Pete Buttigieg hires former Goldman Sachs executive as national policy director

Shah worked at Goldman Sachs from 2004 to 2007 as a vice president, according to her LinkedIn page. Sonal Shah, now executive director of the Beeck Center for Social Impact and Innovation at Georgetown University, will be the campaign’s national policy director. Democratic presidential contender Pete Buttigieg has hired a former Goldman Sachs vice president and Google executive to run his policy shop, his campaign announced Thursday. Trump hires another executive from Goldman Sachs,” Shah wrote


Shah worked at Goldman Sachs from 2004 to 2007 as a vice president, according to her LinkedIn page. Sonal Shah, now executive director of the Beeck Center for Social Impact and Innovation at Georgetown University, will be the campaign’s national policy director. Democratic presidential contender Pete Buttigieg has hired a former Goldman Sachs vice president and Google executive to run his policy shop, his campaign announced Thursday. Trump hires another executive from Goldman Sachs,” Shah wrote
Pete Buttigieg hires former Goldman Sachs executive as national policy director Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: tucker higgins
Keywords: news, cnbc, companies, georgetown, president, social, director, executive, hires, worked, google, goldman, pete, vice, tech, buttigieg, sachs, shah, policy, national


Pete Buttigieg hires former Goldman Sachs executive as national policy director

The hiring comes as Buttigieg, mayor of South Bend, Indiana, struggles to stake out a clear niche for himself in a crowded Democratic field featuring a number of high-profile progressives.

Shah worked at Goldman Sachs from 2004 to 2007 as a vice president, according to her LinkedIn page. She then worked for Google as its head of global development initiatives from 2007 to 2009.

Sonal Shah, now executive director of the Beeck Center for Social Impact and Innovation at Georgetown University, will be the campaign’s national policy director.

Democratic presidential contender Pete Buttigieg has hired a former Goldman Sachs vice president and Google executive to run his policy shop, his campaign announced Thursday.

Sen. Elizabeth Warren of Massachusetts and Sen. Bernie Sanders of Vermont, the leading progressives in the crowded Democratic field, have made waves by criticizing Big Tech and the major banks.

Warren has proposed a plan to break up major tech firms like Google and Apple. Sanders proudly lists the “anti-endorsements ” of banking executives on his website, including one from former Goldman chief Lloyd Blankfein.

For years, Goldman has been a toxic brand for those on the left, blamed for exacerbating the 2008 financial crisis and for wielding disproportionate influence in the economic policies of both major parties. In 2019, the country’s largest tech firms have become the new boogeymen.

In a statement, Buttigieg’s national press secretary, Chris Meagher, said that while at Goldman, Shah “wasn’t involved in any deals nor did she benefit from any deals.”

“She developed and managed Goldman Sachs’ environmental strategy. She trained bankers to ask environmental questions, managed the grants to non-profits, and worked with their real estate team on how to build more green buildings,” he said.

In contribution records filed with the Federal Election Commission from the period, Shah listed her occupation at varying times as an “investment banker,” “economist” and “vice president.”

In early 2017, Shah cheered President Donald Trump’s hiring of Goldman executive Dina Powell, first as an economic assistant and later as deputy national security adviser.

“Great choice. Dina Powell will be great. Trump hires another executive from Goldman Sachs,” Shah wrote in a Twitter post.

At Google, Meagher said, she was “only involved in the philanthropy side of Google, not the company side. At the time she worked there, Google.org had a separate team that was focused on grants and social impact.”

The campaign emphasized Shah’s time working as deputy assistant to the president and as director of the White House Office of Social Innovation and Civic Participation during the Obama administration.

“She worked at the Obama White House after the financial crisis. She doesn’t advocate for companies — she cares about having the greatest social impact for people, and finding new solutions to tough challenges that require the public, private, and social sectors to work together to find them,” Meagher said. “That’s why she is teaching at Georgetown after leaving the White House.”

