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☆ The 'next Warren Buffett' curse: Sam Bankman-Fried is the latest market icon to fall after being compared to the legendary investor
▼ + stars: | 2022-11-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

The Warren Buffett curse is alive and well following the collapse of Sam Bankman-Fried and his crypto exchange FTX. Fortune magazine asked if Bankman-Fried was the next Warren Buffett in an August profile. Fortune put Bankman-Fried on the front page of its August issue, asking readers if he was in fact the next Warren Buffett? Several of Palihapitiya's SPAC companies soared in value amid the SPAC boom of 2020 and the early months of 2021. Palihapitiya was often compared to Buffett by market participants, and Brown called the investor "the new Buffett" on a podcast in January 2021.

[1/2] People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The Swedish carmaker, founded by China's Geely (0175.HK) and Volvo Cars (VOLCARb.ST), posted an operating loss of $196.4 million, down from $292.9 million a year ago, while revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company (SPAC), said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts. "The full extent of that will then... partly offset the raw material costs," he said, adding that the carmaker expected to raise prices further. But Chief Executive Thomas Ingenlath said Polestar was on track to deliver 50,000 cars in 2022.

☆ How Joby and Delta are making flying taxis a reality
▼ + stars: | 2022-11-11 | by ( Andrew Evers | ) www.cnbc.com time to read: +1 min

The world has long dreamed of a day when flying cars become part of daily life. Startups Joby, Archer, Vertical , Lilium and more are developing eVTOLs, electric vertical takeoff and landing aircraft, with the vision of making air taxis a reality. CNBC got an inside look at Joby Aviation, one of the eVTOL players with grand ambitions of not only building the aircraft but also operating an Uber-like air taxi business. Founded in 2009 in Santa Cruz, California, the company has received investments from Toyota , Delta Air Lines , Uber and the U.S. Department of Defense. Joby is currently manufacturing and performing flight tests at its pilot facility outside of Monterey in Marina, California.

☆ What to know as October inflation data looms - and the Federal Reserve's next move.
▼ + stars: | 2022-11-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Year-over-year inflation for October is expected to have eased slightly to 7.9%, according to Bloomberg's median estimate, down from 8.2% September. But here's a tidbit I did not find reassuring: The annual inflation rate came in above forecasts in six of the last seven months. While it'd be a good sign if CPI comes in lower than September, that doesn't mean the economy is in the clear — far from it, actually. "If Core inflation comes in greater than 0.5%, the Fed will raise rates more and we would be reevaluating the probability of a recession, and probably raising it higher." The chief global strategist for JPMorgan's investing arm explained why the Fed will cause an unnecessary recession, even as inflation is fading away.

☆ Forbes enters into exclusive buyout talks with investor group
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Business news and information publisher Forbes said on Wednesday it has entered into "exclusive discussions" with an investor consortium for the sale of the company. The move comes months after the publisher pulled out of a deal to go public through a special purpose acquisition company (SPAC). The consortium comprises of family offices and global investors, a Forbes spokesman said in a statement, but did not disclose the value of the deal. Forbes, one of the oldest media outlets in the United States, publishes its eponymous flagship magazine which reaches 5 million readers. It says its digital platform now reaches more than 140 million people with its 49 global editions.

☆ Shares of Truth Social merger partner fall after Trump's candidates underwhelm in midterm elections
▼ + stars: | 2022-11-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Shares of the blank check company set to take Trump Media and its Truth Social platform public fell sharply Wednesday after candidates endorsed by the former president disappointed in high-profile midterm election races. Another presidential run could drive traffic to Trump's Truth Social platform, as the ex-president has agreed to post exclusively on the social media platform for eight hours before posting it anywhere else. DWAC has been working to secure enough shareholder support to extend the deadline for the merger with Trump Media until Sept. 2023, with the vote being pushed back multiple times. The merger also faces a criminal probe into possible securities violations over discussions that took place between DWAC and Trump Media prior to the deal announcement.

☆ Stocks slip as control of Congress remains unclear
▼ + stars: | 2022-11-09 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Stocks dipped, with the Dow sliding nearly 300 points, or 0.9%, in late morning trading. One stock in particular that had been surging in anticipation of a sweeping victory for the GOP got hit hard Wednesday. The market rallied sharply during the past three days following a historic surge for stocks in October. Still, as the midterm dust settles, investors may now shift their attention back to inflation and the economy. “Markets have performed remarkably similar during periods of a Republican or Democratic controlled Congress.”

☆ Taiwan’s virtual beauty brand struggles on Wall Street debut
▼ + stars: | 2022-11-08 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN Business —Taiwan’s latest entrant to Wall Street has had a rough ride since it went public a week ago. Perfect Corp. lends its technology to beauty and fashion brands. Perfect Corp. founder and CEO Alice Chang said she spoke to CNN Business while wearing the company's "digital makeup" on a conference call. The question was: “How can I link the virtual beauty with the real world beauty?” Chang recalled. Perfect Corp. is one of a handful of Taiwanese companies to list in the United States in recent years, according to Dealogic data.

