Kan considered for Fed board
The White House is considering Derek Kan, an undersecretary at the Department of Transportation, for one of two open seats on the Federal Reserve Board, according to two people familiar with the matter. Kan, a senior adviser to Transportation Secretary Elaine Chao since 2017, has served on the board of directors for Amtrak after being nominated by former President Barack Obama in 2015, and was previously general manager at ride-hailing company Lyft Inc. Kan, who earned an MBA from Stanford University and studied economic history at the London School of Economics, has not been interviewed by the White House for the job but has had informal conversations with members of National Economic Council Director Larry Kudlow’s team, according to one of the people.
$120 billion Uber IPO evaporates
Last September, Uber’s top executives were pitched by some of Wall Street’s biggest banks, Morgan Stanley and Goldman Sachs. The bankers’ presentations calculated Uber’s valuation almost identically, hovering around one particular number: $120 billion. That was the figure the bankers said they could convince investors Uber was worth when it listed its shares on the stock market, according to three people with knowledge of the talks. The ride-hailing firm went public last week at $45 a share and has since dropped to around $43, pegging Uber’s market capitalization at $72 billion — and officially crowning it as the stock market debut that lost more in dollar terms than any other American initial public offering since 1975.