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Rocket Trims IPO By 39 Pct From $3.3B To $2B After Investors Reject Valuation

PYMNTS

Gilbert, owner of the Cleveland Cavaliers and founder of Quicken Loans will retain 79 percent of the voting power of the company’s common stock through controlling entities, the SEC filing shows. If approved, Rocket would be listed on the New York Stock Exchange, under the ticker “RKT.”. which is owned by Gilbert.

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FedNow is necessary, Fed digital currency is not: Mester

Payments Source

The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. than in other countries.

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Rocket Mortgage Parent Plans $3.3B IPO

PYMNTS

Gilbert, who also owns the National Basketball Association (NBA) team the Cleveland Cavaliers , controls 79 percent of the voting power for the company’s common stock. His net worth is sitting at $7.8 billion, according to the Bloomberg Billionaires Index.

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Growing a mortgage portfolio: Encourage borrowers to bank local

Abrigo

Cleveland, Ohio – First Federal Savings and Loan Association ($955 million). Flagstar capitalizes on going local, too. Cleveland’s top community bank for mortgages, First Federal Savings and Loan, headquartered in Lakewood, Ohio, offers a $300 closing cost credit. billion) comes from residential mortgages.

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A Month After IPO, Here Are Beyond Meat’s Biggest — And Happiest — Investors

CB Insights

The VC firm is followed by Obvious Ventures at 9.2%, and DNS Capital at 9% (both roughly worth $110M at a $25 share price). Cleveland Avenue, which has a 5.4% DNS Capital. Cleveland Ave. Kleiner Perkins is the top investor in the company, with 15.9% share — making its stake at the time of IPO worth nearly $200M.

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Amazon Announces HQ2 – On Mars

PYMNTS

In fact, according to Jeff Bezos, Amazon HQ2 will be the first building to be constructed in Alexalopolis which Amazon’s CEO explained to assembled reporters this morning, will someday be the capital city of Mars itself. The people of Cleveland shrugged it off, saying, “we knew we really weren’t going to get this anyway.”.

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Verizon, AT&T Finalists To Buy Yahoo’s Core Business

PYMNTS

Reuters is reporting that Yahoo has attracted five groups into the final round of bidding on its core business, with Verizon, Quicken Loans founder and Cleveland Cavaliers owner Dan Gilbert and Vector Capital Management leading the way. According to Bloomberg , the remaining pair of bidders is made up of AT&T and TPG.

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