NYU’s Scott Galloway invests “seven figures” in trading app Public.com
App based investment platform Public.com has announced that it has garnered another (quasi?) celebrity investor, with well-known NYU business professor Scott Galloway making a strategic “seven figure investment” in the company.
In addition to investing in the company, Scott Galloway is also now on the Public.com app (@profgalloway) and will be sharing his insights on business strategy with the company’s growing community of investors.
Public.com co-founder Leif Abraham posted on social media that he met Scott Galloway after a mutual friend and investor in Public.com make an introduction. The initial intention was to simply get Scott to join the community, to share his insights with the people on social investing focused Public. About 12 minutes into the call Leif said that Scott turned on the camera and asked: what if he invested seven figures into the company. Now, several months later, here we are.
Public.com stated that it is no secret that Scott Galloway has been outspoken with his views on the democratization of investing, calling for modern platforms to build responsibly and provide guardrails to protect new investors as they grow their financial literacy. (We’d note on this note that Public.com itself took such steps unlike other online and mobile trading platforms aimed at retail traders, by blocking retail traders from buying Hertz shares back in June after Hertz filed for bankruptcy yet retail traders still kept bidding up the stock).
Scott Galloway is famous for his predictions, from calling that WeWork would cancel their IPO to Amazon buying Wholefoods. Obviously not all of his predictions became reality, but Public.com stated that he has been a champion of critical thinking and high conviction investments.
Founded two years ago and co-run by well-known FX industry executive Jannick Malling and serial web entrepreneur Leif Abraham, Public.com is indeed interesting / different in that it is app-only, targeting younger traders with a social-trading bent. Its roster of investors and backers includes traditional VCs such as Accel and Greycroft, but also celebrities such as actor/rapper Will Smith, NFL star JJ Watt, and popular Youtuber Casey Neistat. And now Scott Galloway.