Tag Archives: fund

Norwegian Wealth Fund Rejects Elon Musk’s $1 Trillion Compensation Package for Tesla

Posted on by
Reply

Norway’s sovereign wealth fund has declared its intention to oppose Tesla’s proposed $1 trillion (£765 billion) compensation package for Chief Executive Elon Musk.

The largest national wealth fund stated that it acknowledges “the remarkable value created under Mr. Musk’s visionary leadership” but will vote against his performance-based award.

“In line with our stance on executive compensation, we are worried about the total remuneration, dilution, and the absence of risk mitigation for essential personnel.” “We remain eager to engage in constructive discussions with Tesla on this and other matters.”

The alert from Norges Bank, Tesla’s seventh-largest single shareholder with $17 billion in stock, arrived just two days prior to Tesla’s annual shareholder meeting.

On Thursday, shareholders are expected to vote on an extraordinary incentive proposal that could propel Elon Musk to become the world’s first trillionaire.

If Musk escalates Tesla’s valuation from approximately $1 trillion to $8.5 trillion over the next decade, he would be granted new shares, and his ownership stake would increase from nearly 16% to over 25%.

This would boost the wealth of the world’s richest man to over $2 trillion.

Tesla Chairman Robin Denholm emphasized that this vote is crucial to retaining Musk, 54, as the company’s CEO, stating in a letter to shareholders that the company might lose “significant value” should he depart.

Last year, the Norwegian Oil Fund opposed Musk’s $56 billion compensation plan, which was the largest in U.S. corporate history at the time. Although it was approved by shareholders in June, a Delaware court later rejected it a second time in December.

Nikolai Tangen, the chief executive of the Norwegian fund, had invited Musk and other CEOs to a dinner in Oslo last year, but Musk declined after the fund voted against the $56 billion compensation package.

Text exchanges between Tangen and Musk were disclosed in a Freedom of Information request by Norwegian business magazine DN. The newspaper reported that Musk texted Tangen in October last year: “It’s not often that I ask you for a favor and you say no. Then you shouldn’t ask me for a favor until I do something more than make up for it. A friend is a friend.”

Skip past newsletter promotions

Shareholders are split on the proposed deal, with two significant shareholder advisory firms, Glass Lewis and ISS, both advising investors to reject the $1 trillion package.

Several major pension funds are also against the pay structure, including the American Federation of Teachers and the California Public Employees’ Retirement System, the largest public system in the nation.

Musk, being Tesla’s largest single shareholder, also has a vote on the proposal.

Last month, Tesla’s president stated on the social media platform X, which he acquired in 2022, “Tesla is worth more than all the other car companies combined. Which CEO would want to run Tesla? It wouldn’t be me.”

Tesla was approached for comment.

Source: www.theguardian.com

Harnessing AI: How Terrorist Organizations Like the Islamic State Fund and Adapt Their Operations

Posted on by
Reply

Counterterrorism officials have long assessed their approach to the utilization of terrorist organizations alongside digital tools and social media platforms, often likening their efforts to a whac-a-mole scenario.

Groups like the Islamic State and neo-Nazi organizations such as The Base harness digital tools to covertly gather finances, obtain 3D-printed weaponry, and disseminate these resources among their followers.

Over time, thwarting attacks and preserving an upper hand over such terrorist factions has progressed as more open-source resources have become accessible.

Currently, with artificial intelligence rapidly evolving, and now freely available as an app, security agents are in a race against time.

A source acquainted with the U.S. government’s counterterrorism initiatives informed the Guardian that several security agencies are deeply worried about how AI enhances the operational efficiency of hostile groups. The FBI refrained from commenting on the situation.

“Our research accurately forecasted the trends we are witnessing. Terrorists are leveraging AI to expedite their existing strategies rather than reinventing their operational frameworks,” remarks Adam Hadley, the founder and executive director of Tech Against Terrorism, an online counter-terrorism watchdog. He references the UN Anti-Terrorism Commission Secretariat (CTED).

“Future dangers encompass the potential for terrorists to utilize AI for rapid app and website development, essentially amplifying threats associated with pre-existing technologies rather than introducing entirely new categories of risk.”

So far, groups like IS and affiliated organizations have started to amplify their recruitment propaganda across diverse media formats, utilizing AI technologies such as OpenAI’s ChatGPT. This poses a more immediate risk as numerous sectors of employment prepare for potential upheavals, benefiting some of the wealthiest individuals globally while complicating public safety issues.

“Consider breaking news from the Islamic State. Today, it can be converted into an audio format,” states Mustafa Ayad, executive director for Africa, the Middle East, and Asia at the Institute for Strategic Dialogue. “We’ve observed supporters establishing groups to bolster their efforts, and we also have a photo array generated in the center.”

Ayad continues, aligning with Hadley’s insights: “Much of AI’s impact enables pre-existing methods. It also enhances their propaganda and distribution capabilities, which is critically significant.”

The Islamic State is not merely curious about AI; it actively acknowledges the potential benefits it offers, even providing encrypted channels with a “Guide to AI Tools and Risks” for its supporters. A recent propaganda magazine elaborates on the future of AI and the necessity for the group to incorporate it into their operations.

