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Mike Lupica: The wait ‘til next year Knicks skip any chance of new beginnings on draft night

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Mike Lupica: The Wait ‘Til Next Year Knicks Skip Any Chance Of New Beginnings On Draft Night

Here’s something that did not change at the NBA Draft, which is supposed to be a night of new possibilities and new beginnings, just never around here:

The Knicks did not change.

The Knicks didn’t change, nor did their possibilities such as they are, at least before they make their run at Jalen Brunson, who apparently is the second coming of Clyde Frazier. There was no new beginning in Brooklyn. There was just the Knicks once again acting like the lumps of their league. We occasionally hear that the only way to build something that truly lasts in the modern NBA is through the draft. Except now, basically, the Knicks don’t even draft.

So what really did not change was that in the history of New York sports and New York fans, there has never been anything worse than being a fan of the Knicks of the 21st century. At least the Knicks can win that.

The Jets at least went to two AFC championships in the last two decades, before anybody in green wants to raise a hand, or ask somebody to hold their beer. The Nets, when they were still in Jersey, went to two NBA Finals in this century. The Knicks have won one playoff series since 2000. One. They have had losing seasons in 17 out of the last 21.

Even when there seemed to be hope under Tom Thibodeau — before you wondered if Thibodeau will even last here past this season — and the Knicks got to 41-31 and the fourth seed in the Eastern Conference, they couldn’t get out of the first round. When they did get back to the playoffs, they got exactly one game off Trae Young and the Hawks.

Now they are clearing cap space again, for Brunson or maybe even Kyrie Irving, who seems to think that after his un-vaccinated triumph with the Nets that teams are suddenly lining up to have him come play for him. Kevin Durant must continue to be so darn proud he picked Dr. Irving as a wingman. If the Knicks go for him, we will see how desperate they really are.

You needed to be your own capologist after what the Knicks boss, and invisible man, Leon Rose, did during the draft, turning one pick into three down the road while clearing the aforementioned cap space. Rose did this while talented kids were finding new homes all over the NBA map. Of course, they couldn’t move up to take Jaden Ivey of Purdue before he went to the Pistons. Kids like Ivey always go somewhere else.

You know how this has gone for the Knicks in the draft, not counting the ones run by Phil (The Thrill) Jackson, whose management skills reminded everybody of a blindfolded kid swinging at a pinata on his birthday. Again: They never get the guy they want. Or need. Phil looked as if he might have found somebody in Kristaps Porzingis. You know how that worked out. The Knicks were, famously, one pick away from Steph Curry. Even when they had the No. 3 pick and took RJ Barrett, the No. 2 pick on that draft night was Ja Morant, one of the most exciting players to come into the league since, well, Curry.

So their new plan is stockpiling first-round picks down the road. And their new plan apparently involves Brunson, a nice player who was the second-best player on a Mavericks team that went to the Western Conference finals. That sounds very impressive, until you remember that the best player on that team is Luka Doncic, who is one of the best players on the planet.

The Knicks, and that means Rose, who is seen around here as often as Punxsutawney Phil on Groundhog Day — in the Groundhog Day production that actually is the New York Knicks — better not make Brunson out to be more than he is as a basketball player if they do get him, make him out to be some kind of savior, because the landscape of New York sports is littered with guys being sold to fans as being more than they are.

But Rose is a former agent. Selling is what they do. He sold himself to James L. Dolan. Rose will try to sell his program, and soon, to Brunson or Kyrie. He will try to see one of them to his long-suffering fan base, trapped in one of the worst relationships in all of professional sports.

The Knicks thought that they could hire a former agent to run the team the way Warriors once hired Bob Myers, who has become one of the great front-office men of all time. At least Myers played the game once.

You know who Leon Rose’s big acquisition has been so far for the Knicks? William (World Wide Wes) Wesley. Another guy whose relationships were going to put the Knicks over the top, the way Steve Mills’ relationships were going to do that once. How’s that working out for the Knicks so far? All this time later, no one is even sure what Wesley does except have his picture taken.

So the long season of pain for Knicks fans continues. Some of the hard-core Knick fans actually get angry with you if you criticize management, and its blueprint of the moment. They cling to the belief that Rose actually has a vision for the Knicks going forward, other than the familiar and predictable plan for all who came before them in Dolan’s front office, the ones whose real plan, and real end game, was remaining part of the permanent government at Madison Square Garden.

