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Cathie Wood Buys More Robinhood And Tesla, Tells Investors To Take ‘Advantage’ Of Volatility

by ForbesFebruary 1, 2022

Topline

Widely-followed stock picker Cathie Wood of Ark Invest, looking to bounce back as her funds continue to underperform, is using recent market volatility to buy the dip on big growth names like Tesla and Robinhood—both of which have seen shares struggle amid the wider sell-off in January.

The innovation investor remains unfazed about the widespread sell-off in tech stocks.

Patrick T. Fallon/AFP via Getty Images

Key Facts

The founder and CEO of Ark Invest purchased a total of 2.58 million shares of popular stock trading app Robinhood after the stock plunged to a record low of less than $10 per share on Friday following a dismal quarterly earnings report.

Wood purchased more than 2 million shares for her $12 billion flagship ARK Innovation ETF, with a total stake in Robinhood worth nearly $200 million, according to Morningstar data.

Robinhood is down nearly 70% since going public last year but Wood has continued to buy shares of the company since late October—when the stock plunged below its IPO price of $38 per share.

Another of Wood’s big trades in recent days: Adding to her position in Tesla for the first time since June 2021, buying roughly 55,000 shares—worth nearly $50 million—of the electric vehicle maker.

Tesla’s stock has fallen over 20% so far this year amid a wider selloff in growth and tech stocks, but Wood’s latest purchase may be a sign that she thinks shares are down to a more reasonably priced level.

Elon Musk’s electric vehicle outfit is Wood’s biggest holding in her flagship fund, making up about 8% of the ARK Innovation ETF—a position worth over $900 million, according to Morningstar data.

Surprising Fact:

The Ark Invest founder also sold 70,000 shares worth of Spotify on Friday, amid the latest controversy surrounding the company. Several artists have boycotted the music streaming platform in light of false Covid-19 claims spread on Joe Rogan’s podcast. Wood still holds a sizable stake in Spotify—it is one of her flagship fund’s top ten holdings—worth almost $500 million, according to Morningstar.

Crucial Quote:

Amid the wider sell-off in tech stocks, Wood told investors last week that “innovation is on sale,” though she remained unswayed by the recent market swings. “We use volatility to our advantage,” she said. “We concentrate towards our highest conviction names and that tends to work very well as we go through these corrections.”

Key Background:

After rising to fame in 2020, with her flagship fund surging nearly 150%, Wood’s performance has since gone downhill. The ARK Innovation fund fell 24% in 2021—losing over a fifth of its value–while the S&P 500 was up 27%. So far this year, the fund is down another 20%. With the Federal Reserve tightening its monetary policy and preparing to raise interest rates, investors have largely dumped riskier growth stocks, with shares of tech companies particularly hard-hit. The Nasdaq Composite index subsequently fell into correction territory in January, more than 10% below its record highs last November.

HERE’S HOW SOME OF THE WORLD’S RICHEST PEOPLE FARED THIS WEEK.

The net worth change is from close of markets Friday, January 21 to Friday, January 28.

NET WORTH | $222.2 BILLION, DOWN $22 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | TESLA

NET WORTH | $109.2 BILLION, DOWN $3.4 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | SOFTWARE

NET WORTH | $11.3 BILLION, DOWN $1.1 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | AIRBNB

NET WORTH | $3.9 BILLION, DOWN $700 MILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | ONLINE GAMES

NET WORTH | $7.3 BILLION, DOWN $600 MILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH| CRYPTOCURRENCY

NET WORTH | $107 BILLION, DOWN $500 MILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | FACEBOOK

NET WORTH | $6.6 BILLION, DOWN $400 MILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | TWITTER, SQUARE

NET WORTH | $2.9 BILLION, DOWN $400 MILLION

COUNTRY | SWEDEN

SOURCE OF WEALTH | SPOTIFY

NET WORTH | $6.4 BILLION, DOWN $350 MILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | SNAPCHAT

NET WORTH | $6.2 BILLION, DOWN $250 MILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | SNAPCHAT

Source

Tagged : All News / Banking-Insurance / Billionaires / Business / Consumer Tech / Crypto & Blockchain / Editors' Pick / Energy / Hedge-Funds-Private-Equity / Innovation / Investing / Markets / Money / Policy / Social Media / Transportation / Worlds-Billionaires

Robinhood Shares Plunge Amid Gloomy Revenue Outlook Just One Year After Meme Stock Mania

by ForbesJanuary 27, 2022

Topline

Shares of popular stock trading app Robinhood tumbled nearly 10% after the company reported fourth quarter earnings that failed to impress investors, while also issuing a grim revenue forecast for the start of 2022 as trading activity continues to slow down.