“It’s become crucial for everyone to understand the intricacies of AI, irrespective of their field,” the article states. “[AI] is evolving into more than just technology; it is becoming a driving force in warfare.” The writer even posits that AI services could serve as “digital advisors” and “research assistants” for any member of the organization.

Within the perpetually active chat rooms used for communication among followers and recruits, discussions are emerging on various ways AI could be utilized as a resource, though some remain cautious. One user queried whether it was safe to use ChatGPT for “explosives practices,” expressing uncertainty about whether authorities were monitoring the platform. Privacy concerns have surfaced as chatbots are increasingly utilized.

“Are there any alternatives?” an online participant asked among supporters in the same chat room. “Ensure safety.”

However, another participant discovered a method to evade attention during monitoring. By omitting schematics and instructions for creating a “basic blueprint for remote vehicle prototypes using ChatGPT,” they shifted focus. Truck ramming has emerged as a tactic in recent assaults, as well as for followers and operatives. In March, an IS-linked account released a video featuring AI-generated bomb-making tutorials utilizing avatars for crafting recipes from household materials.

Far-right entities are similarly drawn to AI. Advising followers on creating misinformation memes, such as graphic content featuring Adolf Hitler.

Ayad emphasized that some of these AI-powered tools are advantageous for terrorist groups in enhancing their operational security, enabling them to communicate securely without attracting undue scrutiny.

Terrorist organizations continually strive to maximize and adapt digital spaces for their advancement, with AI representing the latest example. Since June 2014, when IS first commanded global attention amid dramatic live-tweeted accounts of mass executions in Mosul, they have undergone significant cyber operations. Following the establishment of their so-called caliphate, there was an organized response by both government entities and Silicon Valley to mitigate online presences. Western intelligence agencies have increasingly focused on encrypted messaging applications, particularly where 3D-printed firearms can be located, for surveillance and policing efforts.

Nonetheless, recent reductions in comprehensive global counterterrorism initiatives, including some from U.S. agencies, have undermined these efforts.

“The more urgent weakness lies in the deteriorating counterterrorism infrastructure,” Hadley remarked. “Standards have considerably declined as platforms and governments divert focus from this critical domain.”

Hadley is advocating for improved “content moderation” concerning AI-enabled materials, pressing companies like Meta and OpenAI to “enhance current mechanisms such as hash sharing and traditional detection methods.”

“Our vulnerabilities do not stem from new AI capabilities, but rather from the reduced resilience against established terrorist activities online,” he concluded.

Source: www.theguardian.com

Can a $125 Billion Investment Fund Reverse Global Deforestation?

Posted on by
Reply

Brazil Takes the Lead in Funding Forest Conservation

Luiz Claudio Marigo/Nature Picture Library/Alamy

During the COP30 Climate Summit in November, a coalition of countries led by Brazil introduces a groundbreaking initiative aimed at compensating tropical nations for sustaining their forest ecosystems.

The Tropical Forests Forever Facility (TFFF) secures funding through investments rather than relying solely on donations or the sale of carbon credits.

“We need to explore new fundraising avenues for tropical forests. This innovative fund has the potential to play a vital role in complementing traditional grant-based funding and, more importantly, reducing our dependency on carbon trading,” states Kate Dooley, from the University of Melbourne, Australia.

The fund is positioned as a substitute for the carbon market, offering businesses a means to offset their emissions by financing forest protection. While it was once seen as a promising strategy for generating funds from the private sector, it has faced significant backlash for favoring corporate profits over environmental benefits.

A major benefit of TFFF is its straightforward approach. Rather than estimating how much carbon is stored in forests or assessing their vulnerability, the initiative compensates for the intact forest canopy each year, monitored through satellite technology.

“Our team approached the Brazilian government in 2023,” explains Pedro Moura Costa, an expert in environmental finance.

Unlike government donations that can be inconsistent and withdrawable at any moment, this fund is designed for sustainability.

The project’s planners aim to secure a $25 billion sovereignty loan from the government along with an additional $100 billion from private investors. These funds will be directed towards corporate bonds and green energy initiatives, particularly avoiding industries tied to deforestation.

After ensuring a fixed return for investors, any profits generated will flow directly to tropical nations for forest conservation efforts. This includes expanding conservation agencies. Crucially, 20% of the resources must be allocated to Indigenous communities, with TFFF collaborating closely with the Global Alliance of Territorial Communities, advocating for Indigenous rights.

The funds projected can generate $4 billion annually, which is sufficient to offer $4 every year per hectare of tropical forest preserved. Conversely, for every hectare lost, $100 will be deducted from government payments. Moura states it takes 100 years for primary tropical forests to regenerate, demanding a high level of responsibility.

However, the current proposal defines an undisturbed forest as having only 20% canopy cover, raising concerns of potential overexploitation. Dooley warns that “fires often indicate degradation rather than being its cause,” pointing out flaws in using fire metrics for monitoring.

