📱 TikTok does long Toks

...and LegalZoom rides the new biz boom [Disclosures](   When the CBD kombucha LLC gets approved [10'000 Hours via GettyImages]   Yesterday’s Market Moves   S&P 500 4,320 (+0.52%) Dow Jones 34,634 (+0.38%) Nasdaq 14,522 (+0.13%) Bitcoin $33,304 (-4.68%) S&P 500 4,320 (+0.52%) Dow Jones 34,634 (+0.38%) Nasdaq 14,522 (+0.13%) Bitcoin $33,304 (-4.68%) Hey Snackers, Some fun trivia as you fire up the BBQ: 245 years ago today, the USA declared independence from the British. But we're celebrating on Sunday because the [Declaration of Independence]( was officially approved on the 4th. Stocks jumped to records again yesterday as jobless claims hit a new pandemic low. Meanwhile, the US [won]( support from 130 countries in pushing for a global minimum corporate tax rate. BTW: The stock market is closed on Monday for (extended) Fourth of July, so we'll be back in your inbox on Tuesday 😉 Toker TikTok is rolling out longer videos — but the real story is its Chinese sister Douyin "Say So," the full version... Well, almost. TikTok is [rolling]( out three-minute videos for everyone, a boost from the current one-minute limit. That means you could learn the full lyrics of viral songs, instead of half a chorus. It also means that the nature of TikTok — and its bite-sized content — could change. - 24.5 hours: How long the [average]( US TikToker spends on the app each month — over 30 years, that would amount to nearly a full year of life scrolling the Tok (#womp). - 20 hours: How long US users spends on YouTube each month. YT has biased its algorithm toward viewer retention. Read: longer vids. - If longer videos lead to higher usage, TikTok could tweak its addicting algorithm to promote long clips. While vids get longer... the wallet is getting fatter. TikTok's Chinese owner ByteDance saw sales more than double last year to $34B, [according]( to WSJ — nearly 14X Snap's annual revenue. - Even wilder stat: Last year, ByteDance reportedly had 1.9B monthly users across its platforms, which include TikTok and Douyin, the Chinese TikTok. - Douyin = the original, non-international version of TikTok used by Chinese nationals. Same branding, same parent, separate content — censored by the Chinese gov't. THE TAKEAWAY ByteDance has the "two worlds" advantage... That could be its biggest competitive edge. Nearly one in four people on Earth use a ByteDance app — that puts it on par with Facebook and YouTube, and far past Snap and Twitter. Meanwhile: Facebook, YouTube, Snap, and Twitter are all banned in China. Because these platforms aren't censored by China, they're closed off from the world's most populous country, limiting their growth. With TikTok and Douyin, ByteDance has the best of both worlds. Kombucha LegalZoom jumps after IPO: the DIY legal service is riding high on the business boom Legally Zoomed... to the public market. When you need legal help, you either a) do hours of Googling, or b) beg your friend to FaceTime with their lawyer mom — anything to avoid paying $500/hour. [LegalZoom]( tries to fix that by offering legal services online. Think: DIY legal documents and e-consultations. You fill out some questions, and LZ whips up completed legal docs. On Wednesday, the 20-year-old company whipped up an IPO: - LegalZoom shares soared 35% from their IPO price on their first trading day, giving it a $7B+ market cap. - 8%: LZ's CEO says that only 8% of legal services are delivered online, creating a big opportunity for online legal providers. Legal services market = ~$50B opp. "Call my e-lawyer... I need to LLC my CBD kombucha startup." 2020 was the [best]( year on record for new business creation, and applications for new businesses have continued to soar this year. LegalZoom reaped the benefits of all those business apps: - Last year, 10% of new LLCs (limited liability companies) and 5% of new corporations in the US were formed through LegalZoom. LZ's sales soared to nearly half a billion. THE TAKEAWAY LZ is a piggyback stock... to the Creator Economy. In September, WSJ [reported]( that Americans were starting businesses at the fastest rate since 2007. And it's not just brick-and-mortar stores. During the pandemic, Americans created new businesses from Etsy shops, online fitness services, apps, and podcasts. And those creators needed legal docs to seal the deal. What else we're Snackin' - [Vax]( J&J's Covid vaccine showed promising preliminary signs of protecting against the Delta variant that's spreading across the globe. - [Glazed]( Krispy Kreme shares jumped 23% yesterday after the company went public (again) via IDO — Initial Donut Offering. - [Vroom]( US car sales are continuing their hot streak, but could slow as dealers face a lack of inventory. - [Awk]( Virgin Galactic founder Richard Branson is now embarking on a space flight just days before Jeff Bezos’ Blue Origin space trip (#OutSpaced). - [Taxed]( A NY jury has reportedly indicted the Trump Organization and its CFO with tax-related crimes, according to WSJ. - [Gassy]( Oil prices surged to a multi-month high while OPEC met to discuss rising demand. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast "Tell us how you really feel." We whipped up the most unusual Snacks story ever, feat. Exxon Mobil, Greenpeace, and an awkward sting operation. [Tune in to our 15-minute pod]( for more. Snack Fact Of the Day [The USA has the longest-standing democracy in the world]( Friday - The June unemployment rate drops Authors of this Snacks own shares of: Snap ID: 1708063 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. They are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security in a self-directed Robinhood account or any other account, and are not an offer or sale of a security. They are also not research reports and are not intended to serve as the basis for any investment decision. 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