At Georgetown, Shah was a professor and the founder of the Beeck Center for Social Impact and Innovation. That center was founded with a $10 million donation from investor Alberto Beeck, a former Lehman Brothers investment banker who is now focused on the mining, hotels, wealth management, telecom and tech sectors, according to an online biography.

“On Georgetown – the money was given to Georgetown. She was hired by Georgetown. The center equips students with tools and approaches to further the common good,” Meagher said.

The hire follows Buttigieg’s blockbuster fundraising quarter in which he raised more than any other Democratic candidate. He’s since been continuing to fill out his campaign staff.

Now Buttigieg is seeking to turn that fundraising heft into support from voters. The 37-year-old has been stagnant in the polls since former Vice president Joe Biden entered the race in late April. The millennial mayor is currently in fifth place, according to recent polls.

Also Thursday, the campaign announced the hiring of Jess O’Connell, former CEO of the Democratic National Committee, to become a senior advisor.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: tucker higgins
Keywords: news, cnbc, companies, georgetown, president, social, director, executive, hires, worked, google, goldman, pete, vice, tech, buttigieg, sachs, shah, policy, national


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Senators grill Facebook’s David Marcus over social media giant’s cryptocurrency plans

Senators grill Facebook’s David Marcus over social media giant’s cryptocurrency plans3 Hours AgoThe Senate Banking Committee wrapped up its hearing on Facebook’s planned digital currency, Libra. Facebook executive David Marcus was also forced to answer questions regarding Facebook in general. CNBC’s Ylan Mui reports.


Senators grill Facebook’s David Marcus over social media giant’s cryptocurrency plans3 Hours AgoThe Senate Banking Committee wrapped up its hearing on Facebook’s planned digital currency, Libra. Facebook executive David Marcus was also forced to answer questions regarding Facebook in general. CNBC’s Ylan Mui reports.
Senators grill Facebook’s David Marcus over social media giant’s cryptocurrency plans Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, facebooks, media, marcus, senate, senators, grill, giants, wrapped, david, facebook, reports, plans, ylan, social, cryptocurrency


Senators grill Facebook's David Marcus over social media giant's cryptocurrency plans

Senators grill Facebook’s David Marcus over social media giant’s cryptocurrency plans

3 Hours Ago

The Senate Banking Committee wrapped up its hearing on Facebook’s planned digital currency, Libra. Facebook executive David Marcus was also forced to answer questions regarding Facebook in general. CNBC’s Ylan Mui reports.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, facebooks, media, marcus, senate, senators, grill, giants, wrapped, david, facebook, reports, plans, ylan, social, cryptocurrency


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Sen. Sherrod Brown grills Facebook’s David Marcus in Libra hearing

Sen. Sherrod Brown grills Facebook’s David Marcus in Libra hearing3 Hours AgoSen. Sherrod Brown questions Facebook in a hearing on the new cryptocurrency, Libra, that the social media site is backing.


Sen. Sherrod Brown grills Facebook’s David Marcus in Libra hearing3 Hours AgoSen. Sherrod Brown questions Facebook in a hearing on the new cryptocurrency, Libra, that the social media site is backing.
Sen. Sherrod Brown grills Facebook’s David Marcus in Libra hearing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, grills, facebooks, media, social, libra, hours, sherrod, sen, david, brown, site, marcus, questions, hearing


Sen. Sherrod Brown grills Facebook's David Marcus in Libra hearing

Sen. Sherrod Brown grills Facebook’s David Marcus in Libra hearing

3 Hours Ago

Sen. Sherrod Brown questions Facebook in a hearing on the new cryptocurrency, Libra, that the social media site is backing.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, grills, facebooks, media, social, libra, hours, sherrod, sen, david, brown, site, marcus, questions, hearing


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Roger Stone avoids jail, banned from major social media after judge rules Trump friend breached gag order in Mueller case

