Docs and sources detail the opaque market for shares of Elon Musk's private companies; Valor recently offered investors $1B worth of shares in SpaceX and xAI
www.wsj.com/business/elo... X: Dave Benoit / @davecbenoit : It pays very well to be friends with Elon Musk. What CEO would go public when you can make your best friends rich contro...
Sources: XAI Holdings, the newly combined entity housing xAI and X, is in talks to raise roughly $20B, or possibly more, valuing the company at more than $120B
Elon Musk's XAI Holdings is in talks with investors to raise roughly $20 billion in funding for his newly combined artificial intelligence startup …
Docs and sources detail the opaque market for shares of Elon Musk's private companies; Valor recently offered investors $1B worth of shares in SpaceX and xAI
Lucrative stock deals have allowed SpaceX to avoid public scrutiny even as it has grown into one of the largest companies in the U.S.
Sources: Sergey Brin has increased his visits to Google in recent months to three to four days a week, working with AI researchers building Google's Gemini
Co-founder is working alongside AI researchers at tech giant's headquarters, aiding efforts to build powerful Gemini system
How routine drug use by Silicon Valley executives moved from an after-hours activity squarely into corporate culture, causing issues for boards and tech leaders
Entrepreneurs including Elon Musk and Sergey Brin are part of a drug movement that proponents hope will expand minds, enhance lives and produce business breakthroughs
The FDIC plans to sell all of Signature Bank's 40 branches to Flagstar Bank, as well as some Signature loans and deposits not in its digital banking business
Bloomberg reports: — “Signature Bank's crypto-related deposits will be returned to customers directly … Michael Farrell : I am pleased to announce that Signature Bridge Bank, N.A...
Sources: spooked by a growing regulatory crackdown, US banks are backing away from crypto companies and re-evaluating their exposure, no matter how small
SEC and banking overseers step up scrutiny following collapse of FTX — Crypto's Crash Has Been Swift but Largely Self-Contained. Here's Why.
The US SEC proposes a rule that would bar investment advisers from storing assets at crypto platforms and lenders that are not registered as exchanges or banks
Jesse Hamilton / CoinDesk :
Wells Fargo, BofA, JPMorgan, and four other banks are working on a digital wallet, managed by Zelle owner Early Warning Services, rolling out in H2 2023
Financial institutions behind Zelle are working on a wallet for consumers to use at online checkout — Big banks are teaming …
US bank Silvergate, which caters to crypto, reports liquidating debt to cover $8.1B withdrawals as FTX collapsed and laying off 40% of its staff; SI falls 40%+
Bank sold assets at a loss to cover withdrawals and cut 40% of its staff but remains committed to crypto
The US Federal Reserve, FDIC, and OCC warn banks that issuing or holding crypto “is highly likely to be inconsistent with safe and sound banking practices”
Regulators say holding cryptocurrencies is likely inconsistent with safe banking practices — Crypto's Crash Has Been Swift but Largely Self-Contained.
Sources: Sam Bankman-Fried has unsuccessfully continued to attempt to raise $8B to plug FTX's shortfall, despite filing for bankruptcy and resigning as CEO
Alongside a few remaining employees, Mr. Bankman-Fried spent the weekend calling around in search of new commitments from investors
Google scraps plans for mobile-first bank accounts service Plex; sources say the move follows April departure of a Google Pay exec who championed the project
Tech giant had partnered with Citigroup and other banks on ‘Plex’ accounts that would sync with Google Pay
How decision-making by Masayoshi Son, who estimated WeWork would be worth $10T by 2028 and wanted Adam Neumann to be “crazier”, led to WeWork's implosion
Wall Street Journal :
Sources and docs: as part of contracts, Amazon has made 80+ deals for stakes in suppliers, often at below-market prices, a sign of how it leverages its power
Certain suppliers are asked to give Amazon the right to buy shares at potentially lower-than-market rates as part of their contract
Robinhood explains why it placed restrictions on certain securities over the past week, says its clearinghouse-mandated deposit for equities increased tenfold
managed by obscure entities at the center of the stock market called clearinghouses — kicked in Thursday, forcing Robinhood to find emergency cash to continue to be able to trade.”...
Profile of the trader known as DeepFuckingValue on r/WallStreetBets, who began investing in GameStop and explaining why in YouTube videos starting in mid-2019
Profile of the trader known as DeepFuckingValue on r/WallStreetBets, who began investing in GameStop and explaining why in YouTube videos starting in mid-2019
Trader known as DeepF—ingValue on the WallStreetBets forum helped turn the investing world upside down. “I didn't expect this.”
Sources: Comcast's NBCUniversal is in advanced talks to acquire streaming-video service Vudu from Walmart
Entertainment giants increasingly look to give consumers free or low-cost alternatives to premium subscription streaming services — Fox Corp. and Comcast Corp. are each in discus...
Sources: Elliott Management has quietly built up a $2.5B+ stake in SoftBank and is pushing for changes like stock buybacks and improved corporate governance
Wall Street Journal :