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<ul class="summary-list"><li><keyword id="10675544" type="UNKNOWN" weightage="60" keywordseo="siebert-financial">Siebert Financial</keyword> saw its share price rise as much as 395% from Thursday's close on Friday before paring gains.</li><li>While there was no clear reason for the move, some reports have suggested the company is yet another target of the <keyword id="9346197" type="UNKNOWN" weightage="60" keywordseo="wallstreetbets">WallStreetBets</keyword> crowd.</li><li>The company traded with a record <keyword id="47814" type="COMPANY" weightage="60" keywordseo="volume">volume</keyword> on Friday of over 27 million shares.</li></ul>Shares of Siebert Financial skyrocketed over 100% on Friday amid a spike to record volume. More than 27 million shares have traded hands on the day, easily surpassing the three-month daily volume average of 24,653 shares.While som reports have pegged the move to the <a href="https://www.businessinsider.com/wallstreetbets-fastest-growing-subreddit-hits-58-million-users-2021-1">WallStreetBets phenomenon</a>, there is comparatively little chatter on the forum.C<a href="https://www.reddit.com/r/Webull/comments/l7q116/sieb_has_virtually_no_walls/">omments on another Reddit forum</a>, /r/ Webull, mentioned the stock "going to the moon" and the "gamifying of trading," but mostly <keyword id="334157" type="COMPANY" weightage="60" keywordseo="Reddit">Reddit</keyword> has been quiet when it comes to the small retail stock-brokerage business.Read more: <a href="https://www.businessinsider.com/gamestop-stock-experts-predict-next-move-reddit-traders-take-profits-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GameStop has surged more than 600% in the past week. 3 experts break down where the stock could go from here as Reddit's army of traders take profits and search for their next targets.</a>That hasn't stopped shares from charging higher. Share prices jumped as much as 395% from Thursday's closing price before paring gains.Siebert, which was founded in 1994 by Muriel Siebert, had seen shares fall 54% in the past year before Friday's jump.Short interest in the name was also pushing 8% until today's 3.5% drop in shares shorted. That suggests one reason for the spike in prices could be that Siebert was the target of another short squeeze attempt, similar to what pushed shares of GameStop to dizzying heights in the week.Reddit's WallStreetBetsElite forum which boasts 183,000 members noticed the move in share prices with one commenter saying "someone's making a run at Siebert financial!!!"Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-expected-outperform-earnings-2022-morgan-stanley-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">MORGAN STANLEY: Buy these 17 stocks with strong earnings that are expected to outperform into 2022 even if the broader market sinks</a>The historic jump from Siebert illustrates just how volatile trading has become over the past few weeks. The CBOE VIX - a measure of volatility in the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> commonly referred to as Wall Street's "fear gauge" - is sitting at 36 on Friday, well above its long-term average of just below 20.

