Stock market news today September 28

Welcome to Finance Insider, Business Insider’s summary of
the top stories of the past 24 hours. Sign up here
to get
the best of Business Insider delivered direct to your
inbox.

Billionaire investor Stanley Druckenmiller says the next
financial crisis could be worse than the last

Billionaire investor Stanley Druckenmiller — who formerly managed
money for George Soros, ran his own hedge fund, and now oversees
a family office — says conditions are ripe for a financial crisis
that could put the last one to shame.

In an exclusive
interview conducted
by RealVision.com and seen by
Business Insider,
Druckenmiller discusses what he thinks will likely cause the next
meltdown.

Druckenmiller also weighs in on a wide range of other topics,
including the influence of passive investing, the Federal
Reserve, the trade war, and various investment philosophies.

Slack is planning to go public in 2019

Slack is planning to go public in
2019, The
Wall Street Journal reported and a person
familiar with the matter confirmed to Business Insider.

The initial public offering is scheduled to take place by fall
2019 and could value Slack at about $7 billion, The Journal
reported, citing sources familiar with the company’s plans.

A representative for Slack said the company does not comment on
“rumors and speculation.”

In 2017, Slack CEO Stewart Butterfield told Bloomberg that an
IPO was
still a long way off. The company in August closed a $427
million funding round, led by Dragoneer Investment Group and
General Atlantic, that valued it at more than $7
billion.

Elon Musk reportedly blew up a settlement with the SEC at
the eleventh hour

Elon Musk agreed on a settlement with the Securities and Exchange
Commission (SEC),
but walked away from the deal at the eleventh hour last week.

That’s according to a report in The Wall Street Journal, which
said the SEC was on the brink of filing the settlement, only for
Musk to blow it up at the last minute.

CNBC reported on Friday that the proposed
settlement would have barred Musk from being the chairman of
Tesla’s board of directors for two years, forced Tesla to add two
new independent directors to the board, and required Musk and
Tesla to pay a fine. Musk wouldn’t accept the deal because he
believed that doing so “would not be truthful to himself,”
according to CNBC.

That chain of events led to the SEC announcing on Thursday that
it was suing Musk on charges he made “false and misleading
statements” in tweets claiming he could take the company private.

In markets news