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"I'm very, very lucky because I wouldn't have had the courage to go and do that acquisition, but I give all the credit in the world to Dave Clark," Petersen said. "There's a perfect complement of skill sets," Petersen told Forbes in June 2022. Petersen told Clark he should engage with Shopify's team, according to a person with direct knowledge of the negotiations. Clark, Petersen and Wagers met in Texas in mid-August to fine-tune the forecasts. Flexport told CNBC that an employee's politics are not relevant in personnel decisions.

Persons: Dave Clark, Ryan Petersen, he'd, Petersen, Clark, excoriated Clark, we've, Clark wasn't, Jeff Bezos, It's, Flexport, Clark overspent, Flexport's, He'd, Sanne Manders, Dave, Shopify, Tobias Lutke, Lutke, Shopify's, glanced, didn't, Fund's Trae Stephens, Michael Ronen, SoftBank, Andreessen Horowitz, Bob Swan, Samyukta Lakshmi, Kenny, Stuart Leung, pare, Leung, —, Lindsey Wasson, Clark's, Stephens, Peter Thiel, Trump's, Petersen's, Sen, Joe Manchin, Chris Ferro, Ferro, Parisa Sadrzadeh, couldn't, Amazon, Sadrzadeh, Burak Yolga, Yolga, Nelly Organizations: North, Amazon, Twitter, CNBC, UPS, FedEx, Milken Institute Global Conference, Bloomberg, Getty, Forbes, Deliverr, Shopify's, Anduril Industries, Intel, Intel Corp, U.S ., Clark, Republican, Founders Fund, Democratic, Street Journal, Flexport Locations: Phoenix, Silicon, Clark, Beverly Hills , California, U.S, Flexport, Deliverr, Miami, Flexport's Bellevue , Washington, Bengaluru, India, Flexport's, Asia, U.S . West Coast, Texas, Ohio, Arizona, Thiel's, West Virginia, Seattle, integrations

☆ I looked at the plans for the new city proposed by Silicon Valley elites. They're really terrible.
▼ + stars: | 2023-09-28 | by ( Adam Rogers | ) www.businessinsider.com time to read: +17 min

Right now, California Forever is just a website with some ideology and a handful of hopeful sketches with a faintly socialist-utopian flair. AdvertisementAdvertisementCities of the future of the pastThe California Forever art illustrations show at a place that'll look startlingly familiar. Point is, the garden city remains a dream honored more in the breach — in pitches like the one for California Forever. Just about 60 miles southeast of the California Forever site is a residential development called Mountain House. It's what plans like California Forever look like when brick starts getting laid.

Persons: Daniel Burnham, Burnham, Marc Andreessen, Chris Dixon, Michael Moritz, Laurene Powell Jobs, Collison, Flannery, Peter Thiel, Goldman, Jan Sramek, Sramek, Ebenezer Howard, Howard, What's, Foreverville, That's, it's, Banks, John Nash's London, what's, It's, Walt Disney, Gabriel Metcalf, BH Bronson Johnson, Dan Parolek, Adam Rogers Organizations: Travis Air Force Base, New York Times, Flannery Associates, Industry, Truman, California, Western Railway, California Forever, St, BH Locations: Chicago, California, Solano County, Sacramento, Solano, Silicon, Los Angeles, England, Japan, New York, Philadelphia, Seaside , Florida, Pontevedra, Spain, Paris, Tempe, doesn't, Foreverville, Pirates, Caribbean, Toronto, Culdesac

☆ Flexport fires CFO, HR chief departs weeks after sudden ouster of Dave Clark as CEO
▼ + stars: | 2023-09-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

Three weeks after Flexport founder Ryan Petersen fired Dave Clark as CEO and returned to run his supply chain software startup, the company has ousted its chief financial officer, and its human resources chief has resigned, CNBC has learned. Flexport informed CFO Kenny Wagers last week that he was being let go, according to people familiar with the situation. Clark and Petersen worked as co-CEOs of Flexport starting last September, and Clark took over as the company's sole CEO in March. Stuart Leung will become Flexport's Chief Financial Officer and report to Ryan Petersen, CEO, effective immediately. WATCH: Flexport CEO Petersen on company's plan to reinvest profits

