Clubhouse Gets a 1 Billion Dollar Investment
The elusive new social network, Clubhouse, is reportedly raising at a 1 billion dollar valuation. While they haven’t revealed the actual price yet, Clubhouse has plans to help creators get paid on the platform with methods that includes subscription services, tipping, and ticketing sales. This is all a part of their “Creator Grant Program,” which Clubhouse has done a great job recruiting creators on its platform. More revenue towards its creators will sustain their interest, especially if they’re looking to become famous on the new platform. Monetization for its users also allows Clubhouse to monetize itself. The app is currently free for all users and will start running the first tests of these new services in the next few months. Many speculate it could be similar to a Patreon built right into the platform. They also announced they are working on an Android-app.
GameStop. Reddit. Wall Street.
If you were on social media at all this week, you heard about a group on Reddit r/wallstreetbets taking down a billion-dollar hedge fund. The group under r/wallstreetbets got wind of the hedge fund betting big on a short on GameStop and used that information to recruit more members to pile in shares and call options. Using the internet’s power, r/wallstreetbets gained over 3 million users and pulled off a short squeeze in GameStop. Even before GameStop, retail investors started to use technology to their advantage to increase their individual impact. This is all part of the plan to democratize the market. However, Robinhood, an investing app, suspended trades of those stocks. Now the Securities and Exchange Commission is investigating and the people who got rich might end up losing it all.
Facebook Decides Trump's Fate
Facebook met with its external Oversight Board to discuss whether to allow Donald Trump back on its platform. Facebook suspended his account due to the violence that occurred online and at The Capitol this month. Facebook suspended his account until the transition of power was complete, and now needs to decide Donald Trump’s account’s fate. Twitter permanently banned Trump, but Facebook wasn’t as steadfast in its decision due to Mark Zuckerberg always saying, “he does not want to be the global arbiter of what people can say or not say on Facebook.” Facebook won’t make the decision itself and will ask the Oversight Board to make the call. The Oversight Board is a separate entity funded by Facebook. A lot is riding on this decision, especially with Trump off Twitter. Trump supporters are claiming censorship, but Facebook is still allowing the board its usual 90 days to process the case. Facebooks is receiving scrutiny for its decision to pass this to the Oversight Board, alleviating itself from making critical decisions.
Pinterest Adds Stories to Its Home Screen
Pinterest couldn’t help itself. It needed to get in on the action by adding stories to its home screen. Pinterest began introducing stories back in September but will now be available to every user to watch starting this week. “Story Pins” will look and feel similar to many other social platforms with a stories feature. They will appear at the top of the home page, and users will be able to see Story Pins from creators they don’t follow. Unlike the other platforms, Story Pins won’t go away after some time. Instead, they will automatically save to the creator’s library for Pinterest to continue promoting and boost engagement. The only caveat is that businesses and creators are the only people allowed to make Story Pins right now. Regular users won’t be able to post any themselves; just watch.