Robinhood has tapped $2.4 billion in funding on top of the $1 billion it raised last week after the online brokerage’s finances were strained due to a retail trading frenzy in heavily shorted shares of companies such as GameStop Corp (NYSE:GME). The latest round of fund injection means that Robinhood has raised more capital in […]
Just days after Elon Musk added #bitcoin to his Twitter bio, a move that caused the price of the cryptocurrency to briefly surge around 20% on Friday, the Tesla boss confirmed that he is a supporter of bitcoin. “I do at this point think bitcoin is a good thing, and I am a supporter of […]
The nation’s unemployment rate will not return to its pre-pandemic levels through the rest of this decade, meaning millions could be out of work even after vaccines are widely distributed, according to a projection released Monday by the nonpartisan Congressional Budget Office. The nonpartisan budget office also projected a faster-than-expected rebound in economic growth as […]
The Bank of England is preparing to take a significant step into the debate on whether negative interest rates should be used to stimulate the coronavirus-stricken U.K. economy. The central bank this week is due to publish the results of 160 detailed responses to a consultation about how borrowing costs could be pushed below zero […]
Snow swirled and a biting wind sent temperatures plummeting to several degrees below zero as the Stardust 1.0 made its debut at a former military base in Maine. Strapped to a trailer and pulled by a pick-up truck along a runway once used by B-52 bombers in the Cold War, it wasn’t the most glamorous […]
Futures contracts for silver surged higher early Monday morning as the Reddit-fueled boom in highly shorted stocks appears to be spilling over into the metals market. Silver futures were up 8% shortly after the futures market opened, marking the biggest move in the futures since at least 2013. Spot silver prices were last seen up […]
China is set to overtake the United States as the world’s largest economy a few years earlier than anticipated due to the coronavirus pandemic, analysts said. The U.S. reported last week that gross domestic product in 2020 contracted by 2.3% to $20.93 trillion in current-dollar terms, based on a preliminary government estimate. In contrast, China […]
Battery maker Microvast Inc. will go public via a merger with blank-check company Tuscan Holdings Corp., according to people with knowledge of the matter. The transaction, expected to be announced as early as Monday, will value the combined company at about $3 billion, said the people, who asked not to be identified because the information […]
Robinhood has expanded its trading restrictions from 13 securities on Thursday to 50 on Friday afternoon. Securities on the restricted list range from Starbucks to Rolls-Royce as the mobile brokerage app confronts high trading volume from last week into the weekend. Robinhood pointed Fox Business to a Friday blog post for more context about the […]
Embattled Robinhood CEO Vlad Tenev denied Friday that pressure from Wall Street hedge funds prompted the mobile brokerage firm’s decision to restrict trades involving GameStop shares as prices surged this week. Robinhood has faced unprecedented scrutiny in recent days from critics, including Congressional lawmakers and Barstool Sports founder Dave Portnoy, who alleged the platform halted […]
Steve Cohen, the founder of hedge fund Point72 and owner of the New York Mets, has deactivated his Twitter account after his family received threats this week amid the GameStop trading frenzy. “I’ve really enjoyed the back and forth with Mets fans on Twitter which was unfortunately overtaken this week by misinformation unrelated to the […]
Brokerage app Robinhood made headlines this week when it surfaced as a major player in the pitched contest between retail investors and hedge funds over GameStop stock. Founded in 2013, the company launched its app in 2014, providing trading access to anyone with a phone. Robinhood has helped to democratize finance, and it provided the […]
