Tesla Tumbles | Music’s Top Dealmaker | Big PPP Changes For Small Businesses

Plus: Newly-Christened Billionaire David Baszucki's 'Addictive' Roblox Is Equal To YouTube Among Gen-Z

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Investors’ enthusiasm for Tesla has cooled down following the manufacturer’s investment into bitcoin. We also take stock of Hipgnosis Songs Fund’s $1.8 billion song rights’ shopping spree and look into five major changes to the Payroll Protection Program that can benefit small businesses.

In The News Today

Tiger Woods underwent a major surgical procedure on his lower right leg and ankle after being involved in a single-vehicle crash while driving his SUV. 

California will soon become the first U.S. state to mandate net neutrality after a federal judge dismissed a plea by telecom providers to block the legislation.

Top Take-Aways

Shares of Tesla have plunged 25% since the firm disclosed its $1.5 billion bitcoin investment, due to concerns that bitcoin’s volatility could affect the stock’s performance. The Fed, however, took note of renewed institutional interest in cryptocurrencies, with Chair Jerome Powell confirming the central bank is looking into the prospect of issuing a “digital dollar.”

The chairman and four directors of ERCOT, the agency that runs Texas' electricity grid, have resigned after the grid failed catastrophically during a cold snap last week, as federal agencies that oversee the U.S. electricity sector have announced investigations into that historic failure.

As CEO of publicly-traded Hipgnosis Songs Fund, Merck Mercuriadis has spent $1.8 billion of investor funds buying the rights to 60,000 songs, with songwriters from Bob Dylan to Shakira cashing in on the buying frenzy he started. His investors should only be so lucky.

Reddit has raised an additional $118 million for its Series E, which represents a nearly 50% increase from the amount Reddit originally said it collected. It’s a sign investors are bullish on the 16-year-old social media platform’s future amid a crowded and competitive landscape.

Heyday’s inclusive approach to skin care has delivered glowing results. With ten brick-and-mortars across New York, California and Pennsylvania, Heyday has announced a Series B round of $20.5 million from lead investor Level 5 Capital Partners.

The Biden administration announced five major changes in the Payroll Protection Program this week, which could make a big difference in making sure small businesses’ applications reach the front of the line this time around.

Sicily’s Mt. Etna volcano has been active again, erupting more than once in the space of 48 hours last week. Its latest eruption this week ejected lava fountains measuring 1,500 meters—just shy of a mile—in height, impressing even seasoned scientists. 

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In Case You Missed It

By writing initial checks of $25,000, sometimes after just one phone call, Hustle Fund looks to support entrepreneurs who might otherwise not get noticed, then work to write bigger checks to some later. Hustle Fund’s first investment vehicle backed 101 startups. Now with a $33.6 million second fund, Hustle Fund is looking to invest in 200 more. 

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