Reddit users have fun with the stock market, Facebook predicts advertising challenges, and ByteDance is cutting jobs in India. This is your Daily Crunch for January 27, 2021.
The big story: GameStop becomes a meme archive
Shares of GameStop continued to rise today, along with Blockbuster and AMC, all short shares from institutional investors. These earnings were apparently user-driven in the r / WallStreetBets subreddit.
We’ve collected the fairly undemanding statements from various trading apps like Robinhood about how they are responding to this volatility.
And Lucas Matney asks how this might affect cryptocurrencies: “For investors looking to have fun or shoot the moon, meme stocks are a more fun place to be than cryptocurrencies.”
The tech giants
Facebook predicts “ significant ” barriers to ad targeting and revenue in 2021 – Although Facebook’s fourth quarter earnings report included solid numbers of users and revenue, the company sounded a cautionary note for 2021.
SAP launches “RISE with SAP”, a concierge service for digital transformation: RISE is a subscription service that combines a range of services and product offerings.
ByteDance is cutting jobs in India due to prolonged ban on TikTok – The company employs more than 2,000 people in India.
Startups, financing and venture capital
SoftBank partners with homeware maker Iris Ohyama on a new robotics venture – Fledgling Iris Robotics has set an extremely aggressive goal of $ 965 million in sales by 2025.
Literati raises $ 40 million for its book club platform: CEO Jessica Ewing told me she’s looking to build the first “new and innovative bookstore” since Amazon’s launch 25 years ago.
The wave of renewable investment continues as solar lending company Loanpal raises $ 800 million – The $ 800 million pledge for Loanpal comes alongside a flurry of climate commitments from some of the world’s largest investors.
Extra Crunch Tips and Analysis
How two startups made it to $ 50M ARR and beyond – The Exchange examines OwnBackup and Assembly.
Dear Sophie: How can I sponsor my mom and stepfather for green cards? – The latest “Dear Sophie”, the advice column that answers questions related to labor immigration in technology companies.
Check out the amazing speakers who joined us on Extra Crunch Live in February – We’ll take a look at the funding deals through the eyes of the founders and the investors who made them.
(Extra Crunch is our signup program, which helps founders and startup teams move forward. You can sign up here.)
All the rest
Fighting Algorithmic Bias at TC Sessions: Justice – At TC Sessions: Justice on March 3, we’ll dive head-on into data discrimination, algorithmic biases, and how to ensure a more just future.
The Daily Crunch is ProWellTech’s roundup of our biggest and most important stories. If you would like to receive this message in your inbox every day around 3pm Pacific, you can subscribe here.