Robinhood has lost more than two-thirds of its value since its July 2021 IPO.

Olivier Douliery/AFP via Getty Images

Key Facts

Robinhood’s stock, which fell nearly 7% to around $11 per share on Thursday, plunged another 8% in after hours trading following the company’s quarterly earnings report.

The popular stock trading app reported earnings which came in slightly below Wall Street expectations: For the fourth quarter, revenue fell slightly from $365 million to $363 million, while Robinhood’s loss of 49 cents per share was wider than the 45 cent loss expected by analysts, according to Refinitiv.

The trading platform’s total number of accounts grew from 22.4 million last quarter to 22.7 million by the end of 2021—though monthly active users fell to 17.3 million from 18.9 million in the previous quarter.

What particularly spooked investors, however, was Robinhood’s gloomy revenue forecast for the next quarter: The company anticipates revenue of less than $340 million—significantly less than the nearly $450 million expected by analysts, according to FactSet.

Transaction based revenues on Robinhood’s platform fell slightly to $264 million in the fourth quarter, with revenue from cryptocurrency trading accounting for just $48 million of that figure and down slightly from $51 million last quarter.

As of Thursday’s close, the stock is down more than 70% off its initial public offering price in July 2021, with shares falling more than 30% alone this month.

Big Number: $22 Billion.

That’s how much Robinhood has lost in market value since going public at a $32 billion valuation in July 2021. After recent stock struggles, the company now has a market capitalization of just $10 billion.

Surprising Fact:

With Robinhood shares at a new record low, cofounders Vlad Tenev and Baiju Bhatt both have both lost their billionaire status, according to Forbes. The pair first became billionaires in September 2020 after a private funding round valued Robinhood at $11.7 billion, by Forbes’ calculations.

Crucial Quote:

“Robinhood’s awful results highlight the several challenges the trading platform company currently faces, mainly a slowdown in user growth, as well as weaker retail trading activity in stocks and crypto,” according to Jesse Cohen, senior analyst at Investing.com. “With a current valuation of roughly $10 billion, Robinhood’s market cap still seems high… they haven’t done a good job of justifying its sky-high valuation and the market has punished the stock accordingly.”

Key Background:

Shares of Robinhood have fallen nearly 40%—to less than $15 per share—so far in 2022, continuing a downward trend in recent months. After a blockbuster start to last year—when a wild rally in meme stocks like GameStop and cryptocurrencies like Dogecoin helped spur massive growth for Robinhood, trading activity and account growth has substantially settled down. Robinhood’s stock plunged 10% after reporting lackluster earnings in October, in which the company warned that lower retail trading activity “may persist” into the end of 2021. The popular stock trading app had reported a steep revenue drop in quarterly revenue—from $565 million to $365 million, in large part due to a sharp decline in revenue from crypto trading on Robinhood’s platform.

Topline

Hedge fund billionaire Ken Griffin bought a rare copy of the U.S. Constitution for $43 million—outbidding a group of cryptocurrency investors in a record-setting auction Thursday, Sotheby’s announced in a press release.

Ken Griffin, founder and CEO of Citadel.

Patrick T. Fallon/Bloomberg

Key Facts

The “extremely rare” first-edition copy of the Constitution sold for more than double its $20 million high estimate, setting a world auction record for any printed document, according to Sotheby’s.

Ken Griffin, who founded and runs Chicago-based hedge fund Citadel, came out on top in an eight minute-long bidding war with his winning bid of $43.2 million on Thursday.

The hedge fund billionaire was narrowly underbid by ConstitutionDAO, a group of more than 17,000 crypto investors who raised $40 million in an effort to purchase the document.

The copy in question was one of the last first editions still privately owned and is one of just 13 surviving copies of the Official Edition of the Constitution printed in 1787.

Griffin said that he intends to loan the copy of the Constitution to the free-admission Crystal Bridges Museum of American Art in Bentonville, Arkansas, which is owned by Walmart billionaire heiress Alice Walton.

“We are honored to exhibit one of the most important documents in our nation’s history from our location in the Heartland of America,” said Olivia Walton, who is head of the Crystal Bridges board.

