😳 An awkward start for Robinhood
It's not looking good for Robinhood
Hey Waivly Crew! 🌊 On Thursday, Robinhood successfully had the worst IPO debut possible. An embarrassing stock launch for.. a stock platform. It's now coming to the end of another week, and somehow the last week of July already too, what's happening?
An update on us 🤩 We're now going in all on this newsletter and making this the place for our content. With that, our new schedule is Tuesday, Thursday, and Saturday. Exciting things ahead!
A rocky start for Robinhood
On its first day of trading, Robinhood opened at $38, dropped 10 percent, and closed while down 8 percent at $34.90, not a very successful debut.
A record-settling debut
According to Bloomberg, Robinhood's debut, compared to 51 firms that raised similar capital to them, was the worst.
It's no surprise
Robinhood hasn't exactly had the best reputation this year from retail traders, so it's no surprise that the stock didn't launch up on its first day. The company also warned that its trading volumes could decline in Q2 of 2021, so it's likely that scared off some traders.
PayPal's all in on crypto
The wait for PayPal's crypto super app is nearly over, as CEO Dan Schulman announced the app code is now ready on Wednesday.
Schulman described each wallet would be “unique, driven by advanced AI and machine learning capabilities.” PayPal users will have access to high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities,” and more.
How do we know?
On Wednesday, Dan Schulman spoke to investors during the company's second-quarter earnings call and announced that PayPal's new wallet app is now "code complete." Schulman expects the wallet will be fully ramped in the US in the upcoming months.
Disney vs. Scarlett Johansson
Scarlett Johansson, who plays Black Widow, is suing Disney for breach of contract after Black Widow was released on Disney+ the same day as its cinema debut.
A surprise to Johansson
On Thursday, the American actress filed a lawsuit against Disney in Los Angeles, claiming she had been guaranteed that Black Widow would exclusively release in the cinema.
The film was originally was meant to have a theatrical-only debut, with her compensation for her role based on how well it performed in the box office. After Disney decided the movie would also debut on Disney+, the box office performance was not as good as the Black Widow actress expected.
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Tesla pays $1.5 million to settle lawsuit
Tesla has agreed to pay $1.5 million to settle a lawsuit that alleges the company of using a software update that reduces the maximum battery voltage for some of its Model S sedans.
How did Tesla's software update affect the vehicle?
The software update on Tesla's vehicles was released in 2019 which resulted in the software slowing down the vehicle's charging speed as well as diminish the range for around 1,743 vehicles. This resulted in many complaints from customers and has led to a lawsuit against the company.
In an investigation, they found that the "voltage limitation was temporary, with a 10% reduction lasting about 3 months, and a smaller 7% reduction lasting another 7 months before the corrective update that was released in March 2020."
How the lawsuit was settled?
As a settlement for the lawsuit, Tesla has agreed to pay $625 to each vehicle owner who was affected by the 2019 software update. Currently, it is unclear as to how the plaintiffs of the lawsuit will be receiving their payments from Tesla, but a U.S. district court judge has set to hold a hearing on the proposed settlement deal on December 9th.
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