The Chainsmokers and Tony Hawk are among celebrity backers for a social-investing app that just raised $65 million to 'change the culture of the stock market'
musicduo The Chainsmokersand legendary skateboarder Tony Hawkhave taken stakes in Public.com, an investingapp that makes trading in the stock market more accessible.
- Public raised $65 million in its most recent fundraising round, saying that it aims to "change the culture of the stock market."
- The social-networking app encourages users to learn about stock trading from a community of investors, but it does not allow day trading.
- Other prominent individual investors in the app include actor Will Smith and Dick Parsons, a former head of Time Warner.
The Chainsmokers and skateboarding legend Tony Hawk have acquired stakes in Public.com, an investing app that encourages users to learn about stock trading while socializing.
The DJ duo is better known for producing electronic dance music, but they've broadened their push into investing after launching their venture capital firm, Mantis VC.Public.com announced on Tuesday a $65 million series C fundraising, nine months after its $15 million series B. The company says its aim is "to change the culture of the stock market."
Public's social-networking feature allows users to see how their favorite celebrities are investing. But the platform does not accommodate day-trading or margin investing, or using loans from brokers, which can lead to heavy losses.The Chainsmokers have also been engaged in other business ventures. They own a production studio, have stakes in spirit brand JaJa Tequila, and are co-founders of blockchain-based ticketing platform Yellowheart. Other individual investors in the app include skateboarder and entrepreneur Tony Hawk, actor Will Smith, former head of Time Warner, Dick Parsons, and NYU business professor Scott Galloway.
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