Key Background:

Griffin started Citadel in 1990; today the hedge fund has nearly $40 billion of assets under management. The Chicago billionaire also founded one of Wall Street’s biggest market-making firms, Citadel Securities, which is responsible for one of every five stock trades in America. Griffin will add the Constitution to his already impressive art collection which includes pieces by Willem de Kooning and Edgar Degas.

Big Number: $20.9 Billion

That’s how much Griffin is worth, according to Forbes’ estimates.

Crucial Quote:

“The U.S. Constitution is a sacred document that enshrines the rights of every American,” Griffin said in a statement. “That is why I intend to ensure that this copy of our Constitution will be available for all Americans and visitors to view and appreciate in our museums and other public spaces.”

Source

Tagged : All News / Arts / Billionaires / Breaking / Breaking News / Business / Crypto & Blockchain / Hedge-Funds-Private-Equity / Investing / Markets / Money / News / U.S. / Worlds-Billionaires

Here Are Morgan Stanley’s Top Stock Picks For Investing In The Metaverse

by ForbesNovember 16, 2021

Topline

Ever since Facebook’s recent name change and new focus on the ‘metaverse,’ there has been massive interest in the concept of a virtual world which could replace today’s internet—and that means a massive new opportunity for investors, according to Morgan Stanley.

Morgan Stanley sees the metaverse as a massive $8 trillion market opportunity.

Tony Avelar/ASSOCIATED PRESS

Key Facts

Wall Street firm Morgan Stanley sees the metaverse as an $8 trillion addressable market which is likely to become the “next generation social media, streaming and gaming platform.”

“Like current digital platforms, we expect the metaverse to initially and primarily operate as an advertising and e-commerce platform for offline products/purchases,” wrote analyst Brian Nowak.

The firm’s most obvious stock pick in this space is Meta (formerly Facebook), thanks to the growth durability of its core business and strong free cash flow even as it invests billions of dollars to “build the next generation version of social networking.”

Morgan Stanley analysts also like gaming company Roblox, which it says can leverage its 47 million daily active users and “strong” monetization algorithms with the metaverse’s advertising and e-commerce opportunities.

The firm picked out several other stocks it thinks can benefit from growing adoption of the metaverse concept, including those focused on augmented reality, like Google-parent Alphabet and social media platform Snap.

It also likes Unity Software, the most widely used engine in the video game industry, which could be in a position to help with content creation for the metaverse, according to the firm.

Key Background:

Facebook’s rebranding to Meta last month heralded the company’s new focus on the metaverse, a vision for a virtual world accessed by headsets or smartphones where people can work, play and socialize. Though the metaverse is still largely conceptual, the possibilities are endless with the idea being that there could be many different types of virtual worlds which could revolutionize the way people interact. While Facebook is ahead of the curve in this space, several companies including Microsoft and Disney have also begun investing in the metaverse.

Crucial Quote:

“We believe the Metaverse will be the successor to the mobile internet,” Facebook CEO Mark Zuckerberg said last month when he announced the company’s rebranding to Meta.

Topline

Stocks fell on Wednesday, with the Dow Jones Industrial Average losing over 200 points after October’s consumer price index jumped by the highest rate in 30 years, adding to investors’ fears that high inflation could derail the recent market rally.

Inflation has continued to creep higher, derailing the market’s recent rally.

Richard Drew/ASSOCIATED PRESS

Key Facts

The Dow fell 0.7%, over 200 points, while the S&P 500 declined 0.8% and the tech-heavy Nasdaq Composite lost 1.7%.

The consumer price index—a key measure of inflation—rose 6.2% in October compared to a year ago, its fastest pace of increase in 30 years, according to data from the Bureau of Labor Statistics on Wednesday.

The latest report showed that inflation isn’t slowing down: Spooked investors dumped high-flying tech stocks and sought refuge in hedges like gold and bitcoin, while Treasury yields also spiked.

Following the latest inflation data, the market is now betting that the Federal Reserve may need to raise interest rates sooner than expected, with the first rate hike expected as early as July 2022.

Shares of Big Tech stocks plunged as investors turned away from growth stocks on Wednesday: Amazon, Google-parent Alphabet and Facebook-parent Meta all fell by around 2%.

Tesla regained some of its losses this week after shares rose 4.3%, while rival electric vehicle maker Rivian saw shares surge 29% after going public at a $90 billion valuation—the biggest U.S. IPO since Facebook in 2012.