A federal judge on Tuesday banned Republican operative Roger Stone from posting anything at all on major social media platforms after ruling that the longtime confidant of President Donald Trump violated an already strict gag order in his criminal case. Jackson’s finding that Stone violated his gag order “seems clear and correct,” said Carl Tobias, a law professor and federal courts expert at the University of Richmond. “Despite numerous chances to mend his ways, Stone persists in misbehaving in


A federal judge on Tuesday banned Republican operative Roger Stone from posting anything at all on major social media platforms after ruling that the longtime confidant of President Donald Trump violated an already strict gag order in his criminal case. Jackson’s finding that Stone violated his gag order “seems clear and correct,” said Carl Tobias, a law professor and federal courts expert at the University of Richmond. “Despite numerous chances to mend his ways, Stone persists in misbehaving in
Roger Stone avoids jail, banned from major social media after judge rules Trump friend breached gag order in Mueller case Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: kevin breuninger
Keywords: news, cnbc, companies, court, stone, judge, federal, social, major, order, stones, jackson, media, trump, rules, ways, roger, criminal, mueller, gag


Roger Stone avoids jail, banned from major social media after judge rules Trump friend breached gag order in Mueller case

Roger Stone (R), the former adviser to U.S. President Donald Trump, arrives at the E. Barrett Prettyman United States Court House with his wife Nydia Stone on July 16, 2019 in Washington, DC.

A federal judge on Tuesday banned Republican operative Roger Stone from posting anything at all on major social media platforms after ruling that the longtime confidant of President Donald Trump violated an already strict gag order in his criminal case.

Judge Amy Berman Jackson during a hearing in Washington, D.C., district court walked through a litany of Stone’s recent posts from his Instagram account that appeared to breach his order not to speak publicly about his case.

Jackson barred Stone from posting on Instagram, Facebook and Twitter — but she decided not to revoke Stone’s bail bond or hold him in contempt for violating her order.

“It seems he is determined to make himself the subject of the story,” Jackson said of Stone, according to BuzzFeed News.

Stone’s lawyer argued that his client’s posts did not have an impact on the case, even if he was communicating about it publicly, BuzzFeed reported.

Federal prosecutors didn’t call on Jackson to revoke Stone’s $250,000 criminal release bond — which would have landed Stone in jail pending trial. Instead, they asked for him to be cut off from his social media presence, Politico reported.

Jackson’s finding that Stone violated his gag order “seems clear and correct,” said Carl Tobias, a law professor and federal courts expert at the University of Richmond. “Despite numerous chances to mend his ways, Stone persists in misbehaving in many ways. The punishment seems appropriate to the misconduct in violating her earlier gag order.”

Stone is charged with witness tampering, obstruction of justice and lying to Congress. He has pleaded not guilty.

Stone, 66, a notoriously verbose political operative who has described himself as a “dirty trickster,” had previously been dressed down by the judge for his public statements about the federal criminal case.

Jackson first imposed a partial gag order in February barring Stone from talking to the media about his case, to avoid prejudicing potential jurors.

That measure came after Stone’s arraignment in Florida federal court, where Stone immediately began a media blitz including interviews with right-wing conspiracy website Infowars, public statements to reporters — and even a video on courthouse fashion.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: kevin breuninger
Keywords: news, cnbc, companies, court, stone, judge, federal, social, major, order, stones, jackson, media, trump, rules, ways, roger, criminal, mueller, gag


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How being a female tech founder prepared this CEO to fight the medical system when she got cancer

Leila Janah, a social impact entrepreneur, was diagnosed with cancer at 36 Leila JanahLeila Janah, 36, thought she was doing everything right. But in the spring, she discovered a lump that turned out to be a type of cancer called a sarcoma. Sarcomas account for about 1 percent of adult cancers, and she has a particularly rare variety that showed up in her reproductive system. For Janah, going public with her experience has helped her find both high-quality doctors and potential treatments, which


