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Welcome to <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Business Insider</a>'<a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">s daily healthcare newsletter</a>, your daily dose of pharma, biotech, and <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> news. <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Subscribe here to get this newsletter in your inbox every weekday.</a>Hello,Happy election day eve. I'm Megan, the healthcare team's <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups">startups</keyword> and <keyword id="6357097" type="DEFINITION" weightage="60" keywordseo="Venture-Capital">venture capital</keyword> reporter. I'm filling in for Lydia, who's still on her cross-country move to Colorado. I'm covering a lot these days, but I'm been particularly interested in <keyword id="2147060" type="PERSON" weightage="60" keywordseo="digital-health">digital health</keyword> startups that employ gig workers.Know any that fit the bill? Shoot me a note: <a href="mailto:mhernbroth@businessinsider.com">mhernbroth@businessinsider.com</a>First: Dr. Anthony Fauci <a href="https://www.washingtonpost.com/politics/fauci-covid-winter-forecast/2020/10/31/e3970eb0-1b8b-11eb-bb35-2dcfdab0a345_story.html">warned in an interview with The Washington Post</a> that the US needs to make an "abrupt change" to halt a surge in coronavirus cases. And President Donald Trump <a href="https://www.businessinsider.com/trump-says-may-fire-fauci-election-day-outbreak-still-spiraling-2020-11">told supporters that he might fire Fauci</a> after the election.Here's the rest of today's healthcare news: <a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">Rock Health identified 17 startups that are ripe for an IPO</a>, <a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">the founder of shuttered senior care startup Call9 is back with a familiar venture</a>, and <a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">healthcare executives are favoring Democratic presidential candidate Joe Biden when it comes to their personal campaign donations</a>. <h3><div type="image" title="Alto Pharmacy CEO Matt Gamache-Asselin and chief technology officer Jamie Karraker" height="1310" width="1746" msid="79002904" hostid="261"></div></h3><h3><a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">Digital health companies are racing to go public. Here are the 17 startups that are ripe for a Wall Street debut.</a></h3><ul><li>Analysts from <keyword id="2315927" type="COMPANY" weightage="60" keywordseo="Rock-Health">Rock Health</keyword>, a healthcare venture and advisory firm, told Blake Dodge that the flurry of digital health initial public offerings in 2019 and 2020 was no fluke, <a href="https://rockhealth.com/reports/digital-healths-ipo-window-is-back-open/">according to a July report</a>. </li><li>At least nine such companies have gone public in the last 17 months, including Livongo, Health Catalyst, Change Healthcare, Peloton, and Hims. </li><li>The firm is keeping a running list of companies that are ripe for an IPO, given their funds compared to the average amount for a digital health startup pre-IPO, which is $187 million.</li><li><a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">They're not predictions per se, but a spokesperson for the company said that if companies do end up going public, they will likely be on this list of 17 best-funded startups.</a></li></ul><a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">Read the full story from Blake here&gt;&gt;</a><div type="image" title="timothy peck rob macnaughton curve health" height="1134" width="1512" msid="79002906" hostid="261"></div><h3><a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">We got an exclusive look at the 16-slide presentation the founder of a failed telehealth startup that convinced investors to give him another shot at digital health</a></h3><ul><li>Curve, a <a href="https://www.businessinsider.com/remote-patient-monitoring-industry-explained">remote monitoring</a> and emergency care startup that works with patients in nursing homes and assisted living facilities, raised $6 million in seed funding on Thursday.</li><li>Curve founder Dr. Timothy Peck also founded <a href="https://www.businessinsider.com/call9-nursing-home-telemedicine-startup-announces-closure-2019-6">Call9, a similar senior care startup</a> that shut down in 2019 after being unable to secure payment from patients with Medicare.</li><li>This time around, Peck said he recognized that he needed a senior leadership team around him to lead Curve as demand for remote patient monitoring for at-risk populations rose with the pandemic.</li><li><a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">See the pitch deck that convinced Lightspeed and other investors to back Curve and give Peck another chance. </a></li></ul><a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">Read my full story here&gt;&gt;</a><div type="image" title="biden trump regular" height="1000" width="1333" msid="79002908" hostid="261"></div><h3><a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">We combed through records of 100 healthcare companies to see who their top executives are donating to in the 2020 election. They reveal a surprising trend.</a></h3><ul><li>Healthcare executives are favoring Democratic presidential candidate Joe Biden when it comes to their personal campaign donations, an Insider analysis has found.</li><li>Insider reviewed campaign-donation disclosures linked to 100 major healthcare companies this election cycle and found that CEOs from Merck, Independence Blue Cross, and Kaiser Permanente were among the largest contributors to Biden.</li><li>Biden has promised to raise taxes and overhaul the healthcare system partly by controlling prescription-drug prices and health-insurance costs. But that hasn't stopped healthcare bosses from choosing him over President Donald Trump.</li><li><a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">"Executives in business like certainty," Bruce Freed, the president of the Center for Political Accountability, said. "And the fact is there has been a great deal of uncertainty and instability."</a></li></ul><a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">Read the full story from Kimberly Leonard here&gt;&gt;</a>More stories we're reading:<ul><li><a href="https://www.businessinsider.com/how-to-clebrate-thanksgiving-holidays-safely-coronavirus-experts-2020-10">'Keep gatherings as small as possible': 6 experts give advice about how to celebrate Thanksgiving safely</a> (Business Insider)</li><li><a href="https://www.npr.org/sections/health-shots/2020/10/30/929239481/internal-documents-reveal-covid-19-hospitalization-data-the-government-keeps-hid">Internal Documents Reveal COVID-19 Hospitalization Data The Government Keeps Hidden</a> (NPR)</li><li><a href="https://www.statnews.com/2020/10/13/facebook-vaccine-policy-coronavirus-misinformation/">Facebook rolls out a new vaccine misinformation policy — but leaves out pages where falsehoods thrive</a> (STAT News)</li><li><a href="https://www.businessinsider.com/linux-foundation-public-health-covid-19-contact-tracing-apps-2020-10">The Linux Foundation wants to help combat COVID-19 with free, open source apps to tell people when they've been exposed to the virus</a> (Business Insider)</li></ul>Lydia will be back at the newsletter helm tomorrow. In the meantime, please send any and all startups-related tips to <a href="mailto:mhernbroth@businessinsider.com">mhernbroth@businessinsider.com</a>.- Megan

The digital health startups that are ripe for an IPO