Several environmental organizations and climate finance analysts have expressed strong disapproval of this concept. They argue that wealthier nations should provide direct financial support to poorer countries rather than investing in uncertain ventures. Frederick Hash from the Green Finance Observatory, which evaluates private investments in green opportunities, states, “Conservation funds are vulnerable to future economic shifts, interest rates, and fund management capabilities. This differs markedly from grants, and may not meet the expectations of a fund aimed at addressing our critical ecological challenges.” He adds that the promised 20% for Indigenous peoples “seems insufficient and fails to acknowledge their valuable contributions.”

Despite insufficient donor funding for conservation and the looming threat of surpassing the Paris Agreement’s 1.5°C warming limit, advocates argue there is an urgent need for practical alternatives to grant-based support.

Signatories of the 2002 Kunming-Montreal Global Biodiversity Framework committed to providing $20 billion annually for biodiversity conservation in low-income nations by 2025, increasing to $30 billion by 2030. However, the average cost stands at $8.2 billion a year.

“To initiate substantial change, we must devise new, innovative strategies where environmental protection becomes self-funding and is no longer dependent on grants or handouts. Without this, we may face failure,” remarks Moura.

“There must be a mechanism to compensate those safeguarding nature and preserving forests.” Simon Zadeck, a climate adaptation consultant and investment platform expert, adds, “Funding sources might include domestic finances and philanthropy, alongside income from natural products like nuts and timber, but these are insufficient alone. Thus, we need to promote creative funding solutions.”

If TFFF can achieve its $125 billion goal, it will represent the most significant single funding source in history for forest conservation. It may even surpass Brazil’s current environmental budget.

However, the success of this initiative hinges on attracting enough capital during what international experts identify as a particularly challenging economic landscape.

“This geoeconomic environment presents significant obstacles for such an ambitious project,” says Zadek. “Public finances are strained, and private investment is currently focused on short- to medium-term returns.”

Topics:

Source: www.newscientist.com

Tourists in Antarctica Fund Scientific Research amid Government Cuts

Posted on by
Reply

During the warm Antarctic season, a refined Norwegian passenger ship is known as Ms Fridtjof Nansen Departing regularly from Argentina, head south along the turbulent drake passageway to the Antarctic Peninsula. The cruise is home to more and more wealthy adventurers, bucket listers, and increasingly polar scientists seeking to collect data as public funds for research in Antarctica under the Trump administration.

The National Science Foundation is one of the world’s largest funders of scientific research and has an annual budget. Approximately $9 billion This supports most of the research in the United States Antarctic. Over the past few months, the Trump administration has ordered agencies to cut deeper, making scientists wonder how they will study everything, from melting glaciers and ice sheets to the effects of pollution from power plants and wildfires.

On Thursday, National Science Foundation director Seturaman Panchanashan resigned after the White House directed him to cut the agency’s budget and staff by more than half. According to an exclusive report from Science.

Panchanathan’s resignation follows Elon Musk’s previous orders from government efficiency Freeze fund All new research grants from the National Science Foundation, and the announcement that Doge will be over last week Over $200 million “Wild” research grants given by the agency.

Some experts are concerned that the Trump administration continues its National Science Foundation It may inform you of the end For research into the United States of Antarctica.

Leopard seals along the Antarctic Peninsula.
Chase Cain / NBC News

James Burns, co-founder of the Antarctic and Southern Ocean Coalition, is an international alliance for environmental and non-governmental organizations focusing on Antarctic conservation and research, and says the National Science Foundation has become “wicked language” within much of the Trump administration. “For whatever reason, there’s so much to learn in Antarctica, that’s not good on many levels for us.”

President Donald Trump’s orders specifically target Antarctic research include: Staff of several National Science Foundations We are working on Antarctica projects and essential reductions Construction funds for McMurdo Stationthe largest US research foundation on the continent.

Antarctica-based research projects have already declined for several years – disrupted decades of robust fieldwork; Never recovered from Covid-19 restrictions. Currently, research on the world’s southernmost continent has been facing several years under Trump’s slash and burning policies.

However, I’m riding on Fridjov Nansen. And its sister ship, Ms. Roald Amundsen, Polar Scientist, has reliable funds for their research. HX Expeditions, which operates two Antarctic ships, hosts researchers from institutions such as West Washington University. University of California, Santa Cruz. National Snow and Ice Data Center. Their rooms and boards are covered by the purchase of tickets from tourists sailing to Antarctica for a once-in-a-lifetime trip.

“If we can’t pay customers to allow our ship to go south, we can’t support the research we are helping out,” said Verena Meraldi, chief scientist on the HX Expedition. “It’s not easy [to get there]. There are not many flights coming down here, and fewer research vessels. ”

Gentleman penguins along the Antarctic Peninsula.
Chase Cain / NBC News

Tourists traveling on the HX expedition are part of the explosive ecotourism industry, focusing on experiencing nature while helping to preserve the local area. The number of visitors to Antarctica has increased from about 8,000 each year in the 1990s to over 120,000 per year. International Antarctic Tour Operators Association. By 2035, the ecotourism market will be like that projection It will grow to over $550 billion. Ms Fridtjof Nansen on a late March expedition to the Antarctic Peninsula It was home to over 400 ecotourists and several researchers, including Freia Aardred, a doctoral student at Durham University in the UK.

