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Arab News | US envoys hold ‘important’ talks in first trip to Kyiv

KYIV: US envoy Steve Witkoff said he and fellow emissary Jared Kushner held “important” talks Sunday with Ukrainian President Volodymyr Zelensky on ending the war with Russia — but offered no sign of a breakthrough.

The envoys met with the Ukrainian leader on their first trip to Kyiv, a day after meeting with Russian President Vladimir Putin in the Kremlin.

Witkoff, President Donald Trump’s business ally, and Kushner, Trump’s son-in-law, have been to Moscow several times, but had never held talks in the Ukrainian capital — hit by deadly Russian strikes for more than four years.

“We’ve had a very meaningful discussion, substantive, important, and we are very encouraged and we look forward to continuing this as long as it takes,” Witkoff said after the talks.

“Hopefully this trip has come out with some new ways to advance forward. I think we’ve learned a lot from the trip,” Kushner said after the meeting with Zelensky.

Witkoff and Kushner traveled to the region hoping to revive the Trump administration’s push for peace in Europe’s worst conflict since World War II, after a summer of escalation.

Another round of talks in the presence of British, French and German representatives was still ongoing.

“We are grateful that the Europeans are with us today and that we are in such a coalition of countries,” Zelensky said.

“Here we are all on the same side.”

‘Peace Express’

Like all visiting officials, the American delegation arrived by train, with “Peace Express” written on the platform at Kyiv Central Station.

Zelensky said Kyiv had “prepared everything to make our airports operational,” but that Russian strikes made arriving by plane impossible.

Ukrainian airspace has been closed since Russia launched its invasion in 2022.

Russia and Ukraine have vowed not to strike each other’s capitals during the US envoys’ trip.

‘Substantive plans’

Moscow’s invasion of Ukraine has killed hundreds of thousands of people and displaced millions.

A White House official said in a statement to AFP that in Moscow the envoys had “discussed substantive plans which will be announced in the coming weeks.”

The Kremlin said the Americans “put forward a number of ideas on possible routes to a settlement,” but did not elaborate.

Putin has repeatedly said Moscow intends to seize the rest of eastern Ukraine, and Russia increased deadly strikes this summer.

Since Putin launched the invasion in February 2022, the war has dragged on with no end in sight.

In Kyiv, many welcomed the fact the Americans even made it to Ukraine, but few believed in a breakthrough.

Nataliia Lipekh, 67, said it was “absolutely necessary (for them) to be here” and to see that “our land is already soaked with this blood and that we need some help.”

“At the moment, I have no grounds for hope,” said 29-year-old Yaroslav, saying he had seen “far too many of these negotiation processes.”

‘Idea for peace’

Putin on Saturday told the US envoys that Moscow would ensure their safety in Kyiv.

Just days ago, Russia struck the headquarters of the SBU security building in central Kyiv.

Trump has said his envoys were bringing a “proposal” to end the fighting.

“We have an idea for peace,” he said, without elaborating.

Undercutting Trump’s vow to end the war quickly, US peace efforts have stalled, in part because of Washington’s war with Iran.

‘Deceived us’

Despite the ceasefire pledges for the capital cities, fighting continued elsewhere.

Ukraine’s air force said Russia had attacked overnight with 108 drones and missiles, while Moscow said it had shot down 258 drones.

Ukraine said Saturday that 10 people were killed by Russian strikes, including an 11-year-old boy.

With the war in its fifth year and thousands dead, peace seemed out of reach for most.

Yulia, a 41-year-old who came from a town now occupied by Russia and worked as a cleaner in Kyiv, said it was a “positive step” the Americans were in Kyiv.

“But taking our opponent into account… I can’t put my hopes on this, because for thousands of years they have deceived us with their empire and imperial habits,” she said, adding:

“We want to believe in it, but it’s very difficult.”

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US Open 2026 results: Serena and Venus Williams prove they can still compete in Grand Slam doubles – but what does the future hold?

For once, the 20,000-odd fans on a packed Arthur Ashe Stadium sat quietly engrossed during points.

The sight of the Williams sisters back on court together at the US Open – possibly for the final time – commanded ultimate respect from a chatty crowd known to let their attention wander.