Persons: Ryan Peterson, Ryan Petersen, Dave Clark, Flexport, Kenny, Stuart Leung, Leung, Petersen's . Petersen, Clark, Jeff Bezos, Petersen, Peter Thiel's, Jennifer Boden, Boden, Darcie Henry, Michael Brown, Stuart, Jennifer, " Petersen, Henry, Teresa Carlson, Tim Collins, Kelly Cheeseman, Andreessen Horowitz, SoftBank, it's, excoriated Clark, — CNBC's Rohan Goswami Organizations: Flexport Inc, CNBC, Amazon, Fund, Restructuring, Founders Fund Locations: San Francisco , California, U.S, Flexport, Shopify, Andreessen

☆ A phone call between Trump and conservative tech billionaire Peter Thiel reportedly turned 'pretty contentious'
▼ + stars: | 2023-09-25 | by ( Haley Tenore | ) www.businessinsider.com time to read: +3 min

Tech investor Peter Thiel had a heated phone call in recent months with Donald Trump, Puck reported. Thiel's public support for Trump wavered in recent years, and apparently, Trump noticed. Apparently, Trump was "fuming" because the former president had supported Thiel-backed candidates like J.D. Thiel even left Facebook's board of directors to give his full attention to supporting Republican candidates, including mentees J.D. A year later, however, Peter Thiel took a step back from politics and no longer planned to support candidates in 2024.

Persons: Peter Thiel, Donald Trump, Puck, Thiel, Trump, —, Puck's Theodore Schleifer, Vance, Blake Masters, wouldn't, mentees J.D, Thiel's, Masters, Kari Lake Organizations: Republican National Convention, Trump, Service, Republican, PayPal, Facebook, RNC, Wall Street, Thiel, Kyrsten, Arizona, The New York Times Locations: Arizona

By comparison, its closest mainstream cousin, the Google-owned video service YouTube, has billions of monthly logged-in users, a spokesperson said. In an emailed response, they said the leaderboard rankings are generated from the most liked recent videos on the site. However, YouTube, unlike Rumble, has said it will continue to remove content that tries to deceive voters in the 2024 elections. The RNC said it was taken down to direct users to the debate livestream and avoid confusing viewers with multiple videos. Other comments on his recent videos told Trump to “execute” Democrats and suggested that someone should “build a lot of gallows.”Rumble said it removed those comments in response to AP's inquiry.

Persons: Ronna McDaniel, ”, Peter Thiel, Republican Sen, J.D, Vance of Ohio, Ron DeSantis, Vivek Ramaswamy, Donald Trump, Robert F, Kennedy Jr, Rumble, Joe Biden, Trump, Chris Pavlovski, Jared Holt, “ It's, Holt Organizations: Fox Business Network, Univision, GOP, Republican National Committee, Facebook, YouTube, Big Tech, RNC, Republican, Google, Florida Gov, Democratic, Meta, Associated Press, US, Institute for Strategic, AP Locations: London

☆ Citadel Securities is locked in a legal battle with 2 ex-staff who left to start a crypto firm and say they're victims of 'corporate bullying'
▼ + stars: | 2023-09-24 | by ( Chris Johnston | ) www.businessinsider.com time to read: +6 min

The venture has faced legal challenges by Citadel Securities, whose European arm filed a case in London in June 2022. Portofino said in its initial response that Citadel's legal action was "unmeritorious, anticompetitive and a classic example of corporate bullying." AdvertisementAdvertisementIn January 2022 Griffin sold a $1.2 billion stake in Citadel Securities to venture capital firms Sequoia and Paradigm. "Further, their attempt to improperly poach Vincent Prieur, a New York-based employee described as the 'aggregator of all things crypto' at Citadel Securities, is undisputed. Prieur, who later joined Portofino, had also been the subject of legal action by Citadel Securities that was settled out of court, Bloomberg reported.

