When the Biggest IPO Isn’t Big Enough

Saudi Aramco was supposed to be the largest IPO of all time. There was delay after delay after delay, and then over the weekend, they finally posted preliminary pricing — with just 1.5% of the company being offered and an estimated valuation of $1.6-$1.7 trillion — raising questions about hurdles the company is facing. Dan breaks down the implications with Axios energy reporter Ben Geman. Plus: America’s Un-carrier gets a new boss and the legal fight over California’s new rules on board diversity.