Buying and selling platform Robinhood is getting deeper into the information enterprise.
The corporate, which has lengthy provided the monetary e-newsletter Snacks, mentioned Tuesday (Jan. 17) it had fashioned Sherwood Media, a subsidiary that “might be a house for information and details about the markets, economics, enterprise, know-how, and the culture of money.”
The positioning might be led by Joshua Topolsky, founder and former editor-in-chief of The Verge and co-creator of its mother or father firm Vox Media. He’s additionally the previous chief digital content material officer for Bloomberg.
“The story of cash is the story of tradition — from sports activities and leisure to the largest enterprise and tech information of the day, to geopolitics and past,” Topolsky mentioned. “These tales don’t simply reside in a terminal; they play out in our lives day-after-day.”
Sherwood Media plans to launch a set of recent editorial choices all year long, the discharge mentioned. In an interview with Axios on Tuesday, Topolsky mentioned he plans to rent dozens of staffers, together with editors, reporters and social media content material creators.
He mentioned he additionally plans to launch newsletters dedicated to particular areas of enterprise and funds, akin to ones that cowl higher-profile corporations like Disney.
Robinhood launched Snacks in 2012. In an earnings name in 2021, the corporate introduced its first large content distribution deal with Snapchat, making Robinhood Snacks obtainable to the hundreds of thousands on that social media platform.
The headlines coping with Robinhood of late have sometimes concerned collapsed crypto agency FTX, whose founder Sam Bankman-Fried desires Robinhood inventory seized by the U.S. returned to him, arguing the shares are his property.
Bankman-Fried’s attorneys mentioned the shares should not a part of the FTX chapter case, neither is the corporate that owns them — Emergent Constancy Know-how, of which Bankman-Fried owns 90%.
The legal professionals mentioned in a courtroom submitting earlier this month that whereas FTX debtors have failed to point out that they might be “irreparably injured” by denial of the declare to the shares, Bankman-Fried wants a few of the property to fund his felony protection.
“Mr. Bankman-Fried has not been discovered criminally or civilly accountable for fraud, and it’s improper for the FTX Debtors to ask the Courtroom to easily assume that every little thing Mr. Bankman-Fried ever touched is presumptively fraudulent,” his legal professionals mentioned in a courtroom submitting.
Robinhood’s CEO has mentioned he’s unsure what Bankman-Fried will do along with his shares, assuming he will get entry to them.
“I’m not shocked that it’s one of many extra helpful property they’ve on their steadiness sheet as a result of it’s public firm’s inventory,” Vlad Tenev mentioned final month in a Bloomberg interview.
“We don’t have quite a lot of info that you just guys don’t have,” he mentioned. “We’re simply watching this unfold and … it’s going to be locked up in chapter proceedings, almost definitely for a while. And so we’re simply sort of seeing how that performs out.”