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☆ Billionaires like Elon Musk want to save civilization by having tons of genetically superior kids. Inside the movement to take 'control of human evolution.'
▼ + stars: | 2022-11-17 | by ( Julia Black | ) www.businessinsider.com time to read: +40 min

"We are the Underground Railroad of 'Gattaca' babies and people who want to do genetic stuff with their kids," Malcolm told me. Ellison, meanwhile, who has two children in their 30s, has reportedly resumed having kids — with his 31-year-old girlfriend. "The person of this subculture really sees the pathway to immortality as being through having children," Simone said. The person of this subculture really sees the pathway to immortality as being through having children. Before she met Malcolm, Simone was convinced she wanted to live her life single and child-free.

☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
▼ + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com time to read: +22 min

Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.

☆ Lowe's CEO Marvin Ellison: We feel good about current trends in home improvement
▼ + stars: | 2022-11-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLowe's CEO Marvin Ellison: We feel good about current trends in home improvementLowe’s CEO Marvin Ellison joins CNBC's 'Squawk Box' to discuss the company's third-quarter earnings report, which beat Wall Street's estimates.

☆ 'Top Gun' studio Skydance just inked a TV and film partnership with the NFL. Here are 10 more top production companies capitalizing on the sports content boom.
▼ + stars: | 2022-11-16 | by ( Claire Atkinson | Colin Salao | ) www.businessinsider.com time to read: +4 min

The NFL has partnered with Skydance Sports to create a "global multi-sport production studio." Netflix's Formula 1 series, "Drive to Survive" is the model other streamers and leagues hope to emulate. Insider identified 11 top companies making scripted and documentary sports content to feed the boom. NFL is muscling into the booming sports production world, investing in a new joint venture with David Ellison's Skydance Sports. Speaking to buyers, sellers, and other industry stakeholders, Insider identified 11 production companies making the most sought-after sports content.

☆ Here's why Home Depot and Lowe's are booming in a housing market bust
▼ + stars: | 2022-11-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Suzanne Kreiter | The Boston Globe | Getty ImagesWith rising mortgage rates, homeowners are staying in place. By the end of the first quarter of this year, before the steep runup in mortgage rates caused the housing market to falter, homeowners had a collective $11 trillion dollars in so-called tappable equity, according to Black Knight. That equity is part of a three-pronged driver of home improvement, according to the CEO of Lowe's, Marvin Ellison. "The growth rate for improvement spending will slow due to declines for existing home sales," said Robert Dietz, NAHB's chief economist. "However, an aging housing stock, work from home trends and a decline for household mobility all favor remodeling spending."

☆ What Cramer is watching Wednesday — retail sales strong, Lowe's delivers, Estee Lauder love
▼ + stars: | 2022-11-16 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Revenue: $26.52 billion versus $26.38 billion expected. Revenue: $23.48 billion versus $23.13 billion expected. Oppenheimer raises Club holding Estee Lauder (EL) price target to $245 per share $230. Bofa also likes the deal and thinks it will give Estee Lauder $800 million to $1 billion in sales. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Watch CNBC's full interview with Lowe's CEO Marvin Ellison on earnings
▼ + stars: | 2022-11-16 | 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 EmailWatch CNBC's full interview with Lowe's CEO Marvin Ellison on earningsLowe’s CEO Marvin Ellison joins CNBC's 'Squawk Box' to discuss the company's third-quarter earnings report, which beat Wall Street's estimates. Ellison also reacts to October's softer-than-expected producer price index and breaks down how the home improvement retailer is navigating inflation.

☆ Binance founder Changpeng 'CZ' Zhao wants to 'rebuild' crypto post FTX collapse
▼ + stars: | 2022-11-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Hong Kong CNN Business —Binance founder and CEO Changpeng Zhao is once again in the global spotlight, this time as the self-appointed white knight of crypto as the industry is embroiled in crisis. “Let’s rebuild.”Humble beginningsZhao launched Binance in July 2017 in China, gradually building it into the world’s largest crypto exchange. Binance CEO Changpeng Zhao attending the Viva Technology conference in Paris on June 16, 2022. In May, TerraUSD lost its dollar peg, which led to the collapse of its sister token and eventually created a huge global liquidity crisis in the crypto industry. The Binance chief said his firm had been asked to help as FTX grappled with liquidity issues.

☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
▼ + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."

☆ FTX's future went from being in the hands of the young disrupters to grizzled veteran lawyers
▼ + stars: | 2022-11-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The two key lawyers involved — who were profiled here by Insider's Jack Newsham — have quite the track record, including stints working with Enron, Michael Milken, and Elon Musk. In other news:Mia Lee decided to become a professional girlfriend for a living after her Wall Street accounting job left her burnt out. Here's where they say Wall Street got it wrong when it comes to VC. Salesforce evaluated employees in a way that actually set up some of its top salespeople to get axed, insiders say. "You can take the girl off Wall Street, but you can't take the banker out of the whore."

