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According to news website Semafor: Nick Clegg, president of global affairs at Meta Platforms (Meta.O), will leave and be replaced by Joel Kaplan. Kaplan served as deputy director of the White House Office during the Bush administration and was one of the most powerful voices within Meta against restrictions on political speech.Las Vegas Sheriff: Military identification was found in Cybertruck that exploded outside Trump Hotel in Las Vegas. The man in the car was identified as Matthew Livelsberger.The Hang Seng Index futures closed down 0.05% at 19,610 points in the night session, 13 points below the spot price.On January 3, Wedbush analysts said that the sell-off triggered by the decline in global deliveries in 2024 was just a small episode in the path of Teslas stock price. Tesla announced a respectable delivery data, although investors would prefer higher deliveries than this level. Looking ahead, Teslas deliveries will accelerate in 2025, partly due to the expected launch of lower-priced electric vehicles at the beginning of this year. More importantly, however, analysts believe that Tesla is not a pure car company: "We have always believed that Musk and Tesla are the worlds leading disruptive technology companies." Analysts said the company will benefit from the era of autonomy and artificial intelligence, which is expected to accelerate during Trumps second term.On January 3, according to the Financial Times, Ken Griffins Citadel Investments (Citadel) has a return rate of 15.1% in 2024, slightly higher than its long-term rival Izzy Englanders Millennium Management (Millennium Management). The two companies outperformed the entire hedge fund industry in a year when the US stock market soared. According to investors, Citadels flagship hedge fund Wellington rose 1.7% in December, while Millennium rose 2.5%. Millennium rose 15% for the whole year. Citadel has an asset management scale of US$66 billion, while Millennium has US$72.1 billion. The performance of the two last year seems to have surpassed the $4.5 trillion hedge fund industry. According to Hedge Fund Research, hedge funds rose an average of 2.4% in November last year and rose 10.2% in the first 11 months. Data for December has not yet been released. Citadel and Millennium are among several large hedge funds that achieved double-digit growth last year.

Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Jimmy Khan

Jul 19, 2022 14:35

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Bitcoin mining is essential to the company's reorganization efforts, according to cryptocurrency lender Celsius Network, who made the statement during a Manhattan bankruptcy court hearing on Monday.


headquartered in New Jersey U.S. Bankruptcy Judge Martin Glenn gave Celsius permission to spend $3.7 million on building a new bitcoin mining facility and $1.5 million on customs and fees on incoming bitcoin mining equipment.


The firm, which stopped other commercial activities including its cryptocurrency loans, might find a method to pay back consumers whose funds it had frozen in the weeks before to declaring bankruptcy, according to Patrick Nash, a lawyer representing Celsius.


The mining industry "has the potential to be pretty profitable in a scenario where the crypto market recovers," Nash said.


On July 13, Celsius declared bankruptcy, citing a $1.19 billion balance sheet shortfall. Following a significant cryptocurrency market sell-off caused by the May collapse of prominent coins terraUSD and luna, the business model of crypto lenders came under criticism.


Due to the significant volatility, Celsius' assets decreased, and its decision to freeze client accounts was an effort to reduce losses and stabilize its operations, according to Nash.


In the weeks leading up to the Chapter 11 filing, some customers threatened and sent hate mail to a few firm workers. Celsius is hoping that the mining endeavor will help it mend those relationships.


However, a group of equity investors hinted to a potential conflict over ownership of the bitcoin mining businesses. According to Dennis Dunne, the investors' attorney, they can argue that the freshly created currencies need to be given to all Celsius creditors rather than deemed the property of the UK company that acquired the money for the mining activity.


Customers could complain to Celsius' expenditure on bitcoin mining companies at a time when their own financial recovery is in question, according to the bankruptcy monitor of the U.S. Department of Justice.

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