<ul class="summary-list"><li><keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword>'s great-nephew completed the acquisition of a private-hangar specialist this week.</li><li><keyword id="13037182" type="UNKNOWN" weightage="60" keywordseo="alex-buffett-rozek" source="Orion">Alex Buffett Rozek</keyword> praised <keyword id="13037184" type="UNKNOWN" weightage="60" keywordseo="sky-harbour" source="Orion">Sky Harbour</keyword>'s competitive advantages and management team.</li><li>Buffett and Rozek look for similar qualities in the businesses they buy.</li></ul>Warren Buffett's great-nephew appears to share the billionaire investor's taste in businesses, appetite for acquisitions, and <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-private-jet-plane-purchase-indefensible-indispensable-2021-10">passion for private jets</a>.Buffett's <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a> owns NetJets, which sells fractional ownership of private planes. Alex Buffett Rozek's <a href="https://markets.businessinsider.com/stocks/ysac-stock">Yellowstone Acquisition Company</a> completed its merger with Sky Harbour, which develops and leases private hangars for business and personal jets, <a href="https://www.businesswire.com/news/home/20220125006178/en/Yellowstone-Acquisition-Company-and-Sky-Harbour-LLC-Announce-Closing-of-Business-Combination">earlier this week</a>.Rozek is the grandson of Buffett's late sister, Doris. He runs a Berkshire-esque holding company named Boston Omaha, which has interests in advertising, insurance, and broadband internet.Rozek and his partner, Adam Peterson, <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-great-nephew-joins-spac-boom-raising-150-million-2020-10-1029710459">took Yellowstone public</a> as a special-purpose acquisition company (SPAC) in October 2020. Their goal was to find a high-quality business and merge with it, giving it a stock-market listing without the need for an initial public offering (IPO).The pair were partly drawn to Sky Harbour because they like infrastructure businesses, they said in a <a href="https://www.businesswire.com/news/home/20210802005439/en/Sky-Harbour-LLC-a-Developer-of-Private-Aviation-Infrastructure-to-Become-a-Public-Company-Through-a-Combination-with-Yellowstone-Acquisition-Company">press release</a> announcing the deal last August. They were also impressed by its cost advantages, scalability, executive team, and its sector's high barriers to entry.Several of Berkshire's businesses are involved in infrastructure, including the Burlington Northern railway and <keyword id="11915968" type="UNKNOWN" weightage="60" keywordseo="berkshire-hathaway" source="Orion">Berkshire Hathaway</keyword> Energy. Moreover, Buffett has repeatedly trumpeted the <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-dream-business-is-sees-candies-2019-7-1029916323">power of brands such as See's Candies</a> as "moats" to stave off competition, underlined Geico's lower costs relative to its peers, and emphasized the critical importance of management.It's clear that Buffett and Rozek share more than a bloodline. They're both drawn to businesses with physical operations instead of digital ones, and evaluate similar attributes when judging companies.However, Rozek may be having <a href="https://www.businessinsider.com/warren-buffett-80-billion-headache-dilemma-expensive-stocks-businesses-deals-2021-5?r=US&amp;IR=T">more luck on the dealmaking front than Buffett</a> because he's shopping for much smaller businesses, and seems less concerned about their profitability.Sky Harbour grew its revenue by 87% year-on-year to $784,000 in the first half of 2021, but a surge in its overheads and operating costs meant its net loss more than quadrupled to $4.8 million, <a href="https://www.sec.gov/Archives/edgar/data/0001823587/000143774921024148/ysac20211019_prem14a.htm#skybal">Securities and Exchange Commission filings show</a>.Read more: <a href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-apple-luxury-brands-stocks-experts-outlook-2022-1?IR=T&amp;r=US&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Warren Buffett is ready to deploy $80 billion if the market crashes this year. 7 experts say the investor should trim his Apple stake, acquire luxury brands, or buy some blue-chip stocks in the meantime.</a>

Warren Buffett's great-nephew just completed a SPAC deal. He clearly shares the billionaire investor's taste in businesses.

<ul class="summary-list"><li>A leading <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo" source="Orion">IPO</keyword> banker in Moscow claimed it may be decades before the market witnesses another Russian listing.</li><li>Last year was "sensational," but the next IPO may not be "until my future grandchildren's lifetime," he told Insider.</li></ul>A leading IPO banker in Moscow claimed it may be decades before the market witnesses another Russian equity listing. "The next Russian IPO may be decades away in my future grandchildren's lifetime," said the banker, who declined to be named for fear of losing his job. "All I know for certain is that it won't be for a long while. We are now in a new world. Nobody knows what the fuck is happening, and we don't even know when the equity market is going to open here."Russia last year enjoyed its biggest boom in stock market debuts in a decade. Listings rebounded spectacularly after a lull caused by Western sanctions imposed on the Kremlin for its annexation of Crimea in 2014 and alleged interference in the 2016 US election. "After the horror show of Crimea, it took us a few years before we could even consider taking a company on a roadshow," the banker, who worked on the largest Russian IPOs last year, told Insider. "This is tracking much worse now, so it might be a good few years before we can even think about any plans." Russian companies attracted more than $7 billion in IPOs and secondary listings in Moscow, New York, and London last year, the most since 2011, according to <a href="https://www.reuters.com/article/russia-ipo-idCAKBN2IT10Z">data compiled by Reuters</a>. The IPO bonanza started in November 2020 when "Russia's Amazon," Ozon, tapped into the deep pool of US tech investors by <a href="https://www.themoscowtimes.com/2020/11/24/ozon-shares-jump-on-us-ipo-a72139">raising $1.2 billion</a> on the Nasdaq. Four companies listed in the autumn of last year alone. In November, SPB Exchange, Russia's second-largest stock exchange, raked in around $175 million in an IPO on its own platform. Real estate database Cian also raised more than $290 million in a listing on the New York Stock Exchange. IT company Softline attracted $400 million in a London debut in October, shortly after Renaissance Insurance had raised $250 million in Moscow. "Last year was sensational for us," said the Moscow banker, who worked on several of the biggest deals. "We hadn't seen bonuses like it since the huge Russian IPO deals before the 2008 crash."In the first half of 2021, three companies completed market debuts. Cut-price retailer Fix Price's dual listing in London and Moscow raised almost $2 billion in March, making it the biggest Russian listing since Western sanctions were introduced in 2014. Forest group Segekha and private healthcare provider EMC raised $402 million and $500 million, respectively, in Moscow.<h2>Before the invasion of Ukraine, optimism had been high </h2>Prior to Russia's invasion of Ukraine on February 24, bankers had been looking forward to another bumper year. Russia's petrochemical giant Sibur and metal and mining group Metalloinvest were among ten companies firmly in the pipeline for 2022. Both Sibur and Metalloinvest had been valued in excess of $20 billion by investment bankers. The Moscow Exchange, Russia's leading stock exchange, has been closed since the invasion started on February 24 after shares and the rouble went into freefall after widespread Western sanctions were imposed. A sovereign default of foreign debt was avoided after Russia made payments worth $117 million.The Moscow Exchange <a href="https://www.ft.com/content/d0390917-41e2-4f31-b355-6f73759e5782">reopened for business on Monday</a>, but only for limited trading in local rouble-denominated bonds. Trading in equities may resume later this week. Meanwhile, the London shares of blue-chip stocks Sberbank and energy monopoly Gazprom have fallen by 96% and 90%, respectively.<h2>Fears — and hopes — for what's next</h2>Market insiders fear the Moscow shares will be blown away when the stock exchange reopens, even if the Kremlin turns on the firehose from its $122 billion National Wealth Fund (NWF) "rainy day fund.""Some of the investment banks and hedge funds will try to figure out how to make money, but the whole place is fundamentally at zero and shorting is banned," said a senior Russian equity trader, who declined to be named for fear of losing his job. A Moscow-based equity analyst said the performance of Russian metal and mining companies listed in London has offered hope. Polymetal, the gold and silver producer, has rallied by 60% while Evraz, a steelmaker and Petropavlovsk, a gold miner, have climbed 30 to 40% from their lows. "The rumor is that money from China and the Middle East is ready to go to pick up assets at distressed levels, but we won't know until the market opens," said the equity analyst. One leading brokerage is already on the verge of collapse and traders fear that several other independent players will go under. Sova Capital Limited, a brokerage owned by Russian banker Roman Avdeev, appointed special administrators on March 3 to help them fulfill commitments to clients and counterparties. French bank BNP Paribas on Monday announced it was suspending operations in Russia, joining an exodus that includes Goldman Sachs, JP Morgan, and Deutsche Bank. Anonymous, an international hacker collective, <a href="https://lenta.ru/news/2022/03/22/anonimous/">declared</a> it was giving Western companies still active in Russia 48 hours to leave. Those companies include Citi and Austria's Raiffeisen Bank, one of the biggest foreign lenders in Russia.

