GameStop Meme Stock: The Daily Crunch

Individuals utilizing the Reddit platform are engaging in activity related to the stock market, Facebook is anticipating difficulties with advertising, and ByteDance is reducing its workforce in India. This is your Daily Crunch for January 27, 2021.

The primary development: GameStop’s status as a popular stock

The value of GameStop’s stock continued to increase today, alongside stocks of Blockbuster and AMC — all companies where institutional investors had placed short positions. This upward trend appears to have been spurred by activity from users within the r/WallStreetBets subreddit.

We have compiled the relatively cautious statements released by various trading applications, such as Robinhood, regarding their responses to this market fluctuation.

Additionally, Lucas Matney considers the potential impact on cryptocurrencies: “For those investors seeking excitement or substantial gains, meme stocks currently offer a more engaging environment than the cryptocurrency market.”

Major technology companies

Facebook forecasts ‘substantial’ challenges to ad targeting and revenue generation in 2021 — Despite strong user numbers and revenue figures in Facebook’s fourth quarter earnings report, the company expressed concerns regarding the outlook for 2021.

SAP introduces ‘RISE with SAP,’ a comprehensive service designed to facilitate digital transformation — RISE is a subscription-based offering that integrates a range of services and product solutions.

ByteDance is implementing job cuts in India due to the ongoing prohibition of TikTok — The company maintains a workforce of over 2,000 employees in India.

Startups, financing, and venture capital

SoftBank collaborates with home goods manufacturer Iris Ohyama to establish a new robotics venture — The newly created Iris Robotics has established a highly ambitious sales target of $965 million by the year 2025.

Literati secures $40M in funding for its book club platform — CEO Jessica Ewing conveyed to us her ambition to create the first “innovative and modern bookseller” since Amazon’s launch 25 years ago.

Investment in renewable energy continues to grow as solar lending company Loanpal raises $800M — This $800 million commitment to Loanpal coincides with a surge in climate-related pledges from some of the world’s leading investors.

Insights and analysis from Extra Crunch

An examination of how two startups achieved $50M ARR and beyond — The Exchange analyzes the growth strategies of OwnBackup and Assembly.

Dear Sophie: Guidance on sponsoring parents for green cards — The latest installment of “Dear Sophie,” an advice column addressing immigration questions relevant to professionals in the technology sector.

Preview of the distinguished speakers participating in Extra Crunch Live events in February — We will explore funding arrangements from the perspectives of both the founders and the investors involved.

(Extra Crunch is our membership program, designed to support founders and startup teams in their growth. You can register here.)

Additional news

Addressing algorithmic bias at TC Sessions: Justice — At TC Sessions: Justice on March 3, we will thoroughly investigate data discrimination, algorithmic bias, and strategies for fostering a more equitable future.

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