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Vlad Tenev , founder of retail stock trading app Robinhood , told a House Committee on Thursday that “the financial system should be open to everyone,” including frenzied buyers of GameStop and AMC Entertainment whipped up by a Reddit chatroom. He apologized profusely that a funding rule had forced the app to subsequently block share purchases – a temporary restriction that was a focus of the five-hour hearing today. The stocks fell and some Robinhood users lost their shirts. Tenev was testifying before the House Financial Services Committee alongside the CEO of a hedge fund that made a killing on GameStop (Kenneth Griffin, Citadel LLC) and another that lost big in a short squeeze (Gabriel Plotkin, Melvin Capital). Individual investor Keith Gill, known as Roaring Kitty from his YouTube videos and Reddit posts, bought GameStop and touted it on Reddit’s colorful WallStreetBets chatroom. He agreed with lawmakers that the stock “had gotten a little ahead of itself” when it … [Read more...] about House GameStop Hearing Delves Into Robinhood, Reddit And WallStreetBets

Products featured are independently selected by our editorial team and we may earn a commission from purchases made from our links; the retailer may also receive certain auditable data for accounting purposes. What if you could get the same workout from a spin studio in the comforts of your own home? Technology has made it easier than ever to stream free classes online, and as more and more people are stuck indoors, having a dedicated piece of exercise equipment at home is no longer just a great alternative, but an important part of staying fit as well. Whether you’re trying to save money, save time or just prefer sweating it out at home, we’ve found some great indoor exercise bikes that deliver on performance and power. What Are the Best Exercise Bikes to Buy Online? There are many factors to consider when choosing the right indoor exercise bike for you; below are the most important ones, which we considered while we were researching this list. Construction and build : … [Read more...] about The Best Home Exercise Bikes to Buy Online

New York-based private equity group KKR has continued its remarkable German buying spree with the acquisition of leading local film producer Wiedemann & Berg , whose films include 2019 Oscar nominee Never Look Away and Oscar winner The Lives Of Others . The pact marks the fourth German media company acquisition by KKR, which recently bought distributors Tele-Munchen Group and Universum as well as TV company i&u TV, and consolidates its position as a potent new player in the local market. Wiedemann & Berg founders Max Wiedemann and Quirin Berg will remain on board as managing directors and join the new media group as head of its feature film production division. The firm’s TV arm, W&B Television, a JV with EndemolShine, will continue to run in parallel. Related Story 'Vikings' Star Erik Madsen Leads Cast For Eco-Crime Drama 'Maritime' From Makers Of Netflix Series 'Dark' Fred Kogel, CEO of the new, as-yet-unnamed media group, said the … [Read more...] about KKR Continues German Buying Spree With ‘Never Look Away’ & ‘The Lives Of Others’ Producer Wiedemann & Berg

Forest Road Acquisition Corp., a special purpose acquisition vehicle (or SPAC ) backed by the eponymous entertainment finance firm with a Hollywood-heavy roster of advisors has found its target, announcing plans to buy digital fitness specialist Beachbody Company and take it public. The transaction involves a three-way merger between the Forest Road SPAC, Myx Fitness Holdings, an at-home connected fitness platform, and Santa Monica-based Beachbody. The deal values the combined business at $2.9 billion and is expected to add over $420 million of cash to the balance sheet. This is one of the first high-profile entertainment SPAC-backed acquisitions by a new crop of financial vehicles also called “blank check” companies. Backers, in this case Forest Road, assemble seasoned executives, create a SPAC, take it public and start looking for an operating company to acquire. Merging with a SPAC is a faster, easier way for a private company to go public. Related Story Dan … [Read more...] about Forest Road SPAC With Kevin Mayer, Tom Staggs Buys Digital Fitness Group Beachbody

UPDATE With Fox News going all in on today’s news that six Dr. Seuss books will no longer be published due to their offensive depictions of racial caricatures, White House press secretary Jen Psaki lauded efforts at diversity and inclusion in children’s literature. Psaki was asked specifically about the wording of President Joe Biden’s Read Across America Day proclamation, which broke with recent White House tradition by not mentioning Dr. Seuss by name. “The proclamation was written by the Department of Education,” Psaki said at today’s White House press briefing, “and you can certainly speak to them about more specifics about the drafting of it.” Psaki then described Read Across America Day as “a chance to celebrate diverse authors whose work and lived experience reflect the diversity of our country. And that’s certainly what they attempted to do or hoped to do this year. And as we celebrate the love of reading and uplift diverse and representative authors, it’s … [Read more...] about Dr. Seuss Controversy: White House Weighs In, Sales Spike & Fox News Grouses As Six Titles Discontinued For Racist Imagery – Update