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If You Invested $1,000 When Jim Cramer Sent This Tweet About Coinbase, Here"s How Much You"d Have Now

Coinbase Inc (NASDAQ: COIN) is an option for anyone wishing to start investing in cryptocurrencies since it offers a user-friendly interface, instructional resources and robust security features. Yet some investors might be hesitant to put their money in the company's stock. read more.....»»

Category: blogSource: benzingaAug 5th, 2022

"Robinhoodies" knew about pending layoffs weeks before the company decided to cull more staff

Axed 'Robinhoodies' saw the writing on the wall before the layoffs came, Ken Griffin's Citadel is trouncing rivals, and get to know 16 lawyers benefiting from bankruptcy battles. Hi. Aaron Weinman here. Robinhood cut about 23% of its staff earlier this week, following a first round of cuts in April. The pandemic darling has come back down to Earth, and today we learn that some of the axed 'Robinhoodies' knew what was coming.More on that below — and you can listen to my rundown on the story in this morning's episode of The Refresh on Insider.And of course, there's our Banker of the Week!Shall we?If this was forwarded to you, sign up here. Download Insider's app here.Vlad Tenev, co-founder and co-CEO of investing app Robinhood.Noam Galai/Stringer/Getty Images1. 'Robinhoodies' were tipped off to layoffs weeks ago. The company said it was shrinking office space and some managers warned of an impending "reorganization," Insider has learned.The trading app laid off 23% of its staff on Tuesday, following a first round of cuts in April.And the morale is grim. Former employees described a company laser focused on cutting costs, and a workforce with little clarity on their future with Robinhood."The company is hemorrhaging money," one ex-employee told Insider. "I believe in the mission itself, but people cannot trust us ever since GameStop."Robinhood effectively brought stock-trading to everyone from your local barista to Wall Street's most trusted money managers. When we were cooped up at home in the early stages of the pandemic, Robinhood became a go-to app for folks with extra time and stimulus checks.Now, a year after going public, Robinhood Chief Executive Vlad Tenev admitted the company added too much staff too quickly. His mea culpa also included an admission that Robinhood was not prepared for weaknesses in the economy.Insider's Bianca Chan, Carter Johnson, and Asia Martin spoke with laid-off "Robinhoodies" about how they saw the writing on the wall.And ICYMI - check out these stories the team at Insider have done on Robinhood's recent woes:Robinhood employees' internal messages to each other at the height of the GameStop trading frenzy.Robinhood has big crypto ambitions, but employees claim product delays, a cautious legal team, and turnover in leadership.Robinhood's founders were 'visibly shaken' in announcing layoffs, but there was not enough work and too many people.Talk of a Robinhood acquisition elicits visceral reactions from analysts and investors.GENERATION ROBINHOOD: How the trading app conditioned its inexperienced users to obsessively play the market.In other news:Kirkland Ellis; Proskauer Rose; Lewis Bockius; Weil Gotshal & Manges; Rachel Mendelson/Insider2. Inflation, rising rates, and the "crypto winter" are creating financial strain. That is an opportunity for bankruptcy experts. Meet 16 lawyers whose bankruptcy battles, from Revlon to JCPenney, have them set for a boom in business.3. Ken Griffin's Citadel has trounced rivals from Millennium to ExodusPoint this year. It added to its lead in July as stock markets improved.4. Staying on Griffin, the Citadel founder was put on a list of individuals subpoenaed by Twitter in its legal battle with Elon Musk. The notice for Griffin was filed as part of a slew of documents from Twitter and Musk, who is trying to get out of buying the social-media company.5. Credit Suisse weighs cutting thousands of jobs, according to Bloomberg. The Swiss bank is expected to finalize the plans over the coming months.6. Wall Street firms are going beyond traditional talent pools to hire climate scientists. Firms know that having better insights is invaluable, and they are willing to pay up to get it.7. CVS Health is gearing up to buy a primary-care company this year. Here are seven companies the $132 billion retailer might acquire.8. BlackRock has teamed with Coinbase in a crypto market expansion. The partnership will help clients oversee their Bitcoin exposure, according to this report from Bloomberg.9. Welcome to the Great Salary Convergence — it is a seismic shift in how you're getting paid. Folks working in Dallas would rarely make the kind of cash as people in New York would, but remote workers have fled the coastal cities and kept their bigger paychecks.Jenny Lee, formerly a MD with JPMorgan, left the bank for Brigade Capital ManagementLinkedIn10. And here's our Friday Banker of the Week. Meet Jenny Lee, a managing director who just left JPMorgan's leveraged-finance desk to further build investment firm Brigade Capital Management's private-credit business.After nearly three decades at the Wall Street powerhouse, Lee is taking a leap of faith on the private-debt space, which has taken more market share from traditional banks' capital-markets businesses.Check out the full story here.Done deals:Carlyle and a Singapore sovereign wealth fund, GIC, have invested in the green ammonia project development company Eneus Energy. The investment will support the development of a 14 GW+ pipeline.Apollo, J.F. Lehman & Company, and Hill City Capital have agreed to acquire Atlas Air Worldwide for $5.2 billion. Atlas provides aircraft and aviation operating services.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Read the original article on Business Insider.....»»

Category: smallbizSource: nytAug 5th, 2022

Stocks may have hit bottom - here"s why a market surge could come next.

The biggest story in markets today is a potential rally in stocks after one analyst said indexes may have hit bottom - plus top stock picks. Most of my friends don't carry coins anymore, but if you happen to have a quarter in your pocket, make sure to say happy birthday. Phil Rosen here, and I'm celebrating the George Washington quarter's 90th birthday from Los Angeles today. (I told him not to take it personally that 25 cents is worth less today than it was a year ago.) There's a lot of bearish sentiment around markets these days, but today I'm breaking down why a top strategist is betting on a dramatic upswing before the end of the year. At the ready, markets people!If this was forwarded to you, sign up here. Download Insider's app here.Traders on the floor of the New York Stock Exchange (NYSE)Spencer Platt/Getty Images1. The stock market may have hit bottom already. At least according to Fundstrat's Tom Lee, who wrote in a Friday note that indexes could be gearing up for new record highs before the end of the year. Rather than getting bogged down by downbeat economic data, Lee took it in stride. Here's how he put it:  "The biggest takeaway for me on events of this week? Convincing and arguably decisive evidence the 'bottom is in' — the 2022 bear market is over." Last week's negative GDP print, Fed rate hike, and continued volatility in energy markets somehow didn't pose headwinds for stocks. Through that stretch of events, the S&P 500 and the Nasdaq both made 3% gains. Plus, a majority of companies are reporting strong second-quarter earnings, which gives Lee hope for a bigger rally to come."In 2022, this means stocks could see new highs before YE. That is why we think [the] S&P 500 could be above 4,800 before year-end," he said. That represents a potential upside of 16% from Friday's close.In other news:US oil exports jumped last week to a record high.George Frey/Getty Images2. Global stocks rise early Monday, but US futures and oil slipped as investors await more company earnings reports. Here are the latest market moves.3. On the docket: Berkshire Hathaway Inc., Activision Blizzard Inc., and Pinterest, all reporting. Plus, look out for the ISM report on business manufacturing PMI, expected later this morning. 4. A legendary options trader who banked 70 consecutive months of six-figure profits shared his strategy. Tony Saliba lost the lion's share of his money when he began trading at 23 years old. Now, he's leveraging his understanding of risk exposure to rake in consistent cash. These are his four top tips.5. Top CEOs expect oil prices to stay high as production constraints keep supplies extremely tight. Shell CEO Ben van Beurden said there's more upside than downside when it comes to which direction oil prices are going to move. And Exxon's CEO didn't seem any more confident: "[T]he industry needs to increase investment and catch up to recovering demand. Unfortunately, this will take time."6. If the Fed pauses rate hikes in a weak economy, the dollar could crash from 20-year highs. Top economist Barry Eichengreen noted that the idea that inflation will remain in the high single digits as the Fed continues tightening is "quite daft." Here's what you want to know.7. Former New York Fed president Bill Dudley said a potential surge for the stock market is "very much capped" thanks to rate rises. Specifically, Dudley said the central bank lifting rates more than expected is weighing on stocks — and a market rally could actually undermine what the central bank is trying to accomplish.8. This 31-year-old self-made millionaire invested money in his 20s on his way to becoming financially independent. Danny Baldus-Strauss saved up to 90% of his income early on, which has allowed him to quit his six-figure corporate job and work for himself. He told Insider how he navigated the last two market downturns. 9. Financial pros shared what comes next for the stock market now the US economy has contracted for two consecutive quarters. The new data could heavily influence what the Fed does next and how major indexes will respond. Three experts explained where investors might find the best opportunities right now.Alibaba stockMarkets Insider10. Alibaba tanked 10% Friday and pulled other Chinese stocks lower. The SEC flagged the online retail giant for a potential delisting. It's the latest on a list of more than 200 companies that the US regulator has identified as violating a new rule.Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn).Edited by Hallam Bullock (@hallam_bullock) in London. Read the original article on Business Insider.....»»

Category: smallbizSource: nytAug 1st, 2022

Paul Weiss" Brad Karp has repped Citi and Apollo, but he"s taken heat for recent work with Leon Black

Today's biggest story on Wall Street looks into Paul Weiss' Brad Karp, the lawyer to the rich and famous, who is now wrestling with this future as his job takes a toll on his psyche. Happy Tuesday, folks! Aaron Weinman here. Today I want to introduce you to Paul Weiss chair Brad Karp. His Rolodex of clients includes Citi, Apollo, and the National Football League. That workload has left him cooked. The job has taken a toll on his psyche, and he's now wrestling with his future.But the prospect of Paul Weiss without Karp is like the 1990s Chicago Bulls and no Michael Jordan.Shall we?If this was forwarded to you, sign up here. Download Insider's app here.Matt Rourke/AP; iStock; Andrew Kelly/Reuters; Savanna Durr/Insider1. Brad Karp has won Paul Weiss dozens of clients from Bloomberg to ViacomCBS. He's responsible for close to 100 relationships and generates around $500 million in fees a year for the law firm.He's known to champion progressive causes like gun control and racial justice. He's also taken heat for representing Leon Black, the former chief executive at investment giant Apollo Global Management.An investigation last year revealed Black had paid Jeffrey Epstein $158 million for financial services, a discovery that led to Black's resignation.While Karp has stopped representing Black, lawyers have subpoenaed the lawyer, seeking evidence related to his work for the former Apollo CEO.All this — the long hours, maintaining lucrative relationships, and the exposure to Black has left Karp exhausted. And now he's pondering his future.What comes next for the Paul Weiss rainmaker has been a hot topic of conversation for lawyers close to Karp.Karp told Insider that if his partners want him to stay, he likely will. But if not, he could leverage some of the fruitful client relationships he's forged in a 38-year career.New England Patriots' owner, Robert Kraft, counts Karp as one of his top attorneys. Paul Fribourg, CEO of ContiGroup Companies, said his future could be in Washington.However you slice it, after having developed clients that include some of the biggest financial institutions, it may be hard to separate Karp from Paul Weiss — even if he wanted to.Check out this profile on one of Wall Street's best-known legal eagles by Insider's Casey Sullivan.In other news:Wix; Zuora; EverCommerce; LiveRamp; Insider2. Private-equity firms are "licking their chops" at the sight of fallen company valuations. Here are 37 tech companies most likely to get snapped up by private investment firms, which are sitting on trillions of dollars in dry powder.3. James Howells has an $11 million plan to get back some 8,000 bitcoins he accidentally threw away. Here's the quest to find $181 million in digital currency that's buried in a dump.4. An ex-Goldman Sachs banker tipped his squash buddy on deals, Bloomberg reported. Federal prosecutors alleged that the banker sent messages about planning squash games as a coded way of asking whether his accomplice had bought call options in a company.5. Atwater Capital has made its second investment in wiip, the entertainment studio behind HBO's "Mare of Easttown." The private-equity firm's investment — Atwater first invested in wiip in 2020 — makes it the second-largest shareholder in wiip after Studio LuluLala.6. This fintech chief executive shared a unique path to raising a seed round through customers. Karan Kashyap, the CEO of Posh, a conversational artificial intelligence chat program, told Insider how he raised cash without venture capitalists.7. Goldman Sachs tried to sell about $6 billion in bonds and loans to investors, but it turned into a nightmare, according to this report from the Financial Times. Here's how the buyout of UK supermarket chain Morrisons became the poster child for the excesses of the cheap-money era.8. Kitchen United raised $100 million in Series C funding. Here's the ghost-kitchen startup's playbook that won over investors including Kroger and Burger King's parent.9. Twitter has already racked up $33 million in expenses related to Elon Musk's proposed takeover of the company. Those costs are only going to balloon as the social-media company squares off against the billionaire in court.10. Australia's Flying Kangaroo, Qantas, booked a 13-month-old baby on a different flight to her parents. The Braham family spent 20 hours on the phone trying to rebook. They finally found a flight home, but 12 days after the initial departure.Street moves:JPMorgan has hired Derick Duchodni to lead its technology and disruptive commerce team for the southeast of the country. Duchodni will sit within the middle-market banking and specialized industries business. He joined from HSBC. Ori Miller, an executive director, and Becci Kinsella, a vice president, have also joined the tech and disruptive commerce team in Miami.Morgan Stanley has named Katy Huberty its global director of research. Huberty has been with the bank for 22 years and most recently served as the head of equity research for the Americas. Her promotion comes after Simon Bound announced that he will retire from Morgan Stanley at the end of this year.Deutsche Bank has named Bruce Evans to lead its investment-banking coverage and advisory for the Americas. Evans will continue his current role as co-head of M&A alongside Berthold Fuerst. Drew Goldman, Deutsche's current head of IBCA for the Americas, will join the Abu Dhabi Investment Authority.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 26th, 2022

Goldman Sachs, Morgan Stanley stand to cash in on $3.9 billion Amazon-One Medical deal

