A ‘Memestock’ Villain on the Rise

ConstitutionDAO, a blockchain-based group which raised $47 million to purchase one of the last private copies of the United States Constitution, was outbid in a dramatic auction event at Sotheby’s last night. 🤭

The organization was outbid by Citadel Securities CEO Ken Griffin, who has ascended to villainy status among retail investors. 💀 Many fault Citadel for encouraging brokerages such as Robinhood to freeze trading in various Memestocks during January’s market volatility.

The news prompted a flurry of controversy, most directly in ConstitutionDAO’s Discord server, which has amassed over 21,150 members. Indirectly, retail put its hands on the scale in the stock market, sending a clear message: GameStop stock rose 8.9% and Robinhood stock fell 5%.

ConstitutionDAO plans to refund its 17,000 contributors in the days ahead. Users will swap the DAO’s $PEOPLE token for the original ETH, sitting in reserves. Investors will be refunded a “pro rata” amount of their contribution, less gas fees.

To read the whole story on the ConstitutionDAO, check out today’s edition of our crypto newsletter, The Litepaper.

Intuit accelerated 10.1% today to notch a record-high close after reporting earnings yesterday. The financial software company beat on top and bottom lines and — you guessed it — raised guidance. 😉

The company posted revenue of $2 billion, which grew 52% YoY and exceeded analysts’ $1.81 billion estimate. On top of this, the company’s net income increased 15% YoY to $228 million; Intuit posted earnings per share of $1.53, a 63% YoY improvement. This was also well above analyst estimates.

Intuit raised its fiscal year 2022 revenue guidance to 26-28% growth, up from prior guidance of 15-16%.

Intuit’s Credit Karma recorded revenue of $418 million, a quarterly record for the business! Revenue during the quarter was propelled by strength in personal loans and credit cards.

Here’s the daily chart at all-time highs:

$INTU is now up 83.4% YTD. You can read October’s quarter results here.

Apple has finally given in — the tech giant says it will grant customers the “right to repair” their own Apple devices. The company’s self-service repair initiative will take off in early 2022. 🎉

Apple has always been highly protective of its hardware, even suing to prevent so-called “right to repair” laws from taking effect. However, Apple’s fight was unlikely to yield a win… so when you can’t beat them, you might as well join them.

The company’s new Self Service Repair program will allow people to order certified tools and components so they can fix devices on their own. Previously, the only way to repair devices within warranty was at one of Apple’s Genius Bar locations.

Apple faced criticism from both consumers and regulators who complained that failure to allow self repair was anti-competitive. Apple’s COO, Jeff Williams, shared:

“Creating greater access to Apple genuine parts gives our customers even more choice if a repair is needed. In the past three years, Apple has nearly doubled the number of service locations with access to Apple genuine parts, tools, and training, and now we’re providing an option for those who wish to complete their own repairs.”

Careful, though. ✋ If you further damage your device with Apple’s Self Service kit, you could mess up your warranty.