Leila Janah, a social impact entrepreneur, was diagnosed with cancer at 36 Leila JanahLeila Janah, 36, thought she was doing everything right. But in the spring, she discovered a lump that turned out to be a type of cancer called a sarcoma. Sarcomas account for about 1 percent of adult cancers, and she has a particularly rare variety that showed up in her reproductive system. For Janah, going public with her experience has helped her find both high-quality doctors and potential treatments, which
How being a female tech founder prepared this CEO to fight the medical system when she got cancer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-13  Authors: christina farr
Keywords: news, cnbc, companies, social, medical, janah, tech, health, fight, doctors, ceo, patients, share, thats, female, cancer, founder, system, prepared, access


How being a female tech founder prepared this CEO to fight the medical system when she got cancer

Leila Janah, a social impact entrepreneur, was diagnosed with cancer at 36 Leila Janah

Leila Janah, 36, thought she was doing everything right. She started two tech companies with a strong sense of social mission, and she balanced that by exercising every day, eating well and seeing the doctor for regular check-ups. The last thing she expected was a cancer diagnosis. But in the spring, she discovered a lump that turned out to be a type of cancer called a sarcoma. Sarcomas account for about 1 percent of adult cancers, and she has a particularly rare variety that showed up in her reproductive system. In the months since her diagnosis, Janah has shared her experiences as a patient on social media, despite the potential risks that come from investors and customers being aware of her health challenges. In the U.S. health care system, there are many barriers that prevent patients from accessing the treatment they need, whether it’s the cost, lack of specialists or the shortage of resources. For Janah, going public with her experience has helped her find both high-quality doctors and potential treatments, which could save her life. In a phone interview, Janah said her entrepreneurial experiences have helped her navigate the complexities of the health care system, in part because she’s had a lot of practice advocating for herself as a female founder in Silicon Valley. “I’ve had to be pushy,” Janah said. “If there’s anything this experience has taught me, it’s to not take no for an answer.”

‘I’m conditioned to trust my gut’

Before she was diagnosed, Janah had a feeling something that there was wrong. Her lump, which doctors reassured her was likely benign given her age and lack of symptoms, felt “ominous,” she said. “Because of my work with start-ups, I’m conditioned to trust my gut,” she said, as entrepreneurs are often told that their ideas lack merit, or they won’t work by people in positions of authority. “And that’s especially true when something feels wrong.” Janah insisted on further medical tests, and the results came back quickly. It was cancer. And it was rare and aggressive. So finding out sooner rather than later probably made a big difference. Another lesson learned from her entrepreneurial career was to try to get as many opinions as possible, and then bring in a team to evaluate her options. “That’s basically what you to when you’re shopping for a financing round,” she said. But she quickly hit a wall. Her doctors all offered conflicting advice, which she suspects is because her cancer is so rare that there aren’t many previous cases to draw from. Despite her best efforts, she couldn’t get them to agree to a conference call together to discuss her case. Another challenge was in pulling her medical information into one place, including charts, labs and imaging, so that she could make sure all her doctors had access to the same ground truth. That’s not surprising. Even today, it’s a laborious process for hospitals and clinics to exchange patient health information. Doctors still rely on legacy technologies, like fax machines and CD-ROMs, and their IT systems were not set up to make it easy to share data. At one point, Janah had to FedEx her imaging from California to New York because it was faster than getting two Manhattan-based hospitals to share a file. For a tech entrepreneur, that’s been a particular source of frustration. “The admin has been the hardest thing,” she said. “I’ve got two medical experts who disagree, but they can’t even share a CT scan between two different hospitals down the street from each other.”

At that point, Janah took matters into her own hands again. She saw that her busy specialists would all be attending a high-profile cancer conference, the American Society of Clinical Oncology, dubbed ASCO, in the fall. So she decided to fly out to Chicago on her own dime. She also hoped to meet with some of the executives behind a venture-backed bio-tech start-up called Epizyme. Epizyme has a drug in development called Tazemetostat, which is designed for sarcoma patients. It remains an experimental drug, meaning it has not been approved by federal regulators. Patients can access such drugs on a case-by-case basis, and it’s a hotly debated issue among bio-ethicists about whether promising therapies that are still in late-stage clinical trials should be made available. Janah’s trip was a success. She was granted access to the drug through the company’s Expanded Access Program, and she was able to get her doctors on the same page about her course of treatment. An Epizyme spokesperson declined to comment on her case, but did confirm that she met the criteria established by its policy.

