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Paul Singer's Elliott Offers To Buy McDonald’s Supplier Aryzta

Paul Singer. Photo credit: World Economic Forum , licensed under CC BY-NC-SA 2.0 Elliott Management, a $40 billion+ hedge fund chaired by the American billionaire investor Paul Singer, has made an offer to acquire Aryzta, which is a Swiss specialty food business focused on frozen bakery products that is a major supplier to the fast-food chain McDonald's. Elliott has proposed to acquire the publicly-traded Aryzta for 0.80 Swiss francs ($1.1) per share, amounting to an aggregate price of about 794 million Swiss francs ($872 million). In a statement , Elliott countered speculations and doubts regarding financing for its proposed Aryzta acquisition and noted that "financing of the potential offer is available and that refinancing arrangements for the Company’s existing debt are at a very advanced stage." In recent years, Aryzta has struggled to stay relevant and has seen its revenue fall by a significant margin. The company's woes were further compounded by the coron

Vox.com Co-Founder Matthew Yglesias Departs

Photo credit: ygurvitz , licensed under CC BY-NC-ND 2.0 Matthew Yglesias, an American journalist who co-founded the popular Vox.com explanatory journalism site, has announced his departure from the site he co-founded six years ago. Yglesias has set up another journalism outlet that's built on the popular Substack platform for subscription content. That outlet is named 'Snow Boring', which Yglesias touts as reclaiming "what I had in my blog days as an independent voice", likely comparing to Vox.com which is known to be left-leaning as concerning American politics. Yglesias's departure comes six years after he co-founded Vox.com under the umbrella of Vox Media, a digital media company that operates other popular brands such as technology news site The Verge , real estate site Curbed , and sports site SB Nation . He co-founded Vox together with journalists Ezra Klein and Melissa Bell after leaving a previous popular outlet, Slate . Yglesias has a storied c

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.”

Elizabeth Holmes' Theranos Trial Set For March 2021

Photo credit: Stuart Isett/Fortune Global Forum, under Creative Commons license 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

Uber In Talks To Sell Self-Driving Unit; Report

Photo credit: Uber Ride-hailing company Uber is in talks to sell its Advanced Technologies Group (ATG) self-driving unit to another self-driving company, Aurora Innovation, according to a report from TechCrunch that cites "three sources familiar with the deal". Such a deal would be remarkable given that Aurora was founded by a team that includes someone who previously worked at Uber and was a founding member of the self-driving unit of concern here. Uber's self-driving unit has burned through cash for years but has no major revenue pipeline to back it up. The unit was founded with hopes of rolling out a robotaxi service that'll bring in significant revenue for Uber without the need for human drivers, a hope that now hasn't come close to fruition. Uber's Advanced Technologies Group was valued at $7.25 billion when it raised $1 billion in external funding eighteen months ago from three Japanese firms being the automaker Toyota, automotive parts giant Denso

US SEC Doles Out $114M Whistleblower Award

The US Securities and Exchanges Commission (SEC) has announced that it's payed out its largest-ever whistle-blower award to the tune of $114 million to an unnamed individual who provided information to the agency for investigations. The concerned individual was awarded $52 million in connection with an SEC case and another $62 million in connection with related actions to the case that were carried out by an unnamed government agency. The $114 million award marks the largest-ever since the SEC began issuing whistle-blower awards in 2012 and is more than double the previous record of $50 million which was awarded to an individual in June this year. As expected, the SEC protected the identity of the whistle-blower who received the large award. The case that led to the payment is also not disclosed by the SEC. “Today’s milestone award is a testament to the Commission’s commitment to award whistleblowers who provide the agency with high-quality information,” said SEC Chairman Jay Clay

Texas Tech Mogul Charged With $2 Billion Tax Fraud

The US Department of Justice has taken up a landmark case wherein it's charged Robert "Bob" Brockman, a Texas-based tech mogul who owns Reynolds and Reynolds, an automotive technology and software company, with concealing income to the tune of $2 billion from the Internal Revenue Service (IRS) and avoiding required taxes as a result. Brockman has been hit with 39 indictments in what marks as one of the biggest-ever tax fraud cases, consisting of seven counts of tax evasion; six counts of failing to file foreign bank account reports; two counts each of concealment money laundering and tax evasion money laundering; one count each of international concealment money laundering and evidence tampering; and 20 counts of wire fraud. Brockman is alleged to have hidden approximately $2 billion in income over two decades, precisely between 1999-2019, through the use of secret bank accounts in foreign countries. It's alleged that Brockman made use of offshore entities based i

IAC's Barry Diller Takes Up Board Seat At MGM

IAC Chairman Barry Diller. Photo credit: World Travel & Tourism Council, under Creative Commons license Barry Diller, the famed media mogul and current chairman of internet and media conglomerate IAC, has been announced as a new board member of casino giant MGM Resorts, notably on the heels of IAC building up a $1 billion stake in the casino operator. Diller is joining MGM's board along with IAC's current CEO, Joey Levin, bringing the total number of members on MGM's board now to 14. "We couldn't be more excited to welcome Barry and Joey to our board and to benefit from their collaboration as MGM Resorts continues developing innovative products and elevating our leadership in digital experience," Paul Salem, MGM's Chairman, said in a press statement that announced the new board appointments. In Diller lies an entertainment and internet veteran with decades of experience under his belt. Before setting up IAC, Diller held top media position

Quibi's Meg Whitman To Speak At Democratic National Convention

Photo credit: World Economic Forum / Christian Clavadetscher, under Creative Commons license 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 th

Ukraine President Congratulates Biden-Harris On US Presidential Victory

Photo credit: francediplomatie , licensed under CC BY-NC-SA 2.0 The President of Ukraine, Volodymyr Zelensky, has offered a statement of congratulations to U.S. presidential candidate Joe Biden and his running mate Kamala Harris after they secured an election victory by crossing 270 Electoral College votes with a win in the sate of Pennsylvania. In a statement, Zelensky offered positive words to the presidential candidate and his running mate, stating that "Ukraine is optimistic about the future of the strategic partnership" with the US. "Our friendship becomes only stronger!," Zelensky noted. Congratulations to @JoeBiden @KamalaHarris ! #Ukraine is optimistic about the future of the strategic partnership with the #UnitedStates . 🇺🇦 and 🇺🇸 have always collaborated on security, trade, investment, democracy, fight against corruption. Our friendship becomes only stronger! — Володимир Зеленський (@ZelenskyyUa) November 7, 2020 Biden's win puts him o

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