Siebert Financial spikes over 100% on record trading volume

<ul class="summary-list"><li>The female-first dating app <keyword id="2307576" type="COMPANY" weightage="100" keywordseo="bumble">Bumble</keyword> went public Thursday with founder Whitney Wolfe Herd at the helm.</li><li>Herd is the youngest of the handful of women CEOs who have taken their companies public.</li><li>The app's shares surged upon opening on the <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword>, giving Bumble a market cap of over $8 billion. </li></ul>Whitney Wolfe Herd, the 31-year-old founder and CEO of the online-dating app Bumble, <a href="https://markets.businessinsider.com/news/stocks/bumble-stock-price-ipo-market-debut-dating-app-offering-bmbl-2021-2-1030074160">took her company public</a> Thursday, and she is the youngest-ever woman to do so.After leaving an executive role at Tinder, Herd founded the female-first dating app in 2014 in hopes of creating a site where women have the power to make the first move in relationships."The importance of a woman making the first move is not exclusive to the world of dating, romance, or love," Herd wrote in <a href="https://www.sec.gov/Archives/edgar/data/1830043/000119312521031442/d20761ds1a.htm#rom20761_1a">Bumble's S-1 filing</a>. "It is a powerful shift, giving women confidence and control."Of the hundreds of companies that go public every year, <a href="https://www.businessinsider.com/female-entrepreneurs-face-obstacles-taking-companies-public-2020-12#:~:text=Only%2020%20have%20ever%20been%20founded%20and%20led%20by%20women.&amp;text=Each%20year%20since%20the%20New,minorities%20have%20been%20held%20back.ack.">only about 20</a> have been founded and led by a woman. Four of those were last year, including Maria MacCecchini's Annovis Bio and Roni Mamluk's Ayala Pharmaceuticals. Though many factors play into the dearth of women leading initial public offerings, one reason is that only <a href="https://pitchbook.com/news/articles/the-vc-female-founders-dashboard">2.7% of venture-capital dollars</a> have gone to companies founded by women only, PitchBook reported.Bumble, whose executives and directors are majority female, publicly filed its <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> paperwork on January 15. It has 42 million users across Bumble and <keyword id="865319" type="COMPANY" weightage="60" keywordseo="Badoo">Badoo</keyword> combined. The app will operate as a "<a href="https://www.businessinsider.com/bumble-ipo-key-takeaways-from-s-1-filing-going-public-2021-2">controlled company</a>" with <keyword id="48032" type="CITY" weightage="60" keywordseo="Blackstone">Blackstone</keyword> and Herd taking a majority of the voting power for a period of time to help Bumble focus on long-term goals and avoid activist investors.Read more: <a href="https://www.businessinsider.com/ipo-boom-bubble-investing-strategy-picks-risks-etf-renaissance-capital-2021-2?r=gk-sub">Wall Street's resident IPO expert shares the strategy behind her ETF that returned 107% last year - plus 3 risks to the current IPO boom and 5 offerings to watch this year</a>Though the company hasn't shared Herd's net worth, the CEO will have a total annual compensation of about $19 million, including her salary and stock awards. Herd, a <a href="https://www.businessinsider.com/meet-bumble-ceo-whitney-wolfe-herd-net-worth-family-ipo-2020-9#even-before-she-took-on-her-expanded-role-wolfe-herd-was-already-a-workaholic-7">Utah native and self-described workaholic</a>, also serves on the board of directors of Imagine Entertainment and the executive board at Southern Methodist University's Dedman College of Humanities and Sciences, from which she graduated. Bumble did not reply to Insider's request for comment. Herd is joining the <a href="https://www.businessinsider.com/female-entrepreneurs-face-obstacles-taking-companies-public-2020-12#:~:text=Only%2020%20have%20ever%20been%20founded%20and%20led%20by%20women.&amp;text=Each%20year%20since%20the%20New,minorities%20have%20been%20held%20back.ack.">ranks of the 21 women founders</a> who came before her, from <keyword id="4130062" type="PERSON" weightage="60" keywordseo="stitch-fix">Stitch Fix</keyword>'s Katrina Lake, who took the company public in 2017, to The RealReal's Julie Wainwright, who <a href="https://www.businessinsider.com/the-realreal-ipo-here-is-what-you-need-to-know-2019-6">took her company public in 2019</a>, to Muriel Siebert, who took Siebert Financial public decades earlier in 1972. Just last year, Leen Kawas' Athira Pharma and Ann Marie Sastry' Amesite also went public. Other women have taken public biotech, pharmaceuticals, event-planning, nannying, and software companies.

