Robinhood caps a wild week for new funding, Coinbase is going public and Johnson & Johnson reveals new vaccine trial data. This is your Daily Crunch for January 29, 2021.
The big story: Robinhood raises $1B
I know the newsletter has been dominated by Robinhood and stock market news for the past few days but, well, so have the headlines.
The latest news is that after reportedly tapping its credit lines, Robinhood raised $1 billion in new funding from existing investors. It seems the company needed the money in order to meet regulatory minimums and other requirements tied to users’ trading activity.
Meanwhile, the SEC has issued a statement that doesn’t specifically mention Robinhood or GameStop by name, but it says that “extreme stock price volatility has the potential to expose investors to rapid and severe losses” that could “undermine market confidence.”
The tech giants
You can now give Facebook’s Oversight Board feedback on the decision to suspend Trump — The board says the point of the public comment process is to incorporate “diverse perspectives” from third parties who wish to share research that might inform their decisions.
Uber’s Autocab acquisition gets eyed by UK competition watchdog — Autocab makes booking and dispatch software for the taxi and private-hire vehicle industry.
Startups, funding and venture capital
Coinbase is going public via direct listing — The company has raised over $540 million in funding as a private company.
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