If you followed the downward trend of tech stocks like LinkedIn, Pandora, and Zillow in the media yesterday, chances are, at some point, you had to avert your eyes. USA Today uses no less than four foreboding verbs to describe how all three newly-public tech companies performed Monday after the S&P demoted America’s credit rating down to AA+:
“Shares of professional social network LinkedIn plunged 17%, to $75.47. Internet radio company Pandora tumbled 8% to $12.49. Real estate website Zillow crumbled 7% to $26.09. That came as the Dow skidded 635 points.”
Based on just that day of trading, Geoff Yang, a partner a Redpoint Ventures, told the paper, “The sound you just heard was the IPO window slamming shut.” Read More
Investment in information technology (read: data centers and developer salaries) fell hard in 2008 and 2009 but is trending back up in a big way, according to a new forecast by London-based global market research agency Ovum. ”Spending on IT by the financial markets industry will hit almost $90 billion by 2015, driven by strong growth in Asia-Pacific and a bounce-back in the hedge funds sector,” according to a press release. Read More
Ladies and gentleman, we have a third new Bitcoin exchange. “Bitcoin exchanges popping up like daisies!” says the Bitcoin Money blog. About a month after Mt. Gox was hacked and Tradehill.com hit the web, a former Citigroup vice president now based in Canada and China is launching Ruxum Exchange in invite-only beta. The site emphasizes usability and its “Wall Street-level security,” according to TechCrunch, and accepts USD, EUR, GBP and JPY with more currencies to come. The site’s security is rigorously audited by a third party, according to Ruxum, and it has back-up databases in two separate physical locations and has developed procedures to deal with breaches. Otherwise its security measures are pretty standard: encrypted passwords and data connection, requiring strong passwords, and so on. “These are people who don’t fuck around,” observed one Reddit user. Read More
New York City-based Felix Investments is suing SecondMarket in the New York Supreme Court over a $2,475,000 deal for Facebook shares that never came to fruition. Felix began investing in Facebook back in 2009 through two funds named Facie Libre 1 and Facie Libre II–meaning face book in Latin–and did a brisk business with SecondMarket. Dealbook’s Evelyn Rusli recently described Felix investors as “not part of Silicon Valley’s elite” and “more comfortable navigating the narrow streets of Lower Manhattan than on tree-lined Sand Hill Road in Menlo Park.” The suit is over a deal in January 2010 to buy 75,000 shares from Karl Voskuil, a Facebook software engineer, at $33 per share. Read More
The way that brokers communicate with the public is closely monitored in an effort to prevent scams, false advertising and misleading advice.
It’s the reason why, even as their customers flocked to services like Twitter and Facebook, the big banks banned their brokers from using these services for work.
But Morgan Stanley, the largest U.S, retail brokerage with 17,800 advisers, now plans to allow its staff limited access to both Twitter and LinkedIn, which just completed a very successful IPO, on which Morgan Stanley was a lead underwriter. Read More
The big bucks available for brainy folks willing to work on Wall Street is depleting the talent pool for startups according to a new report from the Kaufman Foundation authored by Paul Kedrosky and Dane Stangler.
The study focuses on the rate at which STEM graduates (Science, Engineer and Math) have moved Read More
Seattle-based Cheezburger, the blog network that brought you I Can Has Cheezburger, the Fail blog and Engrish Funny, has raised $30 million to pursue the dream of being “the largest humor network in the world.”
Cheezburger is using its millions to make some hires, including a “GIF Master.”
Requirements: Read More