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☆ Sam Altman is considering turning OpenAI into a regular company: report
▼ + stars: | 2024-05-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The 39-year-old Stanford dropout has talked about turning OpenAI into a regular, for-profit company, The Information reported on Wednesday, citing an individual who'd spoken to Altman. Unlike most companies, OpenAI says it is run as a "capped-profit" company, with its for-profit arm governed by a nonprofit. According to Toner, OpenAI's board was kept in the dark about ChatGPT's release in November 2022. Toner, who left the board shortly after Altman was reinstated as CEO, also accused him of lying about his financial interests in OpenAI. "Our focus remains on moving forward and pursuing OpenAI's mission to ensure AGI benefits all of humanity."

Persons: —, Sam Altman, Altman, OpenAI, Sam, Helen Toner, Toner, OpenAI's, Sam didn't, " Toner, Bret Taylor, OpenAI didn't Organizations: Service, Stanford, Business, Microsoft, Fund, SEC, BI Locations: OpenAI

☆ Bitcoin faces 'several' headwinds that will challenge miners in near term, says JPMorgan
▼ + stars: | 2024-05-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Unprofitable bitcoin miners are starting to exit the network after the halving , as expected. But much of their performance relies on bitcoin's price, which still faces several near-term headwinds, according to JPMorgan. However, "we do not see upside for bitcoin prices in the current juncture and if anything we see headwinds over the near term," he added. That was expected to happen after the halving in April, which slashed a key revenue source for bitcoin miners. "The more bitcoin prices decline the higher the number of unprofitable miners that come under pressure to leave the bitcoin network and the larger the result[ing] decline in the hash rate and bitcoin production cost."

Persons: JPMorgan's Nikolaos Panigirtzoglou, Bitcoin, it's overbought, There's, Kong's, there's, Panigirtzoglou Organizations: JPMorgan, Venture, Miners

☆ A millennial investor feels happier and healthier after taking most of her meetings off Zoom
▼ + stars: | 2024-05-16 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

The 36-year-old healthcare tech investor said on X, formerly Twitter, earlier this month that 90 percent of her meetings are phone calls, while 10 percent are on Zoom. Other desk workers have moved away from video calls, a decision that is also backed up by recent research on Zoom fatigue. Farr started moving her video meetings to phone calls so that she could take walks during them. Related storiesFarr knows phone calls don't work for every type of meeting, especially when visuals are crucial — like when a slide deck is being presented. Bailenson concluded the report with a simple suggestion: "Make 'audio only' Zoom meetings the default, or better yet, insist on taking some calls via telephone."

Persons: —, it's Christina Farr, Farr, — Farr, Christina Farr, Farr —, Alyssa Jaffee, Farr's, Jaffee, Jeremy Bailensonon, Bailenson Organizations: Service, Business, Stanford Locations: Chicago

☆ 2. Anduril Industries
▼ + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

As the U.S. military modernizes and new aerial threats have defined recent wars, defense technology company Anduril Industries is getting ahead with a tech-smart, Silicon Valley approach in selling to the Pentagon, recently introducing several new AI-powered drones, and supplying Ukraine. Anduril has emerged as a disruptor to traditional contractors such as Lockheed Martin, Raytheon and Northrop Grumman and a competitor to several defense unicorns such as Shield AI and Epirus. The company is getting ahead in the defense sector by proactively financing its own research and product development, and then making sales — a departure from the standard military contract-and-then-build process. Loaded with venture capital funding from major investors Andreessen Horowitz, Founders Fund and General Catalyst, Anduril is on a fast track. Last year, Anduril launched several new drones that rely on its Lattice AI-powered command and control software used by the U.S. military and allies to direct human-assisted robotics systems to perform complex missions.

