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Warren Buffett-backed Snowflake is largest software IPO ever

Sep. 16, 2020 03:28PM EST
 Dan Ackermann

Snowflake, a Silicon Valley cloud data warehousing company, on Tuesday night raised $3.4 billion in what is the largest software IPO ever.

Between the lines: Snowflake loses money, but got a big boost of confidence when Warren Buffett's Berkshire Hathaway agreed to invest $500 million concurrent to the IPO.

Rocket ship: Snowflake raised venture capital in early 2018 at a $1.5 billion valuation, to help it compete in the red-hot business of helping companies move their legacy workloads into the cloud.

  • The IPO values Snowflake at over $44 billion, with indicative bids suggesting it could open at double its $120-per-share IPO price.

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Court overturns California's ban on assault weapons, calls it unconstitutional

A federal judge on Friday overturned California's more than 30-year-old ban on assault weapons, ruling it unconstitutional.

The state of play: U.S. District Judge Roger Benitez said that AR-15 rifles are like Swiss Army knives, calling them a "perfect combination of home defense weapon and homeland defense equipment." California's definition of illegal, military-style firearms unlawfully robs law-abiding residents of weapons widely available in most other states and by the U.S. Supreme Court, the judge wrote.

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