Crucial Quote:

“Inflation remains stubbornly high, to the surprise of many that expected prices to come back to earth sooner,” says Ryan Detrick, chief market strategist for LPL Financial. “The truth is you can’t shut down a $20 trillion economy and not feel some bumps as it restarts, but we are hopeful the supply chain issues will resolve over the coming quarters and inflation should calm down as well.”

What To Watch For:

“The financial markets had accepted the fact that prices would be climbing, but with every passing month inflation has only crept higher,” according to a note from Hilltop Securities on Wednesday. “Between now and year-end, demand for holiday goods will surge, while transportation-constrained supply struggles to keep up.”

Key Background:

This is the second down day in a row for stocks. Before Tuesday and Wednesday’s losses, the S&P 500 had notched eight consecutive days of gains—its best streak in over two years—and closed above 4,700 for the first time. Markets had gotten a boost from strong corporate earnings, but investors clearly remain fearful of high inflation, which will be exacerbated by labor shortages and supply chain issues through the end of the year. The Federal Reserve announced last week that it would begin reducing the historic level of stimulus it has been providing markets since the Covid-19 pandemic began. Fed chairman Jerome Powell said high inflation was “expected to be transitory.”

Topline

The Federal Reserve warned of several new risks to the U.S. financial system—including market volatility caused by meme stocks and a potential spillover from China’s real estate troubles—in its semiannual financial stability report released late on Monday.

Higher inflation and tighter monetary policy have become the top concern for investors, supplanting … [+] fears about the COVID-19 Delta variant derailing the economic recovery.

Jeenah Moon/Getty Images

Key Facts

Concerns over higher inflation and tighter monetary policy have risen since earlier this year and are now the top worry for investors, with roughly 70% of experts surveyed by the Fed flagging it as the main risk to financial stability.

The second most common concern—with over 50% of respondents—was over vaccine-resistant Covid-19 variants derailing the economic recovery, though that fell slightly since May, the last time the Fed published its financial stability report.

At the same time, the Federal Reserve also flagged several new types of potential risks to the financial system which merit attention and have recently emerged as top investor concerns, including the growing interest in “so-called meme stocks.”

A large group of younger retail investors, spurred by zero-cost brokerages and discussion on social media, have been investing heavily in meme stocks and cryptocurrencies, a trend which can cause stock market volatility in the future, the Fed pointed out.

Another big risk—now the third-highest concern for investors according to the Fed—is China’s regulatory crackdown, and especially the troubles in its real estate sector, which could cause a “spillover” into U.S. markets.

Property development giant China Evergrande has been attempting to avoid defaulting on its debt since this summer, causing wider damage to Chinese real estate stocks and raising investor concerns about the world’s second-largest economy.

Tangent:

“Fiscal and monetary policy accommodation, along with continued progress on vaccinations, continued to support a strong economic recovery,” the report said. “Despite the tragic human toll, the Delta variant has left a limited imprint on U.S. financial markets.”

Crucial Quote:

“Social media can contribute to an echo chamber in which retail investors find themselves communicating most frequently with others with similar interests and views, thereby enforcing their views, even if these views are speculative or biased,” the Federal Reserve warned about meme stocks in its latest report. While wild surges in stocks like GameStop and AMC have had a “limited” impact on financial stability so far, this area of the market should be “monitored” further, the report stated.

Key Background:

“Since the previous survey results published in May, concerns related to inflation, new COVID variants, and elevated risk-asset valuations have remained top of mind, while several new risks have surfaced, including possible fallout from Chinese regulatory changes,” the central bank said in its report. The Fed’s previous financial stability reports have mentioned China before, warning that its high debt levels and “stretched real estate prices” could adversely affect the U.S. economy.

Topline

Despite Robinhood facing growing skepticism from Wall Street analysts, famed stockpicker Cathie Wood of Ark Invest recently doubled down on her investment in the popular stock trading app, shares of which tumbled more than 10% on Wednesday after reporting a huge third-quarter revenue miss.

Ark Invest’s Cathie Wood is still bullish on Robinhood even after the company’s disappointing … [+] third-quarter earnings.

Patrick T. Fallon/AFP via Getty Images

Key Facts

Shares of Robinhood, which went public to much fanfare in July, are down 12%—below its IPO price of $38—since reporting lackluster third-quarter earnings late on Tuesday.

Cathie Wood, the founder and CEO of $75 billion asset manager Ark Invest, purchased a total of 2.24 million shares of Robinhood in various funds on Wednesday, a position worth roughly $80 million at the time.

