A California judge has granted Eventbrite's bid to dismiss in its entirety a suit that alleged the company misled investors in the run-up to its 2018 stock market launch
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The Government of Singapore Investment Corporation has acquired 5% of Eventbrite, adding to an existing stake in Endeavor (WME-IMG)
By Jon Chapple on 23 Aug 2021
Singaporean sovereign-wealth fund GIC has acquired a 5% stake in Eventbrite.
According to a recent filing with the US’s Securities and Exchange Commission, the self-service ticketing firm has sold 3,813,791 shares, or 5.05% of the its class-A common stock, to GIC (Government of Singapore Investment Corporation), which is wholly owned by the sate of Singapore.
GIC joined forces with the Canada Pension Plan Investment Board in 2017 to invest a combined US$1 billion in WME-IMG (now Endeavor), acquiring roughly 8% of the agency group’s shares, while another Singaporean government-owned fund, Temasek, owns a stake in CAA.
“As restrictions on in-person gatherings eased during Q2 2021, Eventbrite’s creators and their audiences re-emerged in force”
According to the filing, which is signed by GIC senior vice-presidents Celine Loh Sze Ling and Diane Liang, 3,738,791 of the shares acquired by GIC have sole voting power, while the remaining 75,000 have shared voting power with the Monetary Authority of Singapore.
Eventbrite’s share price fell slightly, to $17.69, on news of the transaction, on 13 August, though it remains up around $8 year on year.
Earlier in August, Eventbrite reported a second-quarter net loss of $20.54 million, narrowing from -$38.59 million in Q2 2020. While it continues to face a “significant impact” from the coronavirus pandemic, paid ticket volume is picking up, the company said in its most recent earnings statement. “As restrictions on in-person gatherings eased during the second quarter of 2021, Eventbrite’s creators and their audiences re-emerged in force,” according to Eventbrite CEO Julia Hartz.
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