Michelle Peluso has left Citigroup to become the CEO of Gilt Groupe Inc. She was the global consumer chief marketing Internet officer at Citigroup at the time that she decided to quit. Gilt Groupe eventually plans to go public. Peluso is replacing Kevin Ryan, one of the founders of the company. Peluso had been a board member of Gilt since October 2009. Peluso joined Citigroup in 2009 after serving as the CEO of Travelocity since 2003.
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Citigroup has fired technology analyst Mark Mahaney. This is because a Massachusetts securities regulator fined Citigroup $2 million for disclosed confidential information to journalists at popular technology blog, TechCrunch.com.
Knight Capital Group Inc. is considering a lawsuit against Facebook to recoup the losses from errors caused during the Facebook IPO. Knight Capital, an electronic trader company, saw their quarterly profit dropped by 81%.
Palo Alto Networks has filed a statement to go public with the SEC this morning. They expect the price of the IPO to be at between $34-$37 per share. Palo Alto Networks plans to sell 6.2 million shares including the 1.5 million from selling holders.
YouTube is burning a hole in Google’s pocket because of bandwidth costs, but at the same time the video website is making a solid amount of money these days too. According to Citi’s Mark Mahaney, YouTube should generate over $3.6 billion in gross revenue this year. YouTube’s current traffic growth is 20% quarter over quarter. Mahaney is bullish about the early results from YouTube’s “channel” project. Mahaney said that his 2012 revenue estimate “is likely 50% greater than Yahoo!’s Display Advertising total and right-in-line with Netflix’s total subscription revenue. We really doubt whether most investors realize how big/important YouTube has become.”
Bats Global Markets is a 6 year old equity exchange that had to cancel their IPO after errors on their own computer systems derailed trading and caused a halt in Apple. Bats withdrew their IPO as a result of the errors.
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Yelp is a local business review website that has filed for a $100 million IPO. Goldman Sachs, Citigroup, and Jefferies are working as the lead underwriters. However the San Francisco based company has not selected an exchange to be traded on. Yelp is using multiple classes of shares for the public offering.
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Citigroup Inc. (NYSE:C) is nearing a deal to sell off major music company EMI Group for $4.1 billion. Citigroup is talking with Universal Music Group to sell EMI’s recorded music division for $1.9 billion while the publishing division would go to Sony Music for $2.2 billion. Citigroup had first announced plans to sell EMI in June after music distribution and online piracy took a toll on EMI’s profitability. Citigroup is expected to make the official announcement by this weekend. Most likely it would take months to get regulatory approval. [VentureBeat]