Persons: Anduril, Lockheed Martin, Northrop Grumman, Palmer Luckey, Brian Schmipf, Andreessen Horowitz, Catalyst Organizations: Anduril Industries, Pentagon, Lockheed, Raytheon, Northrop, VR, Facebook, Founders Fund, U.S . Locations: Ukraine

☆ Looks like Masayoshi Son's plan to go all in on AI is starting to pay off for SoftBank
▼ + stars: | 2024-05-13 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

The Japanese billionaire's conglomerate posted a $1.5 billion profit for its latest quarter. The gains come off the back of its big bet on chip firm ARM, which is targeting AI opportunities. Arm Holdings CEO Rene Haas is seeking to capitalize on the AI boom. But as the appetite for ARM's AI activities show, SoftBank has room to grow in the face of the latest boom. If he's able to find the right bets, AI could pay off handsomely in the long term.

Persons: Masayoshi, —, It's, SoftBank, Rene Haas, Michael M, Yoshimitsu Goto, Son, WeWork, AI's Organizations: ARM, Service, Son, Nasdaq, Apple, Arm, Funds, Nvidia Locations: Tokyo, Cambridge, London, Alibaba

☆ MDMA therapy could be legalized by summer. Why are so many advocates sounding the alarm?
▼ + stars: | 2024-05-13 | by ( Anna Silman | ) www.businessinsider.com time to read: +52 min

Last summer, thousands of tie-dyed Burners and Patagonia-clad tech founders converged on the MAPS Psychedelic Science conference in Denver. The experience "broke the spell of this trauma, and she was able to rebuild her life," Doblin told The Guardian . The video team's job was to store recordings of every MDMA therapy session performed in the clinical trials. Grof believes in something called an "inner healing intelligence," an innate capacity for self-healing that psychedelic therapy helps unleash. Another time, a patient who had come to an MDMA therapy session later acknowledged they had been under the influence of LSD during treatment.

Persons: Jaden Smith, Aaron Rodgers, bro, Andrew Huberman, Rick Doblin, Doblin, mainstreaming psychedelics, influencers, Johnson, Elizabeth Nielson, Aubrey Marcus, ayahuasca, Matthew Stockman, Helena —, Timothy Leary, —, Hitler, Stanislav Grof, zombified, Brad Burge, Michael Mithoefer, Annie Mithoefer, Oprah, Sen, Joe Biden, MDMA's neurotoxicity, they'd, Albert Hofmann, David Bronner, Dr, Joe's, Bronner, Bronner's, Richard Rockefeller, John D, Rockefeller Jr, Rockefeller, Neşe, Johns Hopkins, who's, Devenot, Rick Friedman, Betty Aldworth, MAPS's multimillionaire, Tim Ferriss, Cody Swift, Zendo, Aldworth, Erica Siegal, Seth Whitelaw, Amy Emerson, JULIE JAMMOT, Ifetayo Harvey, Harvey, Lauren Unger, Unger, Casey Hardison, Harvey didn't, Hardison, Doblin's, Baylee Ybarra Gatlin, Gatlin, negligently, There's, Michael Pollan's, Steve Jurvetson, Elon Musk's who's, Genevieve, Steve Cohen, Alexandra, Mark Zuckerberg's, Dustin Moskovitz, Cari, Gwyneth Paltrow, Paltrow, Sergey Brin, Joe Green, Green, Zuckerberg, Genevieve Jurvetson, Michael Pollan, Jonathan Lubecky, he'd, Rebekah, Robert Mercer, Elizabeth Koch, Charles Koch, Rachel Nuwer, Koch, she'd, MAPS's, Elizabeth Crystal, Joe Rogan, didn't, Jesus Christ, Crystal, Meaghan Buisson, Richard Yensen, Donna, Yensen, Buisson, weren't, Robert, Rebekah Mercer, Sean Zanni, Grof, They've, Kayla Greenstien, it's, George Sarlo who'd, Vicky Dulai, Sarlo's, Dulai, Gul Dolen, Michael Mullette, who'd, Marla Aufmuth, Mullette, Lily Kay Ross, David Nickles, Ross, Greenstien, Rick, Lenny Ignelzi, biostatisticians, Lykos, Peter Thiel, Kara Swisher, Kris Lotlikar, Federico Menapace, Mo Septimus, Handout, Monnica, Williams, Lotlikar, Henry Elkus, Helena ., Elkus, Emerson, ICER Organizations: Science, New York Jets, rockstar, Multidisciplinary Association for Psychedelic Studies, Lykos Therapeutics, and Drug Administration, FDA, Business, Florida's New College, Jewish Telegraphic Agency, Sarasota Herald, Tribune, New College, Guardian, Drug, Harvard's Kennedy School of Government, eBay, Nevada, Doblin, Pentagon, Department of Veterans Affairs, Department of Defense, Staff, Corporation, PBC, pharma, New Yorker, New York Mets, Bloomberg, CBS, Breitbart, CBC News, BI, Porsche, Santa Cruz, New York Times, longtime, Mullette Corporation, New York, Health Canada, Compass, Sciences, Psychedelic Science, Whole Foods, McKinsey, Big Pharma, Vine Ventures, Lucid, Street Journal, Investments, Gawker, Publicly, PBC alums, Numinus, US Army Locations: Patagonia, Denver, Harvard, Colorado, Skokie , Illinois, Ireland, Czech, Sarasota, Arcturus, Florida, Swiss, Vietnam, Washington, Santa Cruz, Chicago, California, Iraq, British Columbia, New York, Hawaii, Santa, Nature, Moderna, Europe, Helena, Yale, Australia, Canada, Israel, Ukraine, ICER, . Upper

