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Bitcoin surges above $46,000 to record after Elon Musk’s Tesla buys $1.5 billion worth

2 months ago Amanda T. Noriega
  • Bitcoin’s price soared to an all-time high, breaking above $46,000 apiece, after Tesla revealed a big stake in the digital coin.
  • The electric car maker also said it would start accepting payments in bitcoin for its products.
  • Tesla’s stake in bitcoin “will have a ripple effect across corporations around the global,” Wedbush analyst Dan Ives said.

Tesla purchases $1.5 billion in bitcoin — Here’s what could happen next

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Bitcoin’s price jumped sharply to an all-time high after Tesla revealed a big stake in the cryptocurrency and said it would start accepting payments in the digital coin for its products.

The world’s largest cryptocurrency popped 20.33% to $46,081.64, for its best day since March, according to Coin Metrics. Following Tesla’s announcement, at one point it hit a record high of $47,458.

Bitcoin just finished a banner year with its price more than quadrupling in 2020.



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GPB Capital Faces Fraud Charges Over $1.7 Billion Ponzi-Like Scheme

2 months ago Amanda T. Noriega

GPB Capital Holdings LLC and three men tied to the private-equity firm face criminal fraud and conspiracy charges that they deceived thousands of investors in what is described as a $1.7 billion Ponzi-like arrangement.

The three, David Gentile, the owner and chief executive of GPB; Jeffry Schneider, the owner and CEO of Ascendant Capital LLC; and Jeffrey Lash, a former GPB managing partner, were all arrested Thursday. They are expected to appear for arraignment in federal courts in Boston; Austin, Texas; and Fort Myers, Fla.

While the New York private-equity firm used promises of steady, 8% dividends from investment gains to lure investors, “a significant portion of GPB’s distributions were paid directly from investor funds,” William F. Sweeney Jr., the assistant director in charge of the New York FBI office, said in a news release.

The Justice Department said that since December 2018, payments have stopped and investors have been

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NY Money Manager Charged in $1.8 Billion Ponzi-Like Fraud | Investing News

2 months ago Amanda T. Noriega

NEW YORK (Reuters) – The founder of a New York money manager and two associates were criminally charged on Thursday with running a $1.8 billion Ponzi-like fraud where thousands of victims were falsely promised steady returns on their investments.

David Gentile, the chief executive of GPB Capital Holdings LLC, was accused of cheating more than 17,000 retail investors taken in by promises of consistent 8% annual returns even as the firm was hemorrhaging losses.

Authorities said Manhattan-based GPB told investors their payments would be funded by revenue from the firm’s holdings, including a group of car dealerships, when in fact a “significant” portion came from money from newer investors.

The defendants also allegedly siphoned millions of dollars for themselves, including for luxuries such as a Ferrari for Gentile and a $29,837 American Express bill covering “David’s 50th Bday.”

Gentile, 54, who founded GPB in 2013, lives in Manhasset, New York.

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Ford beats Q4 earnings estimates, announces $29 billion electric and autonomous car plan

2 months ago Amanda T. Noriega

Ford President Kumar Galhotra tells Fox News Autos’ Gary Gastelu that the automaker is in a good position to take advantage of Biden’s plan to electrify the federal vehicle fleet.

Ford beat Wall Street estimates with adjusted fourth-quarter earnings of 34 cents per share on $33.2 billion in revenue versus an expected loss of 7 cents on $32.89 billion, but reported a full-year net loss of $1.3 billion, its first since 2008.

The automaker also announced a near doubling of its investments in electric vehicles to $22 billion through 2025, with an additional $7 billion earmarked for autonomous car development.

“We are accelerating all our plans – breaking constraints, increasing battery capacity, improving costs and getting more electric vehicles into our product cycle plan,” CEO Jim Farley said in a press release on the results. “People are responding to what Ford is doing today, not someday.”

During Ford’s earnings call,

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Activision Blizzard beats expectations as Q4 revenue grows 21% to $2.41 billion

2 months ago Amanda T. Noriega

Activision Blizzard reported earnings today that beat Wall Street’s expectations with 21% revenue growth to $2.41 billion for the fourth quarter ended December 31.

Activision’s Call of Duty franchise continued to outperform last year’s results as people continued to play a lot more games during the pandemic. Activision launched Call of Duty: Black Ops — Cold War in November on the existing and new consoles. On top of that, 2020 was a year where Call of Duty expanded into a year-round franchise with the strong performances of the battle royale game Call of Duty: Warzone and Call of Duty: Mobile.

The Santa Monica, California-based game publisher said its GAAP revenues for the fourth quarter ended December 31 were $2.41 billion, up 21% from $1.99 billion a year ago, while GAAP earnings per share were 65 cents, compared to 68 cents a share a year earlier. In after-hours trading, the company’s

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Ford reports quarterly loss that tops $2 billion, increases investment in electric vehicles

2 months ago Amanda T. Noriega

Ford Motor Co. late Thursday reported a wider-than-expected quarterly loss, but the stock traded higher as Wall Street focused on the auto maker’s renewed push toward autonomous and electric vehicles.

Ford
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said it lost $2.8 billion, or 70 cents a share, in the quarter, compared with a loss of $1.7 billion, or 42 cents a share, in the year-ago quarter. Sales fell to $36 billion from $39.7 billion a year ago.

Analysts polled by FactSet had expected Ford to report a GAAP and adjusted loss of 7 cents a share on sales of $36.8 billion.

Ford said it increased its “commitment to invest in growth,” planning to spend more than $22 billion in electric vehicles and $7 billion in autonomous vehicles. The investment in EVs is nearly double an earlier allocation, the company said.

“The transformation of Ford is happening and so is our leadership of the EV

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