Alldred moved along with sterilized bags to collect samples of seaweed grown in Antarctica waters and snow algae. She has studied how climate change affects the carbon content of these Antarctic species, and Cruises has provided a unique opportunity to collect new samples.

“We’ve never been anywhere with a research foundation,” says Alldred. “Instead, if I went to a base in the Antarctic in England, I could only sample within my area. Here I have gone to five different sites throughout the peninsula that may not have been previously studied.”

The boat was housed nearby scientists and ecotourists, giving scientists the unusual opportunity to explain their work directly to non-scientists through interactive sessions in an onboard lab. For ten days, enthusiastic passengers attended lectures from resident researchers, ate with them at the ship’s restaurant, sharing their first steps in the vast polar deserts of Antarctica.

“It’s incredible to share these experiences with people, explain why we do research, what kind of questions we answer, and they see them firsthand,” said Chloe Lou, a researcher who works with the California Ocean Alliance to capture the impact of tourist boats on Antarctica whales. “It fires me for my passion for my work.”

Source: www.nbcnews.com

Tech giants Google and Microsoft donate $1 million each to President Trump’s inaugural fund

Posted on by
Reply

Google and Microsoft each contributed $1 million to President Donald Trump’s Inaugural Fund, along with companies like Amazon, Meta, OpenAI, and Uber.

“Google is supporting the 2025 Inauguration with a live stream on YouTube and a direct link to the homepage. We are also donating to the inaugural committee,” said Google Government Affairs & Public Policy global head Karan Bhatia in a statement to the Guardian on Thursday.

Google made the donation on Monday, as reported by CNBC. Google spokesperson Jose Castaneda mentioned that the company had previously donated to the Inauguration Fund and hosted a livestream of the inauguration.

Microsoft confirmed its $1 million donation to President Trump’s inaugural fund in a statement to Bloomberg on Thursday. The company had also donated to Trump’s 2017 inauguration and Joe Biden’s 2021 inauguration.

Many other major companies made significant donations to President Trump’s inaugural fund last month, including Toyota, Uber, Amazon, Meta, and OpenAI.

These donations helped raise funds for President Trump’s inaugural committee, which received a $170 million donation. This appears to be an attempt by tech giants to gain favor with President Trump for his second term in office.

President Trump’s relationship with big tech companies has been contentious, but as his inauguration approaches, there seems to be a shift in tone from both parties.

Google CEO Sundar Pichai criticized the January 6 riot and praised President Trump’s victory. President Trump also noted a change in attitude towards him from various tech companies.

Mark Zuckerberg of Meta Inc. announced changes in the company’s approach to fact-checking and censorship, aiming to reduce censorship and recommend more political content across their platforms.

Experts believe that contributing to Trump’s inauguration is a way for tech companies to gain support from the new administration and avoid being targeted by President Trump in the future.

Source: www.theguardian.com

Uber and its CEO contribute $1 million each to President Trump’s inaugural fund

Posted on by
Reply

Uber and its CEO have donated $1 million to Donald Trump’s inaugural fund, joining a growing list of technology companies and executives seeking to build good relations with the incoming administration.

This donation was announced by a spokesperson for Uber Technologies. The Wall Street Journal reported that on Tuesday, Uber and its CEO Dara Khosrowshahi each donated $1 million to Trump’s fund. Uber did not immediately respond to a request for comment from the Guardian.

Uber had previously donated $1 million to President Biden’s 2021 inauguration, but Khosrowshahi did not donate to that event, according to the Wall Street Journal. The $1 million donation to Trump’s fund is said to be Khosrowshahi’s largest contribution to a political candidate or presidential inaugural fund.

The donations from Uber and Khosrowshahi add to a growing list of tech companies and executives who have pledged to donate $1 million to the president-elect’s inaugural fund.

Mehta, CEO of OpenAI, confirmed last week that he had donated $1 million to the foundation. CEO Sam Altman of OpenAI also planned to make a $1 million personal donation to the foundation. Amazon is also preparing to donate $1 million to Trump’s fund.

Unlike companies and executives like Mark Zuckerberg, Mehta, and Jeff Bezos, Uber and Khosrowshahi do not have a historically strained relationship with President Trump, making their donations especially significant.

Notably, Tony West, Uber’s chief legal officer, is the brother-in-law of Vice President and former Democratic candidate Kamala Harris. Mr. West took time off to volunteer with Mr. Harris’ presidential campaign before returning to his role at Uber.

Donations to inaugural committees are common among large companies looking to establish better relations with the new administration.

According to Amazon, the company donated $57,746 to President Trump’s first inaugural fund in 2017. Open Secrets reported that other companies such as Google and Microsoft also made donations. Mehta confirmed to the Guardian that he did not donate in 2017.

Recent donations from tech companies and executives come amidst reports of perks being offered to top donors to the president-elect’s inaugural fund. Since Trump’s election win, he has dined with several technology company executives.