☆ 'Big Short' trader Danny Moses is still betting against Tesla, says core business is 'falling apart'
▼ + stars: | 2024-05-12 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Tesla shares are still vulnerable to a big decline ahead, according to investor Danny Moses of "The Big Short" fame . Even with the electric-vehicle maker's stock down 32% so far this year, Moses is sticking with his Tesla short. "Everything is kind of falling apart in their core business," the Moses Ventures founder told CNBC's " Fast Money " on Thursday. Moses, who is known for successfully betting against the housing market before its 2008 implosion, had the $50 short on Tesla last November, too. Moses expects Wayve, an autonomous driving company, to emerge as a serious competitor to Tesla.

Persons: Danny Moses, Moses, CNBC's, Elon Musk, Tesla, Wayve, CNBC's Anna Gleason Organizations: Moses Ventures, Tesla, Nvidia, Microsoft Locations: Wayve

☆ 'We have real, structural problems': Brace for geopolitical drama and another chaotic election season by hedging with commodities and buying a tiny stock with 500% upside, says a hedge fund manager up
▼ + stars: | 2024-05-07 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Read previewThe performance of hedge fund manager Harris Kupperman's Praetorian Capital Fund is proof that being pessimistic can pay off — even when the economy grows and stocks rise. Since launching at the start of 2019, Kupperman's fund is up an astounding 891.1% net of fees through March 31. AdvertisementBesides budget headaches, the hedge fund manager is wary of escalating political tensions at home and abroad. How to build a crisis-resistant portfolioThe hedge fund manager's blueprint for game plan scoring gains in a shaky backdrop with persistent inflation centers around commodities. A-Mark has consistently generated mid-single-digit earnings per share in recent years, though the hedge fund manager said that could easily rise to $10 as interest in precious metals rises.

Persons: —, Harris Kupperman's, , Kupperman, Washington, He's, there's, Precious Metals, Mark Organizations: Service, Capital Fund, Business Locations: cryptocurrencies, East, Ukraine, China

☆ JPMorgan is cautious on crypto as retail investors dump following ETF hype
▼ + stars: | 2024-05-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Retail dollars flowed out of bitcoin ETFs in April, and investors should adopt a cautious stance on the cryptocurrency for now, according to JPMorgan. "The past two weeks saw significant selling/profit taking with perhaps retail investors playing a bigger role than institutional investors," JPMorgan's Nikolaos Panigirtzoglou said in a note Thursday. "Indeed, not only have spot bitcoin ETFs seen outflows in April but our proxies of the retail impulse into equities have also downshifted over the past month." Panigirtzoglou noted that in addition to crypto, retail investors also sold equities in April and that the impulse into stocks has also shifted down. "This is shown by … the net flow into equity funds including ETFs and mutual funds, typically used by retail investors … [which] turned negative in April after strong buying in February and March," he said.

