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Report: Tesla Board Was 'Totally Blindsided' by Elon Musk's Tweet, While Doubts Are Raised About Saudi Funds
One of the questions raised after Elon Musk shocked Wall Street last week when he tweeted his desire to take Tesla private was whether the company's board actually knew Musk was going to send that tweet. While Tesla's board released a brief statement confirming that Musk had approached it with his plan for taking the company private before taking to
Facebook is Getting Serious About its Secret Blockchain Strategy
Blockchain
Facebook's top-secret blockchain strategy appears to be gaining momentum after David Marcus, who is leading the social media giant's efforts, stepped down from the board of Coinbase less than a year after he joined as one of the $8-billion startup's directors. Marcus' departure from Coinbase was first reported by CoinDesk, which was told by a Coinbase rep that "Marcus' decision
Tinder Founders Sue IAC For Billions, Alleging a Scheme to 'Rob' Employees Through a 'Lowball' Valuation of Company
The founders, three current senior executives and some of the early employees of dating app Tinder have sued parent company IAC and its subsidiary Match Group for billions of dollars, alleging that the two companies cooked up a "lowball" valuation for Tinder that "robbed" employees of money. The complaint was filed in New York State Supreme Court in Manhattan on
Wearable Tech ETF Shifts Strategy to Virtual Reality
The Wearable ETF, which formerly traded under the ticker “WEAR” and focused on stocks with exposure to the wearable technologies theme, recently underwent some significant changes. The exchange traded fund is now known as the Tactile Analytics AR/VR Virtual Technologies Fund (CBOE: ARVR). What Happened ARVR now tracks the EQM Tactile AR/VR Virtual Technology Index. “"Wearable technology is something that
U.S. Core Inflation Increases Due to Metals Costs, Tariffs
U.S. consumer prices rose more than expected in July, reinforcing our view that the Fed will continue its gradual pace of interest rate hikes, at least for now. July’s U.S. CPI (Consumer Price Index) report showed core inflation accelerated to a 2.4% annual rate, up from 2.3% in June, as businesses may have started to pass on rising costs of
The Real Reason South Korea Is Warming up to Cryptocurrencies
FinTech
Since January of this year, South Korea has been making headlines for taking drastic measures in the cryptocurrency industry. The country was the first to pass regulation requiring players in the industry to synchronize their trading details with those in the bank. The country even went further to place a ban on initial coin offerings (ICOs). Q2 hedge fund letters,
Elon Musk Says He Met With Saudis Before Tweeting About Taking Tesla Private
Tesla founder and CEO Elon Musk said in a blog post on Monday that he's been approached "multiple times" by representatives from the Saudi Arabian sovereign wealth fund about taking the company private. Musk was seeking to add context and explain his shocking tweet on Aug. 7 in which he announced that he was "considering taking Tesla private at $420."
Patron of Fintechs: Surveying Goldman Sachs Growing Portfolio of Tech Startups
As reported Tuesday this week, fintech startup Even Financial announced raising $18.8 million in Series A seed funding, a portion of which came from investment bank Goldman Sachs (NYSE: GS). Even Financial, whose flagship application program interface (API) collects and curates financial service products and offers for distribution on various bank and brokerage websites and user portals, is the latest
NYSE's Parent Co. Launching a Regulated Global Ecosystem For Bitcoin
In a move that could go a long way toward mainstreaming Bitcoin, the Intercontinental Exchange (ICE) - the parent company of the New York Stock Exchange - announced that it is launching a new company called Bakkt to create an open and regulated, global ecosystem for digital assets. In a press release, ICE said that it is expected t0 launch
Value Hedge Funds Biding Their Time as Calling a Top Gets Trickier
Hedge Funds
Any time the markets have been soaring up, up, and away, it’s only a matter of time before the tides will turn. Value hedge funds have been struggling as momentum and growth dominated the day, but we’re finally starting to see signs of change. HOT Q2 hedge fund letters, conference, scoops etc Multiple hedge funds have written in their second-quarter