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Elon Musk has finally seen his social media platform, X, regain its initial valuation of €41.8 billion after 874 days of tumultuous leadership marked by bold decisions and controversies. Despite significant challenges, including a toxic work environment and legal issues, Musk's vision of transforming X into a multifunctional platform continues to attract investment. The future remains uncertain as he navigates the accumulated debt and seeks to win back advertisers and users.
&Partners has successfully recruited a Wells Fargo Advisors team managing $1.5 billion in assets, known as the Northshore Group, based in Deerfield, Illinois. Led by Stanford Slovin, Jonathan Neuman, Patrick Callaghan, and Chin Hui “Lisa” Su, the team generated approximately $6 million in annual revenue and previously transitioned from Morgan Stanley in 2015. Since its launch over 18 months ago, &Partners has amassed around $30 billion in client assets and aims to expand to 150 affiliated teams.
The UK’s Prudential Regulation Authority proposes raising the Financial Services Compensation Scheme deposit protection limit from £85,000 to £110,000. IG Group has acquired Freetrade for £160 million, while Interactive Brokers reports a 44% year-on-year increase in daily trades. In crypto, Donald Trump Jr. and Eric Trump back a Bitcoin mining venture, and Fidelity launches a crypto-focused IRA, allowing investments in Bitcoin, Ethereum, and Litecoin.
Elon Musk clarified that the U.S. government has no plans to use Dogecoin, despite the similar name of the Department of Government Efficiency (D.O.G.E.). He emphasized the initiative's goal to enhance government efficiency by 15%, distancing it from cryptocurrency ties.Musk's recent comments come amid ongoing scrutiny, including a market manipulation lawsuit from the SEC. Meanwhile, D.O.G.E. has faced criticism and lawsuits as it implements significant budget cuts and layoffs across various federal agencies.
Rockefeller Global Family Office has acquired two teams managing a combined $1.2 billion in client assets from Merrill Lynch and UBS Wealth Management USA. The larger team, Rhodes White Bazan Wealth Partners, based in Dallas, managed $1 billion and generated $8 million in annual revenue, while the Ladner Franz Wealth Partners group from Scottsdale managed $200 million with $2 million in revenue. This move is part of Rockefeller's strategy to expand its advisor teams, aiming for around 200 by year-end.
Warren Buffett's skepticism towards Bitcoin is well-documented, famously labeling it "rat poison squared" in 2018. Other Wall Street figures, including Howard Marks and John Paulson, share similar views, criticizing cryptocurrencies for lacking intrinsic value. However, some, like Ray Dalio, have softened their stance, with Dalio acknowledging Bitcoin's potential as an investment.
Fidelity Investments and Charles Schwab are restricting clients from investing in money-market ETFs, a departure from their usual practice of allowing access to such funds. This decision affects three ETFs from BlackRock and Texas Capital, which challenge traditional mutual fund providers. The move highlights the increasing competition in the asset management sector and has surprised some investors who view money-market investments as standard options.
Fidelity Investments has filed to register a tokenized version of its US dollar money market fund, named "OnChain," on the Ethereum blockchain. This initiative aims to track transactions of the Fidelity Treasury Digital Fund (FYHXX), which is primarily composed of US Treasury bills and currently valued at $80 million. Pending regulatory approval, OnChain is expected to launch on May 30.
Elon Musk's X has reportedly regained a $44 billion valuation, matching the price he paid for the platform in 2022. This resurgence follows a secondary financing round where nearly $1 billion was raised, despite the company facing significant challenges post-acquisition, including a mass exodus of advertisers.Musk's strategy includes transforming X into an "everything app" with relaxed content moderation and a new payment platform, alongside the introduction of a premium subscription service and an AI chatbot named "Grok." The company has generated approximately $1.2 billion in adjusted earnings, aligning its revenue with pre-acquisition levels.
Elon Musk's social media platform X has seen its valuation rebound to $44 billion, despite a recent equity raise valuing it at approximately $32 billion. Musk himself participated in this funding round, which raised nearly $1 billion. While revenue has declined since his acquisition, X reported $1.2 billion in adjusted earnings for 2024, matching pre-takeover figures.
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