With the NFL in its offseason, New England Patriots Safety Devin McCourty says he's focused on securing generational wealth for himself and other athletes through a new venture capital mission called Broad Street Ventures. Co-founded by Malcolm Jenkins of the New Orleans Saints and Ralonda Johnson, current president of the organization, the group looks to educate athletes while helping them gain financially.
"For us, we wanted to create a vehicle that would allow Black and brown investors to learn about venture capital but also have access to some of the best deals in the tech and consumer space," Johnson told Cheddar.
McCourty said that his close friendship with Jenkins is what spawned his decision to invest with Broad Street Ventures.
"We played in an all-star game coming out of high school and we do a lot off-the-field things together, and I think from there he started to talk about a vision of having NFL players having access to a different kind of wealth," he said.
Both grew up in New Jersey before going on to their collegiate and professional careers.
For NFL players, unlike in some other sports like the NBA and Major League Baseball, contracts are not guaranteed, the average length of a career is significantly fewer years, and as a result, players often have to find other means to secure finances for their futures. McCourty said that Broad Street Ventures allows all athletes to learn about venture capital investing.
Ralonda Johnson added that the group provides information sessions where potential investors can not only learn the ropes but also about emerging technologies.
"Not everyone [who] attends may invest or not, but just so that they at least have an understanding of tech investing. We'll go over from seed through late stage, just as much information that we can give them," she said.
For McCourty, Broad Street Ventures presents an opportunity for professional athletes to change the perception that the general public may have of them. He said with this opportunity, sports figures aren't limited to just making plays on the field. They can invest and lift up areas and industries that they are passionate about, offering fans a closer look at the human and not just the athlete.
Neil Young gave the streaming service Spotify an ultimatum demanding that his music be removed if the Joe Rogan experience remained on the platform. Joe Rogan's platform has been questioned a number of times as a result of some of his takes on covid treatment strategies and at times downright misinformation. Ultimately, Spotify decided to stick with Joe Rogan's podcast. The Director for the Business and Entertainment Program at American University, John Simson, joined Cheddar to discuss more.
Stocks closed at session highs on the last trading day of the month, but the major indexes still ended up posting their worst months since the start of the pandemic. The S&P 500 and the Nasdaq both had their worst months since March 2020. Nancy Daoud, Private Wealth Advisor at Ameriprise Financial Services, joins Closing Bell to discuss today's close, her market predictions for the year, how the Federal Reserve's monetary policy will impact stocks, and more.
Rene Ritchie, independent tech analyst and co-founder of the Nebula Podcast, joins Cheddar News' Closing Bell, where he breaks down what investors will be looking for from Mark Zuckerberg this week and how the tech giants stack up when it comes to augmented reality and virtual reality products going forward.
According to multiple reports, President Biden's upcoming executive order for the crypto marke would assign some government entities to study cryptocurrencies, stablecoins and NFT's with the goal of developing a workable regulatory framework. Douglas Borthwick, Chief Business Officer at INX, joins Cheddar News' Closing Bell, where he elaborates on what role the Biden administration would play under this order.
Nutritional supplement beverage company Athletic Greens has achieved unicorn status. The company announced a new $115 million funding round, bringing its valuation to $1.2 billion. The company's flagship product AG1 combines 75 different vitamins, minerals, and other nutrients into one daily serving. Athletic Greens says it is poised to reach the millions of consumers who are currently driving the health and wellness market's exponential growth. Athletic Greens founder and CEO Chris Ashenden joins Cheddar News' Closing Bell to discuss.
Is Spotify a platform for content creators, or is it a media company? The streaming giant may have to find an answer sooner rather than later amid a controversy involving its most popular podcast host, Joe Rogan. Rogan has hosted guests who have made false claims about COVID-19 vaccines, and in turn, some musicians like Neil Young and Joni Mitchell have removed their discographies from Spotify in protest. Rogan says he welcomes content advisories, and will balance out his guests going forward, but is it enough? And is Spotify liable in any way? John Freeman, Vice President of CFRA Research, joins Closing Bell to discuss Rogan's response to the controversy, whether Spotify should be considered a media company with responsibility for its content, and more.