Today's biggest story on Wall Street looks at the rainmakers at Goldman Sachs and Morgan Stanley who crafted Amazon's $3.9 billion buy of One Medical. It's a welcome injection for investment-banking teams, which were largely blamed for banks' recent earnings. Hi! Aaron Weinman reporting from New York. Amazon's $3.9 billion purchase of One Medical could net Goldman Sachs and Morgan Stanley millions-of-dollars in advisory fees apiece. It comes as investment banks fall under the microscope for a slow year in dealmaking.Let's unpack who at the two Wall Street giants put this deal together.If this was forwarded to you, sign up here. Download Insider's app here.Goldman Sachs and Morgan Stanley are in line for multimillion-dollar paydays following Amazon's announcement that it's purchasing One Medical.IronHeart/Getty Images1. Goldman Sachs and Morgan Stanley got the nod for Amazon's $3.9 billion purchase of One Medical. It's a welcome payday for the pair especially after investment-banking teams across Wall Street shouldered much of the pain in last quarter's earnings cycle.Goldman Sachs advised Amazon — rekindling a relationship that spans back to 2017,  when the company bought Whole Foods Market for $13.7 billion — and Morgan Stanley advised One Medical on the sale, Insider has learned.Morgan Stanley has advised One Medical at least three times now, following up its lead role on the clinic operator's $245 million initial public offering in January 2020, and its $2.1 billion acquisition of Iora Health in June last year.Amid a dearth of M&A activity, a deal of this size should net each bank millions of dollars in fees. Investment banks typically earn between 2% to 4% (of the enterprise value of a transaction) in revenues for their advisory services. A sought-after client like Amazon, however, might lead banks to lower their price in exchange for the tech giant's business.Amazon's interest in One Medical, meanwhile, started back in the spring of 2022, a person with knowledge of the process told Insider. But the company was not seeking a buyer at the time, this person said.News of Amazon's acquisition sent One Medical's share price to more than $17 per share from a little over $10 last week.For the full story on the genesis of this deal, and the bankers who helped piece the transaction together, check out this report from Insider's Reed Alexander, and myself.In other news:Robert A Tobiansky/Getty; Boris Zhitkov/Getty; Jake Wyman/Getty; José Miguel Hernández Hernández/Getty; Spencer Platt/Getty; Twitter; Anna Kim/Insider2. Legendary Silicon Valley investor Bill Gurley was fed up with how Wall Street handled IPOs. Here's how he took on the Street and revolutionized how companies go public.3. Hedge-fund assets dipped below $4 trillion in June due to poor performance and investor exits. But commodity-trading advisors and macro hedge funds soared. Here are the winners and losers for the first half of the year.4. Investors have piled about $41 billion into artificial-intelligence startups this year, according to Pitchbook. Meet eight lawyers helping these startups patent AI and comply with rules around privacy and safety.5. The crypto world is riled up about former Coinbase employee Ishan Wahi, who's accused of trading tokens before they were listed. The SEC asserted that some of the traded tokens were securities, a label that could create serious issues for entities enabling crypto trading.6. Blackstone's Chief Operating Officer Jon Gray is still all about rental housing and logistics. It's not surprising – short supply and steady demand mean that rents are through the roof right now.7. Staying on real estate, the commercial property market is getting iced by rising rates. One investor expects deals to emerge later this year as the market braces for fire sales.8. Index Ventures partners Nina Achadjian and Paris Heymann are betting on vertical software. They argue these tools — software tailored to specific industries — are "mission critical" to customers. Here's how founders of such companies can pitch VCs.9. Andreessen Horowitz is setting up shop in New York, Miami, and Los Angeles, and doing most of it virtually. Here's why the firm is spreading its influence beyond Silicon Valley.10. Citi has shuttered its municipal proprietary-trading effort, Bloomberg reported. The decision, alongside some high-profile departures from Citi's municipal-bond business, sparked concerns that the bank is stepping back from its storied public-finance business.Done deals:Smart Care, a Wind Point Partners' portfolio company that provides commercial cooking equipment, acquired Espresso Partners, a coffee equipment company.Fifth Wall, a proptech-focused venture-capital fund, closed a $500 million fund. It was the investor's first climate-focused fund that will be invested in renewable energy, and carbon sequestration to decarbonize the real-estate industry.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: personnelSource: nytJul 25th, 2022

Costly capital markets are largely to blame for the slump in investment banking. Banks are left counting their losses

Today's biggest story on Wall Street unpacks the new normal in corporate credit. Rates are higher, debt is costlier, and banks have marked losses on loan commitments. Hi Aaron Weinman here. Weak investment-banking revenues held back banks' recent earnings numbers.A big part of the slump in dealmaking can be attributed to the corporate-credit market. It's where I cut my teeth as a reporter and thought I'd spend today unpacking what's happening there.Let's go.If this was forwarded to you, sign up here. Download Insider's app here.Wall Street has been hit by a brutal market sell-off this year.Spencer Platt/Getty Images1. Investment-banking revenues slumped last quarter as dealmaking slowed. High-yield bond issuances are down almost 80% this year compared to this time in 2021, and investment-grade deals are down about 17% for that same period, Tom Joyce, capital markets strategist for MUFG, said during a media roundtable on Wednesday.Market volatility, increased borrowing costs, and soaring inflation have left dealmakers hamstrung as companies avoid a more expensive public bond and loan market."Many of the corporations that we speak to don't need to issue debt for the next one or two years," Joyce said.While the slowdown in deals is worrying, it's important to remember that companies made hay while the sun shined in 2020 and 2021. The Fed's decision to keep rates near zero meant that borrowers raised debt for anything from acquisitions to refinancing old debt.So it shouldn't be a surprise that deals have slowed down, and many bankers are fretting over the security of their jobs. During the good times of lower-rate bonds and loans in 2020 and 2021, many companies were quick to raise debt that doesn't mature until 2027 or 2028.Indeed, just $95 billion in investment-grade bonds fall due this year, and only $13 billion worth of high-yield debt, and $15 billion of leveraged loans mature this year, according to Fitch Ratings. This increases to $258 billion next year in investment grade, but maturities are less than $50 billion each in high-yield bonds and leveraged loans for the next two years."Companies were able to extend their runway in terms of liquidity needs," Steven Oh, the global head of credit at PineBridge Investments, told Insider. "Only those that are under significant stress might need access to the market in the coming months."And accessing the market right now is tough. A high-yield bond that might have charged about 4% or 5% in interest is now costing some borrowers more than 10%, capital-markets bankers said.Another pain point for these bankers is the debt they've had to hold on their balance sheets. Typically, a bank will underwrite a deal for a client and then sell that debt to institutional investors through a bond or loan. Banks marked about $1.3 billion of losses last quarter on corporate-debt commitments that are yet to be sold to investors, Bloomberg reported.Opportunistic investors also know the ball's in their court right now and can pick this debt up on the cheap.Take Cornerstone Building Brands. Private-equity firm Clayton, Dubilier & Rice agreed to buy the company for almost $6 billion in March. It's currently raising about $1 billion in loans and bonds to support the buyout, but the debt is being offered to investors at 90 cents on the dollar, and a yield of about 11%, a banker familiar with the transaction said.You can also look at Elon Musk's Twitter saga. These very markets are what he would need if he were to complete his purchase of Twitter. Some $10 billion of that $44 billion deal would be raised in the corporate-credit space, but right now — whether he has to buy Twitter or not — it's no easy feat."Borrowers are just going to have to accept that this is the new rate of funding," Viktor Hjort, global head of credit strategy and analysts at BNP Paribas, said during a press conference at the French bank's New York offices earlier this month.In other news:Anthony Scaramucci runs the investment company SkyBridge Capital.The Washington Post/Getty Images2. Anthony Scaramucci's SkyBridge is launching a venture fund focused on Web3 and crypto. The fresh fund plans come just days after SkyBridge's Legion Strategies fund halted client withdrawals.3. The do-good investing phenomenon is under the microscope. While firms remain committed to ESG strategies, regulators are cracking down on greenwashing and the market downturn is hurting ESG funds. Insider has been tracking all things ESG investing and sustainable finance.4. A day of reckoning could be on the horizon at Goldman Sachs. The bank and a group of women suing Goldman have reached an agreement to unseal their allegations of harassment and discrimination, according to this report from Capital & Main.5. Emma Rose Bienvenu, chief of staff at crypto hedge fund Pantera Capital, is influencing policy on digital assets. Here's how she goes about dealing with lawmakers and regulators.6. BlackRock is buying Vanguard Renewables for $700 million, the Wall Street Journal reported. The Massachusetts-based firm works with dairy farmers and food companies to convert food waste and cow manure into an energy source.7. JPMorgan is taking on the direct-lending business, according to the Financial Times. The bank's leveraged-loan unit will underwrite and hold debt for some middle-market deals rather than syndicate the money to third-party investors in the bond market.8. Tesla, GM, and Rivian are banking on the $360 billion battery business to support their electric-vehicle plans. But battery makers are struggling to churn out enough supply.9. Gerd Kommer, founder of Kommer Invest and one of Germany's best-known financial experts, shared why "factor investing" garners solid returns. The asset manager and ETF expert also explained why picking stocks might not be worth the hype.10. Food-tech ChowNow's Chief Executive Chris Webb went "cold turkey" on venture capital. He told Insider that he grew "addicted" to cheap venture capital, but to prepare for a recession, he fired 97 workers last week.Done deals:Alpine Investors has acquired Boston-based FEV Tutor, the K-12 research and online tutoring platform.Investcorp has agreed to sell its stake in United Talent Agency to EQT Private Equity. Investcorp first invested in UTA in 2018.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: personnelSource: nytJul 21st, 2022

