⏱Robinhood stealing from the poor?
Russian cheaters, and Google's thirst for data
Good morning everyone, and happy Friday! Less than two weeks until 2021!
Yesterday, Russia’s four year doping ban was cut in half by the Court of Arbitration for Sport. This means that the ban will end on December 16th, 2022 and include only the next two Olympics (Tokyo 2021, and Beijing 2022). Although the country will be banned from competition, certain athletes will be able to compete under a neutral flag if approved by a panel of authority figures. Travis Tygart, CEO of the US Anti-Doping Agency, called the punishment a “slap on the wrist.”
Robinhood, the popular trading app, has conceded to pay $65 million after a regulatory probe from the SEC found that they were not sufficiently disclosing its relationship with high-speed brokers. This fine is roughly equivalent to one month of revenue and will be a small set back for the revolutionary trading app. Although this issue has been solved, Robinhood still faces a slate of regulatory problems including a recent complaint filed by Massachusetts, who argues that the app has “gamified” trading in its marketing.
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Yesterday the EU antitrust officials approved Google’s ($GOOG) $2.1bn purchase of Fitbit Inc, but only if certain policies are followed. For example, Google will have to keep all of Fitbit’s data independent of their own, and will not be allowed to use Fitbit’s user data for advertising purposes either. Those regulations will stay in place for 10 years with the EU maintaining power to extend it for another 10 after that if they see fit.
Coca-Cola announced yesterday that it would be laying off more than 2,200 employees worldwide. This move is not due to cost concerns, but rather it is an effort to restructure and consolidate the company. During this process, they are also cutting more than 230 of their brands, including Tab Soda, and Zico coconut water.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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