The innovation investor is still clearly bullish on Robinhood, buying the dip in the stock despite the company’s big revenue miss, which was in large part due to a sharp drop in crypto trading on its platform, and a slowdown in user growth.

Wood added to her position in Robinhood—she has been buying the majority of shares for her flagship fund, the ARK Innovation ETF—even as Wall Street analysts grew increasingly negative on the company following its troublesome earnings report.

Analysts across the board slashed their price targets for Robinhood on Wednesday, including those at JPMorgan, Goldman Sachs, Piper Sandler, Barclays and Deutsch Bank.

As experts point out, investors are growing increasingly concerned that without a major market event—such as the GameStop frenzy in the first quarter or Dogecoin in the second quarter—Robinhood’s trading activity and revenue will likely continue to take a hit.

What To Watch For:

Robinhood’s earnings showed that more users left the app or sold off holdings than opened new accounts during the third-quarter, a worrying sign for a company that boasted enormous user growth in 2020 and the first half of 2021. Monthly active users dropped to 18.9 million from 21.3 million last quarter, according to Robinhood, while the number of overall funded accounts fell from 22.5 million to 22.4 million. There are certainly emerging signs that some users may be quitting the platform and moving to competitors like Fidelity of Schwab, which could account for the slowdown in account growth. In recent weeks, there have been dozens of different posts on finance Reddit forums with users posting screenshots showing that they left Robinhood for a new brokerage.

Tangent:

Though Wood has continued to build a position in Robinhood since it went public in July, the brokerage still accounts for just 1.33% of her flagship Ark Innovation ETF.

Key Background:

Despite some skepticism from Wall Street, Wood’s strategy focuses almost exclusively on investing in “disruptive innovation.” She remains especially bullish on cryptocurrencies, she told Forbes on Wednesday, firmly believing that regulation won’t hamper the innovation that is taking place. Wood also bought the dip in Twitter stock on Wednesday, adding a position worth about $60 million, as shares of the social media company fell nearly 11% after its earnings showed a slowdown in user growth.

Topline

The stock market pulled back from record highs and fell on Wednesday as the rally driven by third-quarter earnings began to lose steam, although the S&P 500 remains on track for its best month since November 2020.

Stronger-than-expected earnings results so far have helped to push stocks to record levels in recent … [+] days.

Spencer Platt/Getty Images

Key Facts

The Dow Jones Industrial Average and S&P 500 declined by 0.7% and 0.5%, respectively, on Wednesday, while the tech-heavy Nasdaq Composite was flat.

The Dow and S&P 500 both fell for the first time in at least three days, despite a recent earnings-driven rally that has boosted the market to new record highs.

The S&P 500 remains on track for its best month since November 2020, rising by more than 5% so far in October, while the Dow is up around 4%.

Third-quarter earnings have so far proved more resilient than expected, despite concerns about inflationary pressures, supply chain disruptions and labor shortages: Just over a third of S&P 500 companies have reported results so far, with 83% of them topping estimates, according to Refinitiv.

Big tech stocks like Microsoft and Google-parent Alphabet rose by more than 4% after both companies topped earnings estimates on Tuesday, while shares of Visa fell nearly 7% after issuing a conservative revenue outlook.

Shares of popular stock trading app Robinhood, meanwhile, fell more than 10% on Wednesday after reporting earnings that substantially missed expectations because of a sharp drop in crypto trading.

Crucial Quote:

Today was actually “one of the most tumultuous, brutal, and frustrating sessions in a long time,” as most sectors suffered losses—with the biggest declines coming from financials and energy stocks, says Vital Knowledge founder Adam Crisafulli. “The overall market was very soft in the U.S., although this was somewhat masked by huge post-earnings rallies in Google and Microsoft.” The market sank late in the session, he points out, after Democrats suffered another setback in their efforts to reach a deal on the government spending bill.

Tangent:

As Democrats continue to iron out the details of their massive social spending plan—and how to pay for it, a newly proposed billionaire wealth tax was immediately shot down on Wednesday. Moderate Sen. Joe Manchin (D-W.V.), whose support is crucial for Democrats to pass legislation in the evenly split Senate, voiced concerns—effectively killing the proposal mere hours after its release.

What To Watch For:

“The Nasdaq continues to outperform following robust mega-cap tech results and as Democrats struggle to find ways to increase taxes—Kryptonite for big-tech has always been raising taxes and regulation,” says Oanda senior market analyst Edward Maya. “With Senator Joe Manchin showing little openness for tax increases, tech stocks are soaring.”

