The Week’s Top Stories: Crypto, Roku & Hong Kong Exod
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
HONG KONG EXODUS
EUROPE VS BIG TECH
ROKU + GOOGLE MAKE AMENDS
In a last-ditch effort to mend their relationship before a major split, Google and Roku struck a multi-year deal to keep YouTube and YouTube TV apps on the streaming platform. The beef started when Roku complained that Google’s distribution terms were anticompetitive. Google shot back, saying the claims were baseless. It’s unclear at the moment if either side got its way, but apparently, someone decided it was worth burying the hatchet to keep customers happy. Roku’s stock popped 18 percent on the news this Wednesday and closed nearly 14 percent for the week.
GameStop, everyone’s favorite brick-and-mortar video game retailer/meme stock, is struggling to execute the turnaround strategy promised by its newly hired executives. The company’s stock fell 4 percent on Wednesday after a third-quarter earnings report showed that its losses widened to $105.4 million from $18.8 million a year earlier. Lackluster earnings aside, the retailer bolstered its inventory last quarter to avoid supply chain issues this holiday season. The stock remained down by Friday.
Lucid Motors, which is considered by many to be the most viable challenger to Tesla in the electric vehicle market, had a rough start to the week as shares plunged nearly 20 percent on the news that the SEC had subpoenaed the company as part of an investigation into the SPAC deal that brought it public earlier this year. The luxury EV maker said it’s cooperating with the agency, but investors were still spooked with the stock down nearly 6 percent for the week. This isn’t the first time an EV company has been investigated by the SEC for its SPAC dealings. Others include Nikola, Canoo, and Lordstown Motors.