☆ Trump-linked SPAC stock goes bonkers ahead of midterms
▼ + stars: | 2022-11-08 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

The blank check firm that might merge with former President Donald Trump’s media company has soared in the past week due to expectations that Trump may soon announce a 2024 presidential run. Digital World Acquisition Corp., a so-called special purpose acquisition company, or SPAC, soared an astonishing 66% on Monday. Digital World Acquisition Corp., or DWAC for short, announced plans in October 2021 to acquire Trump Media & Technology Group, owner of the Truth Social app, a right-leaning alternative to Twitter. Still, the big move in DWAC shares is a bit curious, if for no other reason than the fact that a deal with Trump’s company may not actually happen. But despite some partisan hopes that a deal will actually occur, the numerous delays and other legal headaches have weighed on DWAC shares.

☆ Andreessen Horowitz just backed a startup that specializes in company director insurance. Here's the 13-slide pitch deck Anzen used to raise $10 million.
▼ + stars: | 2022-11-08 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

A startup focusing on insurance for company directors and officers just raised $10 million. Check out the 13-slide pitch deck Anzen used to raise the new capital below. Anzen, a US insurance startup focused on executive liability, has raised $10 million in fresh funding. Anzen's funding comes from Andreessen Horowitz, alongside Japanese insurance companies MS&AD Ventures and, Tokio Marine. In addition, AmTrust Financial and Greenlight Re joined the round as insurance partners for the company along with Everest Re.

☆ 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.

☆ Trump has reportedly told people he can't leave his Twitter clone Truth Social because he'd risk torpedoing a company tied to his name
▼ + stars: | 2022-11-07 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

Leaving for Twitter would risk Truth Social failing, and it's too closely associated with his brand, the Post reported. Trump has said publicly he wouldn't rejoin Twitter because he's committed to Truth Social. But even if Trump is invited back to Twitter, he's reportedly talked privately about being in a precarious business situation that makes it difficult to re-join. Trump was one of Twitter's most prolific users, and he enjoyed a far larger following on the platform than on Truth Social. Twitter and Meta banned Trump after a mob of his supporters attacked the US Capitol on January 6, 2021.

☆ Shares of Trump-linked SPAC soar 66% as former president hints at 2024 run
▼ + stars: | 2022-11-07 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). Shares of Digital World Acquisition Corp ., the company set to take Trump Media and Technology Group public, spiked Monday after former president Donald Trump hinted at a 2024 presidential run. The stock is still down 43% year to date as the special purpose acquisition company navigates financial and legal troubles. However, the company still faces a hurdle to completing its acquisition of Trump Media and the Truth Social platform. Internal documents revealed that he was approached with opportunities from alternative platforms Gettr and Parler before committing to the Trump Media enterprise.

☆ What Cramer is watching Monday — midterm election, Apple in China, cloud collapse
▼ + stars: | 2022-11-07 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

What I am looking at Monday, Nov. 7, 2022 U.S. stock futures bounced after breaking multiweek weekly winning streaks. Club holding Apple (AAPL) issues with Covid restrictions slowing down iPhone production in China is supply not demand. Club holding Coterra Energy (CTRA) upgraded by Wolfe Research to peer perform from underperform (hold from sell). Club holding Wells Fargo (WFC) still cheapest and putting worst behind it. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ BITG says WeWork shares could nearly triple, citing 'opportunity in uncertainty'
▼ + stars: | 2022-11-04 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

It's time to snap up shares of WeWork, according to analysts at BTIG. The firm on Thursday initiated coverage of the workspace real estate company with a buy rating and a price target of $7.50. WeWork set for profitability WeWork has plunged more than 70% since it went public in 2021 via a special purpose acquisition company, or SPAC. "Over time, we expect WeWork to transition to a more mature balance sheet, which could support future growth of the company's operating platform," he said. On the downside, WeWork could be hit by a harder and longer global recession, which could reduce demand for flexible workspace.

Digital World Acquisition Corp (DWAC) (DWAC.O) Chief Executive Patrick Orlando on Thursday said he is extending a voting deadline until Nov. 22. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG), which operates Trump's Truth Social app, stands to receive from DWAC. DWAC shares, which have tumbled nearly 70% since January, inched up modestly in early trading on Thursday to $16.31. Before that it had delayed several times, moving the deadline to Oct. 10 from Sept. 8, and before that from Sept. 6. By Sept. 26, DWAC had only 43% of shareholders' approval, according to a document seen by Reuters.

Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars.

