Business

Today, David Tepper is probably best known as the owner of the NFL’s Carolina Panthers. But before his time in the owners’ suite, the billionaire made his mark as a hedge fund titan. Tepper founded Appaloosa Management in 1993 after honing his skills as a credit analyst at Goldman Sachs and is known for taking risky bets when others are…

Neobanks like Chime, which lack physical branches, have found a niche that offers services like direct deposits, checking accounts, and paycheck advances within an app. Now, a neobank called Cogni is adding a unique Web3 capability to its app: a no-custodial crypto wallet. While many financial firms let customers buy and sell crypto, they typically do so through so-called hosted…

When the new year approaches wealth‘s Success Desk looks inwards. There are the big and small changes we want to make, inspired by the stories we’ve told and the trends we’ve covered in 2022. We look forward to that in 2023. Embrace my community My 2023 resolution is to be more involved in the different communities in my life—at my…

The legal ramifications of FTX’s collapse took a new turn on Wednesday night when the Justice Department and the Securities and Exchange Commission announced charges against co-founder Sam Bankman-Fried’s one-time girlfriend, Caroline Ellison, with the SEC claiming she had the price of the Failure FTT token manipulates the exchange. A close lieutenant of Bankman-Fried for years, Ellison served as CEO…

New owner Elon Musk’s relaxation of Twitter’s content standards has made the service unsafe for users, according to a former member of the company’s group of external advisors on trust and security. Eirliani Abdul Rahman, who resigned from the Twitter council earlier this month just before Musk disbanded the group, said so insider on Wednesday that “the platform is no…

Given the macroeconomic uncertainty in their industries, most corporate leaders recognize that it is more important than ever to develop and accelerate an alternative growth engine for the future. We refer to these new businesses within existing companies that use the economies of scale of the core business to grow faster than an independent startup could as “Engine 2”. And…

A former security chief at McDonald’s is filing a racial discrimination lawsuit against the company and CEO Chris Kempczinski, claiming he was fired for speaking up in a meeting. Michael Peaster served as vice president of global safety, security, and intelligence until 2021, when he retired after 35 years with the company. McDonald’s claims it was due to performance issues,…

Elon Musk’s fortune continues to suffer a week after losing his place as the world’s richest person. His net worth plunged $7.7 billion on Tuesday after Tesla shares suffered their biggest one-day loss since October. The sell-off adds to the woes of Musk, who lost his status as the world’s richest person to luxury magnate Bernard Arnault on December 13.…

FTX co-founder Sam Bankman-Fried, who has been imprisoned in the Bahamas, has agreed to be sent to the US to face multiple criminal charges. Bankman-Fried had been expected to drop his fight against extradition. A hearing was scheduled for Wednesday in Nassau to consider the matter. A representative for the former FTX CEO did not immediately respond to a request…

“The Twitter situation is stirring things up,” he said financial times this week in response to a question about whether mending tight cleavages would be more of a technical challenge or a human challenge. “That instead of a series of objective measures being taken by a broad group of people, you’re seeing some kind of seat-of-the-pants activity.” In short, Gates…