In the past month, Trump has dined with Meta CEO Mark Zuckerberg at his Mar-a-Lago mansion. Apple CEO Tim Cook; as well as Google’s Sundar Pichai and Sergey Brin; are among those who have had dinners with Trump. Amazon founder Jeff Bezos is scheduled to have dinner with Trump this week.

Source: www.theguardian.com

Tech Industry Begins to Support President-Elect as Amazon Contributes $1 million to Inaugural Fund

Posted on by
Reply

Amazon is the latest tech giant to donate to Donald Trump’s inaugural fund.

Reports indicate that the company plans to donate $1 million to the fund, as first reported by the Wall Street Journal. Following in Meta’s footsteps, Facebook’s parent company, which also donated $1 million to President Trump’s inaugural committee, OpenAI CEO Sam Altman announced that he would make a personal donation of $1 million. This was reported by Fox News.

As President Trump prepares for his second term, several major tech companies are showing support in hopes of gaining favor for their businesses. Amazon founder Jeff Bezos is scheduled to meet with President Trump next week, and Meta CEO Mark Zuckerberg recently dined with him at his Mar-a-Lago mansion. Google CEO Sundar Pichai is also expected to meet the president soon, according to reports. Time magazine, owned by Salesforce CEO Marc Benioff, even named Trump its “Person of the Year.”

Altman of OpenAI expressed his belief that Trump will lead the country in technological advancement. In a statement to the Guardian, Altman said, “President Trump will lead our country into the age of AI, and I look forward to supporting his efforts to ensure the United States stays ahead.”

Donating to inaugural committees is a common practice for large companies seeking to establish rapport with the incoming administration. Amazon, for example, donated $57,746 to President Trump’s first inaugural fund in 2017, according to Open Secrets. Google and Microsoft also made donations, while Mehta confirmed to the Guardian that he did not donate that year.

Amazon stated that during Joe Biden’s 2021 inauguration, the administration declined donations from technology companies, as reported by the Wall Street Journal.

Allegedly, Trump plans to offer additional perks to donors who contribute at least $1 million to his inaugural committee, including access to various events around the inauguration, dinners with Trump, Cabinet nominations, and a dinner with J.D. Vance, according to the New York Times.

Bezos, who owns the Washington Post, has been a target of Trump’s criticism. However, before the election, the Washington Post decided not to endorse a presidential candidate, likely in an attempt to avoid provoking Trump, as reported by The Washington Post.

Skip past newsletter promotions

After Trump’s victory, Bezos and Amazon CEO Andy Jassy expressed their support for the new administration. Bezos praised Trump for the opportunities ahead, while Jassy celebrated the victory and expressed eagerness to collaborate with the administration. Amazon’s stock price reportedly rose by 14% after the election.

Source: www.theguardian.com

International Monetary Fund (IMF) calls for consideration of balancing the effects of AI with profit and environmental taxes

Posted on by
Reply

The International Monetary Fund (IMF) suggests that governments dealing with economic challenges brought about by artificial intelligence (AI) should look into implementing fiscal policies such as taxes on excessive profits or environmental taxes to offset the carbon emissions linked to AI.

The IMF highlights generative AI, which enables computer systems like ChatGPT to create human-like text, voice, and images from basic prompts, as a technology advancing rapidly and spreading at a swift pace compared to past innovations like the steam engine.

To address the impact on jobs due to AI, the IMF proposes policies like a carbon tax considering the environmental effects of operating AI servers. The IMF emphasizes the importance of taxing carbon emissions from AI servers to incorporate environmental costs into the technology’s price.


The IMF report released on Monday highlights the significance of taxing carbon emissions associated with AI servers due to their high energy consumption and the potential to impact data centers’ electricity use. Data centers, servers, and networks currently contribute up to 1.5% of global emissions, according to a recent report.

In addition, the report cautions that introducing AI could reduce wages, widen inequality, and empower tech giants to strengthen their market dominance and financial gains. It recommends higher taxes on capital income, including corporate taxes and personal income on dividends, interest, and capital gains, to address these challenges.

Furthermore, the report stresses the need for governments to prepare for the impact of AI on various job sectors, both white-collar and blue-collar, and suggests measures like extending unemployment insurance, targeted Social Security payments, and tailored education and training to equip workers with necessary skills.

To overhaul the tax system and introduce new taxes reflecting real-time market values, the IMF recommends leveraging AI’s analytical capabilities. While cautioning against universal basic income due to its high cost, the IMF suggests considering it if AI disrupts jobs significantly in the future.

Ella Dabra Norris, deputy director of the IMF’s Fiscal Affairs Department and co-author of the report, encourages countries to explore the design and implementation of systems like UBI if AI disruption intensifies.

Source: www.theguardian.com

Retired employee sues bank after losing virtual currency fund in Hyperverse

Posted on by
Reply

Catalina de Solieu had high hopes for a comfortable retirement. She had completed her career as a nurse, paid off the mortgage on a property in regional Victoria, and had savings in the bank.

A friend from a network marketing group introduced her to an investment opportunity called Hyperfund, with the promise of using the returns as a source of income for her retirement. After initially investing small amounts, she eventually invested $80,000.

Within a few months, the money vanished.

