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GameStop becomes a meme stock – TechCrunch

Reddit users are having fun with the stock market, Facebook is predicting advertising challenges, and ByteDance is cutting jobs in India. This is your Daily Crisis on January 27, 2021.

The big story: GameStop becomes a store of memes

GameStop shares continued to climb today, with Blockbuster and AMC – all shares sold by institutional investors. These gains were apparently derived by users of the r / WallStreetBets subdirectory.

We’ve rounded up fairly uninviting statements from various trading apps like Robinhood on how they are responding to this volatility.

And Lucas Matney asks how that might affect cryptocurrencies: “For investors looking to have a good time or shoot the moon, stocks meme are a more fun place than crypto.”

The giants of technology

Facebook predicts ‘significant’ hurdles to ad targeting and revenue in 2021 – As Facebook’s fourth quarter earnings report included strong user and revenue numbers, the company issued a note of caution for 2021.

SAP launches “RISE with SAP”, a concierge service for digital transformation – RISE is a subscription service that combines a set of services and product offerings.

ByteDance cuts jobs in India amid extended TikTok ban – Company employs more than 2,000 people in India.

Startups, financing and venture capital

SoftBank Partners with Homewares Maker Iris Ohyama for New Robotics Business – New company Iris Robotics has set a hugely ambitious goal of $ 965 million in sales by 2025.

Literati is raising $ 40 million for its book club platform – CEO Jessica Ewing told me she’s trying to build the first ‘innovative new bookseller’ since Amazon launched 25 years ago.

Wave of renewable energy investment continues as solar lender Loanpal raises $ 800 million – $ 800 million commitment to Loanpal comes with wave of climate commitments from some of the world’s largest investors.

Advice and analysis from Extra Crunch

How two startups evolved to $ 50 million ARR and beyond – The Exchange examines OwnBackup and Assembly.

Dear Sophie: How can I sponsor my mother and stepfather for green cards? – The latest “Chère Sophie”, the advice column that answers questions related to immigration on work in technology companies.

Check out the amazing speakers joining us on Extra Crunch Live in February – we’ll look at the funding deals through the eyes of the founders and investors who made them happen.

(Extra Crunch is our membership program, which helps founders and startup teams grow. You can sign up here.)

Everything else

Tackling Algorithmic Bias at TC: Justice Sessions – At TC: Justice Sessions on March 3, we’ll dive head first into data discrimination, algorithmic bias and how to ensure a fairer future.

The Daily Crunch is TechCrunch’s roundup of our most important and important stories. If you’d like this delivered to your inbox every day around 3 p.m. PT, you can subscribe here.


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