☆ Alameda, FTX executives knew crypto exchange was using customer funds - WSJ
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +1 min

Nov 12 (Reuters) - FTX-affiliated crypto trading firm Alameda Research's Chief Executive Officer Caroline Ellison and senior FTX officials knew that the crypto exchange had lent Alameda its customer funds to help meet liabilities, the Wall Street Journal reported on Saturday. Reuters reported Friday that FTX founder and former CEO Sam Bankman-Fried had secretly transferred $10 billion of customer funds from FTX to Alameda. Ellison told employees in a video meeting on Wednesday that she, Bankman-Fried, and two other executives, Nishad Singh and Gary Wang were aware of the decision to move customer funds to Alameda, the Journal said, citing people familiar with the matter. FTX filed for U.S. bankruptcy protection early Friday and Bankman-Fried resigned as chief executive. FTX and Alameda Research did not immediately respond to Reuters' requests for comment.

☆ FTX's crypto empire was reportedly run by a bunch of roommates in the Bahamas who dated each other, according to the news site that helped trigger the company's sudden collapse
▼ + stars: | 2022-11-11 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

On Thursday, CoinDesk unearthed more secrets about the inner workings of Bankman-Fried's crypto empire, including the untraditional makeup of his inner circle. Those sources told CoinDesk that both operations were run by Bankman-Fried's inner circle of 10 roommates. Among the named members of Bankman-Fried's inner circle were Caroline Ellison, Alameda's current CEO. Some employees outside Bankman-Fried's inner circle noted that they were shocked by the events of the past week. "Some employees kept their life savings on FTX," an anonymous source told CoinDesk.

☆ Piece of Challenger space shuttle discovered at bottom of Atlantic near Florida's coast
▼ + stars: | 2022-11-10 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

A section of the destroyed space shuttle Challenger was found at the bottom of the Atlantic Ocean off the coast of Florida more than three decades after it broke apart and killed all seven people aboard. Because of the artifact's proximity to the Florida Space Coast as well as the construction of the object, the team contacted NASA. The discovery is one of the biggest pieces of the spacecraft ever found, said Michael Ciannilli, a NASA official. It disintegrated 46,000 feet above the ocean, off the coast of Cape Canaveral, Florida. She had been selected as the primary candidate for the NASA Teacher in Space Project in July 1985.

It culminated on Wednesday, with Binance pulling out of its deal and throwing FTX's future into uncertainty. Bankman-Fried told Reuters on Tuesday that "I'll probably be too swamped" to do interviews. Voyager filed for bankruptcy protection the following month, with FTX's U.S. arm paying $1.4 billion for its assets in a September auction. Daily withdrawals normally totaled tens of millions of dollars, Bankman-Fried told his employees. Bankman-Fried signed a non-binding letter of intent for Binance to buy FTX’s non-U.S. assets.

☆ Tesla stock hits 2-year low after Musk sells $4 bln worth of shares
▼ + stars: | 2022-11-09 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +3 min

The latest sale brings the total amount of Tesla stock sold by Musk since last November to about $36 billion - despite his having said earlier that he would sell no more of his shares. Tesla shares have fallen more than 50% since touching a record high on Nov. 4 of last year. With the latest sale of his Tesla stock, Musk "yet again loses more credibility with investors and his loyalists in a boy who cried wolf moment," Wedbush Securities analyst Dan Ives said. Analysts had expected Musk to sell more Tesla shares to finance the $44 billion Twitter deal, but it was not clear whether the sales were related to the Twitter acquisition. It is not clear whether all of the equity investors lived up to their equity commitment.

☆ Tech CEOs all made the same dumb mistake, thinking the pandemic boom would last forever. Now employees are paying the price with massive layoffs.
▼ + stars: | 2022-11-09 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +5 min

Mark Zuckerberg took accountability for the mistake that led to this week's 11,000 job cuts at Meta. That mistake: Thinking the pandemic-era good times for tech would last forever. Many other tech companies made the same mistake. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended," Zuckerberg wrote in a memo to employees on why he's cutting 11,000 jobs at Meta. Startups raised money in eye-watering amounts, even as the major tech companies saw their share prices soar.

☆ How Binance's plan to buy FTX unfolded in a matter of days
▼ + stars: | 2022-11-08 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

Here are the key developments in the longstanding relationship between Binance and FTX:* December 2019: Binance invested an undisclosed amount in FTX, which was then a derivatives exchange, CoinDesk reported. As part of that exit, Binance received the equivalent of $2.1 billion in Binance's stablecoin and FTT, according to Binance CEO Changpeng Zhao. loading* Nov. 2: Crypto news website CoinDesk reported on a leaked balance sheet from Alameda Research, FTX CEO Sam Bankman-Fried's crypto trading firm, which maintains close ties with FTX. * According to CoinDesk's report, $3.66 billion of Alameda's $14.6 billion in assets are held in “unlocked” FTT. The firm has more than $10 billion in assets that are not reflected in the CoinDesk report, she said.

