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Search resuls for: "Chamath"


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☆ Some Twitter staff were told to listen to a podcast hosted by 2 of Elon Musk's advisers for 'insights' into mass layoffs, report says
  + stars: | 2022-11-08 | by ( Pete Syme | ) www.businessinsider.com   time to read: +3 min
Twitter's health team was instructed to listen to tech podcast "All In," Platformer reports. In the podcast, Musk advisers David Sacks and Jason Calacanis discussed Silicon Valley layoffs. Staff were told the podcast "provides some insight into why this is happening/necessary," Platformer reported. The hosts celebrated Musk's decision to layoff 50% of Twitter's staff, despite criticism and lawsuits brought against the company. On the podcast, Sacks explained that he and Calacanis don't have official roles at Twitter, but "are just pitching in and helping out while Elon establishes his permanent team."
☆ Clover Health bet its future on a new federal program that promised enormous revenues. Now it's slashing its participation to focus on turning a profit.
  + stars: | 2022-11-08 | by ( ) www.businessinsider.com   time to read: +3 min
Clover Health bet big on a controversial new Medicare program with a huge revenue opportunity. Clover Health is slashing its footprint in a key federal program that the health-insurance upstart has bet big on since 2021. The program, known "ACO Reach" and formerly called direct-contracting, aims to lower costs for the Medicare program by changing up how doctors caring for traditional Medicare patients are paid. Clover manages 166,432 people in the ACO Reach program, up from 61,818 a year ago, the company reported Monday. Even with the cuts in participation, Clover still expects to generate about $1 billion in annual revenue from ACO Reach, Toy said.
☆ Tech investor says Elon Musk's decision to 'cut deep' in Twitter layoffs could set a new standard for Silicon Valley
  + stars: | 2022-11-08 | by ( Grace Kay | ) www.businessinsider.com   time to read: +3 min
Tech investor David Friedberg said Twitter's layoffs could encourage other companies to follow suit. Elon Musk laid off about 50% of Twitter's staff, while other tech companies have had more conservative cuts. Tech investor David Friedberg said Musk's cost-cutting measures at Twitter could quickly become a new Silicon Valley standard as companies struggle to address the economic downturn in the months to come. Twitter staff were told to listen to the podcast episode to learn why layoffs were necessary, according to tech newsletter Platformer. However, some experts have pointed to Musk's layoffs — which were conducted via blunt emails signed by "Twitter" — as an example of what not to do.
☆ The 6 most interesting quotes from the podcast hosted by Elon Musk's friends that Twitter staff were reportedly told to listen to amid layoffs
  + stars: | 2022-11-08 | by ( Grace Kay | ) www.businessinsider.com   time to read: +8 min
Some Twitter staff were told to listen to a podcast hosted by Elon Musk's associates, Platformer reported. A Twitter VP reportedly told staff it would provide insight into why layoffs were necessary. David Sacks and Jason Calacanis — two of Musk's close associates who have stepped in to help him at Twitter — also cohost the show. 'Just helping a friend'During the podcast, Sacks and Calacanis attempted to clarify their new roles at Twitter. It later emerged that they were likely practical jokers pretending to be laid off Twitter staff.
☆ Who are Elon Musk’s right-hand men at Twitter? (It’s a lot of men.)
  + stars: | 2022-11-04 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Daniel Arkin | ) www.nbcnews.com   time to read: +11 min
Elon Musk seems determined to remake Twitter in his own image — with some help from the men in his trusted inner circle. They are joined in Musk’s orbit by Alex Spiro, a trial attorney with a roster of celebrity clients who reportedly led the first round of Twitter layoffs. Bloomberg reported Wednesday night that Twitter is preparing to eliminate about 3,700 jobs, or roughly half its workforce. Musk's personnel decisions suggest a possible road map for the future of Twitter, one in which policies and internal rules are drawn at least in part from the views of Musk’s consiglieres. Sacks, Calacanis, Spiro and Birchall did not immediately respond to questions about the company’s future and the nature of their roles there.
☆ IPO market has unraveled this year
  + stars: | 2022-11-01 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
But there’s another beast, albeit a mythical one, that has been pretty much absent from the stock market all year: Unicorns. According to data from IPO research firm Renaissance Capital, that was the slowest October for the IPO market since 2011. Many hope to do so instead in 2023 if the broader market improves. With that in mind, other unicorns could go public in 2023 if the IPO window opens up again. Crypto king FTX, sports merchandise leader Fanatics, Fortnite owner Epic Games and mobile bank app Chime are among the top 2023 IPO candidates, according to Wall Street analysts.
