Yahoo Finance Dives into Social Investment with New Acquisition

<p>Yahoo has acquired CommonStock, a social platform that allows retail investors to share insights based on information linked directly to their brokerage accounts. Announced yesterday (Wednesday), the acquisition will enhance the offerings under Yahoo Finance.</p><p>Yahoo Buys Social Investment Platform CommonStock
</p><p>The capabilities of CommonStock will be integrated with both free and paid versions of <a href="https://www.financemagnates.com/cryptocurrency/news/yahoo-finance-assimilates-new-crypto-functionality-platform/">Yahoo Finance</a>. The CommonStock team will join Yahoo, but the terms of the deal remain undisclosed.
</p><p>“Our vision for Yahoo Finance is to be the premier singular destination for all our customer’s financial needs,” said Tapan Bhat, the President of Yahoo Finance.
</p><p>“Our platform caters to every stage of the investment process – from providing pre-trade market news and analysis, facilitating engaging pre- and post- trade conversations within our community of like-minded investors, to offering effective self-directed portfolio management tools and insights. Acquiring CommonStock reinforces this vision.”
</p><p>A Blend of Two Poplar Platforms
</p><p>CommonStock was launched in 2020 and was boosted by the pandemic-driven craze in the stock market. It allows users to link their brokerage accounts and has more than $10 billion in connected assets. Users of the platform can <a href="https://www.financemagnates.com/forex/education-centre/social-trading-platforms-and-cfds-a-new-paradigm-in-investment/">share their portfolios</a> and discuss trades and strategies.
</p><p>Though the number of users of CommonStock is not known, its integration with Yahoo Finance will expose it to 150 million monthly active users.
</p><p>According to Crunchbase, CommonStock raised around $34 million over the last three years. It is backed by several venture capitalists and well-known investors like Philippe Laffont, Bill Ackman, Ari Emanuel, Michael Li Jin, Turner Novak, and Jill Carlson.
</p><p>“Joining Yahoo Finance is a tremendous opportunity to build community and products on the largest consumer finance stage, which will positively impact millions of loyal users,” David McDonough, the CEO and Founder of CommonStock.
</p><p>“The unique blend of Yahoo’s reach and Commonstock’s expertise in creating <a href="https://www.financemagnates.com/trending/are-investors-still-interested-in-meme-stocks-like-amc/">retail investment communities</a> is an incredibly powerful combination. This acquisition will allow us to accelerate our mission at scale, emphasizing community-driven knowledge and ensuring the amplification of quality insights to separate signal from noise.”
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This article was written by Arnab Shome at www.financemagnates.com.