Topline

Shares of Robinhood plunged below its IPO price from earlier this year, a day after the company reported third-quarter earnings that substantially missed expectations because of a sharp drop in crypto trading.

Shares of the popular stock trading app plunged after a big revenue miss.

Spencer Platt/Getty Images

Key Facts

Robinhood’s stock was down nearly 10% to just under $36 per share late Wednesday morning, sinking below its $38 initial public offering price from late July.

The popular stock trading app reported earnings after the bell on Tuesday which came in well below Wall Street expectations: Revenue fell to $365 million from $565 million last quarter, while the company’s net loss of $2.06 per share was greater than analysts’ average expectation of a loss of $1.37 per share, as compiled by Refinitiv.

The huge earnings miss was in large part due to a sharp decline in revenue from crypto trading on Robinhood’s platform, which tumbled 78% to $51 million from the last quarter.

After a blockbuster start to the year—when a wild rally in meme stocks like GameStop and cryptocurrencies like Dogecoin helped spur massive growth for Robinhood, trading activity has settled down, the company’s earnings report showed.

Robinhood’s total number of user accounts dropped slightly to 22.4 million, while fees tied to stock and options trades also declined.

Revenue the company earns from selling customers’ trades to Wall Street’s high-speed trading firms, known as payment for order flow, was down 41% from last quarter to $267 million.

Big Number: Nearly $500 Million.

That’s how much the combined fortune of Robinhood cofounders Vlad Tenev and Baiju Bhatt fell by 11:00 a.m. ET on Wednesday, as shares of their online brokerage plummeted. Tenev and Bhatt are now worth $2.2 billion and $2.4 billion, respectively, by Forbes’ estimates.

Crucial Quotes:

“In [the third quarter], crypto activity came off record highs, leading to fewer new funded accounts and lower revenue as expected,” CEO Vlad Tenev said after the earnings release. “Historically our growth has come in waves—the surges have come during periods of increased volatility or market events,” added Robinhood’s chief financial officer, Jason Warnick. “Going forward, we expect to continue to see the ebb and flow of our growth with market conditions, as well as product launches.”

What To Watch For:

Robinhood anticipates that many of the same factors which impacted results this quarter will continue through the end of 2021. Lower retail trading activity “may persist” and affect fourth-quarter earnings, the company warned in its press release.

Topline

Key Facts

Surprising Fact:

Crucial Quote:

Key Background:

Further Reading:

HERE’S HOW SOME OF THE WORLD’S RICHEST PEOPLE FARED THIS WEEK.

NET WORTH | $222.2 BILLION, DOWN $22 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | TESLA

NET WORTH | $109.2 BILLION, DOWN $3.4 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | SOFTWARE

NET WORTH | $11.3 BILLION, DOWN $1.1 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | AIRBNB

NET WORTH | $3.9 BILLION, DOWN $700 MILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | ONLINE GAMES

NET WORTH | $7.3 BILLION, DOWN $600 MILLION

COUNTRY | UNITED STATES﻿

SOURCE OF WEALTH| CRYPTOCURRENCY﻿

NET WORTH | $107 BILLION, DOWN $500 MILLION

COUNTRY | UNITED STATES

﻿SOURCE OF WEALTH | FACEBOOK

NET WORTH | $6.6 BILLION, DOWN $400 MILLION

COUNTRY | UNITED STATES

﻿SOURCE OF WEALTH | TWITTER, SQUARE

NET WORTH | $2.9 BILLION, DOWN $400 MILLION

COUNTRY | SWEDEN

﻿SOURCE OF WEALTH | SPOTIFY

NET WORTH | $6.4 BILLION, DOWN $350 MILLION

COUNTRY | UNITED STATES

﻿SOURCE OF WEALTH | SNAPCHAT

NET WORTH | $6.2 BILLION, DOWN $250 MILLION

COUNTRY | UNITED STATES

﻿SOURCE OF WEALTH | SNAPCHAT

Topline

Key Facts

Big Number: $22 Billion.

Surprising Fact:

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Big Number: $20.9 Billion

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COUNTRY | UNITED STATES

SOURCE OF WEALTH| CRYPTOCURRENCY

SOURCE OF WEALTH | FACEBOOK

SOURCE OF WEALTH | TWITTER, SQUARE

SOURCE OF WEALTH | SPOTIFY

SOURCE OF WEALTH | SNAPCHAT

SOURCE OF WEALTH | SNAPCHAT