Yahoo wants to launch a trading platform to become the 'Bloomberg' for retail investors, report says
- Yahoo execs want to build a retail trading platform in an effort to bolster growth, Axios reported.
- Yahoo reported $7.1 billion in full year revenues in 2020.
Yahoo is mulling plans to launch a stock trading platform to bolster growth, mounting an effort to become the Bloomberg for retail investors, Axios reported Tuesday.
Yahoo, which was acquired by private-equity giant Apollo Global Management, has a slew of initiatives in mind to expand its commerce and transactions businesses. (Apollo acquired both Yahoo and AOL for $5 billion last year.)
The company's executives want to build a platform in its Yahoo Finance division and allow retail traders to use Yahoo Finance's data as part of its trading tools, per a source familiar with the matter. The info tech giant is reportedly also looking to venture into sports betting as one of its many strategic moves within Yahoo Sports, planning to ink deals with major sports betting companies as well.
Last year, Japanese holding company SoftBank paid Yahoo $1.6 billion for Yahoo Japan's license, giving the company extra capital to expand its offerings.
"We're here to invest," Jim Lanzone, the chief executive officer of Yahoo, told the outlet. "Investing means not only innovating internally but being open to all partnerships, all M&A possibilities."
Prior to its sale from Verizon to Apollo in 2020, the company reported $7.1 billion in full year revenues. According to the source, the GAAP, or the financial reporting standard for public companies, is roughly $8 billion annually.
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