Persons: Alex Casimo, Leonard Lancia, Ken Griffin, Griffin, Peter Thiel, Slack, Zalando, Portofino, Casimo, it's, Peng Zhao, Matt Huang, Lancia, poach Vincent Prieur, Prieur Organizations: Citadel Securities, Portofino Technologies, Citadel, New, Service, Ventures, Global Founders Capital, Global Founders, Lancia, London Court, Portofino, Court, Southern, of, Sequoia, Paradigm, Financial Times, Bloomberg Locations: New York, Wall, Silicon, Miami, Swiss, London, Europe, of New York, Portofino

☆ It's not just the uber-rich freezing their brains and bodies when they die. An HBO show visited a conference filled with everyday people excited to do it.
▼ + stars: | 2023-09-24 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +5 min

The series finale of HBO's "How To with John Wilson" explored cryonics and the quest for immortality. Sam Altman, Jeff Bezos, Peter Thiel, and Bryan Johnson all invested in anti-aging or cryonics. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Insider has previously reported on Alcor competitor Cryonics Institute, a more affordable alternative that charges $28,000 for a body to be stored indefinitely. A Cryonics Institute model of the tanks used to store bodies, which are actually stored upside down in practice.

Persons: John Wilson, Sam Altman, Jeff Bezos, Peter Thiel, Bryan Johnson, It's, Wilson, hasn't, Bari Weiss, he's, Johnson Organizations: Service, Alcor, HBO, MIT Technology, Biosciences, Altos Labs Locations: Wall, Silicon, Altos

☆ The biotech CEO trying to reverse aging has removed all but 3 things from his bedroom
▼ + stars: | 2023-09-21 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Bryan Johnson is trying to reverse aging through an experimental project that costs up to $2 million a year. A Time Magazine profile found that the biotech CEO's bedroom is almost completely empty. The only objects in his bedroom are his bed, a laser face shield, and a device to attach to his genitals to measure nighttime erections. No work, no reading," Johnson told Time Magazine's Charlotte Alter. Scientists told Insider's Marianne Guenot and Lloyd Lee in February that many aspects of his routine have unclear health benefits.

Persons: Bryan Johnson, Bryan Johnson —, Johnson, Charlotte Alter, Napoleon, Ben Franklin —, old's, Insider's Marianne Guenot, Lloyd Lee, —, Johnson isn't, Sam Altman —, Peter Thiel Organizations: Service, YouTube Locations: Wall, Silicon

☆ Neuralink, Elon Musk’s brain implant startup, set to begin human trials
▼ + stars: | 2023-09-20 | by ( Jennifer Korn | ) edition.cnn.com time to read: +3 min

New York CNN —Elon Musk’s controversial biotechnology startup Neuralink opened up recruitment for its first human clinical trial Tuesday, according to a company blog. After receiving approval from an independent review board, Neuralink is set to begin offering brain implants to paralysis patients as part of the PRIME Study, the company said. In May, Neuralink tweeted that it had received FDA clearance for human clinical trials, with the approval acknowledged by the agency in a statement. Musk has forecast human trials at the startup at least four times since 2019, yet the company didn’t seek FDA approval until 2022. Before Neuralink’s brain implants hit the broader market, they’ll need regulatory approval.

Persons: New York CNN — Elon, Musk, Neuralink, Peter Thiel, ” Organizations: New, New York CNN, Founders Fund, PayPal, Twitter, Reuters, Food and Drug Administration, FDA Locations: New York, San Francisco, Neuralink

☆ 'The scholar, the pragmatist, and the rainmaker:' How three Bloomberg Beta VCs bet on AI before it became a buzzword
▼ + stars: | 2023-09-18 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

Bahat brings this same radical directness to Bloomberg Beta, the early-stage venture capital fund housed within the larger Bloomberg empire that he's run for the past decade. And Bloomberg Beta was making investments in generative AI as far back as 2015, before the term "generative AI" even existed. "It felt like we were just waiting for the right moment," said Cham, Bloomberg Beta partner and de-facto chief technologist, "where the rest of the world would see it." Bloomberg Beta made the decision early on to publish its entire operating manual on GitHub, including sensitive information about average check size and investment criteria. Kieran Snyder, the founder of generative AI startup Textio which Bloomberg Beta invested in in 2015, has a shorthand for describing the role of Beta's three partners.