It has been 23 years since the Knicks last played in the NBA Finals, one of the four times that has happened in the three-quarters of a century that the Knicks have been in existence. The last time they won a division title was nine years ago. That was the year they did win a playoff series, against the Celtics. They couldn’t even get that right. They should have swept the Celtics, didn’t, had to play a Friday night Game 6 before clinching, came home and lost Game 1 to the Pacers and never recovered from that.

Then Jackson came to town to get paid and set the franchise back five years. Or maybe it was 500 years. Now the Knicks have their own former agent, the former agent who isn’t Bob Myers of the Warriors. Their two best players are Barrett and Julius Randle, who wouldn’t be the very best players on any contending team anywhere. And here the Knicks are in a division with the Bucks and Celtics and Heat and, Lord help and protect us, the Nets.

They are the Knicks. Another draft has come and gone. But the rallying cry remains the same: Wait ‘Till Which Year?

ALL-ABOARD FOR THE SUBWAY SERIES, YANKEES NEED TO THINK BIGGER & NHL REFS CAN’T COUNT …

Take the real Subway Series of 2000 out of play because that was something different, because it was the kind of World Series we used to get in New York in the ‘50s.

And take away the first in-season Subway Series, and the luster it had because of the novelty of it all.

And then know this:

The games this summer between these Yankees and the Mets will be the most anticipated we’ve ever had.

Buck Showalter is right.

Imagine what the air will be like when both teams are on the field together.

There haven’t been more important pitching stories in baseball this season than Clay Holmes.

Even though the Yankees have had some big innings this season — like, every 20 minutes or so — there wasn’t one that felt bigger than the bottom of the 9th on Thursday night against the Astros.

Still not quite sure what the point of the Yankees still negotiating with Aaron Judge over a couple of million dollars was at arbitration.

What point were they trying to make by getting him to come down even a little, in this season when he keeps hitting balls that don’t come down.

This may be one of the biggest regular seasons in the history of the Yankees.

The owner needs to start thinking a little bigger.

The Jan. 6 hearings are starting to make Watergate look like traffic court.

And while we’re on the subject of American politics:

America was shamed this week, on Roe v. Wade and on guns, by the worst and weakest and most dangerous Supreme Court in this country’s history.

One more thing that has come out of these Jan. 6 hearings?

The bindlestiffs trying to overthrow the government — and with all respect to Mr. Breslin — really were The Gang That Couldn’t Coup Straight.

While a few, brave honorable men at the Department of Justice stood strong against these enemies of the state and saved us all.

My friend Stanton says that Arch Manning will not just make Steve Sarkisian look smart again, but save his job at Texas, all because of what he learned from Nick Saban:

Get the best players and everything will take care of itself.

We often talk about once-a-generation players.

Ohtani is a once-a-century player.

If golf’s majors are going to do nothing to prevent the Blood Money Tour guys from playing them, then the PGA Tour is going to be defenseless about the sports-washing that tries to wash away the blood of Jamal Khashoggi.

The big lie here, and it is really a tremendous lie, is that grifters like Greg Norman and Phil Mickelson are doing this to grow the sport.

No.

They’re doing it to grow their bank accounts.

If the refs couldn’t spot too many men on the ice in what was the most important moment of the NHL season — the end of Game 4, Avalanche vs. Lightning — then ask yourself a question:

What are they doing there?

All this time later, Giuliani is still the Yankee mascot.

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New York’s notorious Rikers Island prison sees corrections captain stabbed in the neck by suspected gang gunman

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New York'S Notorious Rikers Island Prison Sees Corrections Captain Stabbed In The Neck By Suspected Gang Gunman

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An accused gangbanger imprisoned at Rikers Island for fatally shooting an innocent bystander allegedly stabbed a corrections captain in the neck in the infamous New York dungeon.

In a melee that erupted around 2:25 p.m. Tuesday, inmate Malik Facey is accused of stabbing a Rikers Island captain in the neck inside the George R. Vierno Center, the NY Daily News reported. , citing the New York City Department of Correction.

The captain was taken to Mount Sinai Hospital in Queens in stable condition, while corrections “continue the re-arrest” of Facey.

