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The Subplot | Tech traumas, Leeds offices, lucky losers
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Tory peer Lord Marland in the running to chair competition watchdog : CityAM
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Shares in the ride-hailing firm were up more than seven per cent in New York.
Boston-based Drizly, which was founded in 2012, has grown into the largest US alcohol delivery service and is available in more than 1,400 cities.
The company, dubbed “Amazon for liquor”, has benefited from increased demand during the pandemic as consumers order beer, wine and spirits while staying at home.
Uber has also shifted its focus to its food delivery offering during the Covid crisis, acquiring Postmates for $2.7bn following its failed bid for Grubhub.
The San Francisco-based tech firm also bought Cornershop, a grocery delivery service focus on Latin America, last year.
The big story: Robinhood raises $1B
I know the newsletter has been dominated by Robinhood and stock market news for the past few days but, well, so have the headlines.
The latest news is that after reportedly tapping its credit lines, Robinhood raised $1 billion in new funding from existing investors. It seems the company needed the money in order to meet regulatory minimums and other requirements tied to users’ trading activity.
Meanwhile, the SEC has issued a statement that doesn’t specifically mention Robinhood or GameStop by name, but it says that “extreme stock price volatility has the potential to expose investors to rapid and severe losses” that could “undermine market confidence.”
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