South Korea Tapped for Major E-Commerce Growth; Alphabet Slashes Robinhood Stake

by Hannah Dillon on 8th Aug 2023 in News

In today's ExchangeWire news digest: the South Korean market is tapped for substantial e-commerce growth; Google-parent Alphabet dramatically reduces its stake in Robinhood Markets; and Disney is reportedly developing a new task force centred around AI.

E-commerce to exceed USD$160bn in South Korea

South Korea’s e-commerce market is forecast to surpass USD$160bn (~£125bn) by 2027. According to GlobalData, the market is set to increase by 7.7% year-on-year until 2027, and is expected to rise by 10% this year alone. This anticipated growth can be attributed to South Korea’s widespread adoption of progressive e-commerce features, such as live commerce. YouTube, for example, launched its first official live-shopping channel in Korea earlier this year.

Alphabet reduces Robinhood stake

Alphabet has reduced its stake in trading app operator Robinhood Markets by almost 90%. The move follows a slowdown in Robinhood’s business, which initially thrived thanks to its commission-free trades and accessible interface. Alphabet reportedly held over 4.9 million shares in Robinhood back in 2021, a figure that now sits at about 612,214. The sell-off comes as Robinhood reported a profit for the first time since going public, surprising Wall Street.

Is Disney creating an AI task force?

Entertainment conglomerate Disney is reportedly creating a task force to study AI and how the company could use it. The mouse house currently has 11 job openings for individuals experienced in AI and machine learning technologies, with vacancies spanning across various departments. One job description from Disney’s television and advertising department described aspirations to create a “next-generation” advertising scheme, powered by AI. Reports of an AI task force follow the departure of Disney’s metaverse chief, Mike White, after the company shuttered its metaverse division.