“This was a heinous assault on a captain who was just doing his job,” New York Corrections Commissioner Louis Molina said in a statement. “Violence against staff is never tolerated.”

RICARDO CRUCIANO FOUND DEAD IN RIKERS ISLAND SHOWER AFTER CONVICTION FOR SEXUALLY ASSAULT PATIENTS

A general view shows the Rikers Island facility on June 6, 2022.
(ED JONES/AFP via Getty Images)

Facey is being held at the prison complex in connection with the July 13, 2019 murder of James Weeks, 25, who was shot in the face by a stray bullet on Manhattan’s Lower East Side, according to the newspaper.

In this neighborhood, rival Up the Hill and Down the Hill gangs have engaged in an ongoing violent war exasperated in May by the robbery of 23-year-old nail salon owner Nikki Huang.

Huang complained to her friends in the Up the Hill gang about being whipped with a gun and being robbed of her expensive Louis Vuitton bag.

In retaliation, the buddies allegedly murdered 21-year-old Brandon Atkinson, whose brother is believed to be a superior in the Down the Hill gang. Another shooting erupted about an hour later, injuring a 22-year-old Down the Hill member and a 19-year-old bystander.

Criminal Justice Activists Demand That The Rikers Island Prison And The System They Claim Discriminate Against The Poor By Demanding Bail Before The End Of The Trial, February 28, 2022, At The Gate Of Rikers Island In Queens, New York .

Criminal justice activists demand that the Rikers Island prison and the system they claim discriminate against the poor by demanding bail before the end of the trial, February 28, 2022, at the gate of Rikers Island in Queens, New York .
(Andrew Lichtenstein/Corbis via Getty Images)

Members of the Furious Down the Hill gang then allegedly kidnapped Huang and his former college basketball player friend Jesse Parrilla, 22, whose bodies were found burned beyond recognition inside the Honda Accord charred from Parrilla’s mother near a golf course in the Bronx.

The first arrest in this dispute came on August 9, when 18-year-old Zymir Humphrey was extradited from West Virginia to New York to face murder and weapons possession charges in Atkinson’s death. .

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The NYPD is still looking for Jahmel Sanders, 30, and Steven Santiago, 34, both wanted for questioning in connection with the gruesome killings of Huang and Parrilla.

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Dodge plans to retire Challenger as parent company Stellantis eyes electrified future

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Dodge Plans To Retire Challenger As Parent Company Stellantis Eyes Electrified Future

LOS ANGELES– For more than a dozen years, the Challenger has been Dodge’s modern muscle car, delivering old-school power and retro-inspired looks.

But the Challenger is heading into retirement, as the brand embarks on an electrified future.

They promise an electric muscle car to replace it as part of an overall corporate plan; join other major automakers in this promise.

Dodge is one of many brands inherited in the United States from the former Chrysler Corporation, now under the umbrella of Stellantis, a global company focused on a greener future.

Dodge, Chrysler, Ram, Jeep, Fiat and Alfa Romeo will begin an electric transition in the coming years.

The global head of Stellantis did not hesitate to do so.

“The customer is always at the heart of Stellantis and our commitment with this investment plan of more than 30 billion (euros) is to offer iconic vehicles that have the performance, the capabilities, the style, the comfort and the electric range that fit perfectly into their daily lives,” said CEO Carlos Tavares.

We’re already seeing it in the popular Jeep brand, with two plug-in hybrid models hitting showrooms now, and an all-electric compact Jeep coming soon.

Alfa Romeo is the company’s most premium car brand in North America, not counting Ferrari. This new small SUV called Tonale will see the light of day next year, offered as a plug-in hybrid.

Future models could be fully battery powered.

On the truck side, Ram has announced that there will be an electric-only pickup in two years, following rivals Detroit Ford and GM.

Chrysler was actually the first of the “heritage” brands to start using electric power, with the Pacifica Hybrid minivan.

It won’t be the last.

Here’s a look at what’s coming from the Chrysler brand in the electric future – it’s a concept car called Airflow. A modern EV, with a name borrowed from Chrysler’s distant past.

Some welcome these changes with open arms, but others are not so sure. If you’re in the latter group and like your old-school rides, well, as the saying goes, better buy one while you can!

