The S&P’s Newest Trailblazer CEO | GameStop’s Market Madness | A Unicorn’s Covid Lessons

Plus: The Outsider: How CEO-For-Hire Frank Slootman Turned Snowflake Into Software's Biggest-Ever IPO

Another cyclone of a news cycle. The current GameStop drama has something for everyone—debates over the fairness of the markets, power shifts from Wall Street elites to Main Street citizens, arguments over the role of technology and free speech in the markets, and, of course, Stonk memes. 

On the politics front, President Joe Biden rolls out an ambitious 100 day plan as lawmakers grapple over the size of the next Covid-19 stimulus package and the direction of the Trump impeachment trial. In the background, as always, is the pandemic and its steady, perditious spread vs. the obstacle-filled quest to vaccinate. The week has only just begun, but the massive Nor'easter churning up the East Coast feels like a needed break. As the classic song says: “And since we've no place to go, let it snow, let it snow, let it snow.”

Must Reads

A new groundbreaking—and ceiling smashing—CEO: Roz Brewer, the former COO of Stabucks, has taken the CEO job at Walgreens Boots Alliance, making her the only Black female boss in the S&P 500. Maggie McGrath has the story of what it means for business and equality.

Risk on: GameStop’s unprecedented surge might be just a symptom of a very sick market. Antoine Gara writes about how last week’s Meme stock surge is surfacing a market fraught with leverage, unprecedented speculation and superficial analysis at almost every corner—exposing enormous risks.

Fashionable fortune: With much of the fashion world flailing as sweat pants dominate style in pandemic life, there are some very bright spots online. Lauren Debter reports on how Stitch Fix founder and CEO Katrina Lake has become the newest member of the Forbes billionaire club.

CEO Profile

Data Point

$1.8 million

Senator Bernie Sanders recently sold $1.8 million worth of merchandise featuring the viral image of his inauguration mittens. He’s giving profits to Vermont charities. Carlie Porterfield has the tale of his entrepreneurship. 

Check List

Iron Man has stepped up to a new challenge: investing. Hollywood star Robert Downey Jr. unveiled two venture funds that will invest in companies looking to heal the environment. Martin Giles has the dirt on the clean funds that Downey announced at virtual Davos.

And speaking of Davos, the leaders of Verizon, MasterCard and Google, among other organizations, have formed a new commission to make broadband available around the world. I have the story on why universal internet access is good for society—and business. 

Finally, the wild NFL season culminates this weekend as the Kansas City Chiefs face off against the Tampa Bay Buccaneers in Super Bowl LV. After that, the sports world will be laser focused on the NBA. To kick off the unofficial start of basketball season, Kurt Badenhausen has the list of the highest-paid stars on the court.