A top IPO banker in Moscow fears it will be decades before he sees another listing: 'We're in a new world'

<ul class="summary-list"><li><a href="https://markets.businessinsider.com/news/stocks/jeff-bezos-thanks-amazon-customers-for-paying-trip-to-space-2021-7">Jeff Bezos thanked</a> <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>'s workers and customers for paying for his <keyword id="199288" type="COMPANY" weightage="60" keywordseo="Blue-Origin">Blue Origin</keyword> <keyword id="41531" type="COMPANY" weightage="60" keywordseo="space">space</keyword> flight.</li><li>But some Amazon workers said they want better pay and <keyword id="402597" type="PERSON" weightage="60" keywordseo="working-conditions">working conditions</keyword>, not a thank you. </li><li>"He should just go to Jupiter and live his best life there," one worker told Insider.</li></ul>After Amazon and Blue Origin founder <keyword id="191583" type="PERSON" weightage="60" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> flew into suborbital space for around three minutes on Tuesday, he thanked some of the people who helped send him there: Amazon's employees and customers."I want to thank every Amazon employee and every Amazon customer, because you guys paid for all of this," Bezos said during a <a href="https://markets.businessinsider.com/news/stocks/jeff-bezos-thanks-amazon-customers-for-paying-trip-to-space-2021-7">post-flight press conference</a>. "Seriously, for every Amazon customer out there, and every Amazon employee, thank you from the bottom of my heart very much. It's very appreciated."For many workers who heard Bezos' comments, the feeling wasn't exactly mutual.Multiple Amazon employees told Insider there appeared to be little interest in the launch, and that they wished Bezos would have spent the money on virtually anything else, like paying Amazon workers better."I heard he was going to space but to be honest, I didn't really care," an employee at <a href="https://www.businessinsider.com/amazon-staten-island-union-drive-workers-alabama-2021-4">Amazon's JFK8 warehouse in Staten Island</a>, told Insider, adding: "Me and my coworkers were joking that he should just go to Jupiter and live his best life there.""People certainly weren't rushing to the TVs to watch," one Amazon warehouse employee in Indiana told Insider. "I guess it was just a big deal for Jeff. We didn't get anything out of it. Twenty-minute flight to space on us basically since we do the work."Amazon and Blue Origin did not immediately respond to requests for comment on this story.Most of Bezos' wealth is tied up in roughly <a href="https://www.marketwatch.com/story/jeff-bezos-just-sold-nearly-2-5-billion-in-amazon-shares-11620264680">51.7 million shares</a> of Amazon stock he owns, shares that have risen to more than $3,549 apiece since the company's IPO price of $18 in 1997. And Bezos previously said he <a href="https://www.businessinsider.com/amazon-ceo-jeff-bezos-liquidates-billions-to-fund-blue-origin-2018-4">liquidates around $1 billion worth of Amazon stock</a> per year to fund Blue Origin's operations, so those who have helped Amazon succeed literally did fund Bezos' space ambitions.But some workers said they've paid for the success of Amazon, and by extension Blue Origin, in other ways that they're not too happy about."I guess he's thanking us for putting the money in his pocket to do so by our hard work, sacrificing our bonuses and stock options to make it possible," the Amazon employee in Indiana said. (Amazon's hourly warehouse employees aren't eligible for stock options or bonuses)."I feel like he just said that because he had a guilty conscience, he knows he's wrong for making money off treating workers like slaves," the Staten Island employee said, referencing the <a href="https://www.businessinsider.com/amazon-apologizes-for-tweet-acknowledged-drivers-do-pee-in-bottles-2021-4">grueling</a> and <a href="https://www.businessinsider.com/explosive-reveal-amazon-warehouse-injuries-report-2020-9">potentially dangerous conditions</a> some Amazon workers encounter.Amazon has aggressively fought any efforts by its workers to unionize, despite evidence showing unions typically <a href="https://www.nber.org/digest/sep18/new-evidence-unions-raise-wages-less-skilled-workers">increase wages</a> and can help address <a href="https://www.epi.org/publication/why-unions-are-good-for-workers-especially-in-a-crisis-like-covid-19-12-policies-that-would-boost-worker-rights-safety-and-wages/">racial and gender pay gaps</a>.As other critics of Bezos' space flight - like <a href="https://www.businessinsider.com/elizabeth-warren-slams-jeff-bezos-over-space-flight-taxes-2021-6">Sen. Elizabeth Warren</a> of Massachusetts and New York <a href="https://www.businessinsider.com/aoc-blasts-bezos-space-voyage-amazon-workers-paid-for-trip-2021-7">Rep. Alexandria Ocasio-Cortez</a> - pointed out, American taxpayers have also subsidized Amazon and <a href="https://www.businessinsider.com/bernie-sanders-jeff-bezos-blue-origin-nasa-funding-amendment-moon-2021-5">Blue Origin</a>.Amazon's reliance on a massive network of contract delivery drivers allows it to avoid paying for their healthcare, workers' compensation, and unemployment insurance, and 4,000 of its workers in just nine states <a href="https://www.gao.gov/products/gao-21-45">rely on food stamps</a>, passing those costs off to taxpayers and other employers whose payments into the social safety net help Amazon workers that have fallen through the cracks.Amazon workers who spoke to Insider also said they felt Bezos should have spent more of his immense wealth addressing these and other issues instead of pursuing his space ambitions."I can think of a lot of other things he could do with all that money he spent on it, better wages for starters, the homeless, the poor, mental health," another current Amazon fulfilment center employee told Insider."I think it's selfish of him to be so self-consumed to send himself into space when there are so many homeless and hungry people in the world. He could end homelessness and hunger for everybody in the world and he chooses not to because he's selfish," said Vickie Shannon Allen, a former Amazon employee who became homeless after <a href="https://www.businessinsider.com/amazon-warehouse-vickie-shannon-allen-homeless-injury-2018-7">a workplace injury</a> and a long battle with Amazon over medical expenses.

