Applovin, a mobile ad tech company that's expanded into video game publishing, has filed with the SEC to go public on the Nasdaq under the ticker symbol APP.
Why it matters: Applovin was one of the more high-profile casualties of CFIUS' heightened scrutiny of deals involving Chinese investors early on during Donald Trump's presidency.
The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.
What's going on: Jane Frasertook over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.
Early Robinhood investor Howard Lindzon, a vocal defender of the company, admitted Tuesday that "Robinhood made some mistakes," adding, "the rules were probably changed" for users when the company restricted buying of dozens of "meme stocks" on its platform in January.
What he's saying: Robinhood users "were playing a game of financial chicken on an app that they love and it blew up. And the rules were probably changed. It has happened to anybody that has invested for 10 years," Lindzon, general partner at Venture Capital firm Social Leverage and co-founder of social media platform StockTwits, said on the latest Voices of Wall Street podcast.
After causing an uproar among users by restricting buying of certain meme stocks on its platform and needing to raise capital to meet regulatory requirements, trading platform Robinhood found itself turning away cash from investors.
What happened: Robinhood raised more than $3 billion over the course of a weekend, largely from early-stage investors in an effort to steady its finances.
Collectibles and art have gone digital, enabled by a new sort of technology known as non-fungible tokens (NFTs). Just recently, Canadian singer and visual artist Grimes earned $6 million via an NFT auction, while a maker of digital basketball cards was valued at around $2 billion by venture capitalists.
Axios Re:Cap digs into the NFT craze with David Pakman, a partner with VC firm Venrock and one of the earliest investors in one of the earliest NFTs, called CryptoKitties.
The American Petroleum Institute is preparing to endorse, in principle, a price on carbon emissions, according to a draft statement first reported by the Wall Street Journal.
Why it matters: The endorsement of carbon pricing, which API said in its draft statement would "lead to the most economic paths to achieve the ambitions of the Paris Agreement,” would signal an evolving climate stance from the oil industry's top lobbying group.
The Golden Globes were viewed by just 6.9 million people this year, compared to 18.3 million in 2020, according to final ratings from Nielsen.
Why it matters: It's not just a historic low for the Globes. The ratings slump means Sunday's virtual event was one of the worst-performing awards shows in recent history.
Gideon Lichfield, who has been editor-in-chief of MIT Technology Review since 2017, has been named global editorial director of Wired, the company announced on Tuesday.
Why it matters: Lichfield replaces Nicholas Thompson, who left the company to become CEO of The Atlantic earlier this year. Thompson's title had been editor-in-chief.
Microsoft is using its Ignite customer conference to highlight its commitment to mixed reality, announcing new cloud services for hosting virtual objects that can be shared across devices and delivering Tuesday's keynote speech from within its Altspace VR virtual world.
Why it matters: Mixed reality, including VR and AR, is widely seen as the next frontier of computing interfaces. Although Facebook's Oculus tends to get more attention, Microsoft has been steadily investing in both its Hololens headset as well as Windows Mixed Reality VR headsets from HP and others.
President Biden recently gave a pass to Saudi Crown Prince Mohammed bin Salman for his role in the 2018 murder of journalist and U.S. resident Jamal Khashoggi. In so doing, he also gave a pass to U.S. companies and investment firms that continue to do business with MBS.
Why it matters: The wheels of capitalism and convenience ran over justice.
The Senate hearing for Katherine Tai, President Biden's nominee for U.S. trade representative, was held last week. Tai appears popular with both Democrats and Republicans and is expected to be confirmed.
Why it matters: U.S.-China trade tensions have taken a back seat amid the pandemic, but billions of dollars in tariffs remain in place and China has not met its commitments under the phase one trade deal.
Instacart, a San Francisco-based grocery delivery company, raised $265 million in new funding from existing investors at a $39 billion valuation.