The siblings changed the face of the sport when they emerged as precocious teenagers in the 1990s, going on to dominate the sport with a combined 30 Grand Slam singles titles and 14 doubles victories as a pair.

Three decades later, the sport remains captivated by them.

Serena, a 23-time Grand Slam women’s singles champion, coming out of retirement this summer sparked excitement among those who saw her in their prime and those too young to have witnessed it.

Seven-time major winner Venus has never “evolved away” from the sport – the words chosen by her younger sister when she last played in 2022 – but instead continued her career with the help of sporadic wildcards.

While that has proved controversial in some quarters, there were few objections about the sisters being invited to play once again at Flushing Meadows.

Their planned return at Wimbledon was scuppered by the knee injury which Serena suffered in her singles match there – ironically a defeat by 20-year-old Joint – before they finally reunited at the WTA event in Cincinnati.

The comeback ended in a match tie-break defeat by Ukraine’s Marta Kostyuk and her American partner Peyton Stearns, with the same fate befalling them in New York.

When the Williams sisters last played on Ashe four years ago, they suffered a straight-set defeat by Czech pair Lucie Hradecka and Linda Noskova in the first round.

It looked like being a similar outcome as they meekly surrendered the first set against Chan and Joint, then batted off four break points in the fifth and seventh games of the second set.

But once Serena upped her level to match her impressive sister, they managed to switch the momentum back in their favour and level the match.

An absorbing contest featuring some sensational points saw the Americans fight back again in the decider, only to falter from a commanding lead in the tie-break.

Overall it was a more than credible performance from the veteran pair. Their solid groundstrokes, sharp movement and never-say-die attitude caused problems for their opponents, who deserve huge credit for staying focused in a partisan environment.

“The atmosphere was surreal,” said Joint.

“It was something we’ve never experienced before, and to play against such legends of the game was super special.”

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Nepal families hold symbolic funerals, thousands still missing | Floods

Families in Nepal hold symbolic funerals as rescuers search for survivors and bodies. At least 1,100 people have died and more than 3,900 are missing, including hundreds of workers in hydropower tunnels. Aid is arriving as rebuilding costs could reach $5 billion.

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Jesy Nelson shares loved up snap with new boyfriend as they hold hands while driving after ‘bar row’

JESY Nelson has shared a loved up snap with her new boyfriend Ben Davies after they were caught up in a bar row last week.

The former Little Mix star, 35, took to her Instagram stories on Wednesday evening to post the sweet picture.

Jesy Nelson has shared a loved-up snap with her new boyfriend Credit: Instagram
She shared a snap of her man Ben Davies while driving Credit: jesynelson/ Instagram

In the photo, Ben could be seen driving as he had one hand on the steering wheel and the other interlocked into Jesy’s hand.

He was sporting an all-black look with a Givenchy t-shirt and a matching cap.

The pair appeared to be loved-up as she posted the picture during their outing together.

The Sun first linked Jesy to landscape gardener Ben earlier this month.

ROW-MANCE

Shock moment Jesy Nelson caught in bar row as new man ‘gets in people’s faces’


DIGGING IT

Jesy Nelson snogs gardener boyfriend as couple are seen together for first time

The two were spotted together at the London venue Jin Bo Law after appearing to grow close, with the singer later sharing a picture of a tattooed arm as she enjoyed drinks on a rooftop.

An eyewitness who saw them together at the time said Jesy “looked like she was having a great time”, adding that it was “massively deserved after everything she’s been through”.

She’s been through an incredibly tough time over the past year and a half after her twin daughters Ocean Jade and Story Monroe were diagnosed with the muscle-wasting condition Spinal Muscular Atrophy Type 1.

The rare and severe condition causes muscle weakness and can affect movement, breathing and swallowing.

Jesy was first linked to landscape gardener Ben earlier this month Credit: Supplied
She’s been through a tough time over the past year after her twins’ diagnosis Credit: Instagram

Jesy has been documenting her daughters’ health battle and has spoken openly about the emotional toll of watching them undergo treatment.

Jesy has previously described the girls’ health journey as one of the hardest experiences of her life.

She recently revealed to her followers that her little girls had undergone a “terrifying” operation.

The X Factor star split from her ex Zion Foster in January this year and they continue to co-parent together.