The Bill Gurley Chronicles: Part 3

The Bill Gurley Chronicles: Part 3 By Alex of the Macro Ops Substack What if there was a way to distill all the knowledge that someone’s written over the last 25 years into one, easy-to-read document? And what if that person was a famous venture capital investor known for betting big on companies like Uber, Snapchat, Twitter, Discord, Dropbox, Instagram, and Zillow (to name a few)?  Well, that’s what I’ve done with Bill Gurley’s blog Above The Crowd.  Gurley is a legendary venture capital investor and partner at Benchmark Capital. His blog oozes valuable insights on VC investing, valuations, growth, and marketplace businesses.  This document is past two to the one-stop-shop summary of every blog post Gurley’s ever written, part 1 can be found here and part 2 is here. May 29, 2009: Will Apple Make An Actual Television? Makes Sense To Me (Link) Summary: The thought of Apple (AAPL) making a physical TV seems wild. Yet according to Gurley, there are six reasons why this wasn’t such a farfetched concept. First, TV is a commodity business and AAPL excels at charging a premium on an otherwise commoditized product (i.e., MP3 players). Second, AAPL already makes large iPads that people love. Creating an even larger piece that AAPL fanboys would love to hang in their home makes sense. Third, TV will add an internet stack and AAPL might have to make their own hardware to support that. Fourth, It’s a huge market (Gurley estimates ~$2.5B in sales). Fifth, the TV would integrate with the Apple iOS, creating a seamless experience. Finally, AAPL has the retail footprint to sell its physical TVs.  Favorite Quote: “For Apple, the fact that the TV business has become a commodity business will not be a roadblock. In PCs and MP3 players, they have proven they can charge a huge premium and extract enviable gross margins even where others have starved.” June 2, 2009: A Really Interesting Online Education Company In Korea: Megastudy (Link) Summary: Education feels like one of the last industries not hit with the capitalist bug. Maybe it’s the massive bureaucratic red tape or the incumbent teacher’s union. Regardless, Gurley showcases a South Korean company that’s turning to capitalism to give teachers better pay and students better education. The company is Megastudy. There are a few reasons Gurley loves the business:  Subscription service for each course Easily scalable for teachers as they teach once to as many students as they want Teachers get ~23% of revenue from the course sales (this created $1M for teachers) Incentives hinge on how engaging, productive and informative teachers are to students Gurley said he invested in a company trying to do something similar in the US, Grockit. The company was eventually bought by Kaplan in 2013.  Favorite Quote: “Many here argue that U.S. teachers are underpaid, so in that sense it should be a huge welcome.  That said, I don’t think any teacher union in the U.S. would support the “eat what you kill” business model in use at Megastudy.”   June 8, 2009: Amazon’s AWS Strategy Becomes Clearer Every Day (Link) Summary: Amazon’s strategy when they entered the cloud business was simple: offer the lowest-cost cloud infrastructure and obsess about the customer. The second part is reminiscent of their retail business, and a meme from an old Jeff Bezos video. This comfortability in running a low-margin business allowed AMZN to move first in the space before IBM, MSFT, etc. Second, Gurley notes that no other cloud company listens to their customers like AMZN. It’s also fascinating to see how AMZN grew their cloud business: via rogue/small developers. While most saw this as a bug, insiders knew that’s exactly how you want to grow that business (i.e., bottoms-up growth).  Favorite Quote: “Many in the IT world are quick to point out that its only small businesses and rouge developers in large organizations are using AWS.  This is exactly how these markets develop.  Amazon is simply selling to the innovators and early adopters in the market — the exact customers that are prescribed in Crossing the Chasm. These are the customers that others will follow, and by the time the laggards come into the market, the game will be over.” July 15, 2009: Bill Gurley On The “Free” Business Model (Link) Summary: The freemium business model is one where a company offers a product or service for free (or marginally zero cost) to its customers. On one hand, it’s a great way to disrupt an industry, and a “simple form of the innovator’s dilemma strategy.” Yet Mark Cuban and Malcolm Gladwell disagree with the “panacea” of the freemium model. The bottom line is that if you have highly differentiated content, you should charge for it.  Favorite Quote: “Basically, there is always a cost to delivery, even if it’s really low on a marginal basis, and in volume, it can get quite expensive on the cost side. He also, appropriately highlights that “Free” is not a panacea of a business model. It doesn’t always work.” July 27, 2009: I Do Not Believe That Zappos Was “Forced” To Sell (Link) Summary: The hot rumor in July of 2009 was that Zappos was forced to sell to Amazon by Sequoia Fund (an investor in Zappos). Gurley thinks that wasn’t true for three main reasons:  Tony (Zappos CEO) could have withheld his vote at the BOD level, or even dissented.  For the exact same reason, Tony could’ve withheld a positive shareholder vote from his common shares.  Tony could have informed Jeff Bezos that he does not want to sell.  Favorite Quote: “Personally, I think it’s a great match and a great outcome for both companies.  They have a shared mission and very similar service-oriented customer brand.” July 29, 2009: Counterpoint To Calacanis On Yahoo-Microsoft Deal (Link) Summary: Obsessing over what competing businesses are doing is a sure way to destroy economic value. Nowhere is this best seen than when companies tried to mimic Google’s offensive search-based ad playbook. Gurley reasons that “laying chase” to an increasing returns business (like GOOGL ad network) is a waste of time. On the other hand, AMZN is a great example of a company recognizing the desire to clone, and doing the opposite. Instead of plunging into search and ad-based models, AMZN created AWS where they can control the pace of the game.  Favorite Quote: “For all their efforts, it’s unclear to me that Yahoo or Microsoft have created any positive equity value whatsoever based on their obsession with Google. I do not have access to the specific numbers, but from a cash flow perspective it would be easy to imagine that its a net negative for both of them.”  August 4, 2009: More IPO News, Ancestry.Com Files S-1 (Link) Summary: According to journalists, 2009 was a doom-and-gloom year for IPOs. Gurley’s take sounded much different. There were five IPOs during the year (up until this post) and all of them were doing well. At the same time, Ancestry.com filed their S-1. The company opened around $13/share in 2009. They were later bought by a PE firm for $32/share. Not a bad return for the pessimistic IPO market of 2009! Favorite Quote: “I wonder how many successful IPO’s we need before people will stop saying the window is closed.  Looks perfectly open to me.” August 20, 2009: A Real Time Free Vs Fee Example: Rosetta Stone Vs. LiveMocha (Link) Summary: LiveMocha is a free online language learning website with an incredible community of learners and contributors. These contributors often create courses and open the site to new languages for free. Of course, LiveMocha isn’t guaranteed a seat at the profitability table anytime soon. The company doesn’t have a clear monetization strategy, and we don’t know how sticky the consumer brand is compared to the household name, Rosetta Stone.  Favorite Quote: “If you read our previous thoughts on the free business model, we made one key point. Free is not necessarily a game plan, or a guaranteed model for success, but rather a market reality. Someone may be able to do what you do for free.  Does it guarantee they will be wildly successful? No, but it still may be a massive threat.  Microeconomics is not a zero-sum game. It’s perfectly reasonable for all the players in a market to not generate excessive (or any) profits.” August 24, 2009: What Is Really Happening To The Venture Capital Industry? (Link) Summary: The VC industry was under heavy pressure in 2009 due to underperformance and bloating AUMs. Gurley suggested the problem stemmed not from VC itself, but from its source of funds. VC firms receive most of their capital from pensions, endowments, and foundations. These are the largest pools of capital in the world. Over time, most of these pools of capital have increased their allocation to VC-based alternative investments. As such, the size of the VC industry ebbs and flows with how much money institutions decide to invest.  Favorite Quote: “There are many reasons to believe that a reduction in the size of the VC industry will be healthy for the industry overall and should lead to above average returns in the future. This is not simply because less supply of dollars will give VCs more pricing leverage. We have seen over and over again how excess capital can lead to crowded emerging markets with as many as 5-6 VC backed competitors. Reducing this to 2-3 players will result in less cutthroat behavior and much healthier returns for all companies and entrepreneurs in the market. Additionally, at a stabilized market size of well over $15B a year, there should be plenty of capital to fund the next Microsoft, Ebay, or Google.”  September 29, 2009: Want To Know More About The Future Of Internet TV?: Let’s Look To Korea (Link) Summary: Studying countries with faster technology adoption is a great way to spot potential trends. Korea was that country with over-the-top (OTT) Internet-based video streaming. The top three South Korean OTT providers passed 800K subs during the year with 90% broadband penetration rates. While that seems high, Gurley notes that estimates a few years back called for millions of subscribers.  Favorite Quote: “One way to have an advantage in “predicting” what will happen is to look at other countries that are further evolved in terms of broadband. The most obvious of these, with over 90% broadband penetration, is South Korea.” October 29, 2009: Google Redefines Disruption: The “Less Than Free” Business Model (Link) Summary: Google licensed its map data from two main companies: NavTeq and Tele Atlas. As such, the data-based companies had an economic advantage over Google. That was until Google deployed its own cars and created its own turn-by-turn GPS application. Then Google did the unthinkable, they gave it away for free inside its Google Android OS. In one move, Google went from price-taker to price-maker. Favorite Quote: “This is not just incredible defense. Google is apt to believe that the geographic taxonomy is a wonderful skeleton for a geo-based ad network.  If your maps are distributed everywhere on the Internet and in every mobile device, you control that framework.” January 5, 2010: Android Or IPhone? Wrong Question (Link) Summary: It was easy to think Apple and Android fought head-to-head. But that wasn’t true. The iPhone partnered with AT&T, demanded wild economics (upfront payments & revenue shares), and closed its user interface/ecosystem. Google made Android open-source and paid cellular carriers via advertising revenue shares. The result? iPhone captured the high-end of the market while Android flooded/dominated the lower-end where basic smartphones were 10x better than a consumer’s existing option.  Favorite Quote: “This is why the two products do not compete head to head. With its super aggressive model, Android will be the choice of the masses, and with its sleek design and non-compromising price point, Apple will rule the high end.” February 8, 2010: Virtual Goods, Accounting, And The Power Of The “Rental” Model (Link) Summary: In the virtual economy, renting is a better business model than ownership for six main reasons:  Items become obsolete as a player levels up Users experience substantial inventory glut  Allows for more marketing opportunities when item needs to be replaced Price segmentation based on length of rental (i.e., 1 day, 7 day, or 30 day rental pricing) Creates recurring revenue business vs. one-time purchase Simpler accounting as there is no “durable” virtual good Favorite Quote: “American journalists and corporate executives have been slow to appreciate the beauty, brilliance, and consumer allure of the virtual goods business model.” April 28, 2010: When It Comes To Television Content, Affiliate Fees Make The World Go ‘Round (Link) Summary: If you want to understand the cable/media industry, follow the money, or in this case, the affiliate fees. Affiliate fees were a $32B business in 2010. ESPN is a good example. Content providers like ESPN “charge” $2.00/sub/month to cable companies for the right to stream ESPN content on a cable channel. Gurley notes that affiliate fees affect every aspect of the TV business, from operations to content production to financing/packaging. That there is so much money on the line ($32B) means it’ll be challenging for technology to disrupt the incumbent model.  Favorite Quote:  “The final and most significant reason is that this is a massive, massive business, and it is critically important to understand where the money flows (most people don’t). You can spend plenty of time talking about other issues, but when it comes to understanding the key factor at play in nearly every major business decision in television, you will find affiliate fees – all $32 billion of them.” July 8, 2010: Google Acquires ITA: Will Deeper Vertical Integration Lead To Higher Revenues? (Link) Summary: GOOGL can’t easily penetrate new verticals for two key reasons: competition and LTV-based assumptions. Existing verticals (like travel) offer a significantly better consumer experience, often due to community-based user-generated content (UGC) and hyper-specific datasets. GOOGL cannot easily mimic these advantages. Second, GOOGL’s CPC charge would switch from an “investment’ in Lifetime Customer Value (LTV) to a repeat transaction (or fee) in the eyes of company marketing departments.  Favorite Quote: “If you are searching for a book or an author you go to Amazon, or at the very least you do a search like “Man in Full Amazon” so that you go directly to the page you want on Amazon. The same is true for hotels with TripAdvisor and for restaurants with OpenTable. These sites offer deeper and richer experiences for a vertical searcher precisely because they incorporate deep meta-data, faceted search, transaction connectivity, and typically a form of community or UGC (user generated content).” July 15, 2010: On Google, Growth, Pricing Power, And Valuation Multiples (Link) Summary: GOOGL traded at ~18x 2010 earnings at the time of writing. Why were they so cheap? It wasn’t competitive positioning, as nobody could successfully dethrone GOOGL’s search engine dominance. And it wasn’t lack of growth as GOOGL was generating 20%+ top-line revenue growth. According to Gurley, GOOGL traded at a discount because its business model was “too good.” It grew reached $10B 3x as quickly as GOOGL. However, GOOGL didn’t possess MSFT’s massive embedded pricing power, so Gurley saw little operating leverage inside GOOGL’s business.  Favorite Quote: “With its ad optimization engine so amazingly efficient, Google has no obvious pricing power against its current installed base. There is simply no way to “double” the amount of spend from each customer, much less a way to take it up 20X. Additionally, they have not yet identified a product that would represent Google’s version of Microsoft Office in terms of revenue leverage.”  November 15, 2010: Silicon Valley’s IPO Anxiety (Link) Summary: Anxiety about going public is a self-fulfilling prophecy that leads to fewer IPOs, thus fewer new “merchandise” for investors to purchase. Gurley notes that in 2010 most IPOs came outside of Silicon Valley, reaffirming the self-fulfilling prophecy. Sure, Sarbanes-Oxly makes it more expensive to go public. And yes, there are more short-term oriented investors in public markets. However, companies assume those risks for the potential to capture sales/earnings multiples they’d never see if they stayed private.  Favorite Quote: “To this point, and perhaps ironically to some, most of the people I know that work in high tech mutual funds and hedge funds would like to see more IPOs not less. They are tired of trading the same large technology names that are showing limited equity returns over the past 10 years, and have very low growth opportunities/ambitions.” March 24, 2011: The Freight Train That Is Android (Link) Summary: Android and Chrome aren’t business “products”, but a strategy of expanding GOOGL’s existing economic moat. GOOGL removes the layer between itself and its end-user by offering free (or less-than-free) software products (like OS, Search Engines, and Maps). The Search Engine funds this expensive “scorched-Earth” moat expansion policy via its Advertising business (its castle). In essence, GOOGL wants all the market share, but none of the economics. How can one compete against that defensive model? It’s simple, you can’t.  Favorite Quote: “This is the part that amazes me the most. I don’t know if a large organized industry has ever faced this fierce a form of competition – someone who is not trying to “win” in the classic sense. They want market share, but they don’t need economics. Imagine if Ford were faced with GM paying people to take Chevrolets? How many would they be able to sell? What if you received $0.10 for every free Pepsi you consumed? Would you still pay $1.50 for a Coke?” May 24, 2011: All Revenue Is Not Created Equal: The Keys To The 10X Revenue Club (Link) Summary: Only a select few companies can (and should) trade at 10x Price/Sales. The reason is that revenue (and revenue growth) isn’t created equally. There are good and bad flavors of growth. Gurley reveals the ten most important criteria for Revenue Growth Quality by asking 10 questions:  Does the business have a competitive advantage (Buffett’s “moat”)? Does the business possess network effects?  How predictable/visible is the company’s revenues?  Are there high or low switching costs?  Is this a high or low gross margin business?  Does the business generate positive marginal profitability? How concentrated is the company’s revenues?  Does the company depend on 1-3 key partners?  Does the business grow via advertising or organic word-of-mouth?  How fast is the company growing revenue?  This is not an exhaustive list, but it’s a great starting point in determining if a business has what it takes to (potentially) trade at 10x Price/Sales.  Favorite Quote: “What drives true equity value? Those of us with a fondness for finance will argue until we are blue in the face that discounted cash flows (DCF) are the true drivers of value for any financial asset, companies included. The problem is that it is nearly impossible to predict with any accuracy what the long-term cash flows are for a given company; especially a company that is young or that might be using an innovative and new business model.”  September 14, 2011: On IPOs: If You Are Going To File, Make Sure You Price (Link) Summary: Companies that file an S-1, only to pull the filing, sow seeds of doubt amongst investors, bankers, and internal employees. Pulling an IPO filing begs many questions, like “Was their valuation too high?” or “Maybe there isn’t enough demand for the stock?” Or even “I wonder if the company’s growth is slowing down and they don’t want to publish those figures?” Regardless of the reason, companies that file S-1s should have the courage to see it through.  Favorite Quote: “An open IPO window attracts two types of companies – those that should go public, and those that “need” to go public for capital reasons. Portions of the “need” group will always fail to find supporters, and therefore you should not view delays and withdrawals as signs of a weak IPO market.”  September 18, 2011: Understanding Why Netflix Changed Pricing (Link) Summary: Hollywood forced Netflix to change its pricing. Netflix’s original business model formed around the 1908 “First Sale Doctrine” Supreme Court Ruling. The ruling allowed NFLX (or anyone) to rent a DVD the same day of purchase. In this model. NFLX has relatively fixed costs and unlimited “streaming” rights. However, digital is the opposite model. Hollywood demanded an affiliate fee-like pricing model, where NFLX paid Hollywood per subscriber per month for the right to digitally stream its content. Digital now became a fixed rights distribution with unlimited potential costs. NFLX had to increase prices to make its digital model work.  Favorite Quote: “Netflix could not afford to pay for digital content for someone who wasn’t watching it. This forced the separation, so that the digital business model would exist on it’s own free and clear. Could Netflix have simply paid the digital fee for all its customers (those that watched and not)? One has to believe they modeled this scenario, and it looked worse financially (implied severe gross margin erosion) than the model they chose.” November 15, 2011: You Don’t Have To Tweet To Twitter (Link) Summary: Twitter doesn’t compete with Facebook or other social media platforms. Instead, it competes with other news sources, like print/TV media, blogs, and other websites where users publish information. The great thing about Twitter, too, is that you don’t have to tweet to recognize its value. Users get tremendous value from following other people without the need for others to follow them. Plus, Twitter’s strong-form network effects grow with each new user on the platform as more users amplifies any one person’s potential to share information at scale.  Favorite Quote: “Much like Google, Twitter points out to the world. It’s a “discovery engine” and an “information utility” rolled into one. With Twitter, you get news faster, you see updates from your favorite artists, you hear directly from key politicians, and gain insights from influencers in a wide variety of specializations. Just as Facebook is symmetric in terms of its poster-reader relationship, Twitter is highly asymmetric. The majority of the tweets on Twitter are posted by a small sub-set of the users.” Years: 2012 – 2015 January 5, 2012: Thinking About Diets And Other Complex Matters (Link) Summary: Whether it’s diets, stock prices, or weather changes, humans love finding patterns for complex matters. If something is too complex for our feeble human brain to comprehend, fear not! We simply create a causation or a pattern so that our minds can somehow understand it. The lesson? Watch out for those that spew “certainty”, those that avoid fresh perspectives or people who won’t / can’t change their minds.  Favorite Quote: “When it comes to not fully understood complex systems, it is easy to get things wrong. In fact, its easy for everyone to get them wrong. Don’t fear the new idea or the fresh perspective, and don’t believe something just because everyone else does. But watch out for the preacher with certainty — the ones that are spewing hellfire and brimstone. They are the ones most certainly to be wrong.” February 1, 2012: Why Facebook Clearly Belongs In The 10X Revenue Club (Link) Summary: This was one of my favorite Gurley posts as we became a fly on the wall, listening to how Gurley analyzed Facebook (FB) at the time of IPO. Gurley runs FB through his 10x Revenue Club Criterion and determines that the company firmly belongs as a card-carrying member. Gurley ended up valuing FB around $96B market cap. As of this writing, it trades at $540B.  Favorite Quote: “With all the hype, assume a 12x multiple on the $6, and you end up right at $72B. You can double-check this with earnings. As operating margin is stable, 60% growth would result in $1.6B in after-tax earnings. At $72B, this is a 45 PE ratio for a company growing at 60%. At a 60 PE, you would have a $96B market capitalization.” February 23, 2012: Why Dropbox Is A Major Disruption (Link) Summary: Gurley saw Dropbox (DBX) as a major disrupter because it took something highly complex (file synchronization) and made it “brain dead simple.” However, it’s not in making something formerly complex, simple. It’s the fact that DBX now eliminates dependence on specific computer hardware and software. Who cares if you use iMac or Windows? And who cares if you lose your laptop or phone? If everything’s stored on DBX, you haven’t lost anything. DBX, in essence, commoditized computer hardware and software.  Favorite Quote: “Once you begin using Dropbox, you become more and more indifferent to the hardware you are using, as well as the operating system on that device. Dropbox commoditizes your devices and their OS, by being your “state” system in the sky.”  April 19, 2012: My Life With Bing (Link) Summary: Gurley switched his default browser from Google to Bing for two months. His findings were interesting. He noticed that on “core search” functions, Bing was on-par with Google. However, the biggest difference Gurley noticed was how conditioned he was to Google’s UI/UX. Moreover, he noticed how frustrating it was trying to navigate (read: learn) a new UI/UX in Bing. In other words, customer lock-in doesn’t have to come from product superiority or barriers to entry. It can come from familiarity with navigation and the power of personal routines.  Favorite Quote: “At the end of the day, for me, my user “lock-in” is associated not with the quality of Google results, but rather with the understanding of the UI features and levers.  More like a traditional software application.” April 27, 2012: Intuit To Acquire Demandforce For $424MM (Link) Summary: Demandforce is a case study on two important company-building topics: focus and local networks. Gurley frequently mentioned that Demandforce flew under-the-radar from the media, and instead focused all their efforts on their customers and product. Additionally, Demandforce operated in the Local Internet world of small business. Demandforce gave local businesses access to enterprise-level SaaS “front office” tools. In effect, the company leveraged the power of the Internet with the pervasiveness of smartphones to service a $125B+ industry. Favorite Quote: “In a day and age of social media, where many companies project a persona much larger than reality, Demandforce chose instead to focus on its customers and its products. We never even announced Benchmark’s funding of the company, which I believe is unprecedented. The Demandforce team always felt that the attention should be focused on the customer rather than the company.” June 25, 2012: Social-Mobile-LOCAL: “Local” Will Be The Biggest Of The Three (Link) Summary: Local is a massive and exciting market opportunity for startups to build the next billion-dollar business. There are a few reasons for this belief. First, smartphones have given startups access to billions of people’s locations, allowing them to build hyper-local products and services (think Nextdoor, etc.). Internet adoption rates also remain historically underpenetrated for local small businesses. Finally, local graphs incentivize startups to go deep into specific verticals (like travel, accounting solutions, table reservation), insulating itself from larger incumbents like Google. Favorite Quote: “But the really exciting part is that we are still really early in this process of transformation away from listing/directory advertising to a local Internet.  By way of comparison, in the fourth quarter of 2011, Southwest Airlines reported that 86% of its revenue was booked online.  By comparison, only 12% of US restaurant reservations are booked online. Only 15% of dentists are connected to customers through services like DemandForce.  Only 3% of takeout orders are processed through online offerings like GrubHub. And less than 1% of realtors are premier agents on Zillow.” Tyler Durden Sun, 07/17/2022 - 16:30.....»»