“I lost my home,” she says three years later. “I lost all my money. I couldn’t pay the mortgage. When I actually sold the house and paid off the rest of the mortgage, I was in a lot of debt. By that time I had no money. There wasn’t much left.”

Now 71, de Solieu says she lives on a pension that barely covers her rent.

“Right now, I don’t have a nickel in the bank or in my pocket. I can’t go to the dentist. I can’t get my car serviced properly.

“It goes on and on. I can’t get it either. [hearing] Checked out. I even had a friend deliver groceries to my door. I have nothing left. ”

This experience left de Solieu feeling depressed and suicidal.

“I became so depressed that I wanted to commit suicide. It’s a terrible thing for anyone to admit, but that’s how I felt.

“I still wake up every morning and sob. Ever since that happened, every morning I can’t get up because I don’t forgive myself and I want to beat myself up.”

After losing $70,000, Des Solieu was unable to pay his dentist fees. Photo: Steve Wormersley/The Guardian

Mr. De Solieux is one of several Australians who have suffered losses from the HyperVerse project and is taking part in a legal effort to recover the losses from the banks that oversaw the transfer of money to the project.

UK-based investment fraud law firm Wealth Recovery Solutions has identified an Australian who transferred funds to a cryptocurrency exchange to become a member of Hyperfund, later renamed Hyperverse. This person is leading Mr. Des Solieu’s legal action.

… (content continues)

…

Source: www.theguardian.com

FBI Probes Falsified Tweets Creating Artificial Rise in Bitcoin Investment Fund Prices

Posted on by
Reply

The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it is working with the FBI to investigate fake messages posted to the X social media account.

On Tuesday, hackers posted false news about an incident. A widely anticipated announcement SEC expected to announce on Bitcoin, leading the crypto world soaring prices and wary observers. An SEC spokesperson confirmed to the Guardian in a statement that the fraudulent posts to the @SECGov account were “not initiated or created by the SEC.”

“The SEC continues to investigate this matter and is coordinating with appropriate law enforcement agencies, including the SEC Office of Inspector General and the FBI,” the spokesperson said. The FBI did not immediately respond to a request for additional comment.

X confirmed late Tuesday, following a preliminary investigation, that the SEC's account was compromised when an unidentified person gained control through a third party and via a phone number associated with the account.

An erroneous post on @SECGov said securities regulators had approved holding Bitcoin in exchange-traded funds. The widely anticipated move was expected to bring Bitcoin more mainstream integration and encourage investment – and the initial SEC tweet sent Bitcoin's price soaring nearly $48,000.

The SEC removed the post about 30 minutes after it was posted, and SEC Chairman Gary Gensler said: Confirmed In a post shortly after, it said the agency's account had been compromised and the tweet was “fraudulent.” “The SEC has not approved the listing and trading of spot Bitcoin exchange products,” he said.

But on Wednesday, the S.E.C. Approving 11 Spot Bitcoin Exchange Traded Funds. This approval is a game-changer for Bitcoin, allowing institutional and retail investors to gain exposure to the world's largest cryptocurrency without directly owning Bitcoin, allowing FTX CEO Sam's massive This is a major boost for the cryptocurrency industry, which has been plagued by a series of scandals, including trials and convictions. Money laundering between Bankman Freed and cryptocurrency giant Binance.

“Retail investors seeking exposure to Bitcoin now have easier and more direct access to their assets through many top financial institutions,” said Digital Commerce, a cryptocurrency and blockchain advocacy organization. said Perianne Bowling, founder and CEO of the Chamber. “This alone is a transformational event for hundreds of millions of investors and the Bitcoin community.”

Reuters contributed to this article

Source: www.theguardian.com

OurCrowd’s Israel Resilience Fund makes first 8 investments

Posted on by
Reply

Israeli investment platform our crowd today announced $13 million in capital commitments for $50 million. Israel Resilience Funda fund launched by the organization shortly after the Israel-Hamas war, began supporting startups affected by the war or developing solutions to Israel’s immediate needs.

The fund has already provided funding to eight companies.This includes food tech startups. blue tree and carrais a startup building thermal management solutions for EVs, and both recently had to relocate their facilities.The fund is partnering with aerial imagery specialist Edgybees. Beloboticsis a robotics startup currently focused on cleaning and inspecting the facades of high-rise buildings.

Jeff Kupietzky, Jon Medved, Alon Tal, Maya Zachodin Koren – Israel Resilience Fund team members

OurCrowd plans to raise a total of $50 million for the fund, which charges no management fees or interest. The fund will invest in around 50 startups in total.

“Many Israeli venture-backed companies, already struggling due to the global venture downturn and now facing even more serious obstacles from the Gaza war, urgently need intensive investment. “It’s happening,” he explained. our crowd Founder and CEO John Medved. “The Israel Resilience Fund aims to take advantage of the current undervalued market valuations and generate significant returns for investors, while helping many Israeli companies overcome the crisis and thrive in the long term. Masu.”