Persons: Roy Bahat's, Bahat, James Cham, Karin Klein, Shivon Zillis, Elon Musk's, Cham, ChatGPT, VCs, Bloomberg Beta, Dan Doctoroff, Mike Bloomberg, Doctoroff, Bahat's chutzpah, Bloomberg —, Bloomberg Philanthropies, Tade Oyerinde, Sam Altman, Peter Thiel's Founder's, Roy didn't, Oyerinde, Kieran Snyder, who's, Apple Lisa, Klein, Karen, Snyder, Roy, Zilis Organizations: Port Authority, World Trade Center, IGN, Bloomberg Beta, Bloomberg, LinkedIn, Elon, Beta, Apple, New Locations: New York, Silicon Valley, East, California

☆ Tom Mueller worked for Elon Musk at SpaceX for almost 20 years: 'I learned never to tell him no'
▼ + stars: | 2023-09-16 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

"We watched like maybe one play, because we were so engaged in talking about building a launch vehicle," Mueller told Isaacson. Musk agreed, but Isaacson writes that this meant Musk considered "Mueller an employee, rather than a cofounder, of SpaceX." "You cannot ask for two years of salary in escrow and consider yourself a cofounder" Musk told Isaacson. Elon Musk with a SpaceX rocket in March 2004 in El Segundo, Los Angeles. "I am very proud of what we have achieved at SpaceX," Mueller told the University of Idaho in 2018.

Persons: Tom Mueller, Elon Musk, Mueller, Musk, Elon Musk's, Walter Isaacson, here's, Los Angeles Mueller, Isaacson, who'd, Chris Thompson, Musk Mueller, There's, Elon, Paul Harris, It's, Mueller's, Peter Thiel Organizations: SpaceX, Service, University of Idaho, TRW, Reaction Research Society, PayPal, Ebay, Super, Exploration Technologies Corporation, Merlin, Pathfinder Locations: Idaho, Wall, Silicon, Los Angeles, Canada, Saint Maries, El Segundo , Los Angeles

But a person who worked closely with Ramaswamy said, "He thinks people are put on this earth to serve him." Roivant attracted investors including Masayoshi Son's SoftBank Vision Fund, Peter Thiel's Founders Fund, and the hedge fund Viking Global Investors. Former Roivant employees said Ramaswamy worked hard and expected the same of others. McLaughlin called the employee's recollection "inaccurate," adding that Ramaswamy "has never once raised his voice or used bad language with employees." At Roivant, Ramaswamy kept his politics largely to himself, former employees said.

Persons: Vivek Ramaswamy, Ramaswamy, He's, Donald Trump, Mike Pence, Nikki Haley, Ron DeSantis, Trump, George Soros, didn't, Taco Bell, he's, —, Vivek, Tricia McLaughlin, he'd, McLaughlin, takeout, Forbes, Vivek doesn't, they've, Roivant, Masayoshi, Peter Thiel's, Thiel, JD Vance, Bill Ackman, who'd, . Ramaswamy, Erik Gordon, Vance, John Phillips, Joyce Rosely, Phillips, Anson Frericks, they'd, Rosely, Frericks, They're, they're, Eric Balchunas, Todd Rosenbluth, Rosenbluth, Christopher Lenzo, Brandon Bell, Vivek Ramaswamy's, Katherine Long, Jack Newsham, Meghan Morris Organizations: pharma, Army Rangers, Biotech, Republican, nab, GOP, of Education, FBI, Nuclear Regulatory Commission, Federal Reserve, Florida, Roivant Sciences, General Electric, Yale Law School, Army, Rangers, Harvard, Yale, Fund, Viking Global, Leerink Partners, GlaxoSmithKline, Forbes, Big Pharma, Japan's Sumitomo Pharma Co, ., University of Michigan, FDA, US, Yale Law, ESG, The, Texas, Indiana, BlackRock, Vanguard, Bloomberg Intelligence, Fair, SEC Locations: Mexico, FiveThirtyEight, Roivant, Patagonia, Iowa, New York, Ohio, The Lever