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Syria denies holding missing American journalist

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Syria Denies Holding Missing American Journalist

Syria has denied holding US journalist Austin Tice, saying on Wednesday it had not abducted “any US citizen from its territories”.

The statement from the Syrian Foreign Ministry comes a week after US President Joe Biden said the United States knew “for certain that he was being held by the Syrian government”.

Biden said in a statement on the 10th anniversary of Tice’s disappearance that the United States had repeatedly requested the Syrian government’s assistance in bringing Tice home, and that he had called on Syria “to put an end to this”.

Tice disappeared in August 2012 at a checkpoint west of the Syrian capital, Damascus. A video released in September of the same year showed a blindfolded Tice being held by gunmen.

Tice’s family continually sought help to secure his return.

His disappearance came in the early years of the Syrian conflict which included US aid to some groups opposed to President Bashar al-Assad’s regime, as well as US military operations against Islamic State militants who seized control of Syria. parts of Syria.

Syria has opposed what it calls US violations of its sovereignty and territorial integrity, and the statement from the Syrian Foreign Ministry said on Wednesday that any communication with the US side will be based on respect for the non-interference in Syrian affairs.

Some information for this report comes from The Associated Press.

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Kiss of death: Tennessee woman is charged with MURDER after ‘slipping meth into an inmate’ during prison visit

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Kiss Of Death: Tennessee Woman Is Charged With Murder After 'Slipping Meth Into An Inmate' During Prison Visit

Kiss of death: Tennessee woman is charged with MURDER after ‘slipping inmate half an ounce of meth during jail visit’ – only for him to later die of an overdose

  • Rachel Dollard, 33, passed half an ounce of methamphetamine to inmate Joshua Brown
  • The couple were seen kissing during the visit and exchanged drugs orally
  • Brown died shortly afterwards at a local hospital of a massive overdose.
  • Dollard faces charges of second degree murder and drug trafficking

A woman has been charged with murder following a fatal kiss while visiting a man in prison who died a short time later.

Rachel Dollard, 33, was visiting inmate Joshua Brown, who was serving an 11-year sentence on drug-related charges, at the Turney Center Industrial Complex prison in Only, Tennessee, last February.

During the visit, the pair were seen kissing, during which Dollard passed Brown a balloon lozenge containing half an ounce of methamphetamine, which he then swallowed, according to the Tennessee Department of Correction.

Brown died a short time later at a local hospital, the bag thought to have split open in his stomach and flooded his system with a massive and lethal dose of methamphetamine. His sentence was due to expire in 2029.

Rachal Dollard was arrested over the weekend by TDOC special agents and the Dickson County Sheriff’s Department on a warrant from a sealed indictment in Hickman County.

She was charged with second degree murder in Brown’s death and smuggling into a correctional facility.

Rachel Dollard, 33, Has Been Charged With Second Degree Murder Following The Death Of Joshua Brown

Rachel Dollard, 33, has been charged with second degree murder following the death of Joshua Brown

Joshua Brown Was Serving An 11-Year Prison Sentence For Drug-Related Crimes When He Swallowed A Half Ounce Of Methamphetamine That Dollard Smuggled Into The Prison While Kissing Him During A Visit, Only For Him To The Bag Breaks In His Stomach

Joshua Brown Was Serving An 11-Year Prison Sentence For Drug-Related Crimes When He Swallowed A Half Ounce Of Methamphetamine That Dollard Smuggled Into The Prison While Kissing Him During A Visit, Only For Him To The Bag Breaks In His Stomach

Joshua Brown was serving an 11-year prison sentence for drug-related crimes when he swallowed a half ounce of methamphetamine that Dollard smuggled into the prison while kissing him during a visit, only for him to the bag breaks in his stomach

Second degree murder generally involves incidents considered to have been committed with malicious intent, but which are not considered to have been premeditated.

“This incident highlights the real dangers of bringing contraband into prisons and the consequences that flow from it,” said David Imhof, director of the TDOC’s Office of Investigations and Conduct.

“Our agency will pursue prosecution of anyone who threatens the safety and security of our staff, the men and women in our care and our facilities.”

In the state of Tennessee, a second degree murderer is usually sentenced to 15 to 60 years in prison.