Whitney Wolfe Herd took Bumble public as the youngest female CEO to ever IPO

Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li><a href="https://www.businessinsider.com/suzanne-shank-wall-street-ceo-diversity-apple-microsoft-oscar-ipo-2021-3">Suzanne Shank</a> details her rise to become one of the only Black CEOs on <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword>.</li><li>Robo-advisor Betterment <a href="https://www.businessinsider.com/betterment-acquire-wealthsimple-us-accounts-robo-advisor-fintech-wealth-management-2021-3">brokered a deal</a> for Wealthsimple's US customer base in the first big move under new CEO Sarah Levy. </li><li>Adam Stone, Perceptive Advisors' chief investment officer, walked us through the healthcare and biotech specialist's <a href="https://www.businessinsider.com/perceptive-advisors-spac-strategy-investment-healthcare-biotech-deals-aryd-2021-3">SPAC strategy</a>. </li><li>Here's how Candlestick Capital, Cinctive Capital, and Holocene Advisors <a href="https://www.businessinsider.com/candlestick-holocene-cinctive-february-performance-figures-hedge-funds-ken-griffin-2021-3">performed</a> in February.</li></ul>We are also looking for nominations for upcoming list of top equity research analysts under 35. <a href="https://www.businessinsider.com/seeking-nominations-rising-stars-equity-research-wall-street-analysts-2021-1">Find out more about the list, and how to nominate someone here. </a><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the newsletter? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/suzanne-shank-wall-street-ceo-diversity-apple-microsoft-oscar-ipo-2021-3">Suzanne Shank, one of few Black CEOs on Wall Street, details how she built a women- and minority-owned investment bank from the ground up</a></h3><div type="image" title="Suzanne Shank" height="2685" width="3580" msid="81349001" hostid="261"></div>Suzanne Shank spoke to Insider about building and running a minority- and women-backed investment bank. The profile is the first in our series "Black Excellence on Wall Street," which includes stories about Black leaders and their impact in finance. Find out more about Shank's rise at Siebert Williams Shank, which has partnered with Microsoft and Apple to invest in positive change for communities of color and been involved in high-profile IPOs like Airbnb and Oscar Health. <a href="https://www.businessinsider.com/suzanne-shank-wall-street-ceo-diversity-apple-microsoft-oscar-ipo-2021-3">Click here to read the entire story.</a><h3><a href="https://www.businessinsider.com/betterment-acquire-wealthsimple-us-accounts-robo-advisor-fintech-wealth-management-2021-3">Betterment is buying rival Wealthsimple's $190 million US customer base as its new CEO sets the robo-advisor on IPO path</a></h3><div type="image" title="Betterment Chief Executive Sarah Levy." height="1127" width="1500" msid="81349004" hostid="261"></div>Robo-advisor Betterment is buying Canadian rival Wealthsimple's US book of business in the first big move under new CEO Sarah Levy. <a href="https://www.businessinsider.com/betterment-acquire-wealthsimple-us-accounts-robo-advisor-fintech-wealth-management-2021-3">Read more here</a>.<h3><a href="https://www.businessinsider.com/perceptive-advisors-spac-strategy-investment-healthcare-biotech-deals-aryd-2021-3">The investment chief at Perceptive Advisors lays out the $8 billion hedge fund's SPAC strategy and why he would rather liquidate than make a bad deal</a></h3><div type="image" title="Adam Stone, Perceptive Advisors" height="1398" width="1864" msid="81349006" hostid="261"></div>Perceptive Advisors chief investment officer Adam Stone walked Insider through its SPAC strategy. <a href="https://www.businessinsider.com/perceptive-advisors-spac-strategy-investment-healthcare-biotech-deals-aryd-2021-3">See more here</a>. <h3><a href="https://www.businessinsider.com/candlestick-holocene-cinctive-february-performance-figures-hedge-funds-ken-griffin-2021-3">Hedge funds run by Ken Griffin's former lieutenants had big February performances, including one major bounce back</a></h3><div type="image" title="ken griffin citadel" height="1665" width="2221" msid="81349010" hostid="261"></div>Get some insight into how Candlestick Capital, Cinctive Capital, and Holocene Advisors did in February. <a href="https://www.businessinsider.com/candlestick-holocene-cinctive-february-performance-figures-hedge-funds-ken-griffin-2021-3">Get the full rundown here</a>.<h2>Odd lots:</h2><a href="https://www.bloomberg.com/news/articles/2021-03-03/melvin-capital-surged-22-in-february-after-gamestop-disaster?sref=5xrDvJna">Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain (Bloomberg)</a><a href="https://www.reuters.com/article/us-bofaml-oil-moves-idUSKBN2AV2LQ">Bank of America co-head of global oil trading departs - sources (Reuters)</a><a href="https://www.businessinsider.com/robinhood-may-dump-heavily-criticized-confetti-trading-animations-bloomberg-2021-3">Robinhood may dump the popular confetti animations that critics say help turn stock trading into a game, report says (BI)</a><a href="https://www.bloomberg.com/news/articles/2021-03-03/jpmorgan-adds-goldman-dealmaker-to-new-strategic-investors-team?sref=5xrDvJna">JPMorgan Adds Goldman Dealmaker to Strategic Investors Team (Bloomberg)</a><a href="https://www.businessinsider.com/the-wall-street-journal-is-getting-into-seo-2021-3">The Wall Street Journal is revamping its digital strategy to get more traffic - and it's creating tension among some reporters (BI)</a><a href="https://www.efinancialcareers.com/news/2021/03/credit-suisse-meal-allowance">Credit Suisse has a new treat for its junior bankers (eFinancialCareers)</a><a href="https://www.fnlondon.com/articles/deutsche-bank-shakes-up-junior-recruitment-to-diversify-from-mba-hires-20210303">Deutsche Bank shakes up junior recruitment to diversify from MBA hires (Financial News)</a><a href="https://www.pionline.com/money-management/pnc-chooses-new-cio-asset-management-group">PNC chooses new CIO for asset management group (Pensions &amp; Investments)</a><a href="https://www.businessinsider.com/warren-buffett-warned-investors-stocks-speculation-annual-letter-lawrence-cunningham-2021-3">Warren Buffett didn't mention SPACs, crypto, or meme stocks in his annual letter. Buffett scholar Lawrence Cunningham explains how the billionaire still managed to warn investors about them. (BI)</a>