Last week, Jesy and new beau Ben were caught up in a heated confrontation as she enjoyed some well-earned time off from mum duties.

The pair were asked to leave rooftop bar Madison in St. Paul’s, which caused a face-off with the security present.

Jesy attempted to calm the situation down as she de-escalated the argument.

Video footage obtained exclusively by The Sun showed Jesy and members of the group interacting with a bouncer as they appear to discuss the situation.

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Jean-Philippe Mateta: What does future hold after Crystal Palace contract claim?

Indeed, sources suggest there is some sympathy with Mateta, even in the light of the contractual dispute, amid a feeling the striker could have been advised differently, though supporters on social media have been far less compassionate towards him.

Employment lawyer Libby Payne said: “It is possible to argue that the terms of the option are inherently unfair and therefore void, although the threshold for this is high and such challenges rarely succeed.”

So with just eight days left of the transfer window left, you cannot help but wonder if this once happy marriage is heading towards divorce.

There is said to be interest from rival clubs heading into the deadline; Aston Villa are among the clubs credited with an admiration for Mateta, with Ollie Watkins’ future in doubt at the midlands club.

Despite his efforts to prove otherwise, Mateta still has 10 months left on his contract.

That is significant for a number of reasons.

It means if Palace are to recoup any money in transfer fees for Mateta before he is eligible to sign a Bosman pre-contract with an overseas club in January, then this window provides their last opportunity to do so.

That fact will not be lost on those at Palace and there is a view from some at the club that they should look to sever ties in the coming days.

But with Mateta less than 12 months away from a free transfer, which would most likely be more financially lucrative for him than leaving for a fee this month, it would be understandable if the striker was not rushing out of the exit door.

Palace have attempted to renew Mateta’s contract over the past the 12 months but to no avail.

And while the option of an extension cannot be completely discounted, it seems inconceivable that Mateta would U-turn now given the lengths he has gone to to prove his current one is invalid.

Palace are likely to, at the very least, listen to offers for Mateta, who – by his actions – has indicated he views his future away from Selhurst Park.

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The Dodgers are Mark Walter’s crown jewel. Can he hold on to it amid federal probe?

When the news broke last week that Mark Walter was selling the Lakers just one year after buying the storied basketball franchise, executives working for another crown jewel in his sports empire — the Dodgers — were quick to say the billionaire had no plans to sell the team.

The Dodgers have won three of the last six World Series and 12 division titles since an ownership group led by Walter bought the then-bankrupt team in 2012, and the Dodgers now are considered the most successful — and lucrative — franchise in Major League Baseball.

Yet, amid Walter’s financial difficulties, including a federal inquiry into his insurance empire regarding $16 billion to $21 billion in undisclosed loans to his own companies, questions remain over whether the blowback will hit the Dodgers.

Walter has denied wrongdoing, and sports business experts say it’s far too soon to know whether the Dodgers will be in play. No charges have been filed against Walter or anyone associated with his businesses.

“If you’re judging on that — winning and revenue created — he’s been at the helm of all of that. … He does truly look like a white knight as it relates to his ownership of the Dodgers,” said Patrick Rishe, executive director of the Sports Business Program at Washington University in St. Louis. Still, “we don’t know what the issues are, and we don’t know the severity and the magnitude.”

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Aside from the Lakers, the Dodgers are, by far, the most valuable of Walter’s handful of sports franchises, and industry sources not authorized to speak publicly about any potential sale told The Times that the team could fetch $10 billion to $13 billion.

Walter’s sports portfolio includes the Los Angeles Sparks of the Women’s National Basketball Assn.; the Cadillac Formula 1 racing team; a premier women’s tennis competition, the Billie Jean King Cup; and the entire Professional Women’s Hockey League. The Bloomberg Billionaires Index estimates Walter has a net worth of $18.3 billion.

There have been reports that he is putting his shares of his most valuable professional soccer franchise, the Chelsea Football Club of the English Premier League, on the market.

But the Dodgers are the greatest show in baseball, playing before stadiums packed with fans willing to shell out top dollar to see a roster that includes international superstars Shohei Ohtani and Yoshinobu Yamamoto.