Persons: JPMorgan's Nikolaos Panigirtzoglou, Panigirtzoglou, cryptocurrencies Organizations: JPMorgan, Metrics, Investors, Federal

Steve Bowsher, In-Q-TelSteve Bowsher, president and CEO of In-Q-Tel. He made an early bet on Palantir, blowing the doors open for Silicon Valley techies to go after federal contracts. The son of a federal employee who grew up devouring spy novels, Bowsher has always been interested in the work of the government but actually cut his teeth in Silicon Valley. After graduating from Stanford, he worked for three startups and spent eight years at venture fund InterWest Partners. By combining Silicon Valley's swashbuckling ethos with a government agency's mission-driven mentality, Bowsher has helped shepherd some of the biggest defense tech success stories of the past two decades.

Persons: Steve Bowsher, Bowsher Organizations: Magazine, Stanford, InterWest Partners Locations: Menlo Park , California, Silicon Valley

☆ The Bitcoin network completes the fourth-ever ‘halving’ of rewards to miners
▼ + stars: | 2024-04-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

watch nowThe Bitcoin network on Friday evening completed its fourth "halving," reducing the rewards earned by miners to 3.125 bitcoins from 6.25. After the 2012, 2016 and 2020 halvings, the bitcoin price ran up about 93x, 30x and 8x, respectively, from its halving day price to its cycle top. Hash rates are a measure of the computational power used to process transactions on the bitcoin network. "The market so far has seen bitcoin mining stocks as mere BTC proxies, in absence of bitcoin ETFs," said Bernstein analyst Gautam Chhugani. "[The] Bitcoin halving is already partially priced in by the market and we do not expect prices to increase significantly following the halving event," the firm's Marion Laboure said in a note Thursday, adding that it "has been widely anticipated in advance due to the nature of the Bitcoin algorithm."

Persons: Reginald Smith, Bernstein, Gautam Chhugani, MARA, Nikolaos Panigirtzoglou, Marion Laboure Organizations: Metrics, JPMorgan, BTC, IRIS, Deutsche Bank Locations: Friday's

☆ These are the 11 startups most likely to IPO this year, according to analysts.
▼ + stars: | 2024-04-11 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +1 min

Rising interest rates and limited VC funding have slowed IPOs in the tech sector. With Instacart, Arm, and Klaviyo going public, the IPO market could be reviving this year. BI profiled 11 startups that are expected to IPO, according to PitchBook's Exit Predictor. Initial public offerings (IPOs) have slumped since the record-breaking 2021, when the the likes of likes of Roblox, UiPath, and Rivian listed. The market hasn't been helped by rising interest rates and a slump in venture capital funding, which has slowed down activity in late-stage startups.

Persons: —, It's Organizations: Service, Business

☆ Last year, an unknown person briefly took nominal control over OpenAI's $175 million startup fund. The company says the government filing was 'fabricated.'
▼ + stars: | 2024-03-29 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

One document, filed in April of 2023, listed Jacob Thomas Vespers and Vespers Inc—a company formed the same day—as manager of the fund. A document filed a few weeks later registered the address of the company as unit 234, a small second-story apartment overlooking the courtyard at The Orchard. When OpenAI was informed about the Vespers document by the journalist in July 2023, the company did not report the allegedly fabricated filing to any authorities, Wood said. All of them are associated with Jacob Thomas Vespers, referred to in some documents as Jacob Thomas Redmond Messer or Jacob Thomas Redmond or Jacob Thomas Messer. There's a github post made under a profile name, Jacob Thomas Redmond, on May 19th, 2023 that bears some tell-tale signs of being AI generated.

