🎈 Spotify's Clubhouse-style party

...and Juneteenth becomes a national holiday [Disclosures]( Spotify when the whole grade shows up [Flashpop/DigitalVision via GettyImages] Yesterday’s Market Moves Dow Jones 33,823 (-0.62%) S&P 500 4,222 (-0.04%) Nasdaq 14,161 (+0.87%) Bitcoin $37,989 (-0.69%) Dow Jones 33,823 (-0.62%) S&P 500 4,222 (-0.04%) Nasdaq 14,161 (+0.87%) Bitcoin $37,989 (-0.69%) Hey Snackers, Nearly every app has a DM feature now, but yesterday's coolest message [traveled]( for three years in a bottle. Only a matter of time before Facebook releases "Messenger in a Bottle." Stocks dipped as investors continued chewing on the Fed's announcement. The central bank [may]( wind down its easy monetary policies sooner than expected. Partay Spotify launches a Clubhouse rival on its quest to throw the coolest pod party No crying in the Clubhouse... Well, maybe a few tears. Yesterday, [Spotify]( [launched]( its Clubhouse competitor "Greenroom." The social audio app is a Spotify-branded revamp of Locker Room, a sports-talk app that Spotify bought in March. Greenroom expands beyond Sunday football, to convos about music, culture, and Q&As with artists and podcasters. - Testing, testing: Some features of Greenroom could be integrated into the actual Spotify app. For now, Spotify wants to see how (and if) people use it. - Beyond Wrapped: Spotify loves designing cool stories for your Insta (your Top Song of 2020 is crucial info). But Greenroom is its first real stab at a social platform. Two parties on the same night... Claaassic high-school conundrum. To lure people to yours, you might throw in Taco Bell and even a DJ. Spotify does things a little differently. In its quest to steal ears from [Apple]( Spotify has spent nearly [$1B]( on pod-related acquisitions — including The Ringer, Gimlet, and Parcast. Now it's beefing up the VIP list. - Alex Cooper will be there. Spotify just [snagged]( exclusive rights for top podcast "Call Her Daddy" (reportedly for $60M+). - Joe Rogan's already sipping the green punch. Spotify brought "The Joe Rogan Experience" into its gated garden party (reportedly for $100M+). - It's working: Spotify’s US podcast listenership is [expected]( to surpass Apple Podcasts for the first time this year. THE TAKEAWAY A great party requires great hosts... That's why "Greenroom" isn't really about guests — it's about creators. Right now, podcasters and musicians don't really care whether you listen on Spotify or Apple. Spotify is trying to lure creators by giving them a platform where they can connect with fans. Think: a host-led AMA session right after your favorite pod. By going social, Spotify can take its party to another level. We’ll see if Apple takes the hint. 619 As the nation recognizes Juneteenth, we’re looking at the future of reparations June 19, 1865… More than two years after the [Emancipation Proclamation]( federal troops marched into Texas to take control of the state and ensure all enslaved people were freed. Juneteenth commemorates the end of slavery in the US — and the US government just made it a federal holiday. Beyond this recognition, lawmakers have been discussing how to make amends. Amid a national reckoning over racial injustice, more attention is being paid to reparations. - Reparations = The US government compensating descendants of Black American slaves for their labor, an idea that dates back to the Civil War. - $3B: The value [assigned]( to Black American slaves’ labor in 1860. Academics have struggled to agree on a total value for reparations, with estimates [ranging]( from as low as $17B to as high as $97T. 150+ years later… The economic effects of slavery are still being felt. Even after Emancipation, Black Americans were denied land ownership, home loans, and capital, while segregation affected educational and job opportunities. That all led to the [racial wealth gap]( the typical white family has 8X the wealth of the typical Black family. Reparations could take many forms… Including: individual payments, college tuition, student loan forgiveness, and housing grants. Since 2019, cities and states have been making moves toward their own reparations: - In March, Evanston, IL became the first US city to offer reparations to Black residents. Each qualifying household would receive $25K for home repairs, down payments, and interest or late fees on city property. - A handful of cities, including Detroit, Providence, RI, and Asheville, NC, have also either approved their own programs or are considering proposals. THE TAKEAWAY Reparations could help close the racial wealth gap… which would improve racial equity, and support broader US economic growth. Pew predicts that the racial wealth gap will drain at least [$1T]( out of the US economy annually over the next decade. In April, House lawmakers [voted]( to advance a historic bill that would establish a committee to develop reparations proposals. That could help more cities and states take action. What else we're Snackin' - [Whoa]( TikTok-owner Bytedance said its revenue more than doubled to $34B+ last year, while profit nearly doubled to $19B. - [Viral]( The US will invest $3B+ on developing and manufacturing Covid antiviral meds which can be taken at home (ETA: end of 2021). - [Flated]( The US' booming economy is driving inflation higher around the world, pushing some central banks to raise interest rates. - [Again]( Chinese ride-hail giant Didi was reportedly hit with an antitrust probe by China. We'll see if its massive IPO still happens on schedule. - [Fanz]( OnlyFans is reportedly in talks to raise fresh funding at a $1B+ valuation. It's trying to move into more PG-13 content. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast “Keep the Victoria, bury the Secret” Victoria’s Secret just embarked on one of the biggest makeovers in brand history. Think: less lingerie, more soccer cleats. Snack Fact Of the Day [Segregation made Juneteenth celebrations nearly impossible — so in 1872, four formerly enslaved men gathered $800 to purchase 10 acres of land. That became Houston's Emancipation Park, where Juneteenth is still celebrated today.]( Friday Authors of this Snacks own shares of: Apple ID: 1691005 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. 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