Axios

In Washington on Tuesday to meet with small businesses, Goldman Sachs CEO David Solomon told Axios that some of the survival pivots entrepreneurs have made in the past year will last past the pandemic.

What he's saying: "A lot of small businesses have had to make some investment in digitization and technology to connect to their customers more digitally than directly," Solomon said. "Some of that will last and will help their businesses."

Automakers sold an estimated 14.5 million vehicles in 2020 — down about 15% from a year earlier and the lowest level since 2012 — as the coronavirus pandemic disrupted the industry's long winning streak.

Why it matters: Ordinarily, carmakers would be disappointed by the final sales figures, but given 2020's unprecedented challenges, most are relieved that demand bounced back in the second half, fueling optimism for fat year-end profits and continued growth in 2021.

Cameo, the app that lets fans pay for personalized videos from celebrities, has hired a slew of new C-suite executives from media and tech companies, with plans to continue rapidly growing its employee base.

Why it matters: The company, which last year brought in roughly $100 million in video transactions, benefitted enormously from the pandemic-driven lockdowns. In 2020, it sold 1.3 million Cameo videos and doubled its employee base to 200.

The stimulus bill begrudgingly signed by President Trump on the Sunday after Christmas includes $284 billion for a revived Paycheck Protection Program, which would be available to small businesses whether they received loans the first time around or not.

How it will work: We don't know. And that's a problem.

Citizen, a mobile app that provides users with notifications of nearby emergencies and crimes (and lets them livestream video), raised around $73 million in new funding, according to an SEC filing. It includes $23 million from a recent convertible note, per a Citizen spokesman.

Why it matters: The app has been criticized for encouraging overzealous interest in local crime that can lead to vigilantism, while proponents argue it's created a unique hub for vetted local safety data that can be helpful to residents. Greycroft partner Dana Settle is listed on the filing, and Axios has learned that the firm led the round.

Editor's note: The story has been updated with details about the funding breakdown.

Qualcomm CEO Steve Mollenkopf will step down from his position in June, after more than 26 years with the company, according to a press release out Tuesday.

The big picture: Cristiano Amon, the company president who headed its 5G strategy, received unanimous support from the board of directors to replace Mollenkopf. The shift comes as the company has greatly increased its focus on the development of 5G technology.

Gary Cohn, the former top economic adviser to President Trump and former president of Goldman Sachs, tweeted Tuesday that he is joining IBM as vice chairman.

The big picture: Cohn, a Democrat, was considered one of the most powerful "globalists" in Trump's West Wing. He disagreed with Trump on just about every issue besides tax cuts and resigned in 2018 after a struggle inside the White House over tariffs on steel and aluminum imports.

After getting the coveted Rabouin bump following an interview with CEO David Gandler on the "Voices of Wall Street" podcast, fuboTV's stock has tumbled, dropping from a high of $62.00 on Dec. 22 to $24.24 on Monday.

By the numbers: The 61% share price decline has happened over just seven trading sessions during which the stock fell by an average of 8.8% a day, including three drops of at least 15%.

The real yield on the U.S. 10-year Treasury note fell to its lowest level on record Monday, declining to -1.11%, meaning that, after accounting for expected inflation, holding a 10-year U.S. Treasury bond to maturity will mean losing more than 1%.

Why it matters: It's the latest entreaty in the war on savers. Central bank policy is rewarding risk-taking and punishing saving at a record level even as inflation expectations continue to rise.

People who collected unemployment will receive smaller — or nonexistent — tax refunds this coming year because of a tax law quirk that counts unemployment as taxable income.

Why it matters: Tens of millions of Americans who arguably need the refund the most will wind up financially short for yet another year.

The New York Stock Exchange announced late Monday it no longer plans to delist three Chinese companies.

Why it matters: The NYSE said last Thursday it would suspend trading action from Jan. 7 for China Mobile, China Telecom, and China Unicom Hong Kong following a Trump executive order that imposed restrictions on firms the U.S. identified as being affiliated with the Chinese military.