Saudi Aramco was supposed to be the largest IPO of all time. There was delay after delay after delay, and then over the weekend, they finally posted preliminary pricing — with just 1.5% of the company being offered and an estimated valuation of $1.6-$1.7 trillion — raising questions about hurdles the company is facing. Dan breaks down the implications with Axios energy reporter Ben Geman. Plus: America’s Un-carrier gets a new boss and the legal fight over California’s new rules on board diversity.