Jeff Bezos thanked Amazon workers for paying for his space flight. For some, the feeling isn't mutual.

<ul class="summary-list"><li><keyword id="191583" type="PERSON" weightage="60" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>, Elon Musk, and Richard Branson all have ventures dedicated to <keyword id="41531" type="COMPANY" weightage="60" keywordseo="space">space</keyword> travel. </li><li>Each billionaire has his own vision for humanity's future in space.</li><li>Bezos on Tuesday launched to the edge of space, becoming the second of the three to do so. </li></ul>Elon Musk's <keyword id="6360701" type="DEFINITION" weightage="60" keywordseo="spacex">SpaceX</keyword> may be the buzziest name in private <keyword id="718929" type="PERSON" weightage="60" keywordseo="Space-exploration">space exploration</keyword>, but the Tesla CEO isn't the only superrich entrepreneur with grand visions for humanity's future beyond Earth's atmosphere.The Amazon founder and fellow centi-billionaire, Jeff Bezos, has his own space firm - <a href="https://www.businessinsider.com/jeff-bezos-blue-origin-stepping-down-amazon-ceo-space-2021-2">Blue Origin</a>. He <a href="https://www.businessinsider.com/jeff-bezos-launches-to-space-blue-origin-first-human-spaceflight-2021-7">flew on the company's human flight</a> to the edge of space on Tuesday, launching 62 miles above the Earth's surface aboard its New Shepard rocket.Richard Branson, whose Virgin Group dabbles in everything from airlines to healthcare, launched a commercial-spaceflight company of his own called <keyword id="130495" type="COMPANY" weightage="60" keywordseo="Virgin-galactic">Virgin Galactic</keyword>. Earlier this month, he <a href="https://www.businessinsider.com/virgin-galactic-rocket-plane-flies-richard-branson-crew-to-space-2021-7">launched 53.5 skyward</a> on one of the company's rocket-powered planes, fulfilling a decades-long dream of traveling to space.These three companies were all founded within a few years of one another in the early 2000s, but each has its own business model and plans for a space-faring future.Here's what Musk, Bezos, and Branson are each trying to accomplish, and where their efforts stand today.<h2>Elon Musk</h2>Musk founded SpaceX in 2002, years before becoming Tesla's outspoken CEO and cementing himself as a regular fixture in the Twittersphere.The company grew out of an <a href="http://www.spaceref.com/news/viewsr.html?pid=3698">idea</a> Musk had to send a spacecraft called the "Mars Oasis" to the red planet. The vehicle would deliver an experimental greenhouse and equipment for taking photos of the planet and sending them back to Earth. Musk <a href="https://www.businessinsider.com/elon-musk-jeff-bezos-space-mars-colonies-spacex-blue-origin-2019-6">hoped</a> the project would spark a renewed interest in getting to Mars within the US government.<div type="image" title="The SpaceX Falcon 9 rocket takes off at the Kennedy Space Center on May 30, 2020 in Cape Canaveral, Florida." height="2145" width="3000" msid="82498459" hostid="261"></div>He pledged $20 million to fund the mission - and attempted to <a href="https://www.esquire.com/news-politics/a16681/elon-musk-interview-1212/">purchase some refurbished intercontinental ballistic missiles</a> from Russia to no avail - but discovered that the project was way out of his budget. He <a href="https://www.businessinsider.com/elon-musk-jeff-bezos-space-mars-colonies-spacex-blue-origin-2019-6">founded SpaceX</a> to develop reusable rockets that would lower the cost of blasting people and things into space.That's what the Hawthorne, California-based SpaceX has spent the better part of the past two decades trying to achieve, and it's made some great strides.<div type="image" title="SpaceX launch in Texas" height="1302" width="2000" msid="82498461" hostid="261"></div>It has completed numerous launches for commercial and government customers, and in 2012 it became the first private company to send a spacecraft to the International Space Station. In 2020 it became the first to send humans to space and to the ISS. And in April <a href="https://www.businessinsider.com/spacex-elon-musk-nasa-lunar-landing-astronauts-2021-4">NASA picked the company</a> to land the first astronauts on the Moon since 1972.SpaceX is also working on a broadband-internet service consisting of thousands of satellites, called Starlink. The service hopes to deliver high-speed internet to remote and rural areas, and SpaceX recently said it had <a href="https://www.businessinsider.com/spacex-starlink-satellite-internet-deposit-pre-orders-waitlist-customers-2021-5">more than 500,000 orders</a> and deposits.<div type="image" title="SpaceX Starship.JPG" height="3718" width="5569" msid="82498466" hostid="261"></div>Ultimately, Musk thinks humanity's future hinges on its ability to settle Mars. He said in 2020 that he wanted to <a href="https://www.businessinsider.com/elon-musk-plans-1-million-people-to-mars-by-2050-2020-1">establish a city of 1 million people</a> on Mars by 2050. Settlers would get there using a fleet of 1,000 SpaceX Starships - the towering, 387-foot-tall rocket ship the company is designing for deep-space travel.<h2>Jeff Bezos</h2>Like Musk, the Amazon billionaire Bezos' fascination with space travel stretches back decades. He's been <a href="https://www.wired.com/story/jeff-bezos-blue-origin/">particularly taken</a> with the physicist Gerard O'Neill's visions of floating space stations that could house trillions of humans once Earth runs out of resources.To indulge his obsession, Bezos founded <keyword id="199288" type="COMPANY" weightage="60" keywordseo="Blue-Origin">Blue Origin</keyword> in 2000 with a similar goal as Musk's venture: Make space exploration cheaper through boosters that can be recycled for future launches. The Kent, Washington-based company operated in total secrecy until about 2003, and Bezos stayed tight-lipped about its plans for more than a decade after that.