Entrepreneurial patients, experimental drugs


Company: cnbc, Activity: cnbc, Date: 2019-07-13  Authors: christina farr
Keywords: news, cnbc, companies, social, medical, janah, tech, health, fight, doctors, ceo, patients, share, thats, female, cancer, founder, system, prepared, access


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How to protect your child from identity theft

Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year. More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs. T


Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year. More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs. T
How to protect your child from identity theft Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, martin cabrera jr, katherine liola, founder, ceo of concentric private wealth
Keywords: news, cnbc, companies, report, adults, identity, information, theft, child, fraud, credit, security, javelin, protect, social, childs


How to protect your child from identity theft

Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year.

More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Two-thirds of those affected were age 7 or younger.

While adults make prime targets for their account balances, a child’s information, particularly their Social Security number, has even more value to scammers because it is a “clean slate” for opening new lines of credit before someone catches on, according to the Identity Theft Resource Center.

Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs.

While the Social Security Administration has recently started digitizing its systems, lenders more often check with credit reporting companies for a credit report instead of verifying Social Security numbers and ages with the government, said Kyle Marchini, a senior analyst at Javelin.

Unless you’ve applied for credit, you don’t have a report — which also means you don’t have any “hits” or “dings” to raise a red flag.

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A simple step if you want to be rich someday

That opens the door for an identity thief to take over, open new accounts and run up large debts. The victim could be an adult before they discover that their credit history has been ruined.

To prevent that from happening, here are a few tips to keep your child’s identity safe:

Pay close attention to people with access to your child’s Social Security number. Javelin estimates that 6 in 10 child victims personally know the perpetrator, compared to 7% of adults. Family friends were the most common suspect, accounting for a third of cases.

This type of fraud is often a crime of opportunity so keep any sensitive personal and financial information out of sight, such as birth certificates and tax returns, and password protect your home electronic devices.

Keep close tabs on your child’s online activity. Parents should know what personal information their children are storing on electronic devices or with third parties, and teach them safe internet behaviors — including how to spot potential scams and phishing attempts.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, martin cabrera jr, katherine liola, founder, ceo of concentric private wealth
Keywords: news, cnbc, companies, report, adults, identity, information, theft, child, fraud, credit, security, javelin, protect, social, childs


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Twitter suffers outage during social media summit

The outage was due to “an internal configuration change,” according to Twitter’s status website. “Twitter is now back up for most people,” Twitter said on its status website. The outage occurred at the same time as President Trump’s social media summit at the White House, to which Twitter did not receive an invite. At the summit, Trump met with prominent conservative social media personalities. Previously, Twitter experienced delays on some of its services on July 3, according to the company’s s


The outage was due to “an internal configuration change,” according to Twitter’s status website. “Twitter is now back up for most people,” Twitter said on its status website. The outage occurred at the same time as President Trump’s social media summit at the White House, to which Twitter did not receive an invite. At the summit, Trump met with prominent conservative social media personalities. Previously, Twitter experienced delays on some of its services on July 3, according to the company’s s
Twitter suffers outage during social media summit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: salvador rodriguez
Keywords: news, cnbc, companies, summit, suffers, website, outage, media, status, social, twitters, according, services, twitter


Twitter suffers outage during social media summit

CEO of Twitter Jack Dorsey testifies before the Senate Intelligence Committee on Capitol Hill in Washington, DC, on September 5, 2018. (Photo by Jim WATSON / AFP) (Photo credit should read JIM WATSON/AFP/Getty Images)

Twitter suffered an outage on Thursday that prevented some users from being able to use the social network properly for about an hour.

Users who visited the website were greeted with a “Something is technically wrong” message while some who tried to use the app saw a “Tweets aren’t loading right now” note when trying to refresh their feeds.