Similarly, Resilience Fund managing partner Jeff Kupietzky recently sold his startup Jeeng to OpenWeb. for $100 millionsaid that in addition to financial issues, the fund is also aimed at supporting start-ups currently facing operational problems due to the war. “Startups do not know when international investors will resume investing in Israeli startups as they wait for the conflict to subside. In addition, companies are forced to hire key personnel called into reserve. While facing operational challenges, evacuations and rocket launches have created challenges to day-to-day business operations.While businesses are resilient and continue to operate, many are “We need funding to overcome this and extend the runway and support our ultimate success,” he said.

Source: techcrunch.com

African-Owned Al Mada Ventures Raises $110 Million Fund for the African Market

Posted on by
Reply


Al Mada Holding

The Group is one of Africa’s largest private investment funds. The privately held company, headquartered in Casablanca, operates in a variety of sectors, including banking, telecommunications, renewable energy, and the food industry. For many years, Al Mada’s approach has focused on acquiring majority stakes in Morocco’s largest private companies, with its portfolio spread across 27 markets, 25 of which are in Africa.

As part of its strategy and to remain relevant, the company is expanding its influence in these businesses, driving innovation within its portfolio, and increasing market share across the various sectors in which it operates while staying at the forefront of disruptive technologies that may emerge in the near future.

Last March, Al Mada launched a venture capital firm, aligning these observations with its objectives. Al Mada Ventures (AMV) was spun out. With a capital pool of $110 million (approximately AED 1.1 billion), Al Mada’s overarching plan was to create an Africa-focused company to address the gap in growth-stage investments. However, rather than relying on capital from DFIs or foreign institutional investors, the company uses capital raised exclusively from Africa. Apart from the anchor, Evergreen Fund’s limited partners include top-tier corporates and institutional investors based on the continent.

Mr. Laaresi co-founded the Cathay AfricInvest Innovation Fund (CAIF) before being selected to lead the Moroccan venture. The fund is a $100 million pan-African VC fund created through a partnership between private equity firm AfricInvest Group and Europe-based venture capital firm Cathay Innovation.


Source: techcrunch.com

Climactic launches inaugural fund as partners shift focus to upcoming surge in climate technology M&A activity

Posted on by
Reply

A few years Earlier, when the pandemic was still in full swing, Raj Kapoor and Josh Felser started investing in climate change technology startups.they called their operation climax, and initially placed bets using their own money. Although we are both experienced founders, managers, and investors, this is our first time focusing on this specific sector and we started by testing the waters.

The company announced today that it has closed a $65 million founding fund and used it to support founders launching a climate technology software company.

Mr. Kapur and Mr. Felser both have long histories as investors, with Mr. Felser co-founding Freestyle Capital and Mr. Kapur spending seven years as a managing director at Mayfield Funds. They also founded and sold their own software startup.

It’s a little surprising that it took this long for the two to work together. Their resumes are strikingly similar. Felser said that in 1997 he founded Spinner (sold to AOL) and in 2004 he founded Crackle (sold to Sony). He also launched the #Climate nonprofit in 2014 and created a public-private coronavirus task force during the pandemic. Mr. Kapur previously served as chief strategy officer at Lyft, and before that he founded Snapfish (acquired by HP) and FitMob (acquired by ClassPass). He also launched a nonprofit climate social app in 2007.

Those experiences, combined with a growing concern about the state of the Earth’s climate, led the two to form Climactic.

“If we can get the top 50 supply chains to meet their net-zero goals, rather than just pay lip service, we’ll have the biggest impact,” Kapur told TechCrunch+. “To get there, we think the low-hanging fruit is software, because there are a lot of efficiencies to be gained.”

Source: techcrunch.com

Playground Global secures $410 million Fund III for early-stage deep tech investments

Posted on by
Reply

playground globalThe renowned early-stage venture capital firm has brought $410 million in capital commitments to Fund III to invest in early-stage deep technology and science companies. With this new fund, Palo Alto-based Playground will have more than $1.2 billion of his assets under management.

Co-founder and general partner Peter Barrett started his career as an engineer (a video game engineer, to be exact) before becoming a venture capitalist.Interesting fact about him — he still codes every day and is touted give Elon Musk his first job.

Barrett is surrounded by similarly tech-loving general partners Jolie Bell, Matt Hershenson, Bruce Leake and Laurie Yolar, all with similar deep scientific and operational backgrounds. I have.

Together, they are attracted to companies creating next-generation technologies across the computing, automation, infrastructure, logistics, decarbonization, and engineered biology industries.

Similar to the $500 million Fund II raised in 2017, Fund III’s capital deployment will focus on seed and Series A companies with initial investments of $1 million to $20 million.

Playground is often an early or first investor, and Barrett told TechCrunch that the company “believes that only a few transformative companies are born every year.” Examples of exits from the company’s portfolio include MosaicML, which was acquired by Databricks in June for $1.3 billion, and the company that will enable Elon Musk to print the Raptor engines to power Starship, which will be announced in 2021. Includes listed Velo3D.

TechCrunch spoke with Barrett via email about how the funding landscape has changed since his last round, the lessons he learned investing in deep tech, and what he looks for in startups.

The following has been edited for length and clarity.

TC: Playground last raised funding in 2017. What was the funding environment like this time around?

