Bluegreen Vacations CEO on IPO Day: Why Timeshare is Winning
Bluegreen Vacations, a timeshare company that sells vacation ownership interests and manages resorts, opened for trading Friday on the New York Stock Exchange.
After pricing at $14 a share, shares got off to a rough start and opened lower at $12.55. Shawn Pearson, CEO of Bluegreen Vacations, joined us on set to explain why now was the right time for the company to go public.
With the rise of Airbnb, some question the impact the unicorn is having on the hospitality market. While it may be an issue for traditional hotel companies, Pearson says he actually sees Airbnb as an opportunity because they are drawing people away from traditional hotels.
The CEO believes the company's best growth opportunity is in the west and northeast regions of the U.S. While he thinks overseas markets could eventually pay off, Pearson says the focus for now is domestic.
Bluegreen is capitalizing on consumers' shifting demand toward experiences. He thinks the best destinations for those seeking a good time are those such as Charleston, not necessarily LA or NY. Pearson emphasized the company's focus is on Middle America.
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
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OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