Hedge fund winners - SPAC deal playbook - Betterment scoops up rival clients

<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Markets Insider" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5a3d24a4b0bcd51d008b6b51-960/screen shot 2017-12-22 at 102819 am.png"></a><a href="http://markets.businessinsider.com/currencies/BTC-USD">Markets Insider</a></div></div></div><ul><li><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> is in its worst weekly sell-off since 2013. </li><li>The plunge is dragging companies in the cryptocurrency space, including some that recently changed their core businesses.</li></ul> <a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> and other major <a href="http://www.businessinsider.com/bitcoin-price-drops-plunges-friday-december-22-2017-12">cryptocurrencies are tumbling</a> on Friday along with the shares of several companies in the space.Some of these companies recently announced they were changing their core businesses to focus on cryptocurrencies. Others added "blockchain" to their names and saw triple-digit-percent surges in their stock prices.But some companies that have traditionally been associated with bitcoin, such as the GPU-maker <a href="http://markets.businessinsider.com/stock/amd-Quote">AMD</a>, are also weaker on Friday amid the heavy crypto selling. Here's how some of the companies are trading at 10:02 a.m. ET: <ul><li>MGT Capital Investments: -24%</li><li><a href="http://markets.businessinsider.com/stock/ltea-Quote">Long Island Iced Tea</a> (changing to <a href="http://markets.businessinsider.com/currencies/news/long-island-iced-tea-company-pivots-to-blockchain-stock-explodes-2017-12-1011743880">Long Blockchain</a>): -22%</li><li><a href="http://markets.businessinsider.com/stock/ssc-Quote">Seven Stars Cloud Group</a> (recently took a 27% <a href="https://www.marketwatch.com/story/seven-stars-cloud-shares-soar-after-company-takes-large-stake-in-blockchain-based-ats-2017-12-20">stake</a> in a blockchain-based trading system): -17%</li><li><a href="http://markets.businessinsider.com/stock/riot-Quote">RIOT Blockchain</a> (recently Bioptix, a biotech company): -16%</li><li>Hive Blockchain Technologies (formerly <a href="http://www.newswire.ca/news-releases/hive-blockchain-currently-leeta-gold-announces-strategic-partnership-with-leading-cryptocurrency-miner-genesis-mining-and-acquisition-of-data-centre-in-iceland-628387573.html">Leeta Gold</a>, an exploration company): -13%</li><li><a href="http://markets.businessinsider.com/stock/sieb-Quote">Siebert Financial Corp.</a> (plans to expand into <a href="https://www.reuters.com/article/us-siebertfinancial-stocks/brokerage-siebert-financials-shares-double-on-blockchain-plans-idUSKBN1E82NR">crypto trading</a>): -11%</li><li><a href="http://markets.businessinsider.com/stock/amd-Quote">AMD</a>: -5%</li><li><a href="http://markets.businessinsider.com/stock/nvda-Quote">Nvidia</a>: -2%</li></ul>Bitcoin fell by as much as 25% below 11,000 per dollar on Friday, and was on track for its worst week of trading since 2013. "What we're seeing in Bitcoin in recent days is what many people have been anticipating for a while which is speculators getting burned by a sharp and aggressive correction," said Craig Erlam, a senior market analyst at Oanda, in a note. "The rally over the last couple of months has left bitcoin vulnerable to this kind of move and it seems the run up to Christmas has triggered some profit taking on the rally and even a shift into some alternative coins."Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the BI Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-can-be-bubble-and-still-change-world-2017-12">Bitcoin can be a bubble and still change the world</a></h3> <div> </div> </div>

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Siebert Financial spikes over 100% on record trading volume

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Whitney Wolfe Herd took Bumble public as the youngest female CEO to ever IPO

Natasha Dailey,Allana Akhtar

Hedge fund winners - SPAC deal playbook - Betterment scoops up rival clients

Dan DeFrancesco

Bitcoin speculators are 'getting burned' and companies that recently pivoted to blockchain are going down with them

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