☆ Elon Musk arm-wrestled his business partner to settle PayPal software dispute: book
▼ + stars: | 2023-09-14 | by ( Polly Thompson | Grace Dean | ) www.businessinsider.com time to read: +4 min

Max Levchin told Elon Musk's biographer about the difficulties of working with the maverick billionaire. In the early days of PayPal, Musk suggested an arm-wrestle to resolve an argument over software. AdvertisementAdvertisement"Eventually you will see it my way," an unwavering Musk told Levchin, according to the biography. But rather than a discussion about the pros and cons, Musk told Levchin late one evening: "You know what – I will arm-wrestle you for it." Levchin told Isaacson he though this was "the stupidest imaginable way to settle a software-coding disagreement."

Persons: Max Levchin, Elon Musk's, Musk, Levchin, Elon Musk, Musk's, Peter Thiel, Walter Isaacson's, Isaacson, Paul Sakuma, Vaughn Ridley, Sportsfile, Elon, X.com, Thiel, — Elon Organizations: PayPal, Service, Confinity, Microsoft, Twitter Locations: Wall, Silicon, Levchin, Toronto

☆ Elon Musk once caught malaria on safari and was 'hours from death,' book says
▼ + stars: | 2023-09-13 | by ( Polly Thompson | Grace Dean | ) www.businessinsider.com time to read: +5 min

Walter Isaacson's biography of Elon Musk shines new light on the world's richest person. Musk once took a safari during a vacation to his native South Africa but contracted malaria. Walter Isaacson, whose biography of Elon Musk was published this week, was given access to the Tesla and SpaceX CEO over the past two years. AdvertisementAdvertisementPeter Thiel and Elon Musk with X.com credit in October 2000. Recalling the ordeal earlier this year, Elon Musk and his mother, Maye, tweeted that "modern medicine" had saved his life.

Persons: Walter Isaacson's, Elon Musk, Musk, he'd, Elon, Walter Isaacson, Peter Thiel, Isaacson, Justine Musk, Paul Sakuma, Max Levchin, Maye, I'd, Musk's, Thiel, X.com, Levchin, Grimes Organizations: Service, SpaceX, PayPal, Canada, Sequoia Hospital, Centers for Disease Control, Paypal Locations: South Africa, Wall, Silicon, Brazil, Pretoria, Palo Alto , California, Redwood City, X.com, Crimea

☆ Musk's college friend quit working with him at Zip2 after only 6 weeks: 'I knew I could either be working with him or be his friend, but not both'
▼ + stars: | 2023-09-11 | by ( Polly Thompson | Grace Dean | ) www.businessinsider.com time to read: +4 min

Farooq came to work for Musk at his first company, Zip2, but quit just six weeks into the job. Farooq told biographer Walter Isaacson that he soon "found himself in fights with Musk." In 1995, Musk was in the midst of getting his first company, Zip2, off the ground with his brother, Kimbal. "We completely entered a zone for hours until we were exhausted," Farooq told Isaacson. But working under the notoriously intense Musk was too much for Farooq and he lasted just six weeks at Zip2 before quitting.

Persons: Navaid Farooq, Elon Musk's, Farooq, Musk, Walter Isaacson, Kimbal, Elon Musk Farooq, Walter Isaacson's, Isaacson, Elon Musk, Bauer, Griffin, FilmMagic, Lyndon, Peter Rive, Tesla, Peter Thiel, Thiel Organizations: Queen's University, Canada, Service, YMCA, Zip2, PayPal, SpaceX Locations: Wall, Silicon, Canada, Ontario

☆ Flexport rescinds dozens of job offers amid messy executive shakeup
▼ + stars: | 2023-09-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Flexport founder Ryan Petersen said his supply chain management firm would rescind dozens of job offers just days before many applicants were scheduled to start work — a move that followed a dramatic leadership shakeup this week. “I am deeply sorry to those people who were expecting to join our company and won’t be able to at this time,” Petersen wrote on X, formerly Twitter, on Friday. Can’t just give out cash tho.”A Flexport spokesperson said the company didn’t have additional comment beyond Petersen’s tweets. The rescinded offers came at the end of a wild week for the San Francisco-based firm, which Petersen founded in 2013. In a 2023 company post, he explained his interest in angel investing and in joining Thiel’s Founders Fund as a partner.