The outage was due to “an internal configuration change,” according to Twitter’s status website. It began shortly before 3pm ET, but the website started to regain functionality around 3:45pm. The services was back up for most people at 5:10pm, according to Twitter’s status website.

“Twitter is now back up for most people,” Twitter said on its status website. “We’re working to get to 100% soon.”

The outage occurred at the same time as President Trump’s social media summit at the White House, to which Twitter did not receive an invite. At the summit, Trump met with prominent conservative social media personalities.

Previously, Twitter experienced delays on some of its services on July 3, according to the company’s status website.

Twitter’s stock price was down more than 1 percent on Thursday after the outage began.

Here’s what the home page of Twitter looked like for many people around 3pm.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: salvador rodriguez
Keywords: news, cnbc, companies, summit, suffers, website, outage, media, status, social, twitters, according, services, twitter


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Richard Branson’s Virgin Galactic is set to be the first space-tourism company to go public

British billionaire Richard Branson’s space-tourism unit Virgin Galactic plans to go public later this year, the company announced Tuesday. Social Capital Hedosophia, formed by Palihapitiya’s Social Capital and venture capital firm Hedosophia in 2017, will own a 49% stake in the combined company. The paper also reported that Branson had been in talks with Palihapitiya since Branson suspended talks over a Saudi investment in Virgin Galactic last year. Virgin Galactic, meanwhile, has so far alread


British billionaire Richard Branson’s space-tourism unit Virgin Galactic plans to go public later this year, the company announced Tuesday. Social Capital Hedosophia, formed by Palihapitiya’s Social Capital and venture capital firm Hedosophia in 2017, will own a 49% stake in the combined company. The paper also reported that Branson had been in talks with Palihapitiya since Branson suspended talks over a Saudi investment in Virgin Galactic last year. Virgin Galactic, meanwhile, has so far alread
Richard Branson’s Virgin Galactic is set to be the first space-tourism company to go public Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: ryan browne
Keywords: news, cnbc, companies, capital, richard, galactic, company, space, public, set, venture, firm, bransons, spac, social, spacetourism, hedosophia, virgin


Richard Branson's Virgin Galactic is set to be the first space-tourism company to go public

Richard Branson arrives at a news conference to announce the winner of his Virgin Galatic Sub-Orbital flight sponsored by Volvo during the the 2005 New York Auto Show, March 24, 2005.

British billionaire Richard Branson’s space-tourism unit Virgin Galactic plans to go public later this year, the company announced Tuesday.

The firm will list its shares in the second half of 2019 as part of a merger deal with Social Capital Hedosophia, a special-purpose acquisition company (SPAC) created by venture capitalist Chamath Palihapitiya.

Social Capital Hedosophia, formed by Palihapitiya’s Social Capital and venture capital firm Hedosophia in 2017, will own a 49% stake in the combined company. The combined firm will have an enterprise value of $1.5 billion, Virgin Galactic said.

The news was first reported by the Wall Street Journal. The Journal earlier reported that Palihapitiya’s SPAC would invest a total of $800 million into Virgin Galactic.

Branson’s space venture would be the first publicly-listed human spaceflight firm, with the stock market listing slated to take place later this year. The paper also reported that Branson had been in talks with Palihapitiya since Branson suspended talks over a Saudi investment in Virgin Galactic last year.

The billionaire business magnate, who founded Virgin Galactic in 2004, is currently locked in a tense space race with rivals including Tesla CEO Elon Musk’s SpaceX and Amazon boss Jeff Bezos’ Blue Origin.

Bezos’ space venture is vying to take humans to the moon by 2024, while Musk’s efforts have been less about space tourism and more focused on cargo missions. Musk has however said in the past that it would be “pretty cool” if people paid to go to space on SpaceX’s recently unveiled Crew Dragon ship.