<div type="image" title="new shepard reusable rocket launch 2016 blue origin" height="1080" width="1920" msid="82498471" hostid="261"></div>For years now, the company has been testing a suborbital rocket called <a href="https://www.businessinsider.com/blue-origin-new-shepard-rocket-test-launch-space-tourists-ns14-2021-1?r=tl-sub">New Shepard</a>, built to take paying tourists to the edge of space in a pressurized capsule. The idea is that on a Blue Origin flight, space tourists will be able to catch a glimpse of Earth through large windows and experience a few minutes of weightlessness.Blue Origin <a href="https://www.businessinsider.com/jeff-bezos-launches-to-space-blue-origin-first-human-spaceflight-2021-7">completed its first human flight</a> aboard New Shepard on Tuesday when it launched Bezos, <a href="https://www.businessinsider.com/jeff-bezos-spaceflight-crew-mark-bezos-wally-funk-oliver-daemen-2021-7">his brother Mark</a>, <a href="https://www.businessinsider.com/wally-funk-82-year-old-jeff-bezos-blue-origin-space-2021-7">legendary aviator Wally Funk</a>, and <a href="https://www.businessinsider.com/jeff-bezos-spaceflight-blue-origin-final-passenger-oliver-daemen-life-2021-7">18-year-old student Oliver Daemen</a> more than 350,000 feet up. Daemen, whose father paid millions for his son's ticket to space, was able to join the flight after the winner of an auction backed out due to scheduling conflicts. Read more: <a href="https://www.businessinsider.com/axiom-space-first-fully-commercial-orbtial-mission-spacex-crew-dragon-2021-1">A private astronaut explains why his next flight - likely with Tom Cruise - is 'setting the bar for commercial human spaceflight forever'</a>"Ever since I was five years old, I've dreamed of traveling to space," Jeff Bezos wrote in an <a href="https://www.instagram.com/p/CP0MSOqnYEo/?utm_source=ig_web_copy_link">Instagram post</a>. "On July 20th, I will take that journey with my brother. The greatest adventure, with my best friend."<div type="image" title="new shepard space capsule interior blue origin 01" height="628" width="800" msid="82498473" hostid="261"></div>The company is also developing a larger rocket called <a href="https://www.businessinsider.com/blue-origin-new-glenn-rockets-2016-9">New Glenn</a> for delivering payloads to low orbit, along with a secretive future project called New Armstrong. If you're sensing a pattern here, you're right - Blue Origin's launch vehicles are all named for former NASA astronauts.In 2019, Bezos revealed plans for a <a href="https://www.businessinsider.com/jeff-bezos-blue-origin-moon-lunar-lander-2019-5">lunar lander called Blue Moon</a>, which the company said would be ready in 2024 and would eventually help establish a "sustained human presence" on the moon. Blue Origin bid for a contract to land NASA astronauts on the moon and was beat out by SpaceX - but the company is <a href="https://www.businessinsider.com/jeff-bezos-blue-origin-elon-musk-spacex-nasa-contract-flawed-2021-4">disputing the decision</a>.<div type="image" title="jeff bezos blue origin blue moon" height="3712" width="5568" msid="82498479" hostid="261"></div>When Bezos announced plans to <a href="https://www.businessinsider.com/jeff-bezos-to-step-down-as-amazon-ceo-2021-2">step down</a> as Amazon's CEO in 2021, he said he planned to dedicate more time to his other ventures, <a href="https://www.businessinsider.com/jeff-bezos-blue-origin-stepping-down-amazon-ceo-space-2021-2">including Blue Origin</a>. And in a <a href="https://www.businessinsider.com/jeff-bezos-interview-axel-springer-ceo-amazon-trump-blue-origin-family-regulation-washington-post-2018-4">2018 interview</a> with Mathias Döpfner, the CEO of Insider's parent company, Axel Springer, Bezos called the rocket company his "most important work."<h2>Richard Branson</h2>Branson's space venture differs from Blue Origin and SpaceX in a couple of key ways. Virgin Galactic is focused on suborbital tourism, rather than launching people and payloads into space. It also has a radically different method of sending spacecraft out of Earth's atmosphere.<div type="image" title="Virgin galactic whiteknighttwo " height="1667" width="2500" msid="82498483" hostid="261"></div>Virgin Galactic doesn't launch rockets straight up from the ground like its rivals. Instead, its spacecraft are meant to be flown to 50,000 feet by a broad, dual-fuselage jet called WhiteKnightTwo. From there, the ship detaches and glides for a few seconds before firing up its rocket motor and beginning a near-vertical ascent to about 300,000 feet.The company completed its first fully-crewed flight to the edge of space earlier this month, launching its founder and others more than 50 miles skyward. Virgin Galactic planned to accept passengers in 2021, it's pushed those plans to next year. It has <a href="https://www.businessinsider.com/virgin-galactic-spaceshiptwo-unity-virtual-tour-inside-rocket-ship-youtube-2020-7?r=tl-sub">sold 600 tickets</a> for $200,000 to $250,000 apiece.<div type="image" title="Richard Branson on Virgin Galactic space ship" height="2400" width="3200" msid="84348454" hostid="261"></div>When the spacecraft reaches its final altitude, customers will be able to get out of their seats and spend several minutes floating around the <a href="https://www.businessinsider.com/virgin-galactic-spaceship-cabin-design-seats-oculus-virtual-reality-tour-2020-7">luxurious cabin</a> and gazing back at Earth or out into space. Virgin also plans to offer flights for research purposes. Once the spacecraft is pulled back into Earth's atmosphere, it will be piloted back to Virgin's New Mexico facility for a runway landing.<div type="image" title="Richard Branson in space aboard a Virgin Galactic rocket plane." height="900" width="1600" msid="84348457" hostid="261"></div>Virgin Galactic's spacecraft are reusable, aside from their fuel, and the company hopes to make launching things and people into space more economical and environmentally sound.In March, Virgin Galactic <a href="https://www.businessinsider.com/virgin-galactic-spaceship-vss-imagine-unveiled-2021-3">unveiled the VSS Imagine</a>, the first of its next-generation SpaceShip III vehicles. Before that, it had built and flown two SpaceShipTwo spacecraft, including the VSS Enterprise, which was obliterated in a <a href="https://www.businessinsider.com/virgin-galactic-ntsb-investigation-spaceshiptwo-crash-scaled-composites-2015-7">fatal crash</a> in 2014.<div type="image" title="Virgin Galactic VSS Imagine" height="1406" width="2500" msid="82498494" hostid="261"></div>In the future, Virgin Galactic <a href="https://www.virgingalactic.com/vision/">plans</a> to operate a fleet of vehicles that could fly tourists to space hotels, transport researchers to floating labs, or provide lightning-fast transcontinental flights. In 2017, it spun off a company called Virgin Orbit, which is working to send satellites into orbit using a similar air-launch system.

Jeff Bezos just launched to the edge of space. Here's how Blue Origin's plans stack up to SpaceX and Virgin Galactic.