Last week, Dodgers president and part-owner Stan Kasten said the Lakers sale “really has nothing to do with the Dodgers” and that “there are no changes here or contemplated here.” And Dodgers manager Dave Roberts said at a news conference that he was “shocked” by news of the Lakers sale and had not heard of any potential changes to Dodgers ownership.

Andrew Granato, a law professor at the University of Texas at Austin who specializes in corporate finance and insurance, said that although it was not yet clear whether Walter would offload the Dodgers, it would not be impossible, given the speed and scale of the billionaire’s recent financial transactions and the mounting federal and public scrutiny.

“I imagine that no fan feels particularly comfortable if the owner of their favorite team is under … investigation. Certainly, it’s not an ideal situation,” he said.

Walter was riding high after the Dodgers’ success and his $10-billion purchase of the Lakers last year. But the last few months have been challenging.

The loans by two Delaware life insurers that Walter owns were made to companies tied to him or his TWG Global holding company but were not disclosed as “related party” transactions as required, the Wall Street Journal reported. Related-party transactions made by insurers are required to be reported to limit conflicts of interest and protect policyholders, who have an interest in the financial strength of their insurers.

Walter, the 66-year-old chief executive of Chicago investment firm Guggenheim Partners, led a group that included another Guggenheim executive and Magic Johnson in acquiring the Dodgers for $2.15 billion in 2012, then a record for an MLB team.

The Times has reported that he tapped the insurers he owned for financing, a deal that was later vetted by state insurance regulators.

However, the amount of related-party loans made by the two affiliated life insurers now under federal scrutiny is vastly more, amounting to 40% of the invested assets of Delaware Life as of Dec. 31, according to Fitch Ratings. The credit rating firm said that is the most of any North American life insurers it reviews.

It’s unclear where the money went, but the Wall Street Journal reported that billions were passed through a third party before being received by entities tied to Walter or his TWG Global holding company.

Last week, Walter stunned the sports world by selling a majority stake in the Lakers for $12.5 billion to former Disney Chief Executive Bob Iger and venture capitalist Joshua Kushner, who is the brother of President Trump’s son-in-law Jared Kushner.

Walter has declined to comment on whether the sale was tied to the federal investigation.

The framework for a deal was consummated in a matter of days, Iger told interviewers last week. It still must be approved by the NBA Board of Governors, which meets in September.

Projecting an exact value for the Dodgers is difficult because MLB and its players union are engaged in contentious collective bargaining negotiations that many experts believe could result in a lockout when the current agreement expires in December.

Should a salary cap be agreed upon for the first time in MLB history, the valuation could jump to the high end, the source said. And about $1 billion of any sale would be subtracted to cover the Dodgers’ future commitments on deferred contracts.

The Dodgers’ massive local television deal with SportsNet LA directly elevates the franchise’s overall valuation.

Listing potential buyers should the Dodgers be for sale is challenging because the estimated value of the franchise is so much greater than almost any other MLB team. The record price for a sports franchise was the $12.5 billion for the Lakers.

Besides Kushner and Iger, those who have bid for teams aren’t in the $10-billion-plus ballpark. The San Diego Padres were sold last week for $3.9 billion to José E. Feliciano and Kwanza Jones.

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Another question that has arisen as Walter’s financial troubles have garnered headlines is whether MLB would conduct its own investigation into Dodgers ownership or pressure the billionaire and his partners to sell the team.

“Any time there is any kind of public question about owners, they look into it,” former Dodgers president Bob Graziano told The Times. “I would guess, because there is a federal investigation going on, they’re not launching their own investigation, but they are going to wait to see what comes out of the federal investigation.”

No investigation of any kind into the matter has been announced by MLB.

MLB has never formally stripped an owner of a franchise or forced an outright sale through a vote of franchise owners. But the league forced Frank McCourt to sell the Dodgers in 2012 by exerting pressure and threatening a financial takeover or disciplinary action that would have stripped operational control.

When McCourt sold the team to Walter’s Guggenheim group, the franchise was in Chapter 11 bankruptcy.

When Guggenheim purchased the team in 2012, it outbid billionaire hedge fund manager Steven Cohen, who now owns the New York Mets. A group headed by former Yankees and Dodgers manager Joe Torre and L.A. developer Rick Caruso dropped out of the bidding ahead of Cohen. Additional bidders included media executive Leo Hindery, billionaire Tom Barrack, then-St. Louis Rams owner Stan Kroenke and Jared Kushner.

