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Robinhood is embarking on a journey into sports and entertainment and tagging this businessman for assistance. According to CNBC, the financial services company will join forces with Rich Paul’s Klutch Sports Group as it looks to expand its reach. “We’re massive sports fans at Robinhood and we know our customers are as well,” said Robinhood CEO Vlad Tenev to CNBC. “Working with Rich and the team at Klutch Sports, it’s really a way to get the Robinhood brand out there to a wider audience and partner with athletes and organizations that are aligned with our customer needs.” Launched in 2012, Klutch is home to many athletes, including LeBron James. Since its inception, the company has expanded its reach across teams, leagues, properties, and more. As previously reported by AFROTECH™, despite people saying that Klutch was a company that “wasn’t gonna last,” Paul confirmed that the business has negotiated more than $2 billion in deals. “I look forward to helping guide Robinhood as they...
A lot goes on behind the scenes at a startup in the FinTech industry. Beyond finding new ways to disrupt the financial industry, innovative startups facilitate entry into the financial markets for a new generation of investors. One such startup is Robinhood , a FinTech company with a groundbreaking approach to investing that’s making a huge impact on the way people approach finance. Beyond being the modern person’s answer to making Wall Street moves, there’s a lot more than meets the eye. Robinhood’s mission of “democratizing finance for all” isn’t limited to its customers. After being ranked a LinkedIn Top Startup four years in a row, as well as 2021’s “Best Place to Work” by Glassdoor, it’s clear that even during the most challenging times, the company is investing in its people. We sat down with two of Robinhood’s bright stars to learn more about their career paths, what led them to Robinhood and what it’s like behind the scenes. Briana Richardson, Head of Market and Product...
The topic of Hip-Hop and money have always gone hand in hand. Initially, rappers were seen as financially irresponsible and victims of shady record deals that often left them in a sea of debt. However, in the past decade or so more and more artists have assailed to financial freedom by venturing into fintech. Snoop Dogg is one of the latest rappers benefiting from making successful investments. According to Crunchbase, the 49-year-old LA native has investments in both of today’s most valuable startups, Klarna and Robinhood, and did so at a price way lower than its current valuation. Klarna, a financial risk management company, is Europe’s most successful startup allowing users to make break up payments with no interest. And Robinhood is a free trading platform with a growing membership rate and a near $40 billion IPO. Snoop Dogg’s investment portfolio dates back to as early as 2010, according to Crunchbase. In 2014, he was a part of a Series B for Reddit which is now valued at $6...
“Just answer yes or no,” California Rep. Maxine Waters repeatedly said in a recent hearing, “I’m reclaiming my time.” This was Waters’ mood the entire time she questioned Robinhood CEO Vlad Tenev during the “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” virtual hearing on Thursday, Feb. 18. Tenev and a group of other CEOs and financial experts were called to testify before the U.S. House Committee on Financial Services following the events of the stock market frenzy on Jan. 25. That frenzy came after the Reddit group of young day-to-day traders called WallStreetBets caught wind of hedge fund short sellers in GameStop last month. When WallStreetBets shared its findings on Reddit, retail investors began grabbing GameStop stock up, driving its share price through the rough, and ultimately costing some hedge funds millions of dollars. Check out what Black millennials had to say about this debacle. Despite this being absolutely legal,...
Free-trading app Robinhood has been under fire for over a week now after it halted purchases of GameStop stock last week. Though the creators behind the app pride themselves on making a platform for “investing for everyone,” Robinhood brings in a big community of Black millennial investors that may take their money elsewhere following recent antics. As a quick refresher, a group of young day-to-day traders called WallStreetBets caught wind of hedge fund short sellers in GameStop last month. WallStreetsBetts shared its findings on Reddit and ultimately promoted young investors in its group to invest in GameStop stock, driving the share price up by 134% at one point, CNN reports. This uptick in GameStop’s stock price costs those hedge funds up to $70 billion in losses , according to Reuters. As a response to this frenzy with GameStop, Robinhood temporarily halted purchases of GameStop stock and a list of other stock on its app last week to manage the risk of a stock market crash. As a...
If you’ve grown up in the digital age , you likely have some understanding of how unreliable information spreads across the net. Millennials far and wide have been inundated with enough YouTube troll comments, Nigerian prince emails and “free iPhone” pop-ups to build a healthy skepticism of internet browsing. Now, it seems that this learning curve has become a perennial part of growing up, as Gen Z and Gen Alpha are surmising that social media apps like TikTok are rife with terrible financial advice. New studies from researchers at Intuit Credit Karma estimate that over 77 percent of Gen Z kids are looking to influencers on the short-form video app for money management, while roughly 61 percent of millennials are doing the same on YouTube and Facebook . In order to understand just how damaging these financial words of wisdom can be to a growing audience of youngsters, lets take a moment to briefly run through the data, and see exactly where young people are being led astray. After...
Gold, one of the oldest and most valuable assets in human history, holds a significant position in global finance. Unlike traditional companies with shares traded on stock markets , gold’s market cap refers to the total value of all gold in circulation worldwide. How Gold’s Market Cap Is Calculated The market cap of gold is derived from its above-ground supply, which includes gold stored in central banks, private reserves, and jewelry. Current estimates place this supply at around 244,000 metric tons . Bear in mind, however, that the total amount fluctuates from source to source by as much as 20%. We arrive at the market cap figure by multiplying this quantity by the current gold price per ounce (approximately $2,600 per ounce in 2024). Gold’s market cap fluctuates based on two primary factors: changes in the global supply of gold and shifts in its price due to demand dynamics. Various economic conditions, including inflation, currency strength, geopolitical uncertainties, and...