LONDON/SINGAPORE, Nov 8 (Reuters) - The in-house token of major crypto exchange FTX slumped on Tuesday, losing one-third of its value and dragging down other major digital assets, as investors appeared to take fright at talk of pressure on FTX's financials. The FTX token - which gives holders discounts on FTX trading fees - was last down more than 33% at $14.68, its lowest since early 2021. The token, known as FTT, is the 30th largest digital coin, with a value of $2 billion, according to CoinMarketCap. Bitcoin , the biggest digital token, was down 6.42% at $19,342.00, its lowest in two weeks, and was on course for its worst day since mid-September. Reuters was unable to independently verify the accuracy of the report, or the origin of the leaked balance sheet.

LONDON/SINGAPORE, Nov 8 (Reuters) - Cryptocurrencies fell heavily on Tuesday and the in-house token of major crypto exchange FTX slumped by almost a quarter as investors appeared to take fright at talk of pressure on FTX's financials. Bitcoin , the biggest digital token, fell as much as 6% to $19,351, its lowest in two weeks, and was on course for its worst day in since mid-September. Ether , the next largest, fell over 6%. FTX has come under pressure after Changpeng Zhao, head of rival exchange Binance - the world's largest - said on Sunday his firm would liquidate its holdings of the FTX token due to unspecified "recent revelations." The FTX token - which gives holders discounts on FTX trading fees - was last down almost 23% at $17.11, its lowest since early 2021.

loading"A competitor is trying to go after us with false rumors," FTX's Bankman-Fried said in a series of tweets on Monday. According to CoinDesk's report, much of Alameda's $14.6 billion in assets are held in FTX's token, which is called FTT. Reuters was unable to independently verify the accuracy of the report or the origin of the leaked balance sheet. Since the CoinDesk report on Nov. 2, FTX's token has shed around $400 million from its market cap as traders sold the token. With a market cap of around $3 billion, FTX's token ranks as the 28th largest cryptocurrency, according to CoinGecko.

☆ American billionaires spent a record $880 million on the U.S. midterm elections
▼ + stars: | 2022-11-03 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

America's billionaires spent a record $880 million on the U.S. midterm elections so far, with most of their spending favoring Republicans, according to a new report. They have given a total of $3.5 million to a single-candidate super PAC in Wisconsin supporting GOP Sen. Ron Johnson. A relative newcomer to the billionaire political class is Sam Bankman-Fried, the 30-year-old crypto mogul. He donated $40 million this cycle, most of it to a super PAC he created called Protect Our Future. Hedge-fund billionaire Stephen Mandel of Lone Pine Capital has spent $17.7 million on Democratic groups, including the super PAC Future Forward.

☆ The 20 Richest Tech Billionaires Have Lost Nearly Half a Trillion Dollars This Year
▼ + stars: | 2022-10-28 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

The 20 richest tech billionaires have collectively lost nearly half a trillion dollars this year amid the stock market’s sharp tumble, a loss of wealth that is more than the market values of all but seven companies in the S&P 500. The world’s richest tech moguls—including Mark Zuckerberg, Bill Gates and Larry Ellison —have seen more than $480 billion in paper wealth disappear this year through Thursday, according to the Bloomberg Billionaires Index, a daily ranking of the richest people in the world. Disappointing earnings reports from a slew of tech giants this week have stoked recession fears, pushed stock prices lower and weighed on the fortunes of the world’s wealthiest people.

Georgia Senate candidate Herschel Walker denied a new allegation from a woman Wednesday that Walker, who is running on an anti-abortion Republican platform, drove her to a clinic to have an abortion while they were engaged in a romantic relationship decades ago. Walker has admitted the check was his but has said he did not know what the money was used for. NBC News has not independently verified the abortion allegation. Sen. Lindsey Graham, R-S.C., campaigning with Walker in Dillard on Wednesday, suggested a political motive was behind the latest allegation. Herschel Walker shouldn’t be representing Georgians in the U.S. Senate.”

☆ Musk informs co-investors he plans to close Twitter deal by Friday-source
▼ + stars: | 2022-10-25 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: An image of Elon Musk is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal, according to the report. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs. Banks, including Morgan Stanley and Bank of America Corp, have committed to provide $13 billion of debt financing to support the deal. The closure of the deal will put to rest months of speculation that the erratic entrepreneur would abandon the takeover.

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