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July 24, 2024

Impressive: Wiz Rejects $23 Billion Google Acquisition, Opts for IPO!

In an impressive move, cloud security startup Wiz has turned down a $23 billion acquisition offer from tech giant Google. Instead, the company is gearing up for an initial public offering (IPO), according to an internal memo from Wiz co-founder Assaf Rappaport, reported by CNBC on Monday, July 22."Saying no to such humbling offers is tough," Rappaport wrote, reflecting on the monumental decision. Here is the story told in a few words.

FinTelegram

May 28, 2024

Elon Musk’s xAI Secures $6 Billion in Funding for AI Supercomputer Development!

Elon Musk's AI venture, xAI, has raised $6 billion to fuel its ambitious plans to compete with ChatGPT and other AI technologies. The funding, which values xAI at $18 billion, is aimed at bringing the startup’s first products to market, developing advanced infrastructure, and accelerating research and development. Founded last summer, xAI has already launched Grok, which is available exclusively to X Premium subscribers on X (formerly known as Twitter).

March 1, 2024

Fight For Humanity: Elon Musk Files Lawsuit Against OpenAI for Deviating from Non-Profit Mission

Elon Musk has initiated legal action against OpenAI, the artificial intelligence research lab he co-founded, and its CEO, Sam Altman. The lawsuit, filed in San..

February 14, 2024

AI Hype Continues: Nvidia Overtakes Amazon in Market Value Amid Surging Demand for AI Chips!

In a remarkable milestone that underscores the booming demand for artificial intelligence (AI) technology, Nvidia, a dominant supplier of AI hardware and software headquartered in California, has outpaced Amazon in market capitalization, a feat not seen since 2002. This shift highlights the burgeoning investor interest in semiconductor companies, especially those at the forefront of AI chip production.

Markets

January 26, 2024

Driven by AI: Microsoft is now a $3 trillion company!

In an impressive surge driven by the artificial intelligence (AI) revolution, Microsoft has reached a monumental valuation, surpassing the $3 trillion mark. It’s the second company, after Apple, to reach the milestone valuation. This remarkable achievement positions Microsoft as the second company in history to breach this threshold, following closely behind Apple. Microsoft's shares have seen a significant upswing, climbing more than 7% this year after a notable 40% increase last year.

January 22, 2024

Tech Rules The World: The “Magnificent Seven” Tech Giants Spearhead S&P 500’s Rally!

A recent NYT article highlights the significant influence of seven major technology companies, dubbed the "Magnificent Seven," on the recent surge of the S&P 500 index. These companies – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – have collectively seen their value soar by nearly 117% since the S&P 500's low point in October 2022 propelled the index to new heights.

Technology

December 6, 2023

Elon Musk’s xAI Aims to Raise $1 Billion

Elon Musk's AI venture, xAI, aims to raise a significant $1 billion from equity investors. Musk's company has already secured nearly $135 million. Musk's foray into the AI segment represents a significant shake-up in the competitive landscape of AI development. His track record of innovation and disruption suggests that xAI could introduce groundbreaking advancements and novel applications in AI.

September 25, 2022

Interesting! UK Regulator Examines The Role Of Hyperscalers In Digital Markets!

Ofcom, the UK regulator for the broadcasting, telecommunications, and postal industries, announced that it would investigate the Big Techs Amazon, Microsoft, and Google to ensure their dominance in areas such as cloud computing, messaging, and smart devices work properly and healthily competitive in Britain. These “hyperscalers” would control more than four-fifths of the UK’s cloud computing market, about half of which is made up by Amazon.

FinTech Crisis

May 27, 2022

Bolt Financial Switches Into Crisis Mode And Fires 250 Employees!

Earlier this week, Swedish FinTech unicorn Klarna announced an austerity program and the layoff of 10% of its workforce. San Francisco-based Bolt Financial had to follow this path and lay off around a third of its workforce, or around 250 employees, to reach profitability with the money available. The Bolt layoffs came just months after investors valued FinTech at $11 billion. PayPal and other FinTechs also announced layoffs and hiring freezes. Evidently, the FinTech sector switches into crisis mode.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.