Persons: New York CNN — Flexport, Ryan Petersen, “, won’t, ” Petersen, “ It’s, ”, Flexport, Can’t, Petersen, Andreessen Horowitz, Sofbank, Peter Thiel’s, Donald Trump, he’s, Dave Clark, Clark Organizations: New, New York CNN, San, Bay Area, Thiel’s, Fund, Carta, Amazon, Flexport Locations: New York, San Francisco, Silicon, Bay

Ryan Petersen, chief executive officer of Flexport, participates in a panel discussion during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Wednesday, May 4, 2022. In a post on X, formerly known as Twitter, Petersen wrote that the company "can't just give out cash." In reclaiming the top position at Flexport, Petersen is displacing his handpicked successor, former Amazon executive Dave Clark, a little more than a year into his tenure. It's messed up," Petersen wrote. "We were on it," Petersen wrote in response to a post.

Persons: Ryan Petersen, Petersen, Dave Clark, It's, that's, Andreessen Horowitz, Peter Thiel's, Clark, Teresa Carlson, Clark's, Carlson, Flexport didn't Organizations: Milken Institute Global Conference, Twitter, Amazon, Fund, Microsoft, Flexport Locations: Beverly Hills , California, U.S, Flexport, Bay, CNBC's, Seattle, Dallas, San Francisco , Los Angeles, New York

☆ Ex-Amazon boss Dave Clark abruptly resigns from Flexport after just one year as co-CEO
▼ + stars: | 2023-09-07 | by ( Rachel Premack | ) www.businessinsider.com time to read: +5 min

Dave Clark left his role as Amazon's worldwide consumer CEO in 2022 to join Flexport, a logistics company. Clarkofficially joined Flexport in September 2022as co-CEO with Flexport founder Ryan Petersen. "Today, Dave Clark resigned as CEO of Flexport," the representative said in an emailed statement to FreightWaves. Just over an hour after Clark's post on X, Petersen — known for his cheeky tone on the social media site — posted "I'm back!!!" On Tuesday, the day before Clark stepped down, Flexport advertised an in-person event to launch a new product hosted by Clark and Petersen.

Persons: Dave Clark, Clark, Flexport's, Flexport, Clarkofficially, Ryan Petersen, Petersen, Ryan, FreightWaves, we've, —, Peter Thiel Organizations: Flexport, Service, Amazon, Clark, Logistics, Street Journal, Founders Fund Locations: Wall, Silicon, Flexport, Texas

☆ Blake Masters' favorite senator won't endorse his second Senate campaign in Arizona
▼ + stars: | 2023-09-07 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

GOP candidate Blake Masters is reportedly planning to run for Senate again in Arizona. Kari Lake may also run for the Arizona Senate seat. And he said that while he's a "big fan" of Masters, he'd be "really surprised" if he got involved in the Arizona Senate race this cycle. A Masters campaign could put him on a collision course with Lake, an erstwhile ally during the 2022 campaign. AdvertisementAdvertisementRepublican Sen. Steve Daines of Montana, the chairman of Senate Republicans' campaign arm, told Insider that he'd spoken to Masters about running but otherwise said little about the Arizona Republican's potential candidacy.

