Bezos Takes A Bow | ExxonMobil’s Annus Horribilis | SolarWinds’ Latest Flaw

Plus: Gold In Your Closet: The Startup Helping Patagonia And Levi’s Cash In On The Resale Boom

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Jeff Bezos is leaving Amazon’s helm to pursue his other interests. An oil giant takes a $22 billion hit in a sign of the times, and a new threat faces SolarWinds’ IT management software.

In The News Today

The next round of stimulus checks could be limited to those earning no more than $50,000 a year as legislators seek a compromise over one of the package's sticking points.

Despite a last-minute presidential pardon, Steve Bannon may not be fully off the hook over alleged fraud in a $25 million scheme to build a private border wall—prosecution at the state level remains a possibility.

Top Take-Aways

Jeff Bezos announced he will step down from his role as CEO at Amazon—the company he started in his garage and that he grew from an e-commerce David into a Goliath that made him the world’s richest person—citing a desire to focus on his other passions.

In a timely reminder that Amazon’s rise didn’t come without controversy, the company has agreed to pay $61.7 million to settle claims brought by the Federal Trade Commission that it withheld tips from its temporary delivery drivers.

The market bell is tolling for Reddit traders who, despite shares of GameStop and AMC now plummeting, have adopted a rock classic as the anthem for their position. Meanwhile, Hollywood’s wheels have already started turning, with both Netflix and MGM working to bring the real life stock drama to a screen near you. 

ExxonMobil was the latest oil giant to post disastrous results for 2020. Commodities trader Pierre Andurand had seen it coming, and his funds grew as the market slugged. Amid all the uncertainty, one thing Andurand sees clearly is clean energy’s bright future.

The SolarWinds saga continues, with new flaws emerging that would have allowed hackers to take over the same tools used by Russian spies to snoop on U.S. government agencies.

Going public via SPAC didn’t satisfy Opendoor’s cash needs—the property startup is looking to raise approximately $680 million and take advantage of its market position to enjoy favorable fundraising terms.

Real estate fintech Cadre is launching a new $400 million fund aimed at individual investors and financial advisors. Founder Ryan Williams plans to use the fund to back minority real estate operators.

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