Social Security recipients who had to wait for their stimulus checks, these VA beneficiaries do not usually file tax returns and didn’t submit their payment info to the IRS when previous payments were distributed last year, the tax agency said Wednesday.

The IRS had to review payment data it received from the VA to deliver money to the affected veterans, officials have said.

The VA beneficiaries’ checks were among more than $3.4 billion worth of “economic impact payments” that the IRS said it started processing last Friday and officially paid on Wednesday.

Nearly 850,000 payments in the latest batch went to people whose payment info the IRS did not have on record but recently filed a tax return, according to the feds. Another 72,000 went to the aforementioned Social Security beneficiaries who didn’t file income taxes in either of the last two years, officials said.

There were also more than 700,000 “plus-up” payments to taxpayers who received an initial check in March based on their 2019 tax returns but qualified for more money based on their recently processed 2020 returns, the IRS said.

The feds have now given out about 159 million stimulus payments worth more than $376 billion since President Biden signed the $1.9 trillion spending package authorizing the checks last month, officials said.

This week’s batch of payments included nearly 1.2 million direct deposits and close to 800,000 paper checks, according to the IRS.

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