Persons: Blake Masters, Josh Hawley, JD Vance —, I've, Hawley, Kari Lake, —, Democratic Sen, Mark Kelly, Masters, Donald Trump, Republican Sen, he'd, JD Vance, Peter Thiel, Thiel, Vance, Vance isn't, Arizona —, Trump, Sen, Kyrsten Sinema, Ruben Gallego, Mitch McConnell, McConnell, Steve Daines, Republican Sens, Lindsey Graham of, Ted Cruz, Cruz, Graham Organizations: Arizona Senate, Service, Senate, Democratic, Wall Street, POLITICO, GOP, Republican, Apache, Big Tech, Arizona Republican, Ohio, Republican Party that's, Trump acolyte, Democrat, Republicans, Republican Party, Arizona Locations: Arizona, Wall, Silicon, Josh Hawley of Missouri, Missouri, Washington, Montana, Lindsey Graham of South Carolina, Ted Cruz of Texas

☆ Startup investors are fueling a boom in U.S. defense tech as China standoff opens doors at home
▼ + stars: | 2023-09-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +11 min

Louie added that he doesn't "know of a single major fund out there that isn't thinking about disruptive tech investing in the U.S., investing in defense tech, investing in microelectronics and AI in the next generation and next iteration." Stephen McCarthy | Sportsfile | Getty ImagesVC funding in aerospace and defense tech has shot up in recent years, according to data compiled by PitchBook for CNBC. The poster child for U.S.-focused defense tech is Anduril Industries, co-founded in 2017 by Oculus Rift designer Palmer Luckey. They can just look at the untapped potential in defense tech. "The government's becoming a better customer," said Shah, who previously served as managing partner of the Defense Department's Defense Innovation Unit, which seeks to accelerate the use of emerging technologies.

Persons: Hadrian, Chris Power Hadrian, Joe Biden, Gilman Louie, Alsop, Louie Partners, He's, Louie, Biden, Lindsay Gorman, she's, Gorman, Chris Power, Power, Hadrian's, Peter Thiel's, Palmer Luckey, Stephen McCarthy, Sportsfile, Anduril, Richard Jenkins, Bilal Zuberi, Lux, Zuberi, Jenkins, Saildrone didn't, Paul Kwan, Catalyst, What's, Kwan, Kyle Harrison, Saul Loeb, Raj Shah, Josh Wolfe, There's, Shah, Wolfe Organizations: Chris Power Hadrian Automation, America's Frontier, U.S, Marshall Fund's Alliance, Securing Democracy, Lux Capital, Fund, Andutil Industries, Enercare Center, Getty, PitchBook, CNBC, Industries, Oculus, Blue Force Technologies, Oceanic, Atmospheric Administration, Navy, Coast Guard, Google, Intel, AFP, Shield, Lux, Defense Department's Defense Innovation Unit, Power, YouTube, China Locations: China, U.S, America, Torrance , California, Los Angeles, Toronto, Canada, Ukraine, New Albany , Ohio, Silicon

Flexport CEO Dave Clark is resigning from the supply chain software startup and handing the reins over to founder and executive chair Ryan Petersen after one year in the role — and after just six months of helming the company solo. As such, I will be resigning from my position at Flexport." Clark and Petersen had been co-CEOs of Flexport beginning last September, and Clark took over as the company's sole CEO in March. Flexport announced last June that Petersen would step down in March 2023 as CEO and turn the position over to Clark, while transitioning into the role of executive chair. In July, Flexport said Petersen would join Founders Fund, the venture capital fund founded by billionaire Peter Thiel.

Persons: Dave Clark, Ryan Petersen, Ryan, Clark, Petersen, Flexport, Peter Thiel ., — CNBC's Riley de León Organizations: CNBC, Wall Street, Amazon, Founders Fund, Peter Thiel . Representatives, Fund Locations: Flexport, Texas, Clark

☆ These four trends are shaping the gun industry
▼ + stars: | 2023-08-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +7 min

Here are four trends that are shaping the gun industry today:Market normalizationSeveral companies in the gun market are slowing down production and slashing prices as they combat material cost increases and waning demand for their weapons. Gun sales typically see a spike during presidential elections, Dionisio added. Investors in Biofire include venture capitalist Ron Conway and Peter Thiel's Founders Fund Biofire's smart gun comes as gun manufacturers increasingly look for different materials and technologies to make their products more appealing to consumers. "Smart guns can ensure that guns are accessible by their owners and no one else," said Nick Suplina, senior vice president for law and policy at Everytown, who has tested Biofire's smart gun. First-time gun purchasers during the pandemic, according to the study, were younger than previous, pre-pandemic U.S. gun owners.

