Sky News reported that the company is targeting a March launch, although the timetable could be delayed depending on market conditions. Investec has joined Barclays and JPMorgan in the banking syndicate, while Rothschild is advising Loveholidays' private equity owner, Livingbridge. Founded in 2012, Loveholidays has grown into one of the UK's largest online travel agents, specialising in trips to the Greek islands, mainland Spain, and the Canary Islands. The company operates in several European markets and organised holidays for more than 5m customers in 2024. Financial performance has improved sharply since the pandemic. Loveholidays reported pre-tax profits of '67.6m on revenues of '284m for the year ended October 2024, representing a year-on-year increase of about 20%. A successful IPO would represent a significant exit milestone for Livingbridge, which has backed the business since 2018. It would also provide a rare boost for London's equity markets, which have struggled to attract high-profile listings in recent years....
To hear some Silicon Valley insiders tell it, California is on the verge of economic suicide. This November, Californians will likely vote on a ballot initiative that would levy a one-off tax on the wealth of about 200 of the state's richest residents. Garry Tan, the CEO of the start-up incubator Y Combinator, posted on X that the measure would 'kill and eat the golden goose of technology startups in California.' Investors and tech executives are threatening to leave the state. Governor Gavin Newsom, who has been angling for a centrist presidential pivot, has vowed to 'do what I have to do' to stop the initiative. Many progressives, however, see the billionaire tax as a long-overdue effort to finally force the ultra-wealthy to pay their fair share. Senator Bernie Sanders, for example, calls it a 'model that should be emulated throughout the country.' In their telling, hyperbolic claims about the death of innovation and entrepreneurship in California are a smoke screen for the fact that billionaires simply don't want to pay higher taxes....
The first year of Donald Trump's second term has made two things clear. First, the MAGA coalition is not breaking up any time soon. Even after the especially chaotic events of the past few weeks, Trump supporters are sticking by their man. Second, faith in Trump's leadership is not driven by his adherence to a coherent political ideology. Trump, who, as part of his 'America First' policy, once declared that he would be 'getting out of the nation-building business,' has now declared that the U.S. 'will run the country' of Venezuela for the foreseeable future. An administration that promised to look out for the 'working man' has handed billions of tax dollars back to America's wealthiest households while stripping health care from the most vulnerable. If ideological consistency can't explain the enduring loyalty of Trump's base, what does' A new study by More in Common, the nonprofit research organization where we work, finds that Trump's coalition is not monolithic. It consists of four groups, each with a distinct profile and perspective. Trump's political power depends on his ability to connect with these groups on different emotional and psychological grounds....
If you've been following the billionaire exodus from California with some confusion, here's what's actually driving the nervousness: it's not the 5% rate. As highlighted Friday in the New York Post, the proposed wealth tax would hit founders on their voting shares rather than the actual equity they own. Take Larry Page, who about 3% of Google but controls roughly 30% of its voting power through dual-class stock. Under this proposal, he'd owe taxes on that 30%. For a company valued in the hundreds of billions, that's a lot more than a rounding error. The Post reports that one SpaceX alumni founder building grid technology would face a tax bill at the Series B stage of the company that would wipe out his entire holdings. David Gamage, the University of Missouri law professor who helped craft the proposal, thinks Silicon Valley is overreacting. 'I don't understand why the billionaires just aren't calling good tax lawyers,' he told The San Francisco Standard this week. Gamage insists founders wouldn't be forced to sell. Those with most of their wealth in private stock could open a deferral account for assets they don't want taxed immediately ' California would instead take 5% whenever those shares are eventually sold. 'If your startup fails, you pay nothing,' he explained. 'But if your startup is the next Google, you're giving California a share of your gamble.' He also said founders could submit alternative valuations from certified appraisers reflecting what shares could actually sell for, rather than being stuck with the default voting-control formula....