Virgin Galactic, meanwhile, has so far already sold 600 tickets to aspiring astronauts, raking in $80 million in the process. The company’s VSS Unity ship was launched into space with three astronauts on board in February, carrying a test passenger to the edge of space for the first time.

“Great progress in our test flight program means that we are on track for our beautiful spaceship to begin commercial service,” Branson said in a statement Tuesday.

“By embarking on this new chapter, at this advanced point in Virgin Galactic’s development, we can open space to more investors and in doing so, open space to thousands of new astronauts.”

Branson’s bid to achieve human spaceflight hasn’t been without setbacks, however. Virgin Galactic’s SpaceShipTwo suffered a fatal crash in 2014 that killed the co-pilot and seriously injured the pilot.

Virgin Galactic will be merging with Social Capital Hedosophia, an SPAC. SPACs are publicly-traded investment firms that raise money through an initial public offering to buy an existing company. In Social Capital Hedosophia’s case, Palihapitiya’s SPAC is buying just under half of the company to help it enter the public market.

According to Virgin Galactic, Palihapitiya is also investing $100 million of his own cash into the combined company at $10 per share. Palihapitiya will also become chairman of the group.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: ryan browne
Keywords: news, cnbc, companies, capital, richard, galactic, company, space, public, set, venture, firm, bransons, spac, social, spacetourism, hedosophia, virgin


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Social Capital’s Palihapitiya says bitcoin is ‘schmuck insurance you have under your mattress’

Silicon Valley venture capitalist Chamath Palihapitiya, an early investor in bitcoin, is still crazy about the cryptocurrency. “It’s the single best hedge against the traditional financial infrastructure,” Palihapitiya said in an interview Tuesday with CNBC’s Squawk Box. Palihapitiya first bought bitcoin years ago at an average price of about $100, he previously told CNBC. The venture capitalist said he and two other friends in Silicon Valley at one point in 2013 owned 5% of the entire float of


Silicon Valley venture capitalist Chamath Palihapitiya, an early investor in bitcoin, is still crazy about the cryptocurrency. “It’s the single best hedge against the traditional financial infrastructure,” Palihapitiya said in an interview Tuesday with CNBC’s Squawk Box. Palihapitiya first bought bitcoin years ago at an average price of about $100, he previously told CNBC. The venture capitalist said he and two other friends in Silicon Valley at one point in 2013 owned 5% of the entire float of
Social Capital’s Palihapitiya says bitcoin is ‘schmuck insurance you have under your mattress’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: yun li
Keywords: news, cnbc, companies, palihapitiya, social, bitcoin, tumbled, schmuck, capitals, venture, insurance, investor, coin, yearsbitcoin, mattress, capitalist, silicon, valley


Social Capital's Palihapitiya says bitcoin is 'schmuck insurance you have under your mattress'

Silicon Valley venture capitalist Chamath Palihapitiya, an early investor in bitcoin, is still crazy about the cryptocurrency.

“It’s the single best hedge against the traditional financial infrastructure,” Palihapitiya said in an interview Tuesday with CNBC’s Squawk Box. “Whether you support the fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance you have under your mattress.”

“Just buy the coins. It’s a fantastic instrument,” he added.

Palihapitiya first bought bitcoin years ago at an average price of about $100, he previously told CNBC. The venture capitalist said he and two other friends in Silicon Valley at one point in 2013 owned 5% of the entire float of bitcoin.

He had predicted that bitcoin is going to be $1 million a piece in the next 20 years.

Bitcoin has had a stellar comeback this year, soaring more than 200% as the crypto space attracted more interest after Facebook’s announcement of its own digital coin. Bitcoin tumbled more than 70% in 2018 as high-profile hacks and crackdowns on initial coin offerings dampened investor enthusiasm.

