Here are three of the week’s top pieces of financial insight, gathered from around the web:
Robinhood gets a challenger
An Israeli online-trading platform is challenging Robinhood for “the hearts and wallets of rookie traders,” said Edward Robinson and Justina Lee at Bloomberg. Tel Aviv–based eToro has attracted 15 million users worldwide — about the same level as Robinhood — and plans to expand into the U.S. in early 2021. EToro’s hook is “social investing” — letting customers share their “market exploits and opinions” or even replicate bets by other traders. “Think Facebook meets eTrade.” With a tap of a button, users can “automatically duplicate trades of dozens of other customers that eToro has designated Popular Investors.” The No. 1 copytrader on the site is a 32-year-old in southern England known as Jaynemesis, who has “more than 21,000 people with $40 million in assets who copy his trades.” Fortunately for his followers, Jaynemesis is up 62 percent for the year.
Tesla’s one-click, $4,280-upgrade snafu
Tesla owners keep buying expensive software upgrades by butt-dialing the company’s app, said Lora Kolodny at CNBC. Last month, Ali Vaziri was “unpleasantly surprised by a mobile alert from his bank, which said he had …read more
Source:: The Week – Business