☆ Chamath Palihapitiya blames the Fed for 'perverted' market conditions that benefitted him
  + stars: | 2022-10-26 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +3 min
Billionaire investor and so-called SPAC King Chamath Palihapitiya said the zero interest rates the Federal Reserve allowed to persist for years created the "perverted" market conditions he benefited from at the height of the pandemic. "We are learning what went wrong, which is that we had a decade-plus of zero interest rates," Palihapitiya said of the market. Low interest rates mean lower returns on savings accounts, which can encourage more spending in the economy, which can be a boon for high-growth assets. So on the same way that I sort of blame Jay Powell for zero interest rates, I think I massively benefitted from Powell, and Bernanke and Janet Yellen before," he said, referencing past Fed chairs. WATCH: Chamath Palihapitiya unwinds two SPACs, cites high valuations and market volatility
☆ SPAC liquidations top $12 billion this year as sponsors grapple with tough market, new buyback tax
  + stars: | 2022-10-19 | by ( Yun Li | ) www.cnbc.com   time to read: +1 min
Chamath Palihapitiya, Social Capital Founder and CEO CNBCA new buyback tax has motivated more and more SPAC sponsors to close up shop before the year-end, adding another headwind to the blank-check space already roiled by a tough market environment. A total of 27 SPAC deals, worth $12.8 billion, have been liquidated this year, according to data from SPAC Research. Under the new provision in the Inflation Reduction Act, SPAC sponsors could face a 1% exercise tax if they return cash to investors starting in 2023. Zoom In Icon Arrows pointing outwards"Market condition is the driving factor, and apart from that, there is the 1% exercise tax," said Melanie Chen, a partner at UHY LLP. There are still more than 450 deals on the market for a merger target ahead of their 2023 deadlines, according to SPAC Research.
☆ The stock market crash is exposing Wall Street's biggest charlatans
  + stars: | 2022-10-16 | by ( Linette Lopez | ) www.businessinsider.com   time to read: +9 min
In a market bubble, it's easy to confuse opportunity for genius. While many of these new investors invested wisely, a pack of them got swept up in a social-media-driven market mania. For the past decade-plus, the stock market loved this. It's really never a good sign when you see celebrities hanging around the stock market, and during the bubble they were everywhere, pumping crypto and investing in SPACs. Good information about the stock market does not come easy, and Gordon Gekko was right to say that if you want a friend on Wall Street, you should buy a dog.
☆ I binge-listened to tech podcasts for a week, and what I learned about Silicon Valley is kind of scary
  + stars: | 2022-10-04 | by ( Adam Rogers | ) www.businessinsider.com   time to read: +19 min
2: The hosts don't know what they don't knowThe problem is, VC podcasts don't stick to the core issues of venture capital. 3: The hosts want us to believe what they don't knowThere's a shocking amount of this kind of drivel on the tech podcasts. This is what a good tech podcast should do: Use access to the best and most successful investors and innovators to illuminate the way Silicon Valley works. But that's not what matters in the world of tech podcasts. But after 40 hours of listening to tech podcasts, I feel kind of bad about it.
☆ Meet Michael Klausner, the Stanford law professor who is the biggest critic of the SPAC deal craze — and believes its crash was 'completely predictable'
  + stars: | 2022-09-23 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com   time to read: +7 min
Many SPAC deals announced last year have been having a hard time closing. Now, the dismal fates of dozens of SPAC deals announced during last year's SPAC frenzy seem to vindicate his analysis. And others this year, like men's grooming brand Manscaped, SeatGeek, the live event ticket search engine, and business news outlet, Forbes, have all scrapped their SPAC deals to go public. Klausner has been paying attention to SPAC deals for a few years. Of the 275 deals announced in 2021, 240 have closed, according to Dealogic data.
☆ Rooftop Solar Digital Platform Taps Into Climate Law Incentives
  + stars: | 2022-09-21 | by ( Amrith Ramkumar | ) www.wsj.com   time to read: 1 min
A software startup backed by the venture capitalist Chamath Palihapitiya is launching a digital platform that allows companies such as mortgage lenders and home-improvement retailers to sell rooftop solar installations directly to consumers. The new product adds to a list of clean-energy efforts announced by companies following the passage of the healthcare, climate and tax law, which solidifies tax incentives over the next decade for projects including a 30% credit.
