\n
Here\u2019s the issue: In its prospectus to go public last fall, Stubhub noted that one million sellers offloaded 40 million tickets in 2024. The S-1 filing also revealed that Baker is managing director of Andro Capital, a fund that buys tickets in bulk and resells them on the platform.\u00a0 StubHub also pays hefty fees to Andro to help sell and service inventory and refers other resellers to an affiliate of the fund that offers financing for bulk ticket sales. A CBC investigation put a spotlight on the filings amid the uproar over StubHub canceling hundreds, if not thousands, of World Cup tickets. (StubHub has not disclosed the total number.)<\/p>\n
On Friday, Rep. Robert Garcia (D-Calif.), ranking member of the Committee on Oversight and Government Reform, demanded answers from Baker, sending him a sharply worded letter asking about his \u201csecret hedge fund\u201d and related businesses. The question, Garcia\u00a0wrote, is \u201cwhether you have manipulated markets for your own benefit, while Americans are left paying higher costs in an unfair system.\u201d (StubHub didn\u2019t respond to my request for comment this weekend but it\u2019s long maintained that it does not own, possess or sell tickets, functioning simply as a marketplace that makes money off transaction fees.)<\/p>\n
There\u2019s a long tradition of CEOs expanding into adjacent businesses that let them capture more of the money flowing through their systems. Baker\u2019s role in reselling tickets was, after all, disclosed prior to the IPO. But this is a site that\u2019s been fined for deceptive pricing and is not beloved by those who use it, with low customer net-promoter scores. Resale sites like StubHub solve a problem that they arguably helped to create, giving scalpers an easy way to profit off scooping up tickets that others want to buy. StubHub is about to become a real-time test of how far a CEO can personally benefit from a business before regulators, Congress, and customers decide it\u2019s crossed into self-dealing.<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/em><\/p>\nTop leadership news<\/h3>\n
Trump has no levers left to pull on oil<\/b><\/p>\n
U.S. President Donald Trump <\/span>has limited ability<\/span> to lower energy prices ahead of November\u2019s midterm elections. The U.S. and the rest of the world have depleted most of their energy reserves, and the administration has already used most of its policy levers, like waiving the Jones Act. Further moves, like a gas tax holiday, will need approval from a splintered Congress. \u201cIf we wind up with a <\/span>de facto<\/span><\/i> closure of the [Strait of Hormuz] and this Houthi threat shuts down the Red Sea, then I think it gets bad pretty fast during August,\u201d said Dan Pickering, founder of the Pickering Energy Partners consulting and research firm.<\/span><\/p>\nThe government\u2019s stock portfolio is nowhere to be found<\/b><\/p>\n
The U.S. has invested almost $27 billion in equity and quasi-equity stakes in companies like Intel, MP Materials, and U.S. Steel, yet there is <\/span>no consolidated ledger<\/span> detailing the government\u2019s holdings. The stakes are spread across at least four agencies: The Department of Commerce, the Department of Defense, the Department of Energy, and the Development Finance Corporation (which is the only agency to hold clear statutory authority to own equity at all).\u00a0<\/span><\/p>\nUkraine signals wider front in Iran war<\/b><\/p>\n
The U.S. and Iran have paused their daily attacks on each other, but the war is not on hold. On Saturday, President Volodymyr Zelenskyy announced that <\/span>Ukraine attacked a cargo ship<\/span> ferrying military supplies between Iran and Russia in the Caspian Sea. Kyiv has accused Iran of supply drones to Russia; Iran insists it is not involved in the war in Ukraine.\u00a0<\/span><\/p>\nThe markets<\/h3>\n
S&P 500 futures<\/b> are up 0.9% this morning. The last session closed up 0.1%. <\/span>Hong Kong\u2019s Hang Seng<\/b> rose 1.0%, <\/span>South Korea\u2019s KOSPI<\/b> is up 1.0%, and Japan\u2019s Nikkei 225 rose 0.5%. China\u2019s tech- and startup-focused <\/span>ChiNext index<\/b> rose 3.2%. Australia\u2019s <\/span>S&P\/ASX 200<\/b> rose 1.4%. India\u2019s <\/span>NIFTY 50<\/b> is up 0.9%, while the <\/span>STOXX Europe 600<\/b> rose 0.5% in early trading. Chinese chipmaker <\/span>CXMT<\/b> surged by over 460% in its first day of trading, following a $9.8 billion IPO in Shanghai last week; it\u2019s already the most valuable company listed in mainland China. <\/span>West Texas Intermediate Crude<\/b> fell 6% to just under $84 per barrel; <\/span>Bitcoin<\/b> is hovering just above $65,000.<\/span><\/p>\nAround the watercooler<\/h3>\n
China\u2019s Moonshot, Z.AI, and DeepSeek are challenging U.S. AI labs\u2014and beating them on cost<\/span> by Nicholas Gordon<\/span><\/p>\nCollege-educated women are snapping up the highest-earning men without college degrees, leaving the rest further behind<\/span> by Mia Osmonbekov<\/span><\/p>\nThe Pete behind Jersey Mike\u2019s was only 17 years old when he borrowed $125,000 to buy the chain\u2014with some help from his high school football coach<\/span> b<\/span>y Marco Quiroz-Gutierrez<\/span><\/p>\nAI safety experts say OpenAI\u2019s rogue models may mean the company has already blown past its own internal red lines<\/span> by Beatrice Nolan<\/span><\/p>\nCan Apple\u2019s incoming CEO bring back the product design mojo of the Steve Jobs era?<\/span> by Sebastian Herrera<\/span><\/p>\nCEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n<\/div>\n
#StubHub #CEO #Eric #Baker #scrutiny #enabling #mass #scalpers<\/p>\n","protected":false},"excerpt":{"rendered":"
Good morning. Ticket resellers… <\/p>\n","protected":false},"author":1,"featured_media":918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1558,283,1555,1560,1557,1233,1561,1559,1556],"class_list":["post-917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-baker","tag-ceo","tag-ceo-daily","tag-enabling","tag-eric","tag-mass","tag-scalpers","tag-scrutiny","tag-stubhub"],"yoast_head":"\n
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<\/p>\n