Ice Cube accuses Robinhood of ‘retribution’ in photo flap [N.Y. Post]
The celebrity born O’Shea Jackson claims Robinhood wanted to “punish” him because his business partner, Jeff Kwatinetz, is involved in a lawsuit against the Silicon Valley darling over its decision to block users from trading GameStop and other popular stocks in January…. In his lawsuit accusing Robinhood of trademark infringement, Ice Cube says the startup’s use of the photo and a variation on his signature catchphrase creates the false impression that he endorses its “horrible products and services — the last things in the world to which Ice Cube would ever attach his image and likeness.”
“In short, just as Robinhood’s recent well-known conduct has resulted in Congressional investigations and numerous class action lawsuits, so too has it stolen and diminished the hard-earned image and brand of Ice Cube, one of the most prominent Black voices in America.”
Coinbase direct listing set for April 14 after SEC approval [CNBC]
Coinbase will be the Nasdaq’s first major direct listing…. The SEC’s green light marks a milestone for cryptocurrency advocates, who have piled into blockchain-related assets like bitcoin. Only recently have many traditional banks and institutional investors embraced cryptocurrency, previously deemed too speculative and volatile….
Coinbase listed potential price declines in bitcoin as one of its risk factors in its prospectus.
U.S. economy added 916,000 jobs in March, as vaccinations spur return to normal [NBC News]
The hiring and employment data, released Friday by the Bureau of Labor Statistics, firmly beat economists' predictions of 675,000 positions added…. The economy would need to add around 950,000 jobs a month for the next 10 months to return to pre-pandemic levels.
Investors are betting the S&P 500 reaching 4,000 is just the beginning [Axios]
The S&P 500 closed over 4,000 on Thursday for the first time, having nearly doubled its coronavirus pandemic low of 2,192 in just over a year…. Data from the Investment Company Institute show equity funds have seen net inflows for the past four weeks in a row and in six of the past seven weeks, including the two highest weeks of inflows to stock funds on record.
Credit Suisse Effort to Recoup Greensill Loans Faces Roadblock [WSJ]
A “double trust” structure means that investors in Credit Suisse’s funds have rights to cash flows from the loans held in one trust, but rights to the underlying loans are held in a separate trust, people familiar with the trusts say…. Further complicating matters: Although Credit Suisse investments were backed by loans that renewed every few months, Greensill had provided GFG and some other clients with long-term commitments of up to three years, according an internal July 2020 Greensill memo…. This could open the door to the argument that Mr. Gupta and other Greensill clients won’t have to pay back their supply-chain loans for an extended period.
Hedge Funds Say Hertz Stock Has Value [WSJ]
Hertz stockholders including Glenview Capital Management LLC and Discovery Capital Management have formed a shareholder committee in the chapter 11 case and hope to fashion a restructuring that will lift Hertz out of bankruptcy…. The group he represents is more optimistic than Hertz itself, which has put forth a chapter 11 proposal that would wipe out stockholders.
Twitter to nominate Elliott's Cohn for re-election as board member [Reuters]
The social media company is consulting with Cohn to identify a new independent director to replace him, it said in a regulatory filing, adding that Cohn will resign once a new director was appointed…. Last year in March, Twitter reached an agreement with Elliott to add three new directors for letting Jack Dorsey stay as chief executive officer….
DOGE Jumps After Tesla’s Musk Promises ‘Literal’ Moonshot [CoinDesk]
“SpaceX is going to put a literal dogecoin on the literal moon,” Musk tweeted at around 10:25 UTC (6:25 a.m. ET) today. Musk’s tweet did not explain how this seemingly impossible feat would be accomplished, as by definition digital currencies have no physical structures and therefore aren’t literal anythings. Perhaps the tweet being sent on April Fool’s may have had something to do with it./April Fool’s Day joke or not, the tweet by the noted DOGE whisperer sent the cryptocurrency bounding from roughly $0.053 to $0.070….