Persons: Spencer Platt, Smith, Sturm, NSSF, Rommel Dionisio, Mark Smith, Christopher J, Killoy, Capital's Dionisio, Dionisio, Kai Kloepfer, Kloepfer, Biofire, they'll, Ron Conway, Peter Thiel's, Mark Oliva, Oliva, Nick Suplina, Matthew Miller, NORC, NSSF's Oliva Organizations: Getty, Wesson, Ruger, Company, Smith, Shooting Sports, Aegis Capital, CNBC, Smith & Wesson, Ruger & Company, Fund, Shooting Sports Foundation, Gun Safety, University of Chicago, America Locations: Monroe , Pennsylvania, U.S, Biofire, it's

☆ Fin Capital has become the most prolific fintech investor in the world. Behind the scenes, there's been a phishing attack, whistleblower complaints, and a wave of exits.
▼ + stars: | 2023-08-23 | by ( Ben Bergman | ) www.businessinsider.com time to read: +12 min

It was August 2021, during the waning months of the frothy startup bull market, and Fin Capital was on the ascent. The message was a phishing attack — Fin Capital had been hacked. But there is dispute over how Fin Capital handled the attack and its aftermath. Still, as other firms have sharply pulled back on investing in the downturn, Fin Capital has done the opposite. It's unclear whether the whistleblower complaints that former Fin Capital employees filed with the SEC are being investigated.

Persons: Logan Allin, Fin Capital, Allin, you've, Gene Price, Frost Brown Todd, who'd, It's, fiduciaries, Capital, Tom Allin, Obama, Forbes, you'll, he'd, Peter Thiel ., Henry Kravis, Roelof Botha, Thiel, Kravis, Botha, fintech, Pipe's cofounders, Peter Ackerson, Ackerson, Andreessen Horowitz, fundraisings, Ben Bergman, bbergman Organizations: Fin, Sequoia, SEC, Securities and Exchange Commission, Fin Capital, Francis Yacht Club, Constellation, titans, KKR, Sequoia Capital, Caplight, FT Partners, LinkedIn, Twitter, Facebook Locations: York, Los Angeles, Fin, Silicon Valley, San Francisco, fintech, Sequoia

Wealthy people use many accounts to build wealth, and three are widely available. And they love to buy low-cost index funds in brokerage accounts to build accessible wealth. Rich people use Roth IRAs for tax advantagesRich people are always looking to minimize the impact of taxes, and Roth IRAs are designed to do just that. Roth IRAs do have income limits, but that doesn't mean wealthy people and high earners don't use them. A workplace's 401(k) plan might not seem like a likely place to amass wealth, but these accounts offer powerful perks.

Persons: Rich, Roth, Peter Thiel's Roth, Insider's Hillary Hoffower, Warren Buffett, Read Organizations: Service, PayPal, Ramsey Solutions Locations: Wall, Silicon

☆ OpenAI CEO Sam Altman describes Elon Musk's devastating exit: 'I had to reorient a lot of my life and time'
▼ + stars: | 2023-08-21 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

OpenAI CEO Sam Altman said he had to "reorient a lot of my life and time" after Elon Musk left the company. Elon Musk's 2018 departure from OpenAI — the company behind ChatGPT — rocked the artificial intelligence organization, according to a sweeping new report from The New Yorker. It is estimated that Musk poured between $50 million to $100 million of his own funds into OpenAI, The New Yorker reported. In 2018, Musk left the company's board. When he stepped down, Musk also backed out of his commitment to continue funding OpenAI, a source told The New Yorker, which left Altman scrambling.

Persons: Sam Altman, Elon Musk, Musk, Musk's, Elon Musk's, OpenAI, ChatGPT —, Altman, Reid Hoffman, Peter Thiel, Tesla, Semafor, Hoffman, ChatGPT, Andreessen Horowitz, ChatGPT's, company's Organizations: Elon, Morning, Yorker, New Yorker, Microsoft, Sequoia, K2 Global Locations: OpenAI, New Yorker

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