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Wealthy investors rescued Juul from bankruptcy. Others are crying foul.

Livemint

Livemint · 1y ago

Wealthy investors rescued Juul from bankruptcy. Others are crying foul.

Two Juul Labs directors, Nick Pritzker and Riaz Valani, are facing allegations that they prioritized their own interests over the company's, as they helped bail out the e-cigarette maker when it faced insolvency. The bailout deal preserved their equity investments, cemented their influence, and secured releases from liability in thousands of lawsuits against Juul. As Juul aims to raise new capital and become profitable, it is also fighting a lawsuit from investors accusing the directors of prioritizing themselves over other stakeholders.

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The Deaths of Effective Altruism

Wired · 1y ago

The Deaths of Effective Altruism

Effective altruism, a philosophy advocated by figures like Sam Bankman-Fried, promotes using resources for the maximum good of the world. It has gained popularity, especially among wealthy elites in Silicon Valley. However, the philosophy has faced criticism for its moral bankruptcy and lack of accountability. The article also sheds light on the flaws and limitations of effective altruism, such as the difficulty in measuring the true impact of aid and the potential negative consequences of interventions. The author emphasizes the importance of being responsible and accountable when making decisions that affect the lives of others.

India's wealthy investors turn to crypto assets as traditional markets stagnate

Economic Times

Economic Times · 23d ago

India's wealthy investors turn to crypto assets as traditional markets stagnate

India's wealthy investors are increasingly turning to cryptocurrencies due to limited growth opportunities in traditional markets like stocks and gold. Triggered by former US President Trump's support and seeking alternatives amid market volatility, high-net-worth individuals (HNIs) are allocating significant portions of their portfolios to digital assets. Domestic exchanges report substantial trading volumes from these investors, reflecting a shift from cautious interest to active participation, further amplified by bitcoin's recent record highs.

Venture Capital vs Angel Investment: Which is right for you?

Internet

Internet · 11m ago

Venture Capital vs Angel Investment: Which is right for you?

Venture capitalists (VCs) pool funds from third parties to invest in growing businesses with proven scalability, offering larger investments but taking significant equity and control. Angel investors are wealthy individuals investing their own money in early-stage startups, providing smaller amounts with less control. An alternative is revenue-based financing, which offers fast, non-dilutive capital to businesses.

Some wealthy people lost millions in the FTX collapse. But others say they've lost their entire life savings.

Business Insider

Business Insider · 1y ago

Some wealthy people lost millions in the FTX collapse. But others say they've lost their entire life savings.

The FTX collapse in 2022 affected not only wealthy investors like Tom Brady, who reportedly lost $30 million, but also thousands of regular people who lost their life savings. Prosecutors in the case have described FTX founder Sam Bankman-Fried as having victimized tens of thousands of individuals and companies across multiple continents. Many of these victims have shared their stories of financial devastation, highlighting the significant impact on their lives and families. FTX's bankruptcy filings indicate a $9.5 billion shortfall owed to approximately one million creditors, but lawyers have stated that customers and creditors can expect full restitution.

