Robinhood has sunk in its initial public offering after failing to win over the retail investors its needs for its long-term growth
The online trading platform dropped as much as 12 percent, before rising closer to its $2.1 billion IPO
Robinhood promotes itself as the go-to platform for young millennials who are looking to crack into the share market.
It shares opened at the $38 offer price, but fell to around $35 which gave the company a $31 billion market value when you take into account employee stock and other holdings.
This figure is well below the $36 billion valuation the world was waiting for.
Analysts say the trading app had a large portion of shares allocated to retail stock buyers… and ended up selling around 25 percent of these, not the 35 percent that was set aside.
The IPO was also plagued by Reddit users, with users urging other investors to avoid Robinhood altogether.
It comes as investors may start to doubt whether or not the platform can actually deliver on its promise to “democratise” and expand access to capital markets.
WhatsApp ramps up privacy features
WhatsApp ramps up privacy features to prevent subscriber loss
The world’s two billion plus WhatsApp users will soon have greater privacy controls with new platform changes on the way.
Meta boss, Mark Zuckerberg, announced the new WhatsApp updates in a Facebook post earlier this week.
Users will be able to make a stealthy exit from group conversations without the rest of the participants being notified.
Other changes include allowing users the ability to check messages without others knowing and controlling who sees when they are online.
These functions have been flagged as being rolled out to WhatsApp users over the next month.
Even more significant to user privacy is a function that is still under development.
Here, WhatsApp users can allow their messages to be viewed only once with an added screenshot blocking feature.
This will prevent other users saving their communication onto their phones for future reference.
The changes have been announced after Meta was scrutinised last year for their data sharing practices after an update of its Terms of Service.
Users were concerned over suggestions WhatsApp user data would be shared and utilised by parent company Meta.
WhatsApp has always boasted about the benefits of its end-to-end encryption preventing.
The news that WhatsApp planned to share user data more widely with Meta shook users’ faith in the platform.
As the third most popular social media platform, it seems Meta is keen to retain this market share by increasing its privacy features.
Some would say this is both to allay security fears and to prevent them from moving to other popular messaging apps such as Signal.
Why airline executives are being forced to face customers
As frustrated customers take their anger out on the remaining airport checkin staff, airline executives are being forced onto the front line to face customers.
The return of summer in Europe has been overshadowed by travel chaos, leaving passengers frustrated and often out of pocket.
Thousands of people have been left to battle airport queues that last hours, long delays and thousands of cancellations.
Airports and airlines face staff shortages forcing them to reduce the number of scheduled flights – often at short notice.
It’s a global problem, with airports and airlines rushing to hire back the thousands of positions they axed at the start of covid.
But how do you do it, and how long until things return to normal?
Facebook hands teen’s data to police for abortion charge
New reports reveal that Facebook has handed over data to police to help criminally punish a teenager for seeking to get an abortion
The tech giant turned Celeste Burgess’ Facebook message’s into the authorities, where she is being charged for “removing and abandoning a dead human body.”
The 17-year-old lives in Nebraska where abortion isn’t illegal, but the abortion happened via medication at 23 weeks.
Nebraska has a 20 week pregnancy cut off date, and the medication also warns against medical abortion past this time.
The teen’s mother is also facing 5 charges.
This comes amid widespread controversy after the historic Roe v Wade ruling was overturned in the United States.
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