Monthly Archives: May 2024
Binance co-founder Zhao set to keep on growing his $33 billion fortune even as he heads to prison for four months
(CNBC) Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is expected to see his mammoth wealth remain intact and likely continue to climb even as he faces time behind bars after his sentencing in a Seattle court. Zhao, […]
Amazon profit more than triples, topping Wall Street expectations
(CNBC) Operating income soared more than 200% in the period to $15.3 billion, far outpacing revenue growth, the latest sign that the company’s cost-cutting measures and focus on efficiency is bolstering its bottom line. AWS accounted for 62% of total […]
Hedge funds are ‘dead as a doornail,’ says chairman of ultra-rich investors’ club Tiger 21
(CNBC) Hedge funds are “dead” as an investment class for the super rich, said Michael Sonnenfeld, founder and chairman of Tiger 21 — a network of ultra high net worth investors and entrepreneurs. Tiger 21 members’ allocation to hedge funds […]
Hedge fund Weiss files for bankruptcy following wind down
*Hedgeweek) Weiss Multi-Strategy Advisers, the New York-based hedge fund firm founded by George Weiss in 1978, has filed for bankruptcy about two months after telling clients it was winding down operations, according to a report by Bloomberg. To read this […]
Digital assets funds see third week of outflows
(Hedgeweek) Digital asset investment products saw outflows for the third consecutive week last week totalling $435m, marking the largest outflows since March this year, according to the latest Digital Assets Fund Flows Weekly Report from CoinShares. To read this article:
Former Wells Fargo Senior Executive to Pay $3-Million to Settle Fraud Charges for Misleading Investors About Abusive Sales Practices
(HedgeCo.Net) The Securities and Exchange Commission has announced its settlement with the former head of Wells Fargo & Co.’s Community Bank, Carrie L. Tolstedt, in which she has agreed to pay a $3 million penalty stemming from charges brought in […]
A.I. poses human extinction risk on par with nuclear war, Sam Altman and other tech leaders warn
(CNBC) Artificial intelligence may lead to human extinction and reducing the risks associated with the technology should be a global priority, industry experts and tech leaders stated in an open letter. “Mitigating the risk of extinction from AI should be […]
Nvidia crosses into $1 trillion market cap before giving back gains
(CNBC) Nvidia hit a $1 trillion market cap at the open Tuesday before paring back gains, falling to $990 billion. Nvidia’s shares had to hold above $404.86 to maintain that distinction throughout the day. The stock gave back some of […]
Stock futures are little changed as traders await debt ceiling progress in Washington: Live updates
(CNBC) Stock futures were flat on Tuesday evening as investors kept an eye on the federal debt ceiling debate in Washington ahead of the final trading day of May. Futures tied to the Dow Jones Industrial Average dipped 31 points, […]
Debt ceiling bill clears key hurdle, teeing up final House vote before it goes to Senate
(CNBC) The compromise bill to raise the debt ceiling passed its first major test Tuesday night in the House Rules Committee, where it advanced to the House floor in a 7-6 vote, with two of the panel’s nine Republicans opposing […]
Goldman Sachs is cutting jobs again amid Wall Street deals slump
(CNBC) Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to a slump in deals activity. The company is expected to trim fewer than 250 jobs in the coming weeks, a person […]
Theranos founder Elizabeth Holmes reports to prison to begin sentence
(CNBC) Disgraced Theranos CEO Elizabeth Holmes reported to prison Tuesday to begin her more than 11-year sentence for defrauding investors about the capabilities of her company’s blood-testing technology. U.S. District Judge Edward Davila ordered Holmes to surrender no later than […]