Warner raises $1,9 billion, will donate $100 million to charities

Warner Music Group Corp. raised $1.925 billion with the offering of 77 million shares in its IPO this week, in the biggest U.S. listing so far in 2020, Reuters reports. The stock opened at $27 and extended gains in early trading to $28.75, gained more than 20% in their debut on Wednesday and rose another 5% Thursday on their second day of trading, Market Watch reports. Billionaire Len Blavatnik still owns the vast majority of Warner, having bought the company in 2011 for $3.3 billion in a highly risky investment. Warner and Blavatnik have announced a $100 million fund to support charitable causes related to the music industry, social justice, and campaigns against violence and racism, Variety reports.