During The Visit, The Pair Were Seen Kissing, During Which Dollard Passed Brown A Balloon Lozenge Containing Half An Ounce Of Methamphetamine, Which He Then Swallowed, According To The Tennessee Department. Of Correction Stock Photo

During The Visit, The Pair Were Seen Kissing, During Which Dollard Passed Brown A Balloon Lozenge Containing Half An Ounce Of Methamphetamine, Which He Then Swallowed, According To The Tennessee Department. Of Correction Stock Photo

During the visit, the pair were seen kissing, during which Dollard passed Brown a balloon lozenge containing half an ounce of methamphetamine, which he then swallowed, according to the Tennessee Department. of Correction Stock Photo

The sentence for second degree murder is generally less severe than that for first degree murder, which is when a murder is considered deliberate and premeditated.

Capital punishment cannot be imposed as a sentence for a second degree murder conviction.

The Department of Corrections said in a statement that it uses a variety of tools to try to prevent contraband from entering Tennessee prisons.

These include frisk searches of anyone entering a facility, vehicle and cell searches, and drug detection dogs. Body scanners are also currently installed at all facilities, they add.

TDOC encourages anyone with information about potential security issues to call the 24-hour anonymous tip line, 1-844-TDC-FIND (1-844-832-3463).

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latest news Fetal homicide law under scrutiny after Windsor Hills accident

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Latest News Fetal Homicide Law Under Scrutiny After Windsor Hills Accident

Gutter votives, wilted sunflowers and a menagerie of immaculate stuffed creatures marked the blackened corner where Armani Lester’s life ended before he took his first breath.

Six bodies were recovered by the coroner from the August 4 crash site in Windsor Hills. Six murder charges have been filed against the driver of the Mercedes-Benz that crossed the intersection of La Brea Boulevard and Slauson Avenue. The violent collision was so violent, said Los Angeles County coroner’s spokeswoman Sarah Ardalani, that it ripped Armani from his mother’s womb.

Yet California law remains divided on how to count accident victims and what defines justice for pregnant women whose babies die before birth.

“Under state law, the unlawful killing of a fetus may be charged with murder,” a spokesperson for the Los Angeles District Attorney explained. “There is no similar provision for manslaughter.”

That’s why the driver, Nicole Lorraine Linton, 37, was charged with five counts for the crime. The registered nurse, who worked at Kaiser Permanente’s West Los Angeles Medical Center, was traveling over 90 miles per hour when she ran through a red light in Slauson and crashed into several cars.

The crash killed 23-year-old pregnant Asherey Ryan and the boy posthumously named Armani, who was just a month away from her due date. He also claimed Ryan’s 11-month-old son, Alonzo Quintero; her boyfriend, Reynold Lester; and best friends Nathesia Lewis, 43, and Lynette Noble, 38.

Linton is being held without bond at the Century Regional Detention Center.

But where does the distinction between the charges – six murders, five manslaughters – come from? And why would California, a self-proclaimed “State of Reproductive Freedom,” want to enshrine fetal murder in its homicide law?

The answer goes back to a 1970 law, written two and a half years before the Roe v. Wade decision and decades before the push for “fetal personality” by anti-abortion lawmakers. It was designed as a surrogate to protect pregnant women, who even today are twice as likely to die from violence as from hemorrhage or preeclampsia.

“There was never talk of a back door to the fetal personality,” said Michele Goodwin, a UC Irvine law professor and reproductive justice expert. “They were feminists trying to protect battered women.”

In 1969, an Amador County man stalked and brutalized his pregnant ex-wife, kicking her in the stomach so hard he left heel prints. The baby was stillborn just hours after the attack, her skull badly fractured. The man was charged with murder, but the California Supreme Court overturned the charge, ruling that common law defined a “human being” as one who was born alive.

So California lawmakers rewrote the law. Three dozen other state legislatures followed suit.

In 2004, a California jury convicted Scott Peterson of second-degree fetal murder, which earned him the death penalty. That same year, the California Supreme Court ruled that murder of the fetus could be charged even in cases where the accused did not know the victim was pregnant, such as in crashes like the one in Windsor Hills.

Yet 50 years of “fetal protection” laws have done little to curb maternal homicide, which remains the leading cause of death among pregnant women in the United States. Instead, these laws are increasingly being used to prosecute women who suffer from stillbirths.