☆ Josh Harris co-founded Apollo, but his ownership of the 76ers and Devils was a distraction and a 'source of tension' for former employees.
  + stars: | 2022-09-21 | by ( Aaron Weinman | ) www.businessinsider.com   time to read: +6 min
He stepped away from day-to-day activities at Apollo Global Management — the private-equity firm he co-founded — in May last year. Josh Harris upset Apollo insiders with the amount of time he spent on personal investments. During meetings for Apollo matters, Harris would sometimes take phone calls unrelated to the company, one person told Insider. Harris would also use Apollo employees to help on personal investments. People who worked on Harris' personal investments became "untouchable" within the organization.
☆ The Fed's credibility is still on the line
  + stars: | 2022-09-21 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com   time to read: +6 min
The difference — known as the breakeven rate — tells you how much inflation investors foresee. The five-year breakeven rate stands at 2.48%, down significantly from a high of 3.59% in March and not far off from the Fed's 2% target. The 10-year breakeven inflation rate sits at 2.4%. The Fed makes its latest policy announcement at 2 p.m. Coming tomorrow: The latest policy decisions from the Bank of England, the Bank of Japan and the Swiss National Bank.
☆ ‘SPAC King’ Chamath Palihapitiya Closing Two SPACs After Failing to Find Deals
  + stars: | 2022-09-20 | by ( Amrith Ramkumar | ) www.wsj.com   time to read: 1 min
Chamath Palihapitiya will wind down and return cash from two special-purpose acquisition companies to shareholders after failing to find companies to take public. One of the biggest promoters of SPACs is shutting down two deal-making efforts that together hold more than $1.6 billion after the market collapsed, wiping out tens of billions in startup market value and punishing individual investors. Chamath Palihapitiya will wind down and return cash from the two special-purpose acquisition companies to shareholders after failing to find companies to take public. Giving up is an admission by the brash venture capitalist dubbed the “SPAC king” that the market that helped make him a mainstay on business television has effectively shut down.
☆ Chamath Palihapitiya unwinds two SPACs, cites high valuations and market volatility
  + stars: | 2022-09-20 | 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 EmailChamath Palihapitiya unwinds two SPACs, cites high valuations and market volatilityCNBC's David Faber and the 'Squawk on the Street' team discuss Social Capital CEO Chamath Palihapitiya's decision to unwind two SPACs due to high market valuations and market volatility.
☆ Big SPAC unwind has consequences for few
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. REUTERS/Brendan McDermid/File Photo/File PhotoNEW YORK, Sept 20 (Reuters Breakingviews) - Chamath Palihapitiya pushed the limits of the blank-check boom. If his shortcomings were the worst of the SPAC fallout, it isn't so bad. The SPAC boom was part of the stock market excess inflated by government stimulus and ultra-low interest rates following the global pandemic. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
☆ The overwhelming majority of SPACs are not good investments, says Virtus' Joe Terranova
  + stars: | 2022-09-20 | 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 EmailThe overwhelming majority of SPACs are not good investments, says Virtus' Joe TerranovaSPAC king Chamath Palihapitiya shuts down two of his SPACs after failing to find a deal. Virtus Investment Partners' Joe Terranova weighs in on the decision and whether the SPAC boom is over.
☆ Trump-linked SPAC faces new pressure from investors as merger hangs in the balance
  + stars: | 2022-09-20 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +3 min
The social media app will be developed by Trump Media and Technology Group (TMTG). If it falls apart, it would mean a lot less money for Trump Media, even if it did end up going public through a merger with DWAC. The negotiation is an attempt to shift risk to DWAC and Trump Media, which owns Truth Social. Representatives for DWAC and Trump Media didn't immediately respond to a request for comment. Trump founded Trump Media and Technology Group and its platform Truth Social after he was banned from Twitter following the Jan. 6, 2021, Capitol riot.
☆ What Cramer is looking at Tuesday — Fed rate watch, 2-year Treasury yield surge, Ford warning
  + stars: | 2022-09-20 | by ( Jim Cramer | ) www.cnbc.com   time to read: +5 min
What I am looking at Tuesday, Sept. 20, 2022 U.S. stock futures were up Tuesday until the 2-year Treasury yield kept up its relentless run to 4%. BofA takes timber company Weyerhaeuser (WY) to neutral (hold) from buy. Etsy (ETSY) started with a neutral (hold) at BofA. Truist takes Norwegian Cruise Line (NCLH) to buy from hold; cuts Carnival (CCL) price-target to $10 per share from $8. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
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