Persons: —, Jacob Thomas Vespers, Sam Altman, Madhav Dutt, Dutt, Kayla Wood, OpenAI, Wood, Paul Carroll, he's, Carroll, Jacob Thomas, Jacob Thomas Redmond Messer, Jacob Thomas Redmond, Jacob Thomas Messer, Redmond, Messer Organizations: Service, California, State, Business, SEC, Corporations, Integrity Locations: Santa Ana , California, The, Silicon, California

☆ HongShan split from Sequoia last year as US-China relations worsened. Now, it's eyeing up Europe.
▼ + stars: | 2024-03-19 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Last June, storied investor Sequoia Capital announced it was to split itself into three separate entities. Sequoia Capital would look after the US and Europe; Peak XV Partners would manage its investments in India; and HongShan Capital would be based in China. The emergence of HongShan as an active investor in Europe would result in the firm "competing with former family," one source said. The expansion could be aimed at attracting businesses that target the Chinese market or companies set up by Chinese entrepreneurs away from home, the FT said, citing sources who had spoken with Shen. HongShan Capital's most recent fund includes LPs such as CalPERS, the University of Texas Investment Management Company, and the University of Washington endowment.

Persons: HongShan, Neil Shen, Shen Organizations: Sequoia Capital, YouTube, Sequoia, Partners, HongShan, Business, United, Strategic, University of Texas Investment Management Company, University of Washington Locations: China, Europe, India, London, Singapore, Asia

☆ Investing in sports teams is trendy now — but is it headed toward bubble territory? New research provides a playbook.
▼ + stars: | 2024-03-19 | by ( Tiara White | ) www.businessinsider.com time to read: +6 min

The simmering topic has been up for debate, in part because prices for NFL teams have risen so high that they threaten to restrict who can be a lead owner. This raises the question: Are investments in sports teams actually a good investment, especially for risk-averse investors like pensions and endowments? According to new research published in Investments & Wealth Publications in November, the answer is a resounding yes. For the article, he teamed up with his father, Arun Muralidhar, the chairman and founder of Mcube Investment Technologies, which develops decision-support products for institutional investment managers. "They themselves are investing globally to make sure that their brand is increasing, and they found great success with that."

Persons: —, Sid Muralidhar, Muralidhar, Risktyle, Arun Muralidhar, Sachin Muralidhar, Sachin, Arun, Sid Muralidhar Sid Muralidhar, homed, it's Organizations: Service, NFL, Dallas Cowboys, Forbes, Business, Investments, Wealth, NHL, Citigroup, Mcube Investment Technologies, The University of Virginia, National Hockey League, NBA, MLB, BI

☆ How Irish business is winning in the US: It’s not all butter and cheese
▼ + stars: | 2024-03-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Irish companies have to think about being in an Irish domestic market which is frankly, really small, or just going global straightaway. The US is particularly strong for Irish companies; the US economy has held up well. I think Irish companies are very adept at pivoting into what other other countries need and being part of the story. It seems like Irish companies are increasingly becoming job creators in the US. Glanbia Foods, an Irish company that manufactures American-style cheese, now produces one in four slices of cheese consumed in the US.

Persons: Bell, Leo Clancy, Joe Biden, we’ve, it’s, that’s, That’s, We’re, It’s, We’ve, Tesla, Elon Musk’s Tesla, Wells, Colin Langan, ” Langan, Elisabeth Buchwald Organizations: CNN Business, Bell, New York CNN, European Union and International Monetary Fund, Enterprise Ireland, Patrick’s, Entrepreneurship, Federal Reserve, Companies, UBS, Tesla, NAR, National Association of Realtors Locations: New York, Ireland, United States, Jefferson , Wisconsin, America, Irish, Europe, Washington, We’re, automaking, Wells Fargo

☆ Dating Apps Like Hinge, Tinder and Bumble Are Getting Worse - The New York Times
▼ + stars: | 2024-03-16 | by ( Magdalene J. Taylor | ) www.nytimes.com time to read: +2 min

“The golden age of dating apps is over,” a friend told me at a bar on Super Bowl Sunday. As we waited for our drinks, she and another friend swiped through Bumble and Hinge, hunting for new faces and likes. Across the bar were two young men: phones out, apps open, clearly doing the exact same thing. What’s lamentable here isn’t only that dating apps have become the de facto medium through which single people meet. Or maybe the apps have functionally, intentionally gotten worse, as have our romantic prospects.