Category: blogSource: zerohedgeJul 17th, 2022

Trump received special treatment from Twitter despite internal fears he was inciting violence, a former employee tells January 6 committee

A former Twitter employee told the January 6 committee that Donald Trump would have been kicked off the service far earlier if he'd been anyone else. An evidence tweet is shown on a screen during a full committee hearing on "the January 6th Investigation," on Capitol Hill on July 12, 2022, in Washington, DC.SAUL LOEB/AFP via Getty Images A former Twitter employee said Donald Trump would have been suspended earlier if he were another user. The employee, in testimony to the January 6 committee, said there were fears Trump was inciting violence. "It felt as if a mob was being organized and they were gathering together their weaponry," they testified. Former President Donald Trump enjoyed special treatment from Twitter, remaining on the platform even after employees at the social network feared he was inciting right-wing extremists – and long after others would have been removed — according to testimony from a former employee aired Tuesday at a hearing of the congressional committee investigating January 6."I believe that Twitter relished in the knowledge that they were also the favorite and most used service of the former president and enjoyed having that sort of power within the social media ecosystem," the former Twitter employee told investigators.The employee, whose identity was kept secret, was introduced by Rep. Jamie Raskin, a Maryland Democrat, as having served on Twitter's team responsible for content moderation from 2020 to 2021.Trump was ultimately suspended from the social network on January 8, 2021, with the company citing the "risk of further incitement of violence."But anyone else would have been suspended long before encouraging a mob of supporters to descend on the US Capitol, according to the employee."If former President Donald Trump were any other user on Twitter, he would have been permanently suspended a very long time ago," they said.A spokesperson for Twitter told Insider the company has had an "ongoing, productive engagement" with the January 6 committee."We are clear-eyed about our role in the broader information ecosystem in regards to the January 6th attack on the US Capitol," the spokesperson said, "and while we continue to examine how we can improve moving forward, the fact remains that we took unprecedented steps and invested significant resources to prepare for and respond to the threats that emerged during the 2020 US election."Trump: January 6 'will be wild'Long before January 6, the former employee said, people at Twitter were alarmed by its users' response to Trump's comments, in particular, his call in a September 2020 debate for the Proud Boys to "stand back and stand by" — a remark that tripled the membership of the far-right extremist group, according to one of its leaders."My concern was that the former president, for seemingly the first time, was speaking directly to extremist organizations and giving them directives," the Twitter employee said. On the social network, users responded as if it were a call to arms."It felt as if a mob was being organized and they were gathering together their weaponry and their logic and their reasoning behind why they were prepared to fight," the employee said.Then came the tweet Trump sent in December 2020, claiming it was "impossible" for him to have lost the election. "Big protest in D.C. on January 6th," he wrote. "Be there, will be wild!"This post, according to Rep. Raskin, "electrified and galvanized" Trump's extremist supporters.According to the former Twitter insider, the responses on the social network alone were enough to suggest there was a potential for violence."After this tweet on December 19th, again it became clear not only were these individuals ready and willing," the former employee testified, "but the leader of their cause was asking them to join him in this cause and in fighting for this cause in DC on January 6th."The night before the insurrection, the employee said they could barely sleep, fearing imminent violence. "I was on pins and needles because, again, for months, I had been begging and anticipating and attempting to raise the reality that if we made no intervention into what I saw occurring, people were going to die," they said. "And on January 5th I realized no intervention was coming."The January 6 committee on Tuesday shared several examples of posts from users who did not interpret Trump's tweet as inviting them to a strictly peaceful protest."It 'will be wild' means we need volunteers for the firing squad," one person wrote.More than a hundred police officers were injured the day of the attack on the US Capitol, as did one rioter who was shot trying to enter the halls of Congress. Five officers who served that day later died.Have a news tip? Email this reporter: cdavis@insider.comRead the original article on Business Insider.....»»

Category: smallbizSource: nytJul 12th, 2022

Weak investment-banking numbers, and gloomy mortgage outlooks weigh on banks" second-quarter earnings

Today's biggest story on Wall Street is the slew of US banks on deck to report their quarterly earnings. Mortgage lending and investment banking take center stage as market volatility and rising rates stall transaction volumes. Hi, Aaron Weinman here. The largest US banks will reveal their second-quarter earnings this week.But before getting into that, today and Wednesday mark Amazon Prime Day. So if you're in the market for an air fryer or a pair of hideous Crocs flip flops, we've got you covered with 59 of this year's best deals.Sign up here to get 10 Things on Wall Street in your inbox.Congress is considering banning its members — and their family members — from trading stocks.Kolderal via Getty Images1. JPMorgan and Morgan Stanley kick-off second-quarter bank earnings on Thursday. Weak mortgage lending numbers and the dearth of capital-markets activity will be scrutinized as rising rates and market volatility tame the appetite to transact.Investment banks boosted their earnings in recent years thanks to record-breaking activity in capital markets and M&A, both of which thrived in a low interest-rate environment.But the script has flipped. The Federal Reserve is raising rates in part to tamp down consumer spending. Investment-banking numbers have taken a hit as rate hikes have made it challenging to get deals done.Corporate earnings, meanwhile, are expected to weaken. Startups' comfy bubble has also burst and loan defaults should rise next year, meaning that companies are reluctant to take on debt, according to data from Fitch Ratings. Global syndicated loan volumes totaled $2.14 trillion for the first half of 2022, a 21% dip on the same period last year, according to Refinitiv data.Whispers of layoffs have risen above water-cooler talk. Institutions like JPMorgan and Wells Fargo have shed plenty from their mortgage teams, while the slump in IPOs and SPACs have equity-capital-markets bankers brushing up their resumes.Renaissance Capital's IPO index is down 43% year-to-date, and Axios reported that equity-capital-markets bankers — who are responsible for arranging IPOs — might have to wait until next year to launch new deals.One banker told Insider that he expects to see cuts in capital markets after the Labor Day Holiday.Despite the slump in dealmaking, bankers who focus on advisory services are confident that deals will get done should conditions normalize. And then there's restructuring folks who stand to benefit when companies under duress need to clean up their capital structures and balance sheets.Citi and Wells Fargo report on Friday, while Bank of America and Goldman Sachs round out the quarterly earnings on Monday, July 18.In other news:John Sandberg, an agent with Douglas Elliman, says he purchased the penthouse because of its proximity to a developing area in Miami.Courtesy of John Sandberg2. John Sandberg, a Douglas Elliman real-estate agent, purchased a Miami penthouse with funds he pulled from the stock market. Here's why he thinks Citadel's relocation from Chicago will boost Miami's real-estate market.3. As dealmaking cools off, banks face billions in "hung debt," according to Bloomberg. Bank of America, Credit Suisse, and Goldman Sachs could each face a $100 million hit on one financing deal.4. Morgan Stanley has named new global co-heads of investment banking, Reuters reported. The bank's current heads of investment banking, Mark Eichorn and Susie Huang, have been elevated to executive chairs of the division, Bloomberg first reported.5. Bill Ackman is returning the $4 billion he raised for his record-breaking SPAC to investors. In a letter to Pershing Square Tontine Holdings shareholders, Ackman said the rapid economic recovery from the COVID pandemic disrupted attempts to find a suitable target company to take public through a merger. 6. A Facebook Marketplace scam uses fake Zelle emails to trick users into sending money. One seller who fell for it said he was out $300 and warned others to look closely at details. When customers say their money was stolen on Zelle, banks often refuse to pay, according to this report from the New York Times.7. SoftBank-backed Remote is cutting 10% of its staff. The onboarding startup was valued at almost $3 billion during its last funding round. It cited economic uncertainty and a focus on more sustainable growth as reasons for laying off nearly 100 workers.8. The founders of Three Arrows Capital are not cooperating with liquidators. The bankrupt crypto hedge fund defaulted on a $670 million loan and its founders' whereabouts are unknown.9. Claira, a startup using AI to parse through financial contracts, just scored funding from Citi's strategic investment arm. Here's the 14-page pitch deck that sold the US lender on Claira.10. Accountants and consultants working at the "Big Four" firms rake in six-figure salaries and can pocket healthy bonuses too. Here's how much folks from Deloitte, PwC, KPMG, and EY make.Done deals:Partners Group acquired a majority stake in Energy-as-a-Service provider Budderfly. The private-equity firm also committed more than $500 million in growth capital as part of its investment.Canada Pension Plan and Investment Board has invested $334 million in Latin American discount food retailer D1. The Canadian firm will own a 19.3% stake in D1.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 12th, 2022

China is pushing back on the US dollar"s dominance but analysts say there"s no real threat to the greenback

The biggest story in markets today is China's move against dollar dominance — and expert stock picks from top Wall Street banks. Welcome back readers. I'm Phil Rosen, coming to you from New York — and today I'm taking you through the fast-paced and ongoing story that is China's push to challenge the US dollar. It's the start of a four-day week — let's not waste any time. If this was forwarded to you, sign up here. Download Insider's app here.Chinese President Xi Jinping seen delivering a speech at via video link at a media centre in Boao, China, on April 21, 2022.REUTERS/Kevin Yao1. China's been cooking up fresh challenges to the US dollar's role in international trade, starting with the BRICS countries' plan for a global reserve currency.BRICS includes Brazil, Russia, India, China, and South Africa — and Vladimir Putin says they're all teaming up to make a new currency basket.At the same time, The People's Bank of China announced it was building a yuan currency reserve with the Bank for International Settlements, along with five other nations.Some 85% of central banks have invested or are considering investing in the yuan, UBS found  — though it's still a long way off top-dog dollar in their holdings.While investors may fret about the erosion of dollar dominance, analysts told Insider the demise of the greenback is not likely. After all, this isn't the first time the dollar has faced threats from the yuan. "I hear this story all the time," one strategist said. "There is no threat in the foreseeable future to the dominance of the US dollar. It is the currency of the largest economy, used in the largest and deepest capital markets in the world, and is freely convertible."Mordolff/Getty Images2. US stock futures fell early Tuesday, as fears about economic growth appeared to outweighed previous optimism about the US possibly relaxing tariffs on China. Meanwhile, bitcoin was trading below $20,000. Here are the latest market moves.3. On the docket: Ubisoft Entertainment S.A., Marks & Spencer plc, and more all reporting. 4. Rick Rieder, Rob Arnott, and David Kelly all said the Fed can't beat inflation with rate hikes. The three Wall Street heavyweights, who oversee $5 trillion combined, shared what investors should buy as prices rise — and why the central bank has to fight high prices indirectly. 5. The CFTC charged a bitcoin firm with operating the "largest ever fraud" involving the cryptocurrency. Mirror Trading International, per the CFTC's statement, defrauded investors out of $1.7 billion. Investors had poured in 29,421 bitcoins as the company advertised itself as a bitcoin trading pool. 6. Vauld becomes the latest crypto platform to suspend withdrawals. The crypto lender, backed by Peter Thiel and Coinbase, is exploring a possible restructuring after "volatile market conditions" led customers to withdraw more than $197.7 million from the platform since June 12. It comes as Celsuis, another troubled crypto lender, is reportedly cutting 150 jobs. 7. For the first time ever, the US is sending more liquefied natural gas to the EU than Russia through pipelines. The Kremlin has been cutting flows in recent weeks for the Nord Stream pipeline. As an IEA official tweeted: "The drop in Russian supply calls for efforts to reduce EU demand to prepare for a tough winter."8. An investment research CEO who called the declines of Coinbase, Shopify, and Snap warned that other stocks are about to hit $0. As the Fed moves to tighten policy in the coming months, "zombie companies" are most at risk, warned David Trainer. He said these three stocks, including a popular fitness brand, could end up being worthless. 9. Five Wall Street experts explained why the carnage likely isn't over for the stock market. Strategists from Goldman Sachs, Morgan Stanley, Bank of America, and Societe Generale all see more downside ahead. Here's what you want to know.Markets Insider10. The S&P 500 just had its worst first half since 1970 — and Netflix led the pack of poorest performers. The streaming service had a negative-71% performance in the first six months of 2022. Here's a list of the other nine worst-performing stocks in the first half of the year.Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn).Edited by Max Adams (@maxradams) in New York and Hallam Bullock (@hallam_bullock) in London. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 5th, 2022

A history of Elon Musk"s love affair with Dogecoin, from a crypto-themed SpaceX mission to the moon to a Twitter spat with one of its creators

