Singapore – Yahoo has announced the acquisition of Commonstock, a broker-agnostic social and community-based platform that drives insights for retail investors.
The acquisition advances the power of community for Yahoo Finance and accelerates the brand’s strategy to deliver unparalleled retail investing resources, solutions and experiences to investors of all skill sets and levels.
Through this acquisition, Commonstock will be effectively joining the Yahoo Finance organisation, reinforcing the unique capabilities of Yahoo Finance which is home to one of the largest and most active financial communities on the web, with over 150 million global monthly users.
Commenting on the acquisition, David McDonough, CEO and founder of Commonstock, said, “Joining Yahoo Finance is a tremendous opportunity to build community and products on the largest consumer finance stage, which will positively impact millions of loyal users. This acquisition will allow us to accelerate our mission at scale, emphasising community-driven knowledge and ensuring the amplification of quality insights to separate signal from noise.”
“For me, it’s personal. Yahoo Finance changed my career trajectory during the financial crisis over a decade ago. I was able to teach myself about the stock market and learned from other investors on the Yahoo Finance message boards. The unique blend of Yahoo’s reach and Commonstock’s expertise in creating retail investment communities is an incredibly powerful combination,” he added.
Meanwhile, Tapan Bhat, president of Yahoo Finance, said, “Our platform caters to every stage of the investment process – from providing pre-trade market news and analysis, facilitating engaging pre- and post- trade conversations within our community of like-minded investors, to offering effective self-directed portfolio management tools and insights. Acquiring Commonstock reinforces this vision.”
“The Commonstock team has built a trusted community, sharing high- quality insights and knowledge that help everyday investors create wealth. Together, Yahoo and Commonstock will further empower investors of all skills and levels through a one-stop shop for smart financial decisions,” added Bhat.