Why it matters: Big VC deals for grocery delivery aren't just a North America thing. Within the past 24 hours we learned: Rohik, the Instacart of Eastern Europe, bagged €190 million; Flink, a German grocery deliverer that utilizes "dark stores," got seeded with $52 million; and Crisp, an Amsterdam-based online grocer focused on fresh produce, added €30 million.
Traffic to Australian news sites has sprung back after Facebook struck a last-minute deal with lawmakers last week to pay some publishers and resume link-sharing on its platform, according to data from Chartbeat.
The big picture: The news showdown in Australia is advancing conversations globally around a more equitable payout structure between the world's biggest tech firms and news publishers.
Last year was the worst in history for cord-cutting, according to a new analysis out Tuesday from MoffettNathanson.
The state of play: Pay-TV lost 6 million subscribing households in 2020, "with total subscriptions falling by 7.3% over the course of the year, and with penetration dropping to a level not seen in nearly thirty years."
Volvo Cars said this morning that it plans to sell only fully electric cars by 2030, building on a prior target of having 50% of sales come from fully electric models by 2025.
Why it matters: It marks the latest target by several automakers to electrify their passenger lineups.
Nearly every major movie studio has departed from the tradition of waiting 90 days after theatrical release before letting consumers view their films at home.
Why it matters: Experts disagree as to whether the shortened theater windows will last forever. As the theater industry begins to slowly come back to life, exhibitors will be banking on strong showings to boost their chances at ever again seeing a big chunk of exclusive airing time.
Rising bond yields may not be generating much worry from market participants, but central banks have taken notice and are asserting that action must be taken.
Driving the news: European Central Bank governing council member and Bank of France governor François Villeroy de Galhau said the ECB should start by using its pandemic emergency bond-buying program to drive down yields.
U.S. stocks jumped across the board on Monday and the S&P 500 had its best day since June 5, as the bulls stepped in and bought the dips in stock prices following last week's minor selloff.
Why it matters: While some have worried rising U.S. interest rates would dampen investor exuberance over the expected pickup in economic growth thanks to increasing vaccine numbers and big fiscal spending hopes, Monday showed investors still like risk assets. A lot.
Six Dr. Seuss books will stop being published due to racist and insensitive imagery, Dr. Seuss Enterprises told AP in a statement released Tuesday on the anniversary of the late author's birthday.
Why it matters: While books by Dr. Seuss — whose real name was Theodor Geisel — remain popular, they have received harsh criticism over the years for the way in which people of color are portrayed.
Reporters without Borders (RSF), a global non-profit defending press freedoms, filed a criminal complaint against Saudi Crown Prince Mohammed Bin Salman and four other Saudi officials for the assassination of Washington Post contributor Jamal Khashoggi and for other crimes against journalists.
Why it matters: It's the latest organization to demand accountability from top Saudi officials following a U.S. intelligence report released last week that assessed the Saudi prince approved the 2018 operation to "capture or kill" Khashoggi, a prominent government critic.
Two Americans accused of helping former Nissan chair Carlos Ghosn flee Japan in a box in 2019 were taken into Japanese custody after arriving at an airport near Tokyo Tuesday, per the Wall Street Journal.
Why it matters: The extradition of Michael Taylor, 60, a private security specialist and former Green Beret, and his son Peter Maxwell Taylor, 27, ends a months-long fight to remain in the U.S.
Boeing and the Royal Australian Air Force (RAAF) announced Tuesday local time that they've completed the first test flight of a pilotless fighter-like jet devised to operate alongside crewed aircraft.
Why it matters: The "Loyal Wingman" combat drone is serving as the foundation for the Boeing Airpower Teaming System being developed for the company's global defense customers. It has the potential to "revolutionize the RAAF's air combat tactics playbook," per The Drive.
Real estate software company Compass filed for its long-rumored IPO on Monday.
Why it matters: It's the latest company in SoftBank's Vision Fund portfolio to file for an IPO — a source of much of the megafund's good fortunes over the past year.