It's unclear how much Dogecoin Musk owns, but, some have speculated he could be the whale who holds over 36 billion coins. Associated Press Elon Musk has promoted Dogecoin on Twitter since 2019 and has helped developers on the platform. During the GameStop rally, the billionaire helped send Dogecoin from less than 1 cent to 69 cents. It's unclear how much Musk has personally invested in the meme currency. The richest man in the world doesn't usually take himself too seriously.Elon Musk attends the 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 2, in New York City.Theo Wargo/WireImageSince he gained his mass following on Twitter, Elon Musk has been known for posting memes, as well as his support of crypto.So it's no surprise Musk latched onto the meme currency that is Dogecoin.The cryptocurrency is the byproduct of a joke between two engineers in 2013.The Doge meme.ZoraDogecoin was launched when IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer decided to combine two of 2013's greatest phenomena: Bitcoin, and the doge meme.The meme featured an image of a Shiba Inu dog with Comic Sans thought bubbles spouting out of it.Reddit helped Dogecoin develop its own subculture in 2013, but Musk didn't publicly take note until 2019.STR/NurPhoto via Getty ImagesIn 2013, Reddit helped buoy the digital currency to a market value of about $8 million.It became popular for the internet practice of "tipping," which was a way of repaying people on the web for performing "good deeds," like sharing an idea or making a platform more accessible.The cryptocurrency has long contributed to a culture that distinguishes itself by a sort of irreverence for institutions like Wall Street.Elon Musk in a dinner suit at the Met Gala 2022.NDZ/Star Max / Contributor via GettyMusk has been known to express similar sentiments.From making Hitler jokes and dissing President Joe Biden on Twitter to his battles with the Securities and Exchange Commission, the Tesla and SpaceX CEO continually has questioned the status quo and challenged authority.Musk first tweeted about Dogecoin in 2019.DogecoinNurPhoto"Dogecoin might be my fav cryptocurrency," Musk tweeted in April 2019. " It's pretty cool."Crypto news tracker Decrypt reported that searches for Dogecoin spiked between 2019 and 2020 seemingly around the same times that Musk tweeted about it.He said in 2021 that he has been working with Dogecoin developers to improve the network since 2019. It's unclear how much Dogecoin Musk owns personally. But, some have speculated he could be the Dogecoin whale who famously holds over 36 billion coins.Lisa Han/InsiderA single digital wallet currently owns about 28% of the total digital currency.The digital address could belong to a single person or an exchange, but users speculated it could be Musk when 420.69 Dogecoins were added to the wallet — a nod to one of Musk's favorite jokes.The richest man in the world has not commented on the wallet.Dogecoin didn't really take off until 2021 when it followed GameStop's rally.Marianne Ayala/InsiderMuch like the historic GameStop rally, Dogecoin was fueled by a Reddit group. But, instead of WallStreetBets, it was SatoshiStreetBets. In the group, users said they planned to send the currency "to the moon" — or at least to $1 per coin.Musk helped lead the charge to send Dogecoin "to the moon."CryptooofIn the spring of 2021, the crypto coin surged to an all-time high of 69 cents — up from less than 1 cent per coin in January of that year.The rally came ahead of Musk's appearance on "Saturday Night Live" and amid speculation that a mention of the coin on television could send it even higher.Prior to the show, Musk had tweeted about Dogecoin multiple times, including a post in January of a "Dogue" magazine that was designed to imitate Vogue.—Elon Musk (@elonmusk) January 28, 2021He also posted a meme of himself holding up a Shiba Inu in the style of Disney's "The Lion King" in February 2021.—Elon Musk (@elonmusk) February 4, 2021 Musk mentioned Dogecoin on SNL, but it sent the coin lower.Musical guest Miley Cyrus, host Elon Musk, and Cecily Strong shoot a promo in Studio 8H on May 6, 2021Rosalind O'Connor/NBC/NBCU Photo Bank via Getty ImagesDogecoin dropped 36% the morning after his appearance on the comedy sketch show. Musk mentioned the crypto coin several times throughout his set, but on the Weekend Update portion of the show he posed as a financial expert attempting to explain the mania around Dogecoin.In the sketch, his character says, "it's a hustle." Musk promised to send Dogecoin to the moon, literally.Tesla and SpaceX CEO Elon MuskSteve Nesius/ReutersJust days after Musk joked about Dogecoin on SNL, the SpaceX CEO booked a mission to the moon that would be funded entirely by Dogecoin."SpaceX launching satellite Doge-1 to the moon next year," Musk tweeted on May 9, 2021.The satellite will be launched on SpaceX's Falcon 9 rocket as a secondary payload. On Wednesday, the CEO of the company managing the DOGE-1 mission, Samuel Reid, confirmed that the mission is still in the works.Earlier this year, Tesla began accepting Dogecoin as payment for merchandise.Tesla Model X.Contributor/VCG/Getty ImagesMusk made the announcement on Twitter and it temporarily sent the price of the cryptocurrency higher.The decision came after Tesla already had begun accepting Bitcoin as a source of payment. Though, the company backtracked a few months later.In May, SpaceX also began accepting Dogecoin in exchange for merchandise.Musk gave his Twitter followers some advice: Don't sell.Elon Musk says he is a free speech absolutist.Jae C. Hong/AP"As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high," he wrote. "I still own & won't sell my Bitcoin, Ethereum or Doge fwiw."Musk's relationship with Dogecoin hasn't always been smooth sailing. In May, one of the meme coin's creators took aim at the billionaire.Elon Musk on March 9.Photo by Yasin Ozturk/Anadolu Agency via Getty ImagesIn an interview with the Australian news site Crikey, Palmer called Musk a "grifter" and questioned whether truly understood coding.Palmer said he messaged Musk on Twitter several years ago after creating a bot that could help identify crypto scams on Twitter. During the exchange, he said it became clear that Musk "didn't understand coding as well as he made out." Palmer said Musk didn't know how to run the Python script."He sells a vision in hopes that he can one day deliver what he's promising, but he doesn't know that," Palmer said. "He's just really good at pretending he knows. That's very evident with the Tesla full-self-driving promise."Musk fired back at Palmer.Elon Musk.Andrew Kelly/ReutersThe Tesla CEO ripped into Palmer on Twitter."My kids wrote better code when they were 12 than the nonsense script Jackson sent me," Musk tweeted on Tuesday about Palmer's code from 2018. "If it's so great, he should share it with the world and make everyone's experience with Twitter better."The billionaire also said that Palmer "never wrote a single line of Dogecoin code."In a since-deleted tweet, Palmer called for his fellow dogecoin cocreator, Markus, to respond to Musk's accusation.But, Musk appears to have a close relationship with Markus on Twitter.Elon Musk tweeted that the deal was on hold Friday.Picture Alliance/Getty Images"The people after us did exponentially more than either jackson or i did on the code base," Markus wrote on Twitter. "I think i wrote like 20 lines of code and copied the rest."Markus, who calls himself "Shibetoshi Nakamoto" on Twitter, is often seen tweeting back and forth with Musk. "You're humble bro," Musk tweeted in response to Markus. "Billy's sense of humor & irreverence is a big part of why people love Dogecoin."Musk has continued to promote Dogecoin even as crypto has plummeted.Yuichiro ChinoIn May, crypto crashed — wiping out over $2 trillion in value in a matter of months.Musk has acknowledged the sell-off, calling it "cryptonight." But, Musk has not stopped supporting Dogecoin. In June, he said he's continued backing the coin because "people who are not that wealthy" have asked him to.The billionaire was sued for $258 billion over an alleged Dogecoin "pyramid scheme."iStock; InsiderIn June, a man sued Musk, Tesla, and SpaceX for promoting Dogecoin."Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all," Keith Johnson said in his complaint, filed Thursday in federal court in Manhattan.  Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 3rd, 2022

Opening Bell: Friday stock bullishness

JPMorgan is optimistic for the stock market in 2022, and a final dispatch from NFT.NYC. This and more, in today's Opening Bell newsletter. TGIF, readers. Phil Rosen here, and I'm happy to share today we're wrapping up the week on a bullish note for a change. A top Wall Streeter dished out a rare bit of optimism amid a sea of gloomy takes. Yesterday was the final day of the NFT.NYC conference, and I have one last dispatch from the scene. It's a story of an impressive 18-year-old I met — who has notched $700,000 in revenue selling physical Bored Ape toys.And now let's scope out the markets.If this was forwarded to you, sign up here. Download Insider's app here.Traders work the floor of the New York Stock Exchange during morning trading on May 05, 2022 in New York City. Stocks opened lower this morning after closing high on Wednesday after the Federal Reserve announced an interest-rate hike by half a percentage point in an effort to further lower inflation.Michael M. Santiago/Getty1. JPMorgan says stocks are primed to bounce back. And it could happen as soon as this year, as analysts say markets will have a strong outing for the second half of 2022.Analysts said in a note this week that they expect the annualized inflation rate to get cut in half over the next few months, which would lead to central banks pivoting to avoid a recession. Despite other firms on Wall Street calling strong odds for a recession, JPMorgan thinks a downturn won't materialize anytime soon. Instead, it actually forecasts a reacceleration in global economic growth. "While the probability of recession increased meaningfully, we do not see it as a base case over the next 12 months. In fact, we see global growth accelerating from 1.3% in the first half of this year to 3.1% in the second half," JPMorgan said.Meanwhile, Deutsche Bank said this week it sees a 50% of a recession. And Citi, too, put the chances at about 40%. Still, JPMorgan says otherwise, and without a recession, stocks will have plenty of upside."So it is not that we think that the world and economies are in great shape, but just that an average investor expects an economic disaster, and if that does not materialize risky asset classes could recover most of their losses from the first half," the analysts maintained.In other news:Russian oil production dropped from February to mid-May, according to Bloomberg figures.picture alliance/Getty Images2. US stock futures gained upward momentum and the dollar eased early Friday. This came after Federal Reserve Chair Jerome Powell calmed some investor angst by pledging to fight inflation. Get your full morning wrap here.3. On deck today: CarMax, Carnival Corporation, and Cheetah Mobile, all reporting.4. The chief client officer of a $15 billion wealth manager shares high-quality stocks to protect portfolios through a bear market. Aspiriant's Sandi Bragar is focused on shielding from volatility, while also taking risk where there's a strong upside. These are 10 cheap names she thinks will bring big gains in a turnaround.5. Oil is headed for its first monthly loss of 2022. Recession fears have knocked nearly 8% off the price — and traders are starting to bet that it's still got further to fall.6. Russia still earns about 100 million euros a day in gas exports to Europe. And that's despite a 75% cut to supply. One estimate puts Russian gas revenue at about 35 billion euros since the war in Ukraine began.7. Russian commodities traders are scrambling to set up shop in Dubai after fleeing Switzerland. One expert said Middle Eastern jurisdictions will gain in importance for those in the commodity business with Switzerland clamping down on trade rules as the Ukraine war rages on. Get the full details here.8. Within two years, a 28-year-old scaled to nine online income streams. He raked in up to $30,000 a month. He shared how he scaled, which platforms he used — and where the bulk of his earnings came from.9. A 31-year-old who saved over $200,00 in just over two years explained how she invested her money. "The idea of investing terrified me," said Chloe Daniels. Here's how she went from in debt and afraid to a six-figure net worth.Markets Insider10. Lumber prices have fallen as mortgage rates hit a fresh 13-year high. "Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year," a top economist said. Dig into the numbers.Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.) Edited by Max Adams (@maxradams) and Lisa Ryan (@lisarya) in New York. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 24th, 2022

Inside Wells Fargo"s mortgage conundrum

Wells Fargo's profitable mortgage-lending business is bracing for more heartache as rates rise. Hi, Aaron Weinman here. Let's talk about Wells Fargo, and specifically, its mortgage-lending business — long a profit center for the bank.But before I kick that off, a bit on old mate and Fed Chair Jay Powell, who appeared in front of the Senate Banking Committee on Wednesday (and will appear before the House Financial Services Committee today). One can't really talk about mortgages without linking to Powell's quest to hike rates.Interest-rate hikes are one of the Fed's go-to tools to fight inflation. But Powell said that increased rates won't provide the quick relief we'd hoped for, especially when it comes to food and gas prices. The Fed's mission to cool the economy also translates to pricier home loans, a key factor in Wells' decision to resize its mortgages business.By the way, I stopped by CBS News last night to talk about Powell's testimony – watch the clip here.Now then, let's get to it.If this was forwarded to you, sign up here. Download Insider's app here.Wells Fargo CEO Charlie Scharf, pictured here in October 2021, has set out to revamp the bank's sprawling wealth management arm.PATRICK T. FALLON/AFP via Getty Images1. There's more pain to come for Wells' mortgage business as staff cuts loom and profits weaken amid rising interest rates. Analysts are pontificating over how the unit fits into CEO Charlie Scharf's master plan.Wells has long been a leader in the US mortgage-lending space. But, as Insider has previously reported, Scharf's been signaling that the bank will pare back its exposure to home loans.The San Francisco-headquartered bank wants to invest in other areas like credit cards and investment banking in a bid to compete with peers like JPMorgan Chase, Bank of America, and Citi.The downsizing of mortgages, meanwhile, brings into question Wells' reputation as the Wall Street bank that appeals to "Main Street" because of its broad relationships with American consumers.Such changes have raised questions over how Wells will look in the future. Will it simply be a slimmed-down version of its current self? Is it part of Scharf's plan to distance the bank from a fake-accounts scandal unveiled six years ago?Insider's Carter Johnson spoke with industry experts to deduce what these changes mean for Wells, its mortgages business, and the staff that make up this long-profitable entity of the bank.To be sure, it's not just Wells that's feeling the pinch of a cooling home-loan market. JPMorgan Chase has also laid off thousands of its home-lending employees, and many more staff at the rival bank are expected to be reassigned. In other news:Patrick T. Fallon/AFP via Getty Images2. Citi's deploying 4,000 tech hires to tighten up its back office and digitize certain businesses. The hiring will focus on Citi's global payments, trade finance, and lending businesses. The development comes as Citi seeks to move on from unintentional processing snafus related to a $900 million Revlon loan and a Nordic "flash crash."3. Goldman Sachs will bring some 5,000 jobs to new digs in Dallas, Texas. The City Council will provide more than $18 million in economic incentives to support the office, according to The Dallas Morning News.4. Dovi Frances, founding partner at VC firm Group 11, wants the investment community to be more open. Frances, who's invested in fintechs like EquityBee and Papaya Global, shared his returns with Insider, which showed more than $1 billion in paper gains.5. Real-estate brokerage Compass has warned of more job cuts on top the 450 it announced earlier this month. Read the full email Robert Reffkin, Compass' CEO and a former Goldman Sachs banker, sent staff about the layoffs.6. Coinbase is lowering how much it's paying influencers. The company, reeling from the meltdown in crypto prices, has blamed the change on "market conditions," according to emails that influencers leaked to Insider.7. Sam Bankman-Fried has lent $250 million to crypto lender BlockFi. The crypto billionaire stepped in to shore up the company's balance sheet just a week after lending brokerage Voyager Digital $485 million in cash and bitcoin.8. Crypto exchange Binance.US, meanwhile, said it's eliminating fees for all customers on bitcoin spot trading. The exchange, which launched in 2019, is also looking to raise more money from investors, the Wall Street Journal reported. The fee-cut is bad news for rival Coinbase, which saw its shares tumble more than 9% on Wednesday.9. This $65 million Nevada mansion overlooks Lake Tahoe and comes with a private cable lift. Take a look inside what is the most-expensive house currently for sale in the Silver State.10. ESG data firm Ecovadis just snared $500 million in fresh funding. Ecovadis provides ESG scores so companies can make sound supply-chain decisions. Here's the pitch deck that helped it secure the cash.Done deals:Private investor Ardian has agreed to sell its stake in Belgian IT services provider Trustteam to fellow private investment firm Rivian Capital.Angeles Equity Partners, in partnership with KJM Capital, has purchased a majority stake in Oklahoma-headquartered trucking company Freymiller.Curated by Aaron Weinman. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Lisa Ryan (tweet @lisarya) and Jordan Parker Erb (tweet @jordanparkererb).Read the original article on Business Insider.....»»

Category: dealsSource: nytJun 23rd, 2022

Wall Street: Elon"s $13 billion quagmire

In today's 10 Things on Wall Street: If Musk gets Twitter, will investors buy the debt? And meet Insider's latest "quantrepreneur" Denis Dancanet. Good morning! I'm Aaron Weinman and on this day last year, Coca-Cola lost $4 billion in value because Cristiano Ronaldo removed Coke bottles from his press table at the European Championships.Now, let's get into today's news.If this was forwarded to you, sign up here. Download Insider's app here.Britta Pedersen/Getty Images; Twitter; Rachel Mendelson/Insider1. It's anyone's guess whether Elon Musk will buy Twitter. The billionaire agreed to acquire the social-media platform for about $44 billion in April, but acts like he wants to walk away from it as he continues to moan about fake accounts.Musk's making an appearance at a Twitter all-hands meeting on Thursday, according to an internal memo viewed by Insider, giving Twitter workers a chance to field questions to the billionaire.One burning inquiry — and lively point of discourse — surrounds the financing attached to the acquisition. The deal comprises Musk's gargantuan $21 billion equity commitment, and the $12.5 billion margin loan that he secured against his stock in Tesla (and that he's since paid back).The last piece of debt is the $13 billion in bridge loans, part of which would be taken off banks' balance sheets and sold as high-yield bonds or leveraged loans in the capital markets.Banks that underwrote this stand to pocket millions of dollars in fees each in what's been an otherwise paltry year for capital-markets dealmaking.But assuming Musk goes through with a deal for Twitter, this "bridge financing" will not be so easy to offload onto third-party investors like hedge funds, institutional investors, and collateralized loan obligations, the latter being the largest buyer (more than 60%) of leveraged loans, bankers familiar with the deal told Insider.Bond and loan investors, above all else, love something Twitter does not have — cash flow. Musk's lack of a business plan and erratic behavior also has investors spooked, which makes selling this debt a tall order, should that day ever come.This is one of the reasons why well-known leveraged-finance banks like Credit Suisse, RBC, Deutsche Bank, and Citi passed on underwriting the term loans, the bankers familiar with the transaction said.Banks don't want to be left holding onto this debt should the investor community say "thanks, but no thanks."You can listen to me talk about this on The Refresh from Insider.In other news:Point72's Denis Dancanet, president of cubist systematic strategiesPoint722. Denis Dancanet defected to the US via a chess tournament before becoming one of Wall Street's most-powerful quant execs. He also built two startups, including one that's constructing flying cars. Dancanet's story is the latest from Insider's series that highlights top quants who quit the Street to build something new.3. Lawyers at Wall Street's go-to firms are making boatloads of cash. One attorney with "outrageous discretionary spending" told Insider how he allocates his paycheck.4. Staying with rich folks, these heavy-pocketed people are tackling inflation with bets on music royalties and farms. Four investment strategy heads told Insider what is hot and what's not for the country's wealthiest folks.5. This Wall Street copper is warning about WhatsApp and Signal use. Damian Williams, the US attorney for the Southern District of New York, told Bloomberg that banks and hedge funds should monitor these encrypted apps as these messaging services are where his team will look for nefarious activities.6. Sen. Dan Sullivan will testify about his proposal to stop index fund managers from voting on shareholder proposals. The Republican from Alaska wants these proposals to have explicit consent from the larger institutional investors. The testimony comes as BlackRock and other money managers face heavy criticism from mostly conservatives over their liberal-leaning initiatives around ESG.7. Thoma Bravo shaved 3% off the price it's paying for software company Anaplan, the Financial Times reported. In return, the buyout group increased the fee it would pay Anaplan if the deal falls through to $1 billion from $586 million.8. HSBC could unlock almost $27 billion in value should it split off its Asian business, as a big shareholder has called for. The British bank could spin off its Asian business, or its Hong Kong retail bank through IPOs, according to a report from In Toto Consulting published by Bloomberg.9. Celsius said it's pausing account withdrawals and transfers. The crypto lender has doled out more than $8 billion to clients but bitcoin and other digital currencies have nosedived in recent months.10. Israeli startup Odeeo just scored $9 million in seed funding. Here's key slides from the deck that helped the mobile game advertiser leverage demand for a segment that could top $6 billion this year.Done deals:Bain Capital Credit and J.C. Flowers & Co. invested $100 million in wealth management platform Insigneo Financial Group.Alpine Investor-backed Trilon Group acquired Ramey Kemp Associates, a North Carolina-based transportation consultant.Event invite: The fourth installment in Insider's "Financing a Sustainable Future" series is today, June 14 at noon Eastern. This event, in partnership with Bank of America, focuses on corporate governance, perhaps the most difficult measure of ESG reporting. Check out the previous three events and register for today's event here.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: dealsSource: nytJun 14th, 2022

