Friday’s Headlines: Congress Versus Tech

Friday’s Headlines: Congress Versus Tech

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Tripadvisor (TRIP) +11.1%

RH (RH) +9.1%

Duluth Trading (DLTH) +6.5%

Nordstrom (JWN) +6.5%

Texas Roadhouse (TXRH) +6.1%

Moving Down ⬇️

Baozun (BZUN) -6.3%

Shopify (SHOP) -4.0%

Match Group (MTCH) -3.7%

Datadog (DDOG) -3.7%

Coupa Software (COUP) -3.6%

1. Tech bosses were in the hot seat yesterday after Congress grilled them over the handling of misinformation on their platforms. Members of the House Energy and Commerce Committee pressed Facebook (FB) CEO Mark Zuckerberg, Alphabet’s (GOOG) Sundar Pichai, and Twitter's (TWTR) Jack Dorsey about their platforms' efforts to stem election fraud claims and vaccine skepticism. The CEOs' written testimony ahead of the hearing on Thursday hinted at areas where the companies intend to work with the government — and areas where Big Tech is likely to push back. Section 230, the law that grants websites legal immunity for much of its users content, is a key topic which has been called for reforms. Read more about the hearing here

2. Robinhood remains in the headlines after sources said the company is building a platform to allow users to buy into IPOs. The aim is to “democratize” initial public offerings by allowing users of its trading app to snap up shares alongside Wall Street funds. The concept of reserving shares for users is not new, as Deliveroo also announced similar plans for its public listing, but Robinhood’s technology and its ambitions to let users directly buy into IPOs of other companies would be new. Apparently, Robinhood is planning to carve out a chunk of its shares on offer when it goes public for its 13 million users. See more on the story here

3. Berkshire Hathaway (BRK.B) has offered to spend $8.3 billion on emergency power plants in Texas after the state suffered devastating blackouts in February. Chief executive of Berkshire Energy, Chris Brown, said it could build 10 large natural-gas plants that would only operate during times of extreme need, so the plants would not compete in the state’s power market. In return, lawmakers would agree to create a revenue stream to provide Berkshire a return on its investment through an additional charge on Texans’ power bills. If approved, the deal would signal a move away from decades of intense competition in the Texas energy market. See the full story here

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