<ul class="summary-list"><li><keyword id="840469" type="PERSON" weightage="60" keywordseo="Anne-Wojcicki">Anne Wojcicki</keyword>, the CEO of <keyword id="378542" type="COMPANY" weightage="60" keywordseo="23andMe">23andMe</keyword>, could be worth $1.05 billion when the company goes public.</li><li>Wojcicki cofounded the <keyword id="77894" type="PERSON" weightage="60" keywordseo="Genetic-testing">genetic testing</keyword> company in 2006 after a career on Wall Street.</li><li>Wojcicki is fitness-obsessed and frugal, has three kids, and was married to <keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword>'s <keyword id="100154" type="PERSON" weightage="60" keywordseo="Sergey-Brin">Sergey Brin</keyword>.</li></ul>Anne Wojcicki is about to join the ranks of billionaire CEOs minted in Silicon Valley.Wojcicki's genetic testing startup, 23andMe, is going public in a reverse merger with a blank-check holding company owned by Richard Branson. The deal could value the 15-year-old company at <a href="https://www.businessinsider.com/biggest-obstacles-23andme-faces-in-going-public-s4-analysis-2021-3">$3.6 billion.</a> Wojcicki's stake in the company could be worth $1.05 billion once the deal officially closes.The SPAC follows an unexpected year for Wojcicki, 47, and the company she cofounded: Despite <a href="https://www.businessinsider.com/genetic-testing-company-strategy-after-layoffs-23andme-ancestry-helix-2020-2">a round of layoffs</a> in early 2020, Wojcicki in February told <a href="https://www.businessinsider.com/23andme-cofounder-anne-wojcicki-interview-explains-decision-spac-ipo-2021-2">Insider's Megan Hernbroth and Lydia Ramsey Pflanzer</a> that the pandemic reinvigorated the lagging consumer-genetics industry. Even so, 23andMe's revenue has been dropping over the years, <a href="https://www.businessinsider.com/biggest-obstacles-23andme-faces-in-going-public-s4-analysis-2021-3">according to regulatory filings released as the company prepares to go public</a>. Read more: <a href="https://www.businessinsider.com/23andme-cofounder-anne-wojcicki-interview-explains-decision-spac-ipo-2021-2">23andMe is going public. We spoke with its CEO about its road to IPO, and what the future holds for the consumer-genetics industry.</a>With Wojcicki gearing up to take 23andMe public, here's a look back at how she got her start and built a genetic-testing empire. <h2>Wojcicki was born and raised in Palo Alto, California</h2><div type="image" title="Anne Wojcicki" height="2000" width="2666" msid="81861005" hostid="261"></div>Both of Wojcicki's parents are academics: her father, Stanley, chaired Stanford University's physics department; her mother, Esther, taught journalism at Palo Alto High School. Wojcicki's sister Janet also works in academia as a professor of epidemiology <a href="https://profiles.ucsf.edu/janet.wojcicki">at the University of California, San Francisco</a>.Wojcicki's other sister, Susan, is the CEO of <keyword id="10879" type="CITY" weightage="60" keywordseo="YouTube">YouTube</keyword>. "My parents really looked at us always as like mini adults," Anne Wojcicki told <a href="https://www.cnbc.com/make-it/">CNBC Make It</a> in 2018. "I think the one thing that my parents really did is they gave us a taste of freedom. And they encouraged it. They encouraged us to find our passions, they weren't controlling." Wojcicki played ice hockey growing up - she told <a href="https://www.fastcompany.com/3018598/for-99-this-ceo-can-tell-you-what-might-kill-you-inside-23andme-founder-anne-wojcickis-dna-r">Fast Company</a> in 2013 that she switched to the sport after figure skating "started to be a little bit like Honey Boo Boo on ice" - and later attended Yale University. She graduated in 1996 with a biology degree, according to <a href="https://www.nytimes.com/2007/05/29/technology/29google.html">The New York Times</a>.<h2>After graduating from Yale, she pursued a career on Wall Street</h2>Post-graduation, Wojcicki began working for a biotech-related hedge fund. She told Fast Company that her academic parents were offended by the choice. "It was always embarrassing to come home. People were like, 'Oh, Anne, you Wall Street girl,'" she told Fast Company. Wojcicki worked on Wall Street for about a decade as a <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> analyst at firms including Investor AB and Passport Capital. <div type="image" title="Anne Wojcicki" height="1685" width="2247" msid="81861013" hostid="261"></div><h2>Wojcicki launched 23andMe in 2006</h2>Along with Linda Avey and Paul Cusenza, Wojcicki founded 23andMe with the goal of providing the ability for people to look at their own genome and understand what it means. (Avey and Cusenza have since left the company.)23andMe received backing from Google, GlaxoSmithKline, Sequoia Capital, Johnson &amp; Johnson, and others. In total, the company has <a href="https://www.businessinsider.com/dna-testing-startup-23andme-raising-85-million-2020-12">raised over $873 million</a> in funding.23andMe's saliva tests - which can test for genetic predispositions, ancestry, and inherited traits - initially cost $999, but now costs as low as $99. Things took a turn for the company when, in 2013, the Food and Drug Administration <a href="https://www.businessinsider.com/fda-sends-warning-letter-to-23andme-2013-11">sent 23andMe a warning letter</a>, calling its spit collection vial "an unapproved medical device" and placing limits on genetic testing for consumers. The company <a href="https://www.washingtonpost.com/news/the-switch/wp/2013/12/06/bowing-again-to-the-fda-23andme-stops-issuing-health-related-genetic-reports/">stopped providing health analyses based on consumers' DNA</a> and was limited to offering only ancestry results.By 2015, the company overcame regulatory hurdles and was able to <a href="https://www.businessinsider.com/23andme-new-genetic-testing-2015-10">begin offering health information</a> to customers once again. Since then, 23andMe has <a href="https://www.businessinsider.com/why-gsk-invested-300-million-in-23andme-genetic-drug-discovery-collaboration-2018-7">partnered with GSK</a>; has created tests that can detect if consumers have an elevated risk of developing <a href="https://www.businessinsider.com/fda-allows-23andme-to-market-tests-that-show-disease-risks-2017-4">diseases like Parkinson's or Alzheimer's</a>; and is working on <a href="https://www.businessinsider.com/23andme-prescription-drugs-13-in-trials-ceo-wojcicki-2019-2">creating its own drugs</a> for conditions like cancer or heart disease.