Elon Musk"s Twitter deal is backed by a secretive, little-known Dubai-based investment firm whose founder was once dubbed a "human supercomputer"

Vy Capital has committed $700 million to the Twitter bid, making it the third-biggest outside equity investor, Bloomberg reported. Elon Musk says he is a free speech absolutist.Jae C. Hong/AP Elon Musk's Twitter deal has received $700 million in backing from little-known Vy Capital, Bloomberg reported. The Dubai-based firm was founded by Alexander Tamas, who has previously backed Musk's SpaceX, Boring, and Neuralink. Tamas' Twitter account liked an April 21 Musk tweet that called for Twitter to "authenticate all real humans." Elon Musk's Twitter takeover bid has high-profile backing from big names like Sequoia Capital and Larry Ellison. But another backer is a little-known, Dubai-based investment firm, according to a Bloomberg report. Vy Capital — which has a sparse website and no contact information — has more than $5 billion in assets and committed $700 million to the Twitter bid, making it the third-biggest outside equity investor in the deal.Little is also known about Vy's founder Alexander Tamas, who once worked with Russian-Israeli billionaire Yuri Milner and has been described by top venture capitalists Ben Horowitz and Marc Andreessen as "Milner's human supercomputer," Bloomberg said. He also once worked at Goldman Sachs and was a founding member of Arma Partners. Tamas previously invested in Musk's other companies, SpaceX, Boring and Neuralink. And some of Vy Capital's public assets have included holdings in Shopify and Activision Blizzard, Bloomberg reports, though those positions closed by 2018, regulatory filings reveal.More recently, his Twitter account liked an April 21 tweet from Musk that said Twitter should "authenticate all real humans" and kicked off the recent bot dispute that has snagged the takeover bid.—Elon Musk (@elonmusk) April 21, 2022 Meanwhile, in a 2019 interview, he echoed Musk's sentiments on free speech: "What I think is misguided is the idea that our social media platforms should govern what we can and cannot see." He noted that allowing private companies to become arbiters of free speech would be "dangerous."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 9th, 2022

Wall Street: SPACs gone bad

In today's 10 Things on Wall Street: A tale of hubris. Recent happenings at companies like SeatGeek and Better underscore the inherent risks of SPACs. Hola, Aaron Weinman here. Let's talk about SPACs.If this was forwarded to you, sign up here. Download Insider's app here.Brian Snyder/Reuters; Michael Loccisano/Getty Images; Samantha Lee/Insider1. SPACs are sputtering. More than 10% of companies that merged with SPACs in 2020 and 2021 reckon they'll go bust. Nineteen firms have canceled SPAC mergers this year.Investors are more discerning over where they park their cash, and regulators are sharpening their pencils on how SPAC targets go public, leading banks to spurn them.Take the SoftBank-banked mortgage lender Better.com. It's laid off so many thousands of staff in the last five months, you'd be forgiven for thinking you were watching Ari Gold of "Entourage" fame.Now, Sarah Pierce, Better's former executive VP for sales and operations, alleged in a lawsuit that Better deceived investors to keep them onboard a merger with Aurora Acquisition, a SPAC sponsored by Novator Capital. (Better said the claims are without merit.) SeatGeek is another casualty of the downturn. Seatgeek and RedBall, a SPAC led by former Goldman Sachs partner Gerry Cardinale and "Moneyball's" Billy Beane, "mutually agreed" to kill a merger last week due to market conditions. But people on the inside said neither were willing to compromise on a revised company valuation or amend the "sponsor promote."The "promote" is a lucrative fee for the SPAC sponsor after it seals a merger. Sponsors are reluctant to reduce what they earn on their "promotes," which usually amounts to a fifth of a SPAC's stock, one person said.With SPACs on the fritz, bankers are fine-tuning their résumés."Layoffs are coming," one banker told Insider. "Pipelines are down. Companies are pushing plans out to 2023."Here's the latest on Better's lawsuit. And for more on SPACs gone awry, check out this dive into the SPAC era's worst-ever deal.In other news:Junior bankers are hanging on to the power they seized last year — but an economic slowdown threatens to return control to their bosses.DNY59/Getty Images2. Wall Street's minions are losing power. Since the pandemic hit and bankers retreated home, the junior staff were showered with raises and perks like Pelotons. But the slowdown in dealmaking could reverse some of the juniors' hard-fought victories. Here's how the recent decline has observers spooked.3. State Street is planning a takeover of Credit Suisse, as first reported by Inside Paradeplatz. The Swiss bank's shares jumped after the report, a reversal of fortunes after warnings of a second-quarter loss. State Street declined to comment on the report, but some analysts say the deal is "highly unlikely." 4. Cashed-up Coatue has got a wish list of stocks. Here's 13 tech names the hedge fund thinks have fallen victim to indiscriminate selling.5. Goldman Sachs' tech execs are all about the "polycloud" approach. The bank's co-CIOs detailed Goldman's cloud strategy and compared being "cloud agnostic" to the Flat Earth theory.6. Staying on Goldman, the Wall Street bank lost a chief saleswomen in its asset-management arm, according to Bloomberg. Heather Miner, who earned a partner title in 2018, is joining private-equity shop Advent International.7. The UK's Zopa is bustling into the BNPL space. After teasing out a potential IPO, the neobank's CEO also affirmed that it's waiting for "the right moment" to go public.8. JPMorgan's growth-equity arm invested in Codat's $100 million Series C round. The company constructs tech that connects fintechs with banks. Here's an overview of JPMorgan's key fintech deals.9. Decimal, an accounting fintech, raised $9 million in a seed round. Chief Executive Matt Tait told Insider that there's ample opportunity in "the boring stuff," when it comes to running a business. Check out the 13-page pitch deck Decimal used to snare its latest funding.10. Coinbase pulled back a number of job offers. Here's an essay from Ashutosh Ukey, a 23-year-old software engineer, who spoke to Insider after having his offer from the crypto exchange withdrawn.Done deals:The NFL's Denver Broncos has agreed to sell the team to Rob Walton and members of the Walton and Penner families.Yieldstreet, a digital alternative investor, has partnered with fintech platform Luma Financial TechnologiesKeep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 9th, 2022

Opening Bell: OPEC production boost may be too little

OPEC announced a 50% oil production boost Thursday, but that may not be enough. This and more, in today's Opening Bell newsletter. It's Friday — Phil Rosen here. I'm happy to report we've made it to the weekend, but that doesn't mean relief for global energy markets. Crude oil prices continue to show volatility, and OPEC's big move may not be big enough to make a dent in the supply gap. Here we go. Launching Monday: If you dig this email, you'll love 10 Things on Wall Street, which will cover the biggest stories in banking, private equity, hedge funds, and fintech. Launching next week — sign up here.If this was forwarded to you, sign up here. Download Insider's app here.Russian oil production dropped from February to mid-May, according to Bloomberg figures.picture alliance/Getty Images1. OPEC+ announced a big boost to oil output Thursday. Even though it was larger than expected, the 648,000 barrel-per-day increase may not be enough to offset missing Russian barrels in the global market, according to the CEO of Hess.The release comes as US crude inventories have slipped, with EIA data showing that current stockpiles are some 15% below the five-year average for this time of year. Still, the OPEC+ announcement clears the way for Saudi Arabia to ramp up oil production to try and fill in for Russia's absence from the market. As concerns mount over a dire supply squeeze, sources told the Financial Times that the Kingdom is prepared to pump more crude.Saudi Arabia is aware of the risks in oil markets, and "that it is not in their interests to lose control of oil prices," a source told the FT. With China potentially easing COVID lockdowns, questionable Russian output, and soaring gas prices in the US, the White House faces a complex task. And, closer to home, consumers are still wondering why gas prices keep rising even in times when crude oil falls from record highs. (You can listen to me talk oil and OPEC+ today on The Refresh from Insider.)In other news:A security surveillance camera is seen near the Microsoft office building in Beijing, July 20Associated Press/Andy Wong2. Stocks slipped premarket Friday morning following Thursday's volatile session. Futures for each of the major indexes dropped Tesla shares moved lower as Reuters reported Elon Musk wants to slash 10% of jobs at the EV maker. Here's the latest.3. On the docket: North Bud Farms Inc is reporting earnings today, and keep an eye out for May employment data publishing later today. 4. Big-money investors are eyeing this handful of stocks this quarter, according to a Goldman Sachs analysis of over 1,300 funds. All together, the firms oversee $5.2 trillion in assets — see the list of nine stocks here.5. The Fed isn't likely to pause its rate hikes anytime soon, Vice Chair Lael Brainard said Thursday. The economy still has a lot of momentum: "Right now, it's very hard to see the case for a pause."6. Microsoft stock dropped after it cut its quarterly guidance on "unfavorable" currency moves. The tech giant isn't alone among multinational corporations in warning that a strengthening dollar can dent revenue or earnings. Here's what you want to know. 7. Hedge fund giant Tiger Global has reportedly lost 52% this year. Losses have piled up for the top firm thanks to the ongoing decline in tech stocks. In May alone, the fund dropped 14.2% — even though the Nasdaq only slipped 2% on the month.8. This millennial saved enough money to quit his day job at 29. He explained why he didn't max out his 401(k) plan — and where he invested his money instead. 9. A 25-year Wall Street veteran said "choppy seas" are still ahead even as recession concerns ease. He laid out a growing risk heading into the summer that could send food prices through the roof — and four strategies to hedge these conditions. Madison Hoff/Insider10. It's getting more expensive to use your credit card. The Fed's fight against inflation is expected to lift credit card rates to record highs. That could result in shoppers paying thousands of dollars in interest and overextending themselves. Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.) Read the original article on Business Insider.....»»

Category: personnelSource: nytJun 3rd, 2022

10 Things in Tech: "Zoomtowns" face catastrophe

Today we are taking a look at the challenges facing America's new "Zoomtowns," and one veteran reviewer reveals their favorite home tech gadgets. Happy Friday, readers! Today we are taking a look at the challenges facing America's new "Zoomtowns," and one veteran reviewer reveals their favorite home tech gadgets.Now, let's get started.Programming note: There will be no newsletter on Monday, as we're off for Memorial Day. See you Tuesday.New newsletter alert: Our weekday newsletter 10 Things on Wall Street will take you inside the finance industry, from the latest in banking and fintech to the power players leading the biggest deals on the Street, Silicon Valley, and elsewhere. Launching soon — sign up here.If this was forwarded to you, sign up here. Download Insider's app – click here for iOS and here for Android.IStock Photo; Vicky Leta/Insider1. America's new "Zoomtowns" are facing a remote-work catastrophe. The rise of remote work — accompanied by a hot housing market — has caused a mass migration to rural areas across America. Now, many long-time locals are feeling the squeeze from the stream of newcomers. Rural and semirural communities are struggling to keep pace with population growth they didn't plan for. As remote workers are priced out of the cities and suburbs, many areas need to increase available housing to meet demand. Some experts refer to the inequality-driving demographic shift as "rural gentrification," as small towns face big-city problems they don't have the resources to manage. Many locals have been driven into tent cities and homeless shelters by rising rent and house prices, as America's Zoomtowns find themselves on the edge of catastrophe. Read the full report here. Insider/Morgan StanleyIn other news:2. Mark Zuckerberg says the metaverse will bleed money for up to five years. As per Bloomberg, Zuckerberg told shareholders that some products wouldn't be ready for 15 years, despite spending $10 billion on the metaverse in 2021 alone. Here's everything he said.3. US tech companies are "underwater" on equity granted to workers. Big tech companies, known for paying employees well with a combination of salary and stock, are left in a precarious situation after their share prices plummeted. Check out which tech companies are in the biggest hole.4. Elon Musk is being sued by a Twitter shareholder. The proposed class-action suit alleges that Musk manipulated the value of the social media company via his tweets about the takeover being on hold, which hurt investors and employees. 5. YouTubers break down how much they make per month. From 5,000 subscribers to 500,000, the amount YouTube creators make per month can range from a few hundred dollars to tens of thousands. Here's how much they earn.6. Tesla is planning a wild Supercharger station in Hollywood. As per Bloomberg, Tesla has submitted plans with the city of Los Angeles to build a Supercharger station, complete with a restaurant and drive-in theater. Here's what the plans look like.7. Salesforce is navigating stormy seas. Salesforce's venture-capital arm has invested in some of the biggest names in cloud software — including Zoom, DocuSign, and Box. But as cloud-software valuations have fallen, the value of Salesforce's investments has dropped. As a result, the company has had to cut costs and slow hiring.8. Sequoia's Pat Grady explains why the market downturn is a golden opportunity for tech investors. As other firms pulled back, Sequoia has kept its typical investing pace. Grady explains what other investors and doing wrong, and what Sequoia is doing right. Philips Hue Lightstrips and Light Bulbs can shine in a huge amount of colors, including basic light.Jenny McGrath/InsiderOdds and ends:9. Veteran smart home reviewer reveals the products they use daily. From smart locks and high-tech cameras, to connected pet feeders and sophisticated light switches, these are their favourite gadgets. 10. Ever had the Spam Risk message appear on your phone? Then you've likely had a scammer, spammer, or telemarketer try and contact you. Here's why the message appears on your phone, and what you should do when it does.People moves in tech:Technology and business editor John Paczkowski is leaving BuzzFeed News to join Forbes.Glossier CEO Emily Weiss has stepped down.Marty Swant, editor of the Forbes CMO Network, has left to join another publication.Global Payments appoints tech industry veteran Masseh Haidary as CEO payments Oceania.Michael Mestrovich, a former CIA CISO, joins Rubrik as chief information security officer.Okta picks Philip Goldie as ANZ vice president.Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Hallam Bullock in London (Feedback or tips? Email hbullock@insider.com or tweet @hallam_bullock.)Read the original article on Business Insider.....»»