Palihapitiya is founder and CEO of Social Capital. He was a former member of the senior executive team at Facebook.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: yun li
Keywords: news, cnbc, companies, palihapitiya, social, bitcoin, tumbled, schmuck, capitals, venture, insurance, investor, coin, yearsbitcoin, mattress, capitalist, silicon, valley


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Chamath Palihapitiya compares Virgin Galactic to Tesla, hoping for same investor and customer love

Chamath Palihapitiya, founder and CEO of investment firm Social Capital, told CNBC on Tuesday that he hopes his new Virgin Galactic space-tourism venture turns out as well as Tesla. Palihapitiya has been a longtime bull on Tesla stock, calling CEO Elon Musk over the years “the Thomas Edison of our generation.” That translates to a Tesla stock market value of nearly $41 billion, compared with the $2.2 billion market cap at the end of its first session of trading. And so just Virgin Galactic alone


Chamath Palihapitiya, founder and CEO of investment firm Social Capital, told CNBC on Tuesday that he hopes his new Virgin Galactic space-tourism venture turns out as well as Tesla. Palihapitiya has been a longtime bull on Tesla stock, calling CEO Elon Musk over the years “the Thomas Edison of our generation.” That translates to a Tesla stock market value of nearly $41 billion, compared with the $2.2 billion market cap at the end of its first session of trading. And so just Virgin Galactic alone
Chamath Palihapitiya compares Virgin Galactic to Tesla, hoping for same investor and customer love Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: jessica bursztynsky, michael sheetz
Keywords: news, cnbc, companies, palihapitiya, social, space, market, stock, public, virgin, investor, galactic, customer, compares, capital, hoping, love, chamath, tesla


Chamath Palihapitiya compares Virgin Galactic to Tesla, hoping for same investor and customer love

Chamath Palihapitiya, founder and CEO of investment firm Social Capital, told CNBC on Tuesday that he hopes his new Virgin Galactic space-tourism venture turns out as well as Tesla.

“When Tesla went public it was a $2-odd-billion market cap. It’s something that’s now 10X-ed in 10 years,” Palihapitiya said in a “Squawk Box ” interview. “If we are lucky to have the same trajectory and the same customer love, I think we would all look back and say we’ve done something absolutely fantastic in human technology.”

Palihapitiya has been a longtime bull on Tesla stock, calling CEO Elon Musk over the years “the Thomas Edison of our generation.”

Since Tesla went public in 2010 at $17 per share, the stock soared more than 1,200% as of Monday’s close to around $230 per share. That translates to a Tesla stock market value of nearly $41 billion, compared with the $2.2 billion market cap at the end of its first session of trading.

Tesla shares, down about 30% in 2019, saw their all-time high of just under $400 each two years ago.

Social Capital Hedosophia, a special-purpose acquisition company that launched in 2017, is merging with billionaire entrepreneur Richard Branson’s space tourism unit Virgin Galactic, with plans to go public later this year. The combined firm will have a $1.5 billion valuation. The acquisition company will take a 49% stake, expecting profitability by August 2021 and aiming to fly tourists to the edge of space for the first time within a year.

Palihapitiya will become chairman of the new Virgin Galactic. The existing management team, including CEO George Whitesides, will remain in place.

The market for space tourism is “enormous,” Branson said. “Since we put two spaceships into space earlier this year, and made five new astronauts, the first astronauts to have been made on American soil since 2009, we’ve had 2,500 people ask to sign up.”

Like Tesla, future Virgin Galactic customers who want to travel to space will have to put down deposits for a product that is not yet commercially available. Tickets for a spaceflight are priced at about $250,000 apiece.

“We have a customer backlog of more than 600 people, more than $80 million in collected deposits already,” said Palihapitiya. “Only 570-odd people have ever been in space. And so just Virgin Galactic alone will double that number.”

Palihapitiya, one of Silicon Valley’s most outspoken investors and an early Facebook executive, last year closed down the venture capital arm of Social Capital to outside investors. He made that move about a year after setting Social Capital Hedosophia in motion.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: jessica bursztynsky, michael sheetz
Keywords: news, cnbc, companies, palihapitiya, social, space, market, stock, public, virgin, investor, galactic, customer, compares, capital, hoping, love, chamath, tesla


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