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Elizabeth Holmes' Theranos Trial Set For March 2021

The trial of Elizabeth Holmes, the woman famous for founding Theranos, a now defunct medical testing startup that's accused of defrauding investors, has been set on the 9th of March, 2021. Initially set at an earlier date, Holmes' trial was delayed due to the coronavirus pandemic. She's facing 12 fraud charges from federal prosecutors, accused of defrauding investors who poured hundreds of millions of dollars into Theranos. Also facing trial is co-defendant Ramesh "Sunny" Balwani, Theranos's former Chief Operating Officer and President.

Expected to be called as witnesses before the trial include prominent individuals such as former U.S. Secretary of Defense James Mattis, former U.S. Secretary of State Henry Kissinger and media mogul Rupert Murdoch, who is known to have lost $125 million from investing in Theranos.

Holmes and Balwani each face up to 20 years in prison if convicted of their charges.

Bridgewater Bets Hundreds Of Millions On Gold

Bridgewater Associates, the famous hedge fund led by billionaire Ray Dalio, invested more than $400 million in gold in the second quarter of this year, as indicated by filings. Investing via exchange-traded funds, Bridgewater during the quarter bought 1.4 million shares in the SPDR Gold Shares ETF and 4.1 million shares in the iShares Gold Trust. Altogether, the two positions equate to 170,000 ounces of gold at current prices.

According to filings, Bridgewater's total equity assets now stand at $6 billion. The hedge fund, which manages well over $100 billion for investors, suffered sizeable losses as the coronavirus pandemic affected markets globally. It's such that the value Bridgewater's assets fell from $163 billion at the end of February of this year to $138 billion at the end of April due to losses and investors pulling out their money from the company's funds. According to the Wall Street Journal, Bridgewater recently laid off several dozen employees across the …

Elon Musk Offloads Bel Air Mansion To Fellow Tech Billionaire

Elon Musk seems to be making do on his promise to sell all his physical possessions, having just sold one of his Bel Air houses, the main one actually, to a fellow tech billionaire, William Ding, for $29 million. Musk seems to have reaped a sweet investment return, having purchased the property for 'only' $17 million in 2012. The property was purchased from hedge fund tycoon Mitch Julis. Musk previously rented the noticeably big house before he purchased it. The property had been listed for $30 million by Musk, on the heels of his promise to sell his physical possessions. Altogether, Musk listed seven houses for an aggregate price of $98 million. One down, six to go!

In a statement to the Wall Street Journal last month, Musk said he was selling his homes to “make my life as simple as possible right now.”

Renaissance Technologies Offloads Apple And Amazon, Boosts Tesla

Renaissance Technologies, one of the world's largest and best performing hedge funds, cashed out stakes amounting to hundreds of millions of dollars in technology companies Apple and Amazon while boosting its position in electric car maker Tesla during the second quarter of this year, as indicated by regulatory filings. Renaissance Technologies sold 970,000 shares of Apple and 193,000 shares of Amazon in the three months leading up to June 30. Based on the trading ranges of the two stocks during the period, the hedge fund may have reaped anywhere from between $600 million - $900 million from its sales.

During the quarter, Renaissance Technologies boosted its Tesla stake to 1.1 million shares. The New York-based hedge fund actually previously owned nearly 4 million shares in Tesla but emptied most of its stake in the first quarter of this year. Doubling down on the electric car maker after previously largely selling out points to high hopes for Renaissance, which relies on compute…

Ant Group Taps Goldman Sachs For IPO

Ant Group, the Chinese payments company, has courted investment bank Goldman Sachs to join a handful of financial firms that are expected to help it complete an initial public offering of up to $30 billion. As first reported by CNBC, Goldman Sachs has been hired as a joint lead manager on the Hong Kong section of the public offering. The investment bank is in no way new to managing big public offerings and is more so already a major customer of Alibaba, the Chinese tech giant to which Ant Group was spun out of. Goldman Sachs helped Alibaba raise roughly $13 billion in a Hong Kong secondary listing last year.

Ant Group is expected to raise up to $30 billion in what would mark one of the biggest IPOs in history. Currently, the record for the biggest IPO is held by Saudi Aramco, the Saudi-owned oil giant which raised $29.4 billion in an offering last December. Alibaba itself comes at second place with its $25 billion offering in 2014, of which Goldman Sachs was part of. Ant's bigges…

Quibi's Meg Whitman To Speak At Democratic National Convention

Meg Whitman, the technology industry veteran who's currently the CEO of video streaming app Quibi, has been announced as a speaker for 2020 Democratic National Convention (DNC) that's scheduled to kick off on Monday night. She's scheduled to speak alongside other luminaries including former US first lady Michelle Obama, Senator Bernie Sanders of Vermont, New York Governor Andrew Cuomo, and former Ohio Governor John Kasich.

Although a technology industry veteran who made a fortune from leading companies including eBay and HP, Meg Whitman once forayed into politics with a run for the California Governorship position in 2019 that she didn't, however, win. According to records, she spent $144 million of her own money on the failed run. Since then, she's continued to meddle a little bit in politics, doling out tens of thousands of dollars to support politicians on both the Democratic and Republican sides. During the 2016 elections, she supported Hillary Clinton as the …

Brief: US Rep Vies For Possible Facebook Break-Up

David Cicilline, a U.S. Representative who's best known for chairing the U.S. House Judiciary Subcommittee on Antitrust, has called for the breakup of social media giant Facebook in an interview with Axios. In the interview, he didn't just limit his criticism to Facebook but also stretched into Google and Amazon, pointing to the power they hold in their respective markets.
"Mr. Zuckerberg acknowledged in this hearing that his acquisition of WhatsApp and Instagram were part of a plan to both buy a competitor and also maintain his money, power, or his dominance. That's classic monopoly behavior," Cicilline said in the Axios interview, where he spoke primarily about the recent Congressional hearing attended by the CEOs of Facebook, Amazon, Apple, and Alphabet. In the interview with Axios, Cicilline implied that there was a case to break up big tech companies and particularly singled out Facebook, which he termed as lacking competitors. He also postulated that Fa…

Biden Campaign Rakes In $48 Million In 48 Hours After VP Announcement

The campaign of U.S. presidential candidate Joe Biden alongside his recently announced vice presidential counterpart Kamala Harris has raised $48 million in just 48 hours following Harris' announcement as the vice presidential candidate, as first reported on Thursday by Reuters. The $48 million garnishes a $140 million raise that the Biden campaign secured in the month of July. The formal announcement of a running mate has apparently solidified Biden's campaign against a Donald Trump-Mike Pence team in November. Biden, who is 77, would be oldest person to be elected president of the US if he wins the forthcoming elections.

The new fund-raise comes in handy for Biden's campaign team, which recently unveiled plans to spend up to $280 million on digital and television advertisements through the fall.

Photo credit: Joe Biden campaign

Remembering: Obama And Biden (In Pictures)

In Pictures: Some Funny And Raunchy Pride Parade Shots

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