Times staff writer Laurence Darmiento contributed to this report.

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Local musicians hold pop-up after the city calls off L.A. Jazz Festival

In a nondescript black building in downtown L.A.’s Arts District, rich sounds of sax and bass filled the air for hours. Inside, surrounded by the paintings and posters of iconic musicians, albums and films, dozens of people gathered for a night designed to prove a simple point: You can’t “cancel” jazz.

On Thursday night, eight jazz artists and groups performed a pop-up show, including Okay Coleman!, the Don Brown Collective, Joy Guerilla, and Genghis Don, who also organized the event. All of these artists had one thing in common: They were billed to perform on the now-canceled inaugural L.A. Jazz Festival.

The planned 17-day event was supposed to kick off on Aug. 7 and feature dozens of performances spread throughout every City Council district. Organizers hoped the shows would draw 250,000 attendees and inaugurate the city as a home for jazz events on par with New Orleans and Montreal. The festival was to include a final show headlined by Janelle Monáe, John Legend, Charlie Wilson, Parliament Funkadelic and Raphael Saadiq at Dockweiler State Beach.

“When I got booked for it, I was really excited,” Genghis Don said. “It was one of the bigger festivals I’ve done so far in my career.”

Glen Turner of Joy Guerilla performing

Glen Turner of Joy Guerilla performs at the “Can’t Cancel Jazz” event Thursday.

(Brian Feinzimer / For The Times)

Then, the festival was abruptly canceled due to “last-minute public safety and municipal costs.”

But Don was determined for the show to go on. He partnered with Tída Norasingh of JIJI’s Jazz Club to host the “Can’t Cancel Jazz” pop-up show at Slow Jamz Gallery — a musical experience that was curated in less than 72 hours, according to Don.

“It all came together thanks to so many people who were involved in this,” Don said. “I really couldn’t have done any of this without them.”

The crowd, which leaned younger in part because the event allowed attendees 18 and older, trickled in around 7 p.m., and by 9 p.m., the party was in full swing. It was easy to see how audience members connected with the music by the way they cheered, danced and sang along through the night.

The pop-up show struck a balance between creating an accessible, music-forward environment for fans and providing support for the musicians who had been affected by the cancellation. The event’s entry fee was $20, while the nonalcoholic bar accepted additional donations. Some artists also had merch available for sale on site.

While “Can’t Cancel Jazz” may have been a response to the L.A. Jazz Festival being called off, it wasn’t aiming to replace it. Instead, the pop-up offered something more intimate. At times, the music overtook the gallery, completely captivating the attention of the room. At other moments, conversation and connection were happening right outside on the balcony between attendees, some of whom were meeting each other for the first time.

The result was something distinctly authentic with an underground quality that would have been hard to replicate at a sprawling, weeks-long festival.

“This was more so a test of L.A.’s community,” Don said. “They showed out, people came, the artists came together, and you know that’s the true definition of community.”

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Bending Spoons’ Playbook: Buy Low—and Hold

How Luca Ferrari’s permanent-capital model is transforming distressed digital brands.

Is it a private equity group with a twist? An “emergency room for critically injured tech companies,” as it was described by the Financial Times? Or is it simply a modern tech conglomerate?

How do you categorize a company that buys aging technology and digital brands—brand names like AOL, Vimeo, Eventbrite, WeTransfer, and more recently, Airtable—far below their peak value, overhauls and radically transforms them with a drastic turnaround, and then keeps them under the same umbrella to invest their profits in new acquisitions?

What it is, is a buy-and-hold investment and management company.

Bending Spoons SpA, an Italian company created in 2013 and recently listed on the Nasdaq, raised $1.68 billion with a total valuation of $18.4 billion and a current market value of $23 billion, and marked a 40% pop on its trading debut. For the second quarter, it reported $704 million in revenue and $177 million in net income, up 126% and 171%, respectively, from the second quarter of 2025.

It follows a highly unusual business model: buying distressed tech companies—or tattered internet businesses—at relatively low valuations, fixing them up through layoffs and reorganization, and then holding them rather than spinning them off or selling them separately to the market, as private equity groups typically do.