Category: personnelSource: nytMay 27th, 2022

10 Things in Tech: Microsoft exec misconduct

Today we have a new report on what Microsoft employees are saying about executive misconduct Good morning. Today we have a new report on what Microsoft employees are saying about executive misconduct.Let's get to it.New newsletter alert: Our weekday newsletter 10 Things on Wall Street will take you inside the finance industry, from the latest in banking and fintech to the power players leading the biggest deals on the Street, Silicon Valley, and elsewhere. Launching soon — sign up here.If this was forwarded to you, sign up here. Download Insider's app – click here for iOS and here for Android.Allen J. Schaben/Rick Maimant/Mint/Getty Images; Jenny Chang-Rodriguez/Insider1. Microsoft employees say 'golden boy' executives are still running wild. When CEO Satya Nadella took charge, he vowed to implement a respectful, diverse, and inclusive work environment — bringing an end to Microsoft's tolerance for "talented jerks." But dozens of current and former employees told Insider that executive misconduct remains rampant.One employee recalled how a high-ranking executive tested out a virtual-reality headset — by playing "VR porn" to a room of staff.  According to the workers, this behavior is just part of a widespread pattern of executive misconduct, which they say includes verbal abuse and sexual harassment. A former executive who raised similar concerns said Nadella's approach was: What's something we can do to make it go away without making hard decisions? But this behavior has lasted years, sources say, with top execs enjoying impunity dating back to the reigns of Bill Gates and Steve Ballmer. Read the full report here.In other news:The Cumberland Mall Apple Store in Atlanta, Georgia is one of three Apple stores with active union drives.REUTERS/Alyssa Pointer2. Apple is raising base pay for retail workers. According to a memo viewed by CNBC and The Wall Street Journal, Apple is increasing base pay for retail employees from $20 to $22 an hour. It comes after Apple's retail employees recently pushed to unionize. Here's what we know.3. An inside look at the life of Silicon Valley private chefs. Lamborghinis, California mansions, private jets — that doesn't sound so bad, right? Michelin-starred restaurant chefs have revealed what life is like catering to the rich and powerful, and why it isn't always as glamorous as it seems.4. How to attract investment in a market slump. The current economic downturn has many founders fearing that investors will have a shortage of capital. However, VCs are always on the hunt for promising startups. Two top VCs outlined four key things to secure investments.5. How media brands make TikTok stars. As well as teens and the latest trends, TikTok is also now home to fully-fledged businesses. Publishers like The Washington Post and Lionsgate are turning to TikTok to reach new audiences. Here's how they are launching their employees into stardom.6. Elon Musk is funding his $44 billion Twitter buyout with his own wealth. As per the Wall Street Journal, Musk is also seeking other financial backers, including former Twitter CEO Jack Dorsey. Here's the latest.7. Snap has an adorable new selfie drone. In what has been a tough week for Snap — in which CEO Evan Spiegel's growth warning impacted the entire industry — you likely missed the other, more light-hearted news. Reviewers at WIRED have got their hands on Snap's new self-flying selfie drone.8. Robots could one day be doing your household chores. Dyson plans to hire 250 engineers and 700 additional robotics workers over the next five years, as part of a push to develop robots capable of completing household chores. Here's everything we know about the company's secret robotic prototypes.Odds and ends:Regent prototype on the water in Florida.Regent9. A Boston-based startup is shaping the future of EVs. Part-plane, part-boat, the electric seaglider is capable of flying at 180 mph and will carry passengers across coastal cities. Hawaiian Airlines has already invested in this futuristic vehicle, here's everything we know about it. 10. Snapchat creators reveal how they make money on the platform. Some users have earned well over $1 million posting videos on the company's Spotlight section, but only because they know how to take advantage of it. These four creators have revealed their tips and tricks for making money on Snapchat. What we're watching today:Alibaba, Costco, and others are reporting earnings. Keep up with earnings here. The World Economic Forum concludes in Davos today. The WIRED Health Conference is due to get underway. Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Hallam Bullock in London (Feedback or tips? Email hbullock@insider.com or tweet @hallam_bullock.)Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 26th, 2022

The wild life of billionaire Twitter founder and "Block Head" Jack Dorsey, who"s officially left the social network"s board, eats one meal a day, and takes ice baths

Jack Dorsey, famous for his unusual life of luxury, stepped down as Twitter CEO in 2021 but continues to lead Block as its "Block Head." Jack Dorsey onstage at a bitcoin convention on June 4, 2021 in Miami, Florida.Joe Raedle/Getty Images Jack Dorsey cofounded Twitter in 2006 and the company made him a billionaire. He's famous for his unusual life of luxury, including a daily fasting routine and regular ice baths. He stepped down as Twitter CEO in November 2021 but continues to lead Block as its "Block Head." Visit Business Insider's home page for more stories. From fighting armies of bots to quashing rumors about sending his beard hair to rapper Azealia Banks, Twitter founder Jack Dorsey leads an unusual life of luxury.Dorsey has had a turbulent career in Silicon Valley. After cofounding Twitter on March 21 2006, he was booted as the company's CEO two years later, but returned in 2015 having set up his second company, Square — which he rebranded as Block in 2021.He led Twitter through the techlash that has engulfed social media companies, testifying before Congress multiple times.And Dorsey announced on November 29, 2021, he had stepped down as the CEO of Twitter. He continues to lead Block, where in April 2022 he changed his title from "CEO" to "Block Head." And on Wednesday, Dorsey officially stepped down from Twitter's board of directors amid Elon Musk's bid for the company, a move that has been expected since fall 2021.Dorsey has provoked his fair share of controversy and criticism, extolling fasting and ice baths as part of his daily routine. His existence is not entirely spartan, however. Like some other billionaires, he owns a stunning house, dates models, and drives fast cars.Scroll on to read more about the fabulous life of Jack Dorsey.Rebecca Borison and Madeline Stone contributed reporting to an earlier version of this story.Dorsey began programming while attending Bishop DuBourg High School in St. Louis.VineAt age 15, Dorsey wrote dispatch software that is still used by some taxi companies.Source: Bio. When he wasn't checking out specialty electronics stores or running a fantasy football league for his friends, Dorsey frequently attended punk-rock concerts. @jackThese days Dorsey doesn't favour the spiky hairdo.Source: The Wall Street JournalLike many of his fellow tech billionaires, Dorsey never graduated college.edyson / FlickrHe briefly attended the Missouri University of Science and Technology and transferred to New York University before calling it quits.Source: Bio.In 2000, Dorsey built a simple prototype that let him update his friends on his life via BlackBerry and email messaging.joi / FlickrNobody else really seemed interested, so he put away the idea for a bit.Source: The Unofficial Stanford BlogFun fact: Jack Dorsey is also a licensed masseur.Getty Images/Bill PuglianoHe got his license in about 2002, before exploding onto the tech scene.Sources: The Wall Street JournalHe got a job at a podcasting company called Odeo, where he met his future Twitter cofounders.Jack Dorsey, Biz Stone and Evan Williams took home the prize in the blogging category at SXSW in 2007.Flickr via Scott Beale/LaughingSquidOdeo went out of business in 2006, so Dorsey returned to his messaging idea, and Twitter was born.On March 21, 2006, Dorsey posted the first tweet.Jack Dorsey's first tweet.Twitter/@jackDorsey kept his Twitter handle simple, "@jack."Dorsey and his cofounders, Evan Williams and Biz Stone, bought the Twitter domain name for roughly $7,000.Khalid Mohammed / AP ImagesDorsey took out his nose ring to look the part of a CEO. He was 30 years old.A year later, Dorsey was already less hands-on at Twitter. Evan Williams and Jack Dorsey.Wikimedia CommonsBy 2008, Williams had taken over as CEO, and Dorsey transitioned to chairman of Twitter's board. Dorsey immediately got started on new projects. He invested in Foursquare and launched a payments startup called Square that lets small-business owners accept credit card payments through a smartphone attachment.Sources: Twitter and Bio.In 2011, Dorsey got the chance to interview US President Barack Obama in the first Twitter Town Hall.President Obama talks to the audience next to Jack Dorsey during his first ever Twitter Town Hall.ReutersDorsey had to remind Obama to keep his replies under 140 characters, Twitter's limit at the time.Source: TwitterTwitter went public in November 2013, and within hours Dorsey was a billionaire.APIn 2014 Forbes pegged Dorsey's net worth at $2.2 billion. On the day it was reported he was expected to resign, Bloomberg's Billionaires Index calculated his net worth at $12.3 billion.Source: Bio. and ForbesIt was revealed in a 2019 filing that Dorsey earned just $1.40 for his job as Twitter CEO the previous year.Twitter and Square founder Jack Dorsey, who doesn't earn anything from his primary day job.David Becker / GettyThe $1.40 salary actually represented a pay rise for Dorsey, who in previous years had refused any payment at all.He's far from the only Silicon Valley mogul to have taken a measly salary - Mark Zuckerberg makes $1 a year as CEO of Facebook.Source: Insider He might have been worth more had he not given back 10% of his stock to Square.Jack Dorsey with Hollywood producer Brian Grazer, Veronica Smiley, and Kate Greer at the annual Allen and Co. conference at the Sun Valley, Idaho Resort in 2013.ReutersThis helped Square employees, giving them more equity and stock options. It was also helpful in acquiring online food-delivery startup Caviar.Sources: Insider and CaviarWith his newfound wealth, he bought a BMW 3 Series, but reportedly didn't drive it often.Alex Davies / Business Insider"Now he's able to say, like, 'The BMW is the only car I drive, because it's the best automotive engineering on the planet,' or whatever," Twitter cofounder Biz Stone told The New Yorker in 2013.Source: The New YorkerHe also reportedly paid $9.9 million for this seaside house on El Camino Del Mar in the exclusive Seacliff neighborhood of San Francisco.The Real Estalker via Sotheby'sThe house has a view of the Golden Gate Bridge, which Dorsey views as a marvel of design.Source: InsiderBefore the pandemic, Dorsey said he worked from home one day a week.Jack Dorsey's home setup.Twitter/@jackIn an interview with journalist Kara Swisher conducted over Twitter, Dorsey said he worked every Tuesday out of his kitchen.He also told Kara Swisher that Elon Musk is his favorite Twitter user.Elon Musk is a prolific tweeter.PewDiePie/YouTubeDorsey said Musk's tweets are, "focused on solving existential problems and sharing his thinking openly."He added that he enjoys all the "ups and downs" that come with Musk's sometimes unpredictable use of the site. Musk himself replied, tweeting his thanks and "Twitter rocks!" followed by a string of random emojis.Both Musk and Dorsey are crypto enthusiasts, and appear to have developed a good public relationship.Source: InsiderFacebook CEO and rival Mark Zuckerberg once served Jack Dorsey a goat he killed himself.Gene KimDorsey told Rolling Stone about the meal, which took place in 2011. Dorsey said the goat was served cold, and that he personally stuck to salad.Source: Rolling StoneHis eating habits have raised eyebrows.Phillip Faraone/Getty Images for WIRED25Appearing on a podcast run by a health guru who previously said that vaccines caused autism, Dorsey said he eats one meal a day and fasts all weekend. He said the first time he tried fasting it made him feel like he was hallucinating."It was a weird state to be in. But as I did it the next two times, it just became so apparent to me how much of our days are centered around meals and how — the experience I had was when I was fasting for much longer, how time really slowed down," he said.The comments drew fierce criticism from many who said Dorsey was normalizing eating disorders.In a later interview with Wired, Dorsey said he eats seven meals a week, "just dinner."Sources: Insider, The New StatesmanIn the early days of Twitter, Dorsey aspired to be a fashion designer.Cindy Ord / Getty Images, Franck MichelDorsey would regularly don leather jackets and slim suits by Prada and Hermès, as well as Dior Homme reverse-collar dress shirts, a sort of stylish take on the popped collar.More recently he favors edgier outfits, including the classic black turtleneck favored by Silicon Valley luminaries like Steve Jobs.Sources: CBS News and The Wall Street JournalHe also re-introduced the nose-ring and grew a beard.GettyDorsey seems to care less about looking the part of a traditional executive these days.Singer Azealia Banks claimed to have been sent clippings of Dorsey's beard hair to fashion into a protective amulet, although Dorsey denied this happened.Azealia Banks.GettyIn 2016, Banks posted on her now-deleted Twitter account that Dorsey sent her his hair, "in an envelope." Dorsey later told the HuffPo that the beard-posting incident never happened.Sources: Insider and HuffPoDorsey frequently travels the world and shares his photos with his 6 million Twitter followers.Jack Dorsey meeting Japanese Prime Minister Sinzo Abe.Twitter/@JPN_PMOOn his travels, Dorsey meets heads of state, including Japan's former Prime Minister Shinzō Abe.Source: TwitterTweets about his vacation in Myanmar also provoked an outcry.Bagan, Myanmar.Shutterstock/Martin M303Dorsey tweeted glowingly about a vacation he took to Myanmar for his birthday in December 2018. "If you're willing to travel a bit, go to Myanmar," he said.This came at the height of the Rohingya crisis, and Dorsey was attacked for his blithe promotion of the country — especially since social media platforms were accused of having been complicit in fuelling hatred towards the Rohingya.Source: InsiderHowever, Dorsey says he doesn't care about "looking bad."FILE PHOTO: U.S. President Trump welcomes South Korea’s President Moon to the White House in WashingtonReutersIn a bizarre Huffington Post interview in 2019, Dorsey was asked whether Donald Trump — an avid tweeter — could be removed from the platform if he called on his followers to murder a journalist. Dorsey gave a vague answer which drew sharp criticism.Following the interview's publication, Dorsey said he doesn't care about "looking bad.""I care about being open about how we're thinking and about what we see," he added.In September 2018, Jack Dorsey was grilled by lawmakers alongside Facebook COO Sheryl Sandberg.Facebook COO Sheryl Sandberg and Jack Dorsey are sworn-in for a Senate Intelligence Committee.Drew Angerer/Getty ImagesDorsey and Sandberg were asked about election interference on Twitter and Facebook as well as alleged anti-conservative bias in social media companies.Source: InsiderDuring the hearing, Dorsey shared a snapshot of his spiking heart rate on Twitter.AP Photo/Jose Luis MaganaDorsey was in the hot seat for several hours. His heart rate peaked at 109 beats per minute.Source: InsiderDorsey testified before Congress once again on October 28, 2020.Jack Dorsey tuning into the hearing with the Senate Committee on Commerce, Science and Transportation.U.S. Senate Committee on Commerce, Science and Transportation/Handout via REUTERSDorsey appeared via videoconference at the Senate hearing on Section 230, a part of US law that protects internet companies from legal liability for user-generated content, as well as giving them broad authority to decide how to moderate their own platforms.In prepared testimony ahead of the hearing, Dorsey said stripping back Section 230 would "collapse how we communicate on the Internet," and suggested ways for tech companies to make their moderation processes more transparent. During the hearing, Dorsey once again faced accusations of anti-conservative biasJack Dorsey appearing virtually at the hearing.Michael Reynolds-Pool/Getty ImagesThe accusations from Republican lawmakers focused on the way Twitter enforces its policies, particularly the way it has labelled tweets from President Trump compared to other world leaders.Dorsey took the brunt of questions from lawmakers, even though he appeared alongside Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai.Source: ProtocolDuring the hearing, the length of Dorsey's beard drew fascination from pundits.Dorsey had to address accusations of censorship.Greg Nash/Pool via REUTERSSome users referred to Dorsey's facial hair as his "quarantine beard," while others said it made him look like a wizard.—rat king (@MikeIsaac) October 28, 2020—Taylor Hatmaker (@tayhatmaker) October 28, 2020"Jack Dorsey's beard is literally breaking Twitter's own face detection," posted cybersecurity blogging account @Swiftonsecurity.—SwiftOnSecurity (@SwiftOnSecurity) October 28, 2020 Dorsey also addressed the way Twitter dealt with a dubiously sourced New York Post story about Hunter Biden.Jack Dorsey appearing on-screen at the hearing.Greg Nash/Pool via REUTERS TPX IMAGES OF THE DAYWhen the New York Post published a report about Hunter Biden on October 14 that threw up red flags about sourcing, Twitter blocked users from sharing URLs citing its "hacked materials" policy.Dorsey subsequently apologized publicly, saying it was wrong of Twitter to block URLs.—jack (@jack) October 16, 2020During the Senate hearing, Sen. Ted Cruz accused Twitter of taking the "unilateral decision to censor" the Post.Dorsey said the Post's Twitter account would remain locked until it deleted its original tweet, but that updated policies meant it could tweet the same story again without getting blocked.Source: InsiderDorsey had to appear before another hearing on November 17 2020 — this time about how Twitter handled content moderation around the 2020 presidential election.U.S. Senate Judiciary Committee via REUTERS/File PhotoDorsey was summoned alongside Facebook CEO Mark Zuckerberg by Republicans who were displeased with how the platforms had dealt with then-President Donald Trump's social media accounts. Both CEOs defended their companies, saying they are politically neutral.When he's not in Washington, Dorsey regularly hops in and out of ice baths and saunas.This is not Dorsey's sauna.ShutterstockDorsey said in the "Tales of the Crypt" podcast that he started using ice baths and saunas in the evenings around 2016.He will alternately sit in his barrel sauna for 15 minutes and then switch to an ice bath for three. He repeats this routine three times, before finishing it off with a one-minute ice bath.He also likes to take an icy dip in the mornings to wake him up.Source: CNBCDorsey's dating life has sparked intrigue. In 2018, he was reported to be dating Sports Illustrated model Raven Lyn Corneil.Sports Illustrated Swimsuit / YouTube / GettyPage Six reported in September 2018 that the pair were spotted together at the Harper's Bazaar Icons party during New York Fashion Week. Page Six also reported that Dorsey's exes included actress Lily Cole and ballet dancer Sofiane Sylve.Source: Page SixHe's a big believer in cryptocurrency, frequently tweeting about its virtues.Teresa Kroeger/Getty ImagesIn particular, Dorsey is a fan of Bitcoin, which he described in early 2019 as "resilient" and "principled." He told the "Tales of the Crypt" podcast in March that year that he was maxing out the $10,000 weekly spending limit on Square's Cash App buying up Bitcoin.In October 2020 he slammed Coinbase CEO Brian Armstrong for forbidding employee activism at the company, saying cryptocurrency is itself a form of activism.—jack (@jack) September 30, 2020 Source: Insider, Insider and CNBC Dorsey said Square was launching a new bitcoin business in summer 2021.Square CEO Jack Dorsey speaks at the Bitcoin 2021 Convention, a crypto-currency conference held on June 4, 2021 in Miami, Florida.Joe Raedle/Getty ImagesDorsey announced the new venture in a tweet on July 15, 2021 and said its name was "TBD." It wasn't clear whether that was its actual name, or Dorsey hadn't decided on a name yet.—jack (@jack) July 15, 2021 Dorsey said he hopes bitcoin can help bring about "world peace."Jack Dorsey on stage at the Bitcoin 2021 Convention, a crypto-currency conference in Miami.Joe Raedle/Getty ImagesDorsey appeared alongside Elon Musk and Ark Invest CEO Cathie Wood during a panel called "The B Word" on July 2021. He said he loves the bitcoin community because it's "weird as hell.""It's the only reason that I have a career — because I learned so much from people like who are building bitcoin today," Dorsey said.At the end of 2019 Dorsey said he would move to Africa for at least three months in 2020.AP Photo/Francois MoriDorsey's announcement followed a tour of Ethiopia, Ghana, Nigeria, and South Africa. "Africa will define the future (especially the bitcoin one!). Not sure where yet, but I'll be living here for 3-6 months mid 2020," he tweeted. Dorsey then came under threat of being ousted as Twitter CEO by activist investor Elliott Management.Paul Singer, founder and president of Elliott Management.REUTERS/Mike Blake/File PhotoBoth Bloomberg and CNBC reported in late February 2020 that major Twitter investor Elliott Management — led by Paul Singer — was seeking to replace Dorsey. Reasons given included the fact that Dorsey split his time between two firms by acting as CEO to both Twitter and financial tech firm Square, as well as his planned move to Africa.Source: InsiderTesla CEO and frequent Twitter user Elon Musk weighed in on the news, throwing his support behind Dorsey.Tesla CEO Elon Musk.REUTERS/Hannibal Hanschke"Just want to say that I support @jack as Twitter CEO," Musk tweeted, adding that Dorsey has a good heart, using the heart emoji.Source: InsiderDorsey managed to strike a truce with Elliott Management.AP Photo/Jose Luis MaganaTwitter announced on March 9, 2020 that it had reached a deal with Elliott Management which would leave Jack Dorsey in place as CEO.The deal included a $1 billion investment from private equity firm Silver Lake, and partners from both Elliott Management and Silver Lake joined Twitter's board.Patrick Pichette, lead independent director of Twitter's board, said he was "confident we are on the right path with Jack's leadership," but added that a new temporary committee would be formed to instruct the board's evaluation of Twitter's leadership.In April 2020, Dorsey announced that he was forming a new charity fund that would help in global relief efforts amid the coronavirus pandemic.Dorsey.Matt Crossick/PA Images via Getty ImagesDorsey said he would pour $1 billion of his own Square equity into the fund, or roughly 28% of his total wealth at the time. The fund, dubbed Start Small LLC, would first focus on helping in the fight against the coronavirus pandemic, he said.Dorsey said he would be making all transactions on behalf of the fund public in a spreadsheet.In July 2020, hackers compromised 130 Twitter accounts in a bitcoin scam.TwitterThe accounts of high-profile verified accounts belonging to Bill Gates, Kim Kardashian West, and others were hacked, with attackers tweeting out posts asking users to send payment in bitcoin to fraudulent cryptocurrency addresses.As a solution, Twitter temporarily blocked all verified accounts — those with blue check marks on their profiles — but the damage was done.  Elon Musk said he personally contacted Dorsey following the hack.Elon Musk (left) and Dorsey.Susan Walsh/AP; Getty ImagesDuring a July 2020 interview with The New York Times, Musk said he had immediately called Dorsey after he learned about the hack."Within a few minutes of the post coming up, I immediately got texts from a bunch of people I know, then I immediately called Jack so probably within less than five minutes my account was locked," said Musk.Source: The New York TimesIn March 2021 Dorsey put his first-ever tweet up for auction.Jack Dorsey and Sheryl Sandberg, Facebook COO, off camera, testify during a Senate (Select) Intelligence Committee hearing in Dirksen Building where they testified on the influence of foreign operations on social media on September 5, 2018Tom Williams/CQ Roll CallAs the craze for Non-fungible tokens (NFTs) gathered momentum, Dorsey announced he was auctioning his first tweet for charity. It was bought for $2.9 million by Hakan Estavi, chief executive at at Bridge Oracle. Dorsey said proceeds from the auction would go to Give Directly's Africa response.Twitter announced on November 29 Dorsey had stepped down as CEO.Jack Dorsey co-founder and chairman of Twitter and co-founder and CEO of Square.Joe Raedle/Getty ImagesCNBC was the first to report on Dorsey's expected resignation, citing unnamed sources.Twitter confirmed the story the same day, announcing Chief Technology Officer Parag Agrawal would take over as CEO with immediate effect.Dorsey posted on his Twitter account saying: "Not sure anyone has heard but, I resigned from Twitter."In his tweet he included a screenshot of the email he sent to Twitter staff announcing his resignation.—jack⚡️ (@jack) November 29, 2021And in May 2022, his time on the board of directors officially came to an end, an anticipated move that coincides with the company's stockholder's meeting. Two days after Dorsey stepped down as Twitter CEO, Square changed its name to Block.Block's revamped logo.Block"The name change creates room for further growth," the company said in a statement."Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes," it added.The line about tungsten cubes was an apparent reference to a craze among crypto enthusiasts of paying as much as $3,500 for novelty tungsten cubes.In April 2022, Dorsey changed his official title at Block from CEO to "Block Head."Jack Dorsey's official job description on the Block website was changed to say Block Head.BlockThe title change was made official in a regulatory filing with the Securities and Exchange Commission on April 20, 2022."There will be no changes in Mr. Dorsey's roles and responsibilities," the filing said.Block's website was also updated to list his new title as Block Head.Musk tweeted in response to the news using fire emojis to signal his approval for Dorsey's title.—Elon Musk (@elonmusk) April 23, 2022 Musk officially added the title of "Technoking" to his role at Tesla in March 2021.Dorsey said in an April 2022 tweet his "biggest regret" was Twitter shutting down Vine.Jack Dorsey, CEO of Twitter and co-founder & CEO of Square, attends the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021.Marco Bello/AFP/Getty ImagesDorsey replied to a Twitter user lamenting Vine's demise saying: "I know. Biggest regret," accompanied by a sad face emoji.Twitter acquired short-form video app Vine in 2012 but shut it down in 2016.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 25th, 2022