☆ Opendoor Technologies lays off about 18% of workforce
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Property-selling platform Opendoor Technologies Inc (OPEN.O) is laying off about 550 employees, Chief Executive Officer Eric Wu said on Wednesday. The job cuts will result in an 18% reduction of Opendoor's workforce. Opendoor had already reduced its workforce by more than 830 positions, according to Wu. The company, which was earlier backed by SoftBank Group (9984.T), went public via a reverse merger with a SPAC in 2020. (This story has been refiled to correct grammatical error in paragraph 2)Reporting by Chavi Mehta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Trump Media documents suggest Parler, Rumble as possible merger partners
▼ + stars: | 2022-11-02 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The Rumble video platform logo on a laptop computer arranged in Hastings on Hudson, New York, on Saturday, Jan. 23, 2021. Trump Media and Technology Group executives named Parler and Rumble as theoretical acquisitions or partners, according to documents provided by co-founder and whistleblower, William Wilkerson, through his counsel. Wilkerson was one of the early executives at Trump Media and its Twitter-esque social media platform Truth Social. DWAC and Trump Media are also the subject of a criminal probe into possible securities violations relating to conversations that occurred between the two parties prior to the merger announcement. While the photo names these possible acquisition targets, it also names a number of other ventures for Trump Media that have yet to come to fruition, including "Trump Faith/Classic Films," "Trump Book Publishing" and "Trump Documentaries."

☆ Ammunition tech firm TV Ammo to go public in $1.2 billion blank-check deal
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Ammunition technology company TV Ammo Inc will merge with blank-check firm Breeze Holdings Acquisition Corp (BREZ.O) in a deal that values the combined entity at $1.21 billion, the companies said on Tuesday. The transaction is expected to generate cash proceeds of about $76.8 million, assuming there are no redemptions from the trust account of the blank-check or special-purpose acquisition company (SPAC). The De-SPAC Index (.DESPACTR) that tracks a basket of companies that have listed through SPAC mergers is down roughly 65% so far this year. A SPAC is a listed shell company that merges with a private company, taking it public in the process. After the deal closes, expected towards the first quarter of 2023, Breeze Holdings will be renamed "True Velocity Inc".

☆ 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.

☆ Meme stock rally could be sign that investor appetite for risk is returning
▼ + stars: | 2022-10-31 | by ( David Randall | ) www.reuters.com time to read: +3 min

The stock's Monday volume, which stood at over 10 million shares after the close, far exceeded the 506,000 shares investors have shorted, he said. "There is no way today’s price move is due to a short squeeze, it is virtually all long buying pressure," Dusaniwsky said. Many meme stocks have been pounded this year as the Federal Reserve tightens monetary policy, sapping investors’ appetite for risk. Shares of GameStop Corp (GME.N), which put meme stocks into the spotlight with its epic rally in 2021, are down 24% for the year to date while AMC Entertainment Holdings Inc (AMC.N) has fallen 60%. "If that’s the case that would further tamp down Treasury yields and create a tailwind for equities."

☆ Harley-Davidson’s Electric Motorcycles Struggle to Connect With Investors
▼ + stars: | 2022-10-31 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

A Harley-Davidson’s LiveWire on the floor of the New York Stock Exchange in September, when the electric-motorcycle brand became a public company. Harley-Davidson Inc.’s LiveWire subsidiary is off to a rough start as a public company, as its electric motorcycles struggle to attract riders and investors. Shares of LiveWire Group Inc. have fallen about 15% since the merger in late September with a special-purpose acquisition company, or SPAC. The deal yielded about half the cash proceeds Harley anticipated, with most of the SPAC investors withdrawing their money rather than holding LiveWire shares after the deal went through, according to a regulatory filing.

☆ Terran Orbital stock rises after spacecraft builder raises $100 million from Lockheed Martin
▼ + stars: | 2022-10-31 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Shares of spacecraft manufacturer Terran Orbital rose Monday after the company added $100 million via an investment from existing shareholder Lockheed Martin . Lockheed purchased both debt and stock, and Terran noted that the investment comes with a new cooperation agreement "to pursue a wider variety of opportunities" alongside the defense giant. Terran stock rose about 8% in midday trading, after jumping as much as 33% earlier in the day from its previous close of $2.56 a share. The company went public via a SPAC earlier this year and, like many space stocks, has been hit hard by the shifting risk environment in the market. CNBC previously reported that Terran was among the space SPAC stocks seeking capital, with several companies facing a cash crunch.

☆ Why the SPAC Boom Fizzled: What Went Wrong
▼ + stars: | 2022-10-31 | by ( ) www.wsj.com time to read: 1 min

Schools and Learning in an AI-Enabled WorldHow will generative AI tools, like ChatGPT, change the education system? That’s the question on a lot of parents' and teachers’ minds. At this year’s Future of Everything festival, the founder of Code.org talked about how the next generation of students will live and learn in an AI-enabled world. We bring you highlights from that conversation. ILLUSTRATION: AMOGH ALVA VAZ/WSJ

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