Persons: ”, swiped, What’s, Cory Doctorow Organizations: Super Locations: U.S

☆ Software engineers are getting closer to finding out if AI really can make them jobless
▼ + stars: | 2024-03-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

A startup backed by Peter Thiel has released the "first AI software engineer." A little-known startup called Cognition Labs stunned software engineers this week when its team of coding whizzes unveiled what it calls "the first AI software engineer." AdvertisementHowever, Cognition's AI software engineer appears to have an aptitude that's a notch above. Of course, the startup has been pretty careful with how it presents its AI software engineer. These reactions are understandable at a time when software engineers are feeling the heat.

Persons: Peter Thiel, Devin, —, Peter Thiel's, Scott Wu, Kyle Shevlin, Athagist, Keynes, Oliver Twist, kAKj7ZeBob — Kyle Shevlin, Evan You, Aravind Srinivas marveled, Mark Zuckerberg Organizations: Service, Software, Cognition Labs, Cognition, Informatics Locations: Singapore

☆ How much Sam Altman stands to gain from a Reddit IPO
▼ + stars: | 2024-03-11 | by ( Madeline Berg | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Here's how much Altman's Reddit stake could be worth — and why it's not as much as some say. Business Insider estimates that OpenAI CEO Altman owns a maximum of just about 1.66 million shares of Reddit. Using the company's estimated price per share of $31 to $34, Altman's stake in Reddit could be worth between $51.4 million and $56.4 million. Neither Reddit nor Altman would comment on the exact number of shares that Altman owns. For instance, Hydrazine Capital II owns nearly 9.9 million shares of Reddit.

Persons: Sam Altman, —, Altman, Reddit, OpenAI, Peter Thiel Organizations: Service, News, Business, Apollo, bioscience, Facebook, Google Locations: Reddit

Despite a challenging fundraising environment, women-led venture capital funds made gains in 2023. According to research by Venture Capital Journal, women-led funds' share of total fundraising increased to about 3% of the $107 billion raised last year by venture funds worldwide, up from less than 2% of the 2022 total. While it's a small fraction of the total pool, venture capital funding in the U.S. for companies founded by women has been trending up in recent years. The upswing has had some help from the creation of incubators for women founders, more new companies founded by women and more venture capital funds focused on underrepresented founders. Portfolia creates and manages about 16 venture funds designed for individual investors who want to invest in a portfolio of mostly women-led startups and want to learn more about venture investing.

Persons: Trish Costello, Portfolia, Costello, Elizabeth Clayborne, Steve Washington, Clayborne, wouldn't Organizations: Venture Capital Journal, YourChoice Therapeutics, CNBC Locations: U.S

☆ Big-name investors are betting AI gadgets could change the way we interact with tech
▼ + stars: | 2024-03-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. What's on deck:This story is available exclusively to Business Insider subscribers. The big storyAI (literally) in your pocketTech workers are criticizing Humane's hotly anticipated Ai pin. AdvertisementIn fact, heavy hitters like legendary investor Vinod Khosla believe that AI devices will completely change how we interact with technology. Humane's Ai Pin, which can project text onto users' hands and translate voice messages, didn't get a warm welcome when it launched late last year .

