SoftBank-backed OPay halts IPO after regulatory probe (OPAY)

OPay, a Nigerian payments company, raised $304 million in its NYSE listing on October 30, 2026, selling 16 million shares at $19 each. The company, which operates in Nigeria, Egypt, Pakistan, and Indonesia, reported $467.1 million in revenue for the first half of 2026. OPay plans a second listing on the Nigerian Exchange, pending regulatory approvals.

OPay Limited withdrew its $304M IPO on the NYSE due to a regulatory inquiry, canceling its planned trading debut. The company valued at $4B priced shares at $19/ADS. OPay assured this won't impact operations. It previously reported $358B in 2025 transaction value and 39.3M active users. The company also plans a Nigerian Exchange listing.

General Motors (GM) will pay $220 million to settle an investigation into selling drivers' personal data collected via its Smart Driver program to insurers without explicit consent. The program, active from 2016 to 2024, tracked driving habits and locations. The settlement, involving 35 states and D.C., imposes new privacy restrictions on GM, including data collection limits and enhanced privacy protections.

S&P Global Ratings maintained Meta Platforms' AA- rating but revised its outlook to negative, citing uncertainty over capital spending and AI monetization. Shares fell 1.53% to $614.99, with a market value of $1.36 trillion. S&P forecasts increased capex and negative free cash flow through 2028, raising leverage concerns. Meta disputes S&P's assessment, highlighting growth opportunities.

Poland is leading an EU effort to penalize Meta (€250M fine) for alleged failures in addressing fraudulent ads, citing systemic issues and insufficient data sharing. Meta claims its measures are effective, but Poland and other EU countries seek stricter enforcement under the Digital Services Act. Meta's response and compliance are under scrutiny, with broader implications for EU tech regulation.

France's National Assembly passed a 5.5 euro cent per gigabyte tax on content providers like Netflix, Google, and Meta, with a 15% or 2% revenue cap. The tax aims to raise about $11.2 billion annually, but its future is uncertain. Netflix, Alphabet, and Meta's stocks showed minor movements unrelated to the vote.