“These laws were passed in the name of protecting pregnant women from harm – from abusers, hit-and-runs, bank robbers – but the laws ended up being used against pregnant women themselves,” said said Farah Diaz-Tello, legal director of If/Quand/Comment, an Oakland-based nonprofit.

A recent study by the National Advocates for Pregnant Women documented more than 1,700 cases nationwide between 1973 and 2020 in which women were criminalized for their conduct during pregnancy or its outcome.

“What we saw in the 80s and 90s was a perfect storm of the anti-abortion movement and just plain racism and cruelty,” Goodwin said. “Prosecutors were amplified by the war on drugs, amplified by the ‘welfare queen’ mythology – they got this idea that if women had stillbirths, they must have caused it themselves. It must have been a cigarette they were smoking; it must have been a Valium they took. We see this effort to make something look like science that isn’t.

Indeed, arrests and lawsuits for pregnancy loss have become more common in recent years.

“The abortion debate has presented this abstract idea that every pregnancy ends in a healthy baby. It’s not,” said Jill Wieber Lens, a law professor at the University of Arkansas and an expert in legal recognition and stillbirth treatment. “Twenty-four thousand stillbirths still occur each year in this country.”

Yet even in hardline anti-abortion states, prosecutions for fetal murder are relatively rare.

“I can’t name one murder prosecution for a stillborn in Arkansas, but I can name two in California,” the professor said.

Both of these cases were brought within the past five years by the same Central Valley prosecutor.

In 2018, Kings County Dist. Atti. Keith Fagundes has accused Adora Perez, then 29, of murder after she suffered a stillbirth at 37 weeks pregnant. He alleged that she had used methamphetamine, which resulted in the death of the fetus.

These allegations have never been proven and would not meet the legal standard of murder if they were, experts said. The Kings County prosecutor’s office did not return calls for comment.

At the request of his attorney, Perez did not contest manslaughter, a crime that does not exist for fetuses.

“The anti-abortion movement has invested in trying to reach out to district attorneys to advise them to prosecute in these spaces,” Goodwin said. “In the State of California, we must always be mindful: It’s not just what happens in the Legislature that impacts the lives of pregnant women; this is also what happens in prosecutors’ offices.

In 2019, Fagundes accused Chelsea Becker, 26, a mother of three, of the same crime after a stillbirth.

Becker’s case sparked national outrage and renewed scrutiny of the law.

“The purpose of the Legislature in adding the murder of a fetus to Section 187 of the Penal Code was not to punish women who do not follow – or cannot, because of dependency or resources – follow Best Practices in Prenatal Health”, California Atty. General Rob Bonta wrote in a June 2021 amicus brief on behalf of Perez. “A contrary interpretation would lead to absurd – and constitutionally questionable – results.”

In January, Bonta sent out a legal alert warning California prosecutors and law enforcement officials that “the state has no right to punish people for the outcome of their pregnancies.”

“The charges against Ms. Becker and Ms. Perez were not in accordance with the law, and this misuse of Section 187 should not be repeated,” Bonta said. “With reproductive rights under attack in this country, it’s important that we make it clear: Here in California, we do not criminalize pregnancy loss.”

In the months that followed, Perez’s conviction was overturned and charges against both women were dropped. Fagundes lost its seat in an upheaval in early June.

But Becker spent more than a year in pretrial detention and Perez languished in prison for four years. For many, Roe’s fall against Wade, which protected a woman’s constitutional right to abortion, makes the threat of such lawsuits more real and the need to prevent them more urgent.

So California lawmakers are once again rewriting the law.

Assembly Bill 2223, expected to pass this month, would revise Section 187 of the criminal code to further protect pregnant women from prosecution. It would also limit death investigations in many cases of fetal loss.

“This bill just entrenches what is already state law,” said Assemblywoman Buffy Wicks (D–Oakland), sponsor of the bill. “It ensures that pregnant women cannot be sued for loss of pregnancy, whether it be abortion, miscarriage, stillbirth or perinatal death caused by something that happened in utero.”

The bill would allow those wrongfully prosecuted under the law to sue.

“It provides an avenue of redress, which is essential,” Wicks said.

The measure would not affect cases like the Windsor Hills accident, where violence inflicted on a pregnant person results in the death of the fetus. Nor would it legalize infanticide, as critics have charged.