Bending Spoons has executed this strategy some 50 times since its creation. Funding for its activities comes from debt and from the profits of the acquired companies: the same ones it bought at low valuations, with seemingly no competition to acquire the brand.

All this was achieved as revenues increased fourfold from $387 million in 2023 to $1.3 billion last year, during which period it made 70% of its acquisitions. Ownership’s financial goal is an annualized return of 25% on invested capital, built on operational earnings alone rather than divestments, synergies between different acquisitions, or headcount reductions.

Meanwhile, debt, which financed 70% of the acquisitions that Bending Spoons made in the first quarter of this year, continues to pile up. In the last reported quarter, total debt was more than four times annualized EBITDA: hovering, in other words, between $4.3 billion and $4.4 billion, with a net debt of nearly $3.7 billion. The Canadian company Constellation Software Inc. has a similar business model, but carries less debt on its books, while Barry Diller’s People Inc.—formerly IAC Inc.—has followed a similar business model.

Luca Ferrari, CEO and one of four co-founders of Bending Spoons, described the model as a “deep transformation” because the acquired brands do not just go through layoffs but undergo radical structural reconstruction. The company’s name, an homage to the movie The Matrix, reflects the founders’ belief that mindset can transform reality, fueling their goal to achieve milestones that others might deem impossible.

In the prospectus for its Nasdaq listing, Bending Spoons mentions 1,000 potential targets. Its latest acquisition, announced this month, is Airtable, a “collaborative work management” software company, for $1.29 billion in cash. That represents a nearly 90% discount over Airtable’s highest valuation in 2021.

“The thesis of what we do,” Ferrari said, “is to integrate these companies very deeply onto our platform and rebuild them almost from the ground up: the technology, the product, the monetization, and big parts of the team. If we don’t see that we can make a big difference, we don’t expect to be able to make an appealing offer.”

A ‘Permanent-Capital Operator In A Tech Wrapper

Bending Spoons is not really a tech company, said Chelsea Michelle, founder of Elevated Business Advisors, who advises founders and family offices on capital strategy and acquisitions: “It is a permanent-capital operator wearing a tech wrapper, and the refusal to sell is the most important line in the model.

“Traditional private equity must manage every acquisition toward an exit multiple, which means dressing assets up for the next buyer. When you never plan to sell, you can optimize purely for cash generation and ignore the story entirely. That is a structural advantage, not a stylistic one.

“The model works because aging digital brands are systematically mispriced; sellers value them on declining top-line while a buyer at Bending Spoons’ scale values durable user bases that cost almost nothing to serve. The real risk is not the buying; it is the integrating. Most acquisitions fail to deliver expected value, and a serial acquirer that holds everything forever has nowhere to hide a bad integration. The integration discipline, not their deal flow, is what investors should watch after the Nasdaq listing.”

In a recent article in Barron’s, Henry Ellenbogen, CIO and managing partner of Durable Capital Partners and an investor in Bending Spoons before the IPO, pointed out an interesting angle on the company’s performance.

“When we first invested, Bending Spoons was making under $500,000 of EBITDA per Spooner, or employee,” he wrote. “Today, EBITDA is more than $1 million per Spooner. That speaks to the investment the company is making in the technology businesses it buys.

“Bending Spoons is centralized. Evernote [a company it acquired in 2023] has fewer than 20 people at the application level. We believe Bending Spoons’ revenue and EBITDA per employee will continue to compound, allowing the company to drive better organic growth and strong operating leverage. The market’s concern about software companies should allow management to buy higher-quality companies that fit its model at attractive prices.”

Currently, only 9% of shares in the company are available for trading, and the owners control the rest with a dual-class share mechanism.

On Wall Street these days, Bending Spoons’ stock gets four hold recommendations from analysts, one overweight, and six buy, but most of the banks it works with were involved in the IPO. Job applications are also strong; 99.9% of the 800,000 applicants for jobs as Spooners—the people running the acquired companies—were rejected.

Beyond the optimism about the stock’s performance and the company’s unusual business model, the future of Bending Spoons is tied to its long-term performance rather than its short- and medium-term performance, and whether its business model can and will be replicated. Time will tell.

Andrea Fiano is the editor-at-large. Contact him at afiano@gfmag.com.

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