DOJ to Seize $465 Million of Robinhood Shares Tied to Bankman-Fried
U.S. prosecutors are in the process of seizing shares of Robinhood Markets Inc. tied to Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange, a U.S. attorney told a judge on Wednesday. The Department of Justice did not believe the 56 million shares of Robinhood, worth about $465 million, were property of a bankruptcy estate, U.S. attorney Seth Shapiro told U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy. Shapiro said that competing claims to shares of the stock-trading app could be worked out in a forfeiture proceeding.
FTX Founders, SBF, Gary Wang's $455 Million Robinhood Stocks Taken by Feds from UK Company
The infamous Robinhood stocks of Sam Bankman-Fried and Gary Wang were found and taken by the United States Department of Justice, after finally tracking it down to a United Kingdom-based holding company. The FTX lawsuit's latest development is this massive $455 million value Robinhood stocks which both executives purchased allegedly with investor money. More than 55 million worth of Robinhood stocks are under the DOJ's custody and all there is to Bankman-Fried and Wang's name remain under investigation.
3 Best Stock Market Simulators of 2023
It's common for new investors to feel uneasy spending their money on real stocks without knowing exactly how the stock market works. The market is notoriously volatile, and it is easy to lose money quickly if you don't know much about investing.Learn: 3 Things You Must Do When Your Savings Reach $50,000Luckily, stock market simulators make it convenient to practice investing. Through paper trading, investors can learn the ins and outs of the market without risking their hard-earned cash.What Are Stock Simulators'Stock simulators, also known as paper trading, are a way for investors to try out the stock market without buying or selling stocks for real.
5 Best American Oil Stocks To Buy Now
Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. He launched his hedge fund in 1956 with $105,100 in seed capital. Back then they weren't called hedge funds, they were called 'partnerships'. Warren Buffett took 25% of all returns in excess of 6 percent. For example S&P 500 Index returned 43.4% in 1958. If Warren Buffett's hedge fund didn't generate any outperformance (i.e. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.
Grayscale Bitcoin Trust, MicroStrategy stocks follow bitcoin higher (OTCMKTS:GBTC)
With Monday's surge in bitcoin (BTC-USD), the companies that hold bitcoin saw their stocks rise even more, with two prominent beneficiaries being Grayscale Bitcoin Trust (OTC:GBTC), up 13%, and MicroStrategy (NASDAQ:MSTR), up 10%. In Monday afternoon trading, bitcoin (BTC-USD) has gained 2.4% over the past 24 hours, breaking above $17K for the first time since Dec. 15. GBTC's purpose is to hold bitcoin (BTC-USD), while MicroStrategy (MSTR) is a software firm that holds bitcoin on its balance sheet.
EMXC: Emerging Markets Ex China ETF, Cheap Valuation, Lower Risk
William_Potter I last covered the iShares MSCI Emerging Markets ex China ETF (NASDAQ:EMXC) in late 2021. In that article, I argued that the Chinese market presented some significant, somewhat unique, risks to foreign investors, including stiffening regulations, a tough economic and political environment, and a broadly unfavorable environment for foreign investors. Since then, conditions have materially worsened, with Chinese economic growth stalling, the U.S. severely restricting U.S. semiconductor business in China, and with Xi winning a third term, ensuring current policies and trends continue.
QQEW ETF: May Be Poised To Finally Get A Win Versus QQQ (NASDAQ:QQEW)
Strategy First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) is an ETF created and managed by one of the top-tier ETF firms, First Trust Advisors L.P. It holds every stock in the Nasdaq 100 Index. However, in stark contrast to the better-known QQQ, which weights the Nasdaq 100 by company size (i.e., market capitalization), QQEW assigns an equal weight to every stock. Given the nature of stocks in the Nasdaq 100 Index, QQEW has a strong growth stock tilt. Proprietary ETF Grades Offense/Defense: Offense Segment:Broad Equity Sub-Segment:US Large Cap Risk (vs.
Stock Market Sell-Off: Is Disney a Buy in 2023?
A stock market sell-off in 2022 brought declines across numerous industries, and entertainment companies were among the hardest hit. Shares in such names as Netflix, Warner Bros. Discovery, and Walt Disney (DIS -0.22%) have fallen between 41% to 59% as macroeconomic headwinds have proven tough to overcome. Despite market declines, the past year has shown the potency of Disney's content and nearly unparalleled dominance in entertainment. Here's why Disney shares are worth an investment in 2023. An entertainment titan This year will mark 100 years of business for The Walt Disney Company, solidifying it as one of the most successful entertainment businesses in history.
Goldman Sachs employees were laid off at 'meetings' they had been emailed calendar invites for: Report
It's one thing to get laid off from a prestigious bank like Goldman Sachs. It's another to have that happen after showing up for what you thought was a routine meeting. On Wednesday, Goldman eliminated 3,200 jobs, or roughly 6.5% of its workforce. That came as no surprise as CEO David Solomon had already warned staff last month he anticipated that 'headcount reduction will take place in the first half of January, citing 'tightening monetary conditions that are slowing down economic activity.' But getting fired did apparently surprise some employees who showed up for what they thought was a routine meeting, according to insiders who spoke to the New York Post, as the paper reported Friday.
Why Graphite Bio Shares Are Trading Lower By 50%; Here Are 20 Stocks Moving Premarket
OncoCyte Corporation (NASDAQ:OCX) rose 89.2% to $0.70 in pre-market trading. Oncocyte, last month, announced an over 40% reduction of its workforce to realign the team towards key products that address larger markets. Spruce Biosciences, Inc. (NASDAQ:SPRB) shares rose 84% to $2.30 in pre-market trading. Spruce Biosciences and Kaken Pharmaceutical reported an exclusive licensing agreement to develop and commercialize Tildacerfont for CAH in Japan. CytomX Therapeutics, Inc. (NASDAQ:CTMX) rose 70.4% to $3.
ArcelorMittal Should Rebound Post Destocking Cycle Peak (NYSE:MT)
ArcelorMittal S.A. (NYSE:MT) is positioned to successfully overcome the peak of the destocking cycle due to the prudent adaption and allocation of production capacity to addressable demand, working capital, and effective cost management. I am bullish on MT, as I believe the company could capture more growth opportunities amid secular trends in the automotive sector and construction recovery once the headwinds weaken their grip and inventory restocking takes place. ArcelorMittal is the world's second-largest steel producer.