💰 Robinhood Raises $2 Billion in IPO, Attains a Valuation of $32 Billion

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Robinhood Raises $2 Billion in IPO, Attains a Valuation of $32 Billion

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Robinhood, the stock trading app widely popular among retail investors, has attained a valuation of US$32 billion after selling its shares in the IPO at $38 apiece, raising nearly $2 billion. 

The second-quarter data shows that the company has a user base of 22.5 million. The application also witnessed an astounding annual growth in its revenue to $522 million from $128 million in the same period of the previous year. 

On its debut on Nasdaq, Robinhood, selling under the ticker HOOD, had decided on a price in the $38 - $42 range. 

The total number of shares sold was 52.4 million. 25% of the total funds raised in the IPO, that is to say, shares worth $50 million, were sold by each of the founders Vlad Tenev and Baiju Bhat. 

In Q1 2021, Robinhood had a user base of 18 million, which increased in the second quarter to 22.5 million. Backed by this growth in the number of accounts that are tied to a bank account, Robinhood is expecting second-quarter revenue of anywhere between $546 and $574 million. 

The Q1 2021 revenue of Robinhood was $522 million, a more than 4-times annual growth from $128 million in Q1 2020. The Q2 2020 revenue of the company was $244 million. 

Sony Sells 10 Million PS5 Consoles

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Outdoing the sales of the PS4, PS5 has become the fastest-selling console in Sony’s history, selling more than 10 million consoles. The last published data by Sony shows that the company had sold 7.8 million PS5 up till April. 

Apart from its remarkable device sales, Sony has also achieved some milestones around its PS5 launch titles. While the title Spider-Man: Miles and Morales has sold more than 6.5 million copies, another title, Ratchet and Clank: Rift Apart, has sold more than 1.1 million copies. Returnal has sold more than 560,000 copies. Three of these apps came on the market in November 2020, June 2021, and April 2021, respectively.  

Despite its high sales volume, the supply of PS5 remains limited, owing to a global chip shortage. According to Jim Ryan, president and CEO of Sony Interactive Entertainment, ‘improving inventory levels remains a top priority for the company.

On Meeting Listing Requirements, China Has No Issues With Companies Going Public in the US

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According to the China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai, Chinese authorities have no problems allowing their companies to go public in the US as long as they comply with the listing requirements. 

The comment holds special significance after Chinese businesses and businesses operating in China witnessed a host of regulatory actions in the past few weeks. Concerns circulated rapidly among businesses, anticipating an attempt from Beijing to prohibit foreign capital inflows in the Chinese companies.

While the regulator recognized the importance in enabling a company to attract capital, it was against it coming in the way of national security. Fang Xinghai cleared the regulator’s position during its virtual meeting with large investment banks. 

The fears of an intense crackdown by the Chinese state had also led to days of sharp selling in Chinese stocks. Stocks of multinational companies like Alibaba and Tencent, listed in Asia and the US, had also gone down. 

It’s NFT-Time for Coca Cola!

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In one of the most significant instances of mainstream brands becoming close to the blockchain, Coca Cola, one of the world’s most identifiable brands, has decided to release a series of NFTs. 

The aim is to raise money for the Special Olympics. The OpenSea NFT marketplace will facilitate the auction, to be held over three days. The digital designer Tafi is to create the NFTs, inspired by video-game loot boxes. They will contain hidden surprises. 

The NFT collections, named Friendship Boxes, will include a Coca-Cola cooler, a wearable bubble jacket, a friendship card, and a sound visualizer, playing the audio of a bottle opening, pouring beverage over ice, and the fizz sound, commonly associated with carbonated beverages. 

The bubble jacket can be used in Decentraland, an Ethereum-based virtual reality platform. Bids can be placed in Ether through OpenSea until August 2nd.

AROUND THE WEB

🤖 Robot Arranging Dominos: A robot, created by engineer and YouTuber Mark Rober, has arranged 100,000 dominoes into a Super Mario Bros.- themed mural in nearly 24 hours.

💰 SODA Scores Big On Series C: The Tokyo-based sneaker-resell platform SODA has raised $56.4 million from SoftBank Ventures Asia, the early-stage venture capital arm of SoftBank.

🎧 Spotify Greenroom Crosses 140K on iOS: Spotify Greenroom, the live audio app rivalling Clubhouse, has registered a total of 141,000 downloads on iOS and more than 100,000 on the Google Play Store.


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