This Black women-founded company has accepted an acquisition deal four years after its founding. Clutch, a digital marketing marketplace co-founded by Madison Long and Simone May that connects creators to businesses looking for content creation, was acquired by Plaiced, a self-serve platform for advertisers, TechCrunch reports. “The creator economy is growing rapidly, we knew to remain competitive and really be able to take over market share, an acquisition would be the strongest next step,” Long explained, according to TechCrunch. The outlet details that when Long met Plaiced CEO Kaaveh Shoamanesh in May 2024, the idea of his company acquiring Clutch started brewing. Multiple factors came into play to sign off on the deal: Long was on her own, helming Clutch after May’s departure in June 2023, and trying to keep up with the times of the creator industry with generative AI coming into play, TechCrunch reported. So, joining forces with Plaiced was the right fit for Long. “The...
Not everyone is an investor. But thanks to platforms like Public and Robinhood , you do not have to have a degree in economics or work at Goldman Sachs to get in on the stock market action. Once reserved for only the most savvy of analysts and the wealthiest of investors, the playing field is far more level — at least in terms of accessibility. However, having access to opportunities and knowing what to do with them are two very different stories. In particular, there is something known as the Fear and Greed Index (developed by CNN) and it directly impacts how successful one can trade traditional stocks or even crypto currencies like Bitcoin. So, if traders are ready to dabble those toes into the stock market, crypto, or both, keep on reading to learn about this critical tool. What Is The Fear And Greed Index? Whether a person is trading crypto or traditional common stocks , the Fear and Greed Index is a trading tool that helps decide when to jump into a commodity, when to hold it...
Since its launch, Greenwood has prioritized Black and Latinx individuals and business owners through its banking services. Now, the biggest and Black-owned digital banking platform is looking to further support the community with its latest acquisition. According to a press release, Greenwood has acquired The Gathering Spot — a private members-only club for Black professionals.
The feeling of imposter syndrome can come in many different shapes and sizes, especially for Black professionals working in tech. Christine (‘Tine) Zekis, a backend software engineer at Chime, has considered herself an “imposter,” and she has mastered how to conquer the feeling that most consider uncomfortable. Zekis plans to take a deep dive into this topic at the upcoming 2021 AfroTech Conference on a panel titled “Imposter Syndrome: Slaying the Beast.” View this post on Instagram A post shared by AfroTech (@afro.tech) VeryWell Mind defines imposter syndrome as an internal experience of believing that you are not as competent as others perceive you to be. People often feel self-doubt, sabotage their success, overachieve and set challenging goals when experiencing imposter syndrome. While Black professionals may experience imposter syndrome the most, the phenomenon doesn’t discriminate; it can affect anyone. Zekis said she feels imposter syndrome often, and overcoming it is a...
LeBron James is officially the first active NBA player to earn $1 billion. According to a report from Sportico, James has earned a total of $330 million in playing salary since being drafted in 2003. Coupled with his $700 million in earnings from endorsement deals, merchandise, licensing and his media business, his total career earnings have reached the $1 billion mark. His current endorsement partners include AT&T, Beats, Blaze Pizza, GMC, Nike, PepsiCo, Rimowa and Walmart, all of which bring in more than $100 million annually for James. The latest addition to the bunch is a Fortnite partnership that’s pushing for the Laker star to reach a new level of upper-echelon status for NBA players. Sportico also reports that while NBA legend Michael Jordan far surpassed earning $1 billion — even $2 billion — this was achieved after his playing career ended, allowing James to be the man to make league history. James is coming off a career high in the off-season after his new film “Space Jam:...
Within its first year of launching, Nigeria-based fintech company Okra has secured yet another million-dollar plus funding round to help the startup continue to scale across the West African nation. According to a blog post published by the company, Okra announced a $3.5 million seed round led by Susa Ventures, with participation from existing investors such as TLcom Capital and newly-joined Accenture Ventures. The round also brought in super angel investors to contribute, including Rob Solomon — Chairman at GoFundMe; Arpan Shah — founding engineer and ex-Head of Data Platforms/Data products at Robinhood; and Hongxia Zhong — founding engineer and ex- Senior engineering manager at Robinhood. TechCrunch reports Okra has raised a total of $4.5 million between its first two funding rounds to date. Now the company intends to use the new investment to expand its financial data infrastructure across Nigeria. Okra — which was founded in 2019 by Fara Ashiru Jituboh and David Peterside — is...
Rap icon Nas may end up making up to $100 million when Coinbase goes public and hits the NASDAQ. According to CoinDesk, Nas created the QueensBridge Venture Partners investment firm, which invested in Coinbase back in 2013. Queensbridge Venture Partners was part of Coinbase’s Series B round of fundraising, when it helped raise $25 million in that round. At the time of the Series B round, Coinbase was valued at $143 million. On April 14, Coinbase (NASDAQ: COIN) is going public with its offering, and it’s expected to get a $100 billion valuation as a result. So what does that mean, for Nas and Queensbridge? In a nutshell, it boils down to math. It’s estimated that the “Ether” rapper owns anywhere from nearly 100,000 to almost 500,000 shares in Coinbase. As of this writing, Coinbase is trading at $350 a share on private, secondary markets, which means that Nas’ assets — using that metric — are somewhere between about $35 million and $174 million. But when it goes public, Coinbase is...