How One Man Made $700 Million Driving For Uber – The Story Of Ryan Graves

Don’t let the title deceive you. Ryan Graves didn’t build his wealth through a ride-sharing side hustle. Rather, it was a tweet. Let’s go all the back to January 5, 2010. At the time Uber was less than a year old. And, then CEO Travis Kalanick tweeted: “Looking 4 entrepreneurial product mgr/biz-dev killer 4 a […] Don’t let the title deceive you. Ryan Graves didn’t build his wealth through a ride-sharing side hustle. Rather, it was a tweet. Let’s go all the back to January 5, 2010. At the time Uber was less than a year old. And, then CEO Travis Kalanick tweeted: “Looking 4 entrepreneurial product mgr/biz-dev killer 4 a location based service.. pre-launch, BIG equity, big peeps involved—ANY TIPS??” .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more In response to Kalanick’s tweet, Graves replied: “Here’s a tip. email me :)”. Graves, wisely, also included his email address. When he got the job, Graves was a manager in a management training program in information technology at General Electric. But, that was all about to quickly change. Thanks to that tweet, Ryan Graves became the first Uber employee on March 1, 2010. “I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick documented in a blog post from 2010 about Uber’s founding. “What resulted was the Awesomest job post and response I’ve ever seen.” Obviously, Uber went on to become, well, an ubersuccessful company. Sure, there have been ebbs and flows. As of April 2022, Uber’s market cap is $63.41 billion. As a result, Uber is the 242nd most valuable company in the world based on market cap. Because of his equity in the company, within five years of joing the company, Graves became a billionaire. In 2016, Graves was listed as the 12th richest entrepreneur under 40. In 2021, his wealth was estimated at $2.1 billion, according to Forbes. While he may no longer be a billionaire. Ryan Graves is still a multimillionarie because he went out on a limb and sent a tweet. From Working for Free to $1.58 Billion Graves’ work history prior to Uber including a position as a database administrator at General Electric and a brief stint at Foursquare in business development. Foursquare initially refused to hire him, but he got the gig through free work. Graves, who was contacted by Kalanick after that iconic initial tweet, is considered Uber’s first employee. In contrast to Kalanick’s aggressive personality, Graves was known as the “Mr. Nice Guy” while at Uber. His colleagues, both inside the company and in broader tech communities, thought highly of him. Early investor in Uber, Chris Sacca and longtime friend praised Graves in several tweets following the news of his resignation in 2017. Graves, wrote Sacca, is “the director most consistently respected by the others and is great at building consensus.” Graves, according to Kalanick, “hit the ground running,” as soon as he joined Uber. “From the day he got going, we spent about 15-20 hours a week working together going over product, driver on-boarding, pricing model, the whole nine. He learned the startup game fast and worked his a– off to build the Uber team and make the San Francisco launch and subsequent growth a huge success,” Kalanick wrote in the aforementioned 2010 blog post. At Uber, Graves was the CEO for almost a year and the senior vice president of global operations for almost seven years. It’s been said that Graves was essential to defining Uber’s core values, like its “super pumpedness,” and its entry into international markets. However, it wasn’t always smooth sailing. Graves resigned from Uber in August 2017 – two months after Kalanick was forced to resign when an investigation into Uber’s culture turned up evidence of sexual harassment and mistreatment. Further, Graves knew about “greyballing,” a method Uber employed to evade regulators worldwide, according to The New York Times. Post Uber Career Even though Graves resigned from Uber in 2017, he remained on the board of directors. Moreover, he was one of the executives who was said to have lead the company while there wasn’t a CEO. And, he also oversaw UberEverything — this includes UberEats and UberRUSH). In 2019, Graves left Uber after Uber named Dara Khosrowshahi as its new CEO. But, he’s still been grinding. In 2017, he founded Saltwater Captial. He still serves as the CEO and the private investment company has invested in companies like Calm and Equator Coffees & Teas. In February 2021, it was announced that Graves would invest $50 million in car insurance start-up Metromile both personally and through Saltwater. Graves will also sit on the board of directors along with Mark Cuban and other institutional investors. In October 2021, Variety reported that actor Kelley Dauten would be portraying Graves in the Showtime anthology series “Super Pumped.” Frequently Asked Questions About Becoming a Millionaire Is there an easy way to become a millionaire? By saving your money as soon as possible, you can take advantage of compounding and become a millionaire. You will earn more interest if you begin saving at an early age. This will also give you the opportunity to earn more money from your interest earning. Your goal should be to save at least 15% of your income. Getting financial advice from a professional and cutting down on unnecessary spending will also help you reach your million-dollar goal. Getting a second job or upgrading your skills are two options you should consider if you are able to do so. Do I need a high-powered graduate degree to become a millionaire? “With condolences to those with grad school debt, an advanced degree does improve your chances of higher lifetime income, but it doesn’t necessarily improve your chances of joining the millionaires’ club,” writes the editors of Kiplinger’s Personal Finance. According to “The Millionaire Next Door,” only 18% of those with a net worth of $1 million or more hold a master’s degree, while 8% have law degrees and 6% went to medical school. According to an analysis by Spectrem Group, a consulting firm specializing in wealth research and management, 74% of millionaires hold an undergraduate degree. For billionaires, that number is 70.1%, based on the 2015 Wealth-X census. “Don’t get us wrong: Many graduate degrees are worth the effort,” they adds. “The median annual salary of someone with a professional degree is $98,436 a year, according to the U.S. Bureau of Labor Statistics, versus $67,860 for the typical four-year college graduate. A high school grad earns just $40,612 annually.” How much do I need to invest to become a millionaire? To become a millionaire, you will need to invest different amounts depending on your life stage. Because you have more time to accumulate wealth and can tolerate more risk when you’re younger, you can afford to sock away less money or make riskier investments. On the flip side, as you get older, you will need to put away more money each month if you delay saving. Can I get rich with zero dollars? The chances of you becoming rich by doing nothing are slim. There are exceptions, though. These include you coming from a wealth family, wining the lottery, or are about to patent the next great invention. Or, you could leap on an opportunity like Graves. Though Graves’ story may seem like a Silicon Valley fairy tale, it is not entirely unique. Adam Lyons, 25, the founder of The Zebra car insurance company, guessed Mark Cuban’s email address, shot him an email and got a deal from the billionaire star of ABC’s “Shark Tank.” Similarly, Elon Musk suggested that a Reddit user “should interview at Tesla” for an analysis he posted on his self-driving vehicle technology. Generally, in order to reach your goal of becoming a millionaire, discipline, a plan, and good advice from a professional is necessary. Article by John Rampton, Due About the Author John Rampton is an entrepreneur and connector. When he was 23 years old while attending the University of Utah he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months he had several surgeries, stem cell injections and learned how to walk again. During this time he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine, Finance Expert by Time and Annuity Expert by Nasdaq. He is the Founder and CEO of Due. Updated on May 20, 2022, 4:23 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkMay 20th, 2022