Still, some reproductive rights experts say California’s once groundbreaking law may have survived its use.

“These laws were passed in the name of protecting pregnant women, but we don’t have data to show that they’ve been effective,” Diaz-Tello said. “The offshoots … have been extremely harmful, but there has been no critical examination of whether they have achieved their original purpose.”

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Social investment platform eToro to acquire fintech start-up Gatsby for $50 million – TechCrunch

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Multi-asset social investment network and Robinhood competitor eToro has signed a definitive agreement to acquire Gatsby – a fintech startup that also aimed to take on Robinhood – for $50 million in cash and common stock. OK.

Israel-based eToro told TechCrunch this week that it had just received FINRA approval, the Financial Industry Regulatory Authority, to pursue the acquisition. The company filed an initial application for regulatory approval in December 2021.

Jeff Myers and Ryan Belanger-Saleh co-founded Gatsby, a commission-free options and stock trading app aimed at young traders, in 2018. The pair previously had a successful exit on Dealtable.com, a trading platform social data.

TechCrunch reported on the New York-based startup $10 million Series A raise in mid-March 2021. Backers include Techstars Ventures, Beta Bridge Capital, Barclays Bank, SWS Venture Capital, Rosecliff Ventures, a network of “super angels” placed by ClearList and an oversubscribed SeedInvest campaign.

Gatsby’s target customers are Gen Z and Millennials, and he told me he aims to give people “a safe and fair platform to trade on without users having to worry about getting on above their heads or being kicked out of the names when volatility increases”. Its application was launched on iOS and Android in early 2020.

The company’s entire 20-person team will join eToro.

Yoni Assia, CEO and co-founder of eToro, told TechCrunch that buying would allow his company to expand the range of its US product, which is now focused on equities and crypto.

“The integration of Gatsby will allow us to provide US users with a safe and easy way to trade options, and give them more flexibility to use new strategies,” Assia said. “We believe that options can provide retail investors with opportunities to generate returns in today’s more challenging market environment. Growing our business in the United States is a key objective and we are delighted to partner with the Gatsby team. »

The exit certainly seems like a good result for Gatsby and his investors.

Gatsby co-founder Jeff Myers told TechCrunch the startup isn’t “intend to end Gatsby’s story for the time being.

“But the compatibility of product and vision between Gatsby and eToro was undeniable,” he said. “We have long admired Yoni and the team he has built and are excited to continue our journey with eToro.

Ryan Belanger-Saleh, co-CEO of Gatsby, echoed Myers’ sentiments.

“They really were the pioneers of social investing and we always thought of them as the cool older brother we’d love to hang out with,” he said in a written statement.

EToro has experienced impressive growth in recent years. The company currently has over 30 million registered users located in over 100 countries. That is 10 million at the end of 2018, 12.3 million at the end of 2019, 17.5 million at the end of 2020 and 26.9 million at the end of 2021. Its number of funded accounts amounts to more than 2.7 million.

The company generated total commissions of $1.2 billion in 2021, a growth of more than 400% compared to 2019, according to Assia.

For his part, Gatsby says he has seen around 900% growth in his average month-over-month options contract volumes since the start of 2020.

The acquisition marks eToro’s fourth major acquisition since its inception in 2007. It previously acquired an investment tracking app Delta; Mark Millions Ltd.a UK-based e-money company that helped her create and launch eToro Money, his electronic money account; and firmo, a smart contracts/blockchain company that became eToro Labs, the fintech’s in-house blockchain innovation and R&D unit.

In March 2021, eToro announced plans to go public through a merger with SPAC FinTech Acquisition Corp. V in a massive $10.4 billion deal. While the transaction was expected to close in the third quarter of 2021, eToro announced in July that the deal had been terminated.

“Due to current market conditions, we remain private,” Assia told TechCrunch. “We continue to view becoming a public company as part of eToro’s future and will wait for the right opportunity to take this next step.

Mergers and acquisitions in the fintech world are on the decline, so the eToro/Gatsby deal is a bright spot in a year full of ups and downs.

Meanwhile, Robinhood shares have taken a hit lately and the company has fired about 1,000 people since the beginning of the year. At press time, the company was trading around $10.90 after-hours trading, significantly below its 52-week high of $52.06.

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