<div type="image" title="Sergey Brin Anne Wojcicki" height="2248" width="2998" msid="81861021" hostid="261"></div><h2>Wojcicki married Google cofounder Sergey Brin in 2007</h2>Wojcicki met Brin through her sister, Susan: In 1998, <keyword id="615083" type="PERSON" weightage="60" keywordseo="Susan-Wojcicki">Susan Wojcicki</keyword> rented Brin and Google cofounder Larry Page her garage in Menlo Park, California, in order work on their young company, Google. While they were dating, Brin would leave Anne Wojcicki notes in Braille about where to meet or leave her voicemails in Morse code, Wojcicki told <a href="https://www.nytimes.com/2017/11/18/style/anne-wojcicki-23andme-genetics.html">The New York Times</a> in 2017.Wojcicki and Brin married in May 2007 in a super-secret ceremony in the Bahamas. According to the <a href="https://www.mercurynews.com/2007/05/16/google-co-founder-sergey-brin-gets-hitched-in-the-bahamas/">San Jose Mercury News</a>, guests weren't told the location of the wedding and were instead flown to the Bahamas on the jet owned by Page and Brin. Once there, they were taken by boat to a sandbar where the ceremony was held - Wojcicki and Brin wore white and black swimsuits, respectively, and swam out to the ceremony site. The couple had two kids together whose last name is Wojin, a portmanteau of their parents' last names.Wojcicki and Brin separated in 2013 and divorced in 2015. It later came out that around the time of the separation, <a href="https://www.vanityfair.com/style/2014/04/sergey-brin-amanda-rosenberg-affair">Brin started an affair</a> with a Google employee in her mid-20s, who was also in a relationship with another high-level Google executive at the time.Wojcicki told The Times that one person who helped her through her divorce from Brin was Ivanka Trump, who she described as "super-supportive."<div type="image" title="Anne Wojcicki Alex Rodriguez" height="1518" width="2024" msid="81861029" hostid="261"></div><h2>Wojcicki later dated former Major League Baseball player <keyword id="23712" type="PERSON" weightage="60" keywordseo="Alex-Rodriguez">Alex Rodriguez</keyword></h2>The couple met through friends around 2015 and dated for about two years.Wojcicki <a href="https://www.nytimes.com/2017/11/18/style/anne-wojcicki-23andme-genetics.html">told The Times in 2017</a> that Rodriguez was "a really sweet guy," smart, and a good person, but that their respective parenting obligations and lives on opposite coasts made the relationship unsustainable.Wojcicki's mom, Esther, told The Times that while she liked Rodriguez, the pairing was "a mismatch.""He had no academic background. We couldn't have an intellectual conversation about anything," Esther Wojcicki <a href="https://www.nytimes.com/2017/11/18/style/anne-wojcicki-23andme-genetics.html">said</a>. "I wish J-Lo all the luck in the world."<h2>Wojcicki has said she lives frugally and doesn't like 'froufrou things'</h2>Brin is worth $91.3 billion, according to <a href="https://www.bloomberg.com/billionaires/profiles/sergey-brin/">Bloomberg's Billionaires Index,</a> but Wojcicki <a href="https://www.nytimes.com/2017/11/18/style/anne-wojcicki-23andme-genetics.html">told The Times in 2017</a> that she's not a fan of "fancy cars and houses and the right dress." She sometimes has her kids sleep in their clothes to save time in the mornings and wear their clothes into the shower on trips to save on hotel laundry costs. She said at the time that she cuts her kids' hair herself, mostly shops at Payless for shoes, and rides her bike to work. "It's so easy to be like, 'I don't have to do laundry again. I don't have to cook again.' But then you're not normal," she told The Times.Wojcicki is also fitness-obsessed, <a href="https://www.protocol.com/anne-wojcickis-coronavirus-new-normal">riding her Peloton bike</a>, taking two daily walks, and doing online yoga classes during the pandemic. <a href="https://www.forbes.com/sites/bizcarson/2019/06/06/23andme-dna-test-anne-wojcicki-prevention-plans-drug-development/?sh=4a85dc9d494d">Forbes</a> wrote in 2019 that 23andMe's headquarters "looks like a cross between a Silicon Valley startup and a fitness club."<div type="image" title="Anne Wojcicki" height="1813" width="2417" msid="81861036" hostid="261"></div><h2>Wojcicki gave birth to her third child, a daughter, in July 2019</h2>Wojcicki <a href="https://www.forbes.com/sites/bizcarson/2019/06/06/23andme-dna-test-anne-wojcicki-prevention-plans-drug-development/?sh=211f4678494d">told Forbes</a> while she was pregnant that she decided to have the baby by herself because she wanted a third child. "So like, guess what? I executed," she said."Whether you're in a relationship or not should not dictate whether or not you have the ability to have children," Wojcicki told Forbes. "I'm very stubborn. When there's something I want to do, I get it done."After the birth of her daughter, Wojcicki became outspoken about the need to normalize breastfeeding and offer support to new mothers. She told the <a href="https://www.washingtonpost.com/lifestyle/2019/10/01/andme-ceo-anne-wojcicki-is-new-quest-respect-breastfeeding-moms/">Washington Post</a> in 2019 that 23andMe has created a support system for parents or hopeful parents, including on-site breastfeeding rooms, a 1,500-square-foot playroom for employees' kids, and benefits for parents that include paid parental leave, fertility benefits, adoption assistance, and surrogacy reimbursement. "I'm in a luxurious position where I can do this, and normalizing it is part of how I can help people," she said.

The rise of Anne Wojcicki, the CEO of 23andMe who's about to be worth more than $1 billion when the genetic-testing giant makes its public debut

Welcome to <keyword id="1854956" type="PERSON" weightage="60" keywordseo="cultivated">Cultivated</keyword>, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="60" keywordseo="cannabis">cannabis</keyword> boom. <a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>. <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-jberke">If you want a discount to BI Prime to read our stories, sign up here!</a>Happy Friday readers,We're back after a two-week hiatus. The East Coast saw a nice run of summer swell, so my vacation was perfectly timed to take in some (surf)board meetings. Prior to my vacation, I spent a few weeks talking to former employees and investors about <a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">what happened at Civilized</a>, a cannabis media and events company that <a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">quietly laid off all of its employees after a takeover offer fell through.</a>In the span of a little more than a year, the company's CEO, Derek Riedle, went from flying on private jets with celebrities to laying off employees without severance pay. <a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">Civilized's rise and fall</a> is perhaps emblematic of what happened in the past two years in the cannabis industry, where the promise of a new multibillion-dollar industry met a more subdued reality, and greed got in the way of responsible decisionmaking.<a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">I hope you'll read the story, and let me know what you think</a>.I also spoke with cannabis activists and entrepreneurs about why — in light of the protests over the police's killing of George Floyd that continue to rock major cities in the US and around the world — <a href="https://www.businessinsider.com/cannabis-activists-say-legalization-is-critical-to-reforming-police-2020-7">legalizing marijuana is key to reforming the police</a>. Despite the clear need, creating an equitable industry has been an uphill battle from the jump. Kassandra Frederique, from the Drug Policy Alliance, put it this way in a call to bake social justice measures into cannabis legislation from the outset: "A lot of people that are making money right now did not build the road that they are driving on."Wise words indeed. -JeremyHere's what we wrote about this week:<h3><a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">The inside story of the downfall of Civilized, a cannabis media startup that raised $7 million, then had to shut down after a takeover offer fell through</a></h3>Civilized Worldwide, a cannabis media startup, raised $7 million to create the "premium lifestyle and media brand" for cannabis consumers around the globe.With investments from high-profile backers like the comedian and author Chelsea Handler and Canopy Rivers, the venture arm of Canopy Growth, Civilized and its husband-and-wife founders were soaring as cannabis legalization looked poised to sweep the US a few years ago.But after a series of layoffs and business pivots, as well as a failed takeover attempt, Civilized has let go of all of its staff and suspended operations. <a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">This is the story of what happened</a>.