Persons: —, Oompa, I've, Willy Wonka, Elon Musk, Sam Altman, Humane's, Vinod Khosla, Samantha Stokes, Vishal Persaud, Khosla, Ai, didn't, Tim Cook, Salesforce's Marc Benioff, OpenAI's Sam Altman, Franck Robichon, Paul Krugman, shouldn't, we're, Wells, Bank of America's Merrill, Bitcoin, Tyler Le, maven, Alexei Navalny's, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Humane, Khosla Ventures, Rabbit, Bank of America's, Wall, The New York Times, WW, SEC Locations: Franck, Wells Fargo, New York, London

☆ No, Sam Altman doesn't actually own half a billion dollars of Reddit stock
▼ + stars: | 2024-02-29 | by ( Madeline Berg | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Reddit filed for an IPO, revealing nearly 10% of its shares are owned by entities related to Sam Altman. AdvertisementLast week, not long after Reddit made moves toward a public listing, headlines began to appear about an unexpected figure: Sam Altman. For example, Hydrazine Capital II is listed as owning nearly 9.9 million shares of Reddit. But Altman, at most, owns 5% of Hydrazine Capital II's holdings, or 492,720 of its Reddit shares. AdvertisementThe various entities point to a side of Altman — Altman the investor — that has receded from view since he has become known to the public as OpenAI's CEO.

Persons: Reddit, Sam Altman, Altman, —, tech's, Reddit's, that's, he's, Chris Harvey, Altman — Altman, ADVs, Peter Thiel, Cruise, Steve Huffman, Alexis Ohanian Organizations: Service, Business, Securities and Exchange Commission, Harvey, Apollo, Apollo Projects, SPV, SEC, Investors, University of Michigan, Helion Energy, Facebook, Google Locations: Altman

☆ The NFL is gearing up to change team ownership rules in what could be a massive win for Wall Street
▼ + stars: | 2024-02-29 | by ( Tiara White | ) www.businessinsider.com time to read: +9 min

Team owners will meet at the annual league meeting in March to discuss private equity. The investment ownership model is favored in the NBA, MLB and NHL— but not in the NFL. So, what will a rule change mean for institutional investors and their Wall Street brokers, as well as owners and sports fans? Experts also think NFL team owners' "wealth would increase drastically," said Rotthoff— due to the considerable profits they've already made from team valuations in the past decade. Wall Street investment banks could also benefit in their role as advisors to wealthy investors and sports teams, including helping to connect buyers with sellers.

Persons: —, Josh Harris, Mark Patricof, Carrie Potter, Mellody Hobson, Condoleezza Rice, Sir Lewis Hamilton, Kurt Rotthoff, Dwayne Wade, Venus Williams, Eric Thomas, Gil Fried, Rotthoff, Rob Gronkowski, Spencer Platt, Goldman Sachs, Thomson, Taylor Swift, Jamie Squire, Potter, Fried Organizations: NBA, MLB, NHL, NFL, Service, Silicon, Forbes, The, Patricof, Rice, Denver Broncos, Seton Hall, Wall, Kansas City Chiefs, West, Sport Finance, Sports, Group, Wall Street, Chiefs, Dolphins, Getty Locations: The Washington, Crestview, United States, Orlando , Florida, West Florida

Energy startup Axle is in talks to raise a round backed by VC fund Accel, BI understands. The year-old company could raise around $6 million in capital as part of the deal, sources say. The energy tech startup uses electric vehicles and home energy assets to help balance grids. Energy software startup Axle Energy is in talks to raise fresh funding in a round backed by venture capital fund Accel, Business Insider understands. The London-based company, founded in 2023, connects electric vehicles and batteries to energy grids to help solve the intermittency of renewables.

Organizations: Energy, Accel, BI, Business Locations: London, Europe

☆ Investment momentum is rising in the region, Invest Qatar CEO says
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestment momentum is rising in the region, Invest Qatar CEO saysSheikh Ali Alwaleed Al Thani, CEO of the Investment Promotion Agency Qatar (Invest Qatar), discusses investment opportunities in the region and the Qatar Investment Authority's decision to invest $1 billion in international and regional venture capital funds.

Persons: Sheikh Ali Alwaleed Al Thani Organizations: Invest, Investment, Agency Qatar, Qatar Investment Locations: Invest Qatar, Qatar

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