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Robinhood CEO Tenev Says Company Had $3 Billion Deficit Ahead of Trading Limits

Trading app Robinhood’s co-founder and CEO Vladimir Tenev will tell the House Committee on Financial Services tomorrow that Robinhood had a deficit of $3 billion on deposits owing to its principal clearinghouse by the morning of Jan. 28, prompting its decision to restrict trading in ‘meme’ stocks such as GameStop until it could raise money to cover the deficit. Reddit CEO Steve Huffman and Wall...

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The Briefing Media/Telecom
Dorsey Makes His Case to Wall Street: The Information’s Tech Briefing
Jack Dorsey. Photo by Bloomberg
It’s a good thing Jack Dorsey isn’t running for public office. Promising big changes when you’ve been in the job for more than five years tends to prompt skeptical questions. But in this case, investors seem to be willing to give Dorsey the benefit of the doubt. In what was a bit of a bloodbath on Wall Street today, Twitter was one of the few stocks going up after its big...
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Former Kuaishou Executive Arrested for Alleged Corruption
Startup Otter.ai Raises $50 Million, Hires Chief Marketing Officer
VC Firm Bessemer Hires Amazon Veteran Jeff Blackburn
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Zoom CEO Eric Yuan. Photo by Bloomberg
Exclusive Microsoft Google
Zoom Executives Have Discussed an Expansion Into Contact Center Market
Zoom Video Communications’ pockets are full of cash after a $2 billion secondary offering of its shares last month.
Art by Mike Sullivan
Opinion Policy Google
Data Is the New Sand
The metaphors we use are like a map. They can guide us or lead us astray. When British mathematician Clive Humby said “ Data is the new oil ” back in 2006, he meant that data, like oil, must be refined and transformed to make it into useful products and services.
Katana's Kristjan Vilosius (from left to right), Priit Kaasik and Hannes Kert. Photo provided by Katana
Exclusive Venture Capital Startups
As Shopify Surges, So Are the Software Startups Riding Its Coattails
Shopify’s stock has more than quadrupled since shoppers began flocking at the start of the pandemic to the online stores of the smaller merchants Shopify serves.
Microsoft CEO Satya Nadella. Photo by Bloomberg
Exclusive Microsoft
Microsoft’s New Gig: A LinkedIn Freelancer Market Rivaling Upwork, Fiverr
LinkedIn is developing a new service called Marketplaces to let its 740 million users find and book freelancers, pitting it against publicly traded firms such as Upwork and Fiverr, according to two people with direct knowledge of the matter.
An image from the upcoming Disney movie 'Soul'. Photo courtesy of Disney
Exclusive
Data Reveals 40% of Disney+ Subscribers Are in the U.S.
Disney’s flagship video-streaming service, Disney+, has quickly emerged as the only true competitor to Netflix, signing up nearly 100 million subscribers globally after 15 months, about half as many as Netflix has accumulated after a decade.
Aviatrix CEO Steve Mullaney. Photo provided by Aviatrix
Exclusive Venture Capital Startups
Cloud Startup Aviatrix Raises Round at Valuation Over $700 Million
A startup that helps companies avoid networking foul-ups when they run applications in the cloud is grabbing attention from investors.