P.B.: The macro environment is difficult for everyone, but when I meet with investors from around the world, they avoid fads and trends and instead focus on companies and industries where real and lasting value is being created. I said I was trying. A company with excellent durability and defense.

The new fund and the raising of several of our companies have proven that there is never a bad time to invest in great companies, especially in a down market, with investors flocking to quality.

We have received significant support from our existing investors and also used this opportunity to invite new investors. Fund III expanded its LP base to include endowments, foundations, single-family and multi-family offices.

What is unique about what Playground offers to startups?

We are an early stage venture capital firm and have been true partners in our companies since our inception. When you talk to our entrepreneurs, you’ll find that they consider us both investors and co-founders. We have the unique superpower to take on and eliminate technology risks, and can leverage the roadmaps we develop to identify best-in-class emerging technologies.

And because we don’t invest in competing companies, there’s a real sense of camaraderie within our portfolio. We were introduced to several new portfolio companies by the founders of Fund I and Fund II. In addition to our platform services, our 70,000 square foot studio is home to many of our portfolio companies and other non-competitive startups deep in the tech space.

Tell us about the pivot from consumer to deep tech. What led to that decision?

When we founded Playground, our team was assembled with the goal of helping both consumer technology and deep technology companies develop. It was clear early on that our superpowers were not reading the market risk tea leaves and were taking on technological risks. By focusing on deep technology and investing in roadmaps that guide our investment decisions, we have captured an undeserved share of the world’s most innovative companies.

What did you learn from diving into deep technology?

Since we founded Playground, we have invested in deep technology companies. PsiQuantum was one of our first investments. We have learned that everything is impossible until it happens, and that the combination of prudent capital and brilliant, tenacious people can move civilization forward.

What areas of deep tech are you interested in, and which areas do you tend not to invest in?

By taking on chemistry, biology and computing as a first-principle approach, we can invest in breakthrough companies across next-generation computing, AI/automation, infrastructure, artificial biology and decarbonization. .

There is no contradiction between the resulting technology investment and significant returns. We are attracted to companies that can build large technological moats and enter markets where they are clear category leaders. We follow the roadmap and don’t surf the zeitgeist.

What do you look for in a startup?

We look for testable hypotheses that address important problems with a plausible path to success. We are not looking for potential solutions to problems. We look for solutions that bring together the right ideas, the right people at the right time.

How many investments have you made from Fund III so far?

Playground has already made several investments from Fund III including d-Matrix, Ideon Technologies, Amber Bio, Infinimmune and Atomic AI, in addition to other portfolio companies operating in stealth.

We believe that our companies, operating in stealth, are well-positioned to revolutionize green metal production and provide the foundation for the next generation of semiconductor manufacturing.

d-Matrix, whose Series A was led by Playground, secured an oversubscribed Series B round of $110 million announced in September, and has already raised another round. The company is building the next generation of AI hardware through an in-memory computing platform focused on inference in the data center.

Given your past relationship with Elon Musk, what do you think about his stewardship over X, Tesla, etc.?

We all wish Elon would focus more time on electrifying the Earth and sending rockets into space.

Source: techcrunch.com

Investment Firm Ballistic Ventures Seeks $300 Million for New Cybersecurity Fund

Posted on by
Reply

Ballistic Ventures, a venture capital firm specializing in funding and nurturing cybersecurity startups, aims to raise up to $300 million for a new fund, according to a regulatory filing.

The San Francisco-based VC firm on Wednesday It has been submitted Working with U.S. Securities and Exchange Commission to raise $300 million for second fund – more than a year after launch Initial funds of equal amount In May 2022.

Ballistic spokeswoman Michelle Kincaid declined to comment on the filing when contacted by TechCrunch.

Targeting early-stage cybersecurity and cyber-related startups, ballistic ventures was co-founded by Kleiner Perkins general partner Ted Schlein, with three other general partners: Barmak Meftah, Jake Seid and Roger Thornton, and Mandiant founder Kevin Mandia as a strategic partner. The company also welcomes Derek Smith as strategic advisor and Agnes So as head of finance and operations.

Ballistic has backed more than a dozen startups to date, according to details available on the company’s website. Ballistic says it founded, operates and funds more than 90 cybersecurity companies. Previous investments the company has made include AuthMind, Oligo, and Nudge Security. The company also recently appointed Former U.S. National Cyber ​​Secretary Chris Inglis and former CISA Chief of Staff Kirsten Todd will serve as advisors.

Cybersecurity investments so far this year are well below all-time highs.

Cybersecurity investments to date in 2023 are well below all-time highs. Venture funding to cybersecurity startups around the world fell more than 14% to $2.4 billion in the third quarter of 2023 from $2.8 billion in the same period last year, according to Pitchbook data shared with TechCrunch.

The number of deals completed in the most recent quarter also fell from 248 to 198.

Nevertheless, as the digital economy expands globally, cyber-attacks and online crimes are becoming more prevalent. Investors are also optimistic about the growth of cybersecurity startups and investments driven by significant advances in generative AI and cloud adoption.

Global Cybersecurity VC Funding 2020–23 by PitchBook

Image credits: pitch book data

Source: techcrunch.com