Exclusive: Wealthy raises fresh capital from Alpha Wave

Entrackr

Entrackr · 1y ago

Exclusive: Wealthy raises fresh capital from Alpha Wave

Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) in a new round led by Falcon Edge’s Alpha Wave Incubation Fund. This is the first round of investment for the Bengaluru-based company this year. The board at Wealthy has passed a special resolution to issue 47,222 compulsory convertible preference shares at an issue price of Rs 9,556 each to raise Rs 45 crore or $5.4 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Alpha Wave led the round with Rs 20.7 crore while Savrola Lakshmi LLC put in Rs 16.38 crore. Good Capital and other individual investors cumulatively participated with Rs 7.92 crore. According to the filings, Wealthy will use these proceeds for expansion and general working capital purposes. As per startup data intelligence platform TheKredible’s estimates, the company has been valued at around Rs 278 crore or $33.5 million post-money. Wealthy has raised over $16 million to date including $7.5 million Series A funding led by Alpha Wave in early 2022. It looks like an ongoing round and the company may raise more capital. Founded in 2015, Wealthy offers investment management and tracking tools to retail investors. It also provides advisory and access to wealth management professionals. According to its website, the firm has facilitated over Rs 4,500 crore of investments through its marketplace. Following the fresh proceeds, existing backer Alpha Wave remains the largest external stakeholder with 24.16% followed by Good Capital which holds 9.69%. Its co-founders Aditya Agarwal and Prashant Gupta jointly command 36.64% of the company. Head to TheKredible for the complete shareholding pattern. Wealthy bled profusely in FY23 as its losses blew 8X to Rs 24 crore while its revenue grew 57.2% to Rs 11.82 crore during the same period. The company is yet to disclose its financial numbers for FY24. It competes with a clutch of wealthtech platforms including Stable Money, Deserv, Cube Wealth and many others.

SBF is going to prison, but the fight over money at FTX drags on

Livemint

Livemint · 1y ago

SBF is going to prison, but the fight over money at FTX drags on

Several former FTX customers are still grappling with the aftermath of the cryptocurrency exchange's collapse. While the recent crypto rally has allowed FTX's bankruptcy estate to offer full settlements to some creditors, many customers are still uncertain when or if they'll receive their money back. Some have sold their claims to hedge funds at a fraction of their value, while others are trying to recover their funds through bankruptcy trustees. The saga has caused frustration and anger among the affected customers, with some feeling that they've missed out on significant gains due to the recent crypto market rally.

Investors embrace risky bonds for better returns

Livemint

Livemint · 1m ago

Investors embrace risky bonds for better returns

Investors in India are increasingly turning to BBB-rated corporate bonds due to their higher yields, as the benchmark 10-year government bond yields have fallen. This trend is driven by online platforms that facilitate access to high-yield bonds despite associated credit risks. Wealthy investors and alternative funds are particularly interested, seeking better returns in a low-yield environment, evidenced by a record number of issuances in the fiscal year up to June 19.

70 Indians rescued from Myanmar cybercrime hub KK Park: Report

Economic Times

Economic Times · 5m ago

70 Indians rescued from Myanmar cybercrime hub KK Park: Report

Approximately 70 Indians were rescued from KK Park, a cybercrime hub in Myanmar, by the country's armed forces and relocated to Mae Sot, Thailand. Indian authorities are coordinating their return. The victims, from various Indian states, including Gujarat and Rajasthan, were coerced into cybercriminal activities. The rescue followed reports of foreigners, including Indians, being forced into fraudulent operations. Similar operations are occurring in Cambodia, targeting cybercrime networks exploiting Indian nationals lured by false job promises.

FOMO may be one of the things driving the super rich to invest tens of billions in AI

Business Insider

Business Insider · 1y ago

FOMO may be one of the things driving the super rich to invest tens of billions in AI

Wealthy investors are investing heavily in artificial intelligence (AI) to avoid missing out on the next big thing. Amazon has committed up to $4 billion in Anthropic, an AI rival of OpenAI. Overall, investors have poured nearly $30 billion into the AI industry in 691 deals in 2023. Venture capitalists and technology companies are among the top investors, driven by the fear of missing out (FOMO) on the AI ecosystem. While the hype around AI is real, challenges such as leadership changes and concerns about job displacement remain.

FTX customers are still grappling with crypto platform's collapse

Economic Times

Economic Times · 1y ago

FTX customers are still grappling with crypto platform's collapse

The aftermath of the collapse of FTX and the potential losses was faced by over 1 million customers. FTX's founder, Sam Bankman-Fried, is accused of embezzling $10 billion from customers. Some customers have created support groups to navigate the bankruptcy claims process, while others have been targeted by scammers. The bankruptcy process is expected to last until 2024, and some creditors have chosen to sell their claims. Despite the challenges, some customers remain invested in the crypto industry.

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