<h3><a href="https://www.businessinsider.com/cannabis-activists-say-legalization-is-critical-to-reforming-police-2020-7">Cannabis activists say legalization is the first step in reforming the police. But creating an equitable industry for Black entrepreneurs has been an uphill battle.</a></h3>As protests over police violence continue to erupt around the US after <a href="https://www.businessinsider.com/category/george-floyd">George Floyd's killing</a>, cannabis activists say legalization is the first step to reducing police violence.Black people are 3.6 times more likely to be arrested for <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword>, a substance that's <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">legal for adults to use in 11 states</a> and for medical use in 33 states.Despite activist's efforts, <a href="https://www.businessinsider.com/cannabis-activists-say-legalization-is-critical-to-reforming-police-2020-7">creating an equitable cannabis industry has proven to be an uphill battle</a> due to the conflict between state and federal law.<h3><a href="https://www.businessinsider.com/we-should-legalize-pot-fight-coronavirus-help-economy-2020-7">Opinion: We should legalize pot to fight the coronavirus</a></h3>This is from Business Insider's <keyword id="6358883" type="UNKNOWN" weightage="60" keywordseo="politics">politics</keyword> columnist, Anthony Fisher. Cannabis legalization would provide much-needed tax revenue and new business opportunities. It would also decrease confrontation between civilians and the police.It's time (well, past the time, really) to just legalize it already, he says.<div type="image" title="Cannabis" height="1333" width="2000" msid="77021844" hostid="261"></div><h2>Executive moves</h2><ul><li>Miguel Martin, a former senior exec at Altria and the CEO of CBD company Reliva will become <a href="https://www.prnewswire.com/news-releases/aurora-cannabis-appoints-international-consumer-packaged-goods-executive-miguel-martin-as-chief-commercial-officer-301088236.html">the chief commercial officer of Aurora</a>, two months after Aurora acquired Reliva. </li><li>Former Aphria CEO Vic Neufeld is joining Vancouver-based psychedelics firm <a href="https://www.biospace.com/article/havn-life-sciences-inc-announces-launch-and-filing-of-preliminary-prospectus/">Havn Life as a director</a>. Neufeld served as Aphria's CEO for five years. </li><li>Aurora Cannabis cofounder Terry Booth has <a href="https://www.bnnbloomberg.ca/aurora-cannabis-co-founder-terry-booth-retires-from-board-of-directors-1.1457914">stepped down</a> from the company's board of directors. He left the CEO role in February.</li><li>Medical cannabis company MediPharm Labs has <a href="https://www.globenewswire.com/news-release/2020/07/14/2061764/0/en/MediPharm-Labs-Appoints-BMO-Capital-Markets-Executive-to-Board-of-Directors.html">appointed Bank of Montreal COO Chris Taves</a> to its board of directors. </li><li>Paul Bozoki, the former CFO of Desert Lion Energy, is joining 14th Round, a company that helps design technology and brands for cannabis clients. Bozoki will help the company <a href="https://www.prnewswire.com/news-releases/14th-round-hires-cfo-and-capital-markets-advisors-in-preparation-for-ipo-301084777.html">prepare for an upcoming IPO</a>. </li></ul><h2>Deals, and other news</h2><ul><li>CannaGlobal Wellness launched, <a href="https://www.businesswire.com/news/home/20200706005093/en/CannaGlobal-Sansero-Life-Sciences-Rise-Wellness-Merge">from a three-way merger</a> between CannaGlobal, Sansero Life Sciences, and Rise Wellness. The company is looking to enter the increasingly competitive market for psilocybin-based drugs. </li><li>A pair of drug reform bills will be on the ballot in Oregon in 2020. <a href="http://oregonvotes.org/irr/2020/044text.pdf">IP44</a> would decriminalize possession for personal use of all drugs while expanding treatment. The other, <a href="https://www.oregonlive.com/politics/2020/06/legal-regulated-psychedelic-mushrooms-are-one-step-closer-to-being-on-the-ballot-in-oregon-in-november.html">IP34</a>, would legalize psilocybin mushrooms for therapeutic uses in the state. </li><li>The <a href="https://cannabislaw.report/sec-says-high-times-mini-ipo-must-be-halted/">SEC has halted High Times' upcoming "mini" IPO</a> until the marijuana magazine files its audited financials, after failing to meet an extended deadline. </li><li>Cannabis company ManifestSeven has <a href="https://www.businesswire.com/news/home/20200715005267/en/ManifestSeven-Receives-Conditional-Approval-Trade-Canadian-Securities#:~:text=ManifestSeven%20Receives%20Conditional%20Approval%20To%20Trade%20on%20Canadian%20Securities%20Exchange,-July%2015%2C%202020&amp;text=LOS%20ANGELES%20%26%20IRVINE%2C%20Calif.,Exchange%20(%E2%80%9CCSE%E2%80%9D).9D).">received conditional approval</a> to list on the Canadian Securities Exchange. </li></ul><h2>What we're reading</h2><a href="https://theathletic.com/1927715/2020/07/15/thompson-bongs-blunts-and-balms-the-secret-to-surviving-the-nba-bubble/?source=emp_shared_article">Bongs, blunts and balms — The secret to surviving the NBA bubble</a> (The Athletic)<a href="https://www.cjr.org/opinion/high-times-cannabs-ipo.php">Fare thee well, High Times?</a> (Columbia Journalism Review)<a href="https://www.theatlantic.com/politics/archive/2020/07/biden-marijuana-pot-legalize/613777/">The marijuana superweapon Biden refuses to use</a> (The Atlantic)<a href="https://www.forbes.com/sites/chrisroberts/2020/07/07/dan-bilzerians-company-lost-50-million-last-year-will-likely-fail-auditor/?mc_cid=c4c69bb03e&amp;mc_eid=7a0a53edc3#3287cf385d745d74">Dan Bilzerian's company lost $50 million last year, will likely fail: auditor</a> (Forbes)<a href="https://www.reuters.com/article/us-marijuana-insurance-analysis-idUSKBN2491EI">Cannabis firms see jump in insurance costs to protect leaders as investors sue</a> (Reuters)<a href="https://www.democratandchronicle.com/story/news/2020/07/02/how-racism-and-immigration-shaped-history-marijuana-drug-war-ny/5320692002/">Marijuana or cannabis? How racism, immigration shaped history of drug war in NY, US.</a> (Rochester Democrat &amp; Chronicle)

CULTIVATED: Inside the rise and fall of Civilized — An uphill battle for Black cannabis entrepreneurs — Legal cannabis and coronavirus

<a href="https://markets.businessinsider.com/stocks/ai-stock"></a><ul class="summary-list"><li>C3.ai shares shot up 5% Friday as the firm continues its historic post-IPO run.</li><li>CEO <keyword id="4673997" type="PERSON" weightage="60" keywordseo="tom-siebel">Tom Siebel</keyword> said in an interview with CNBC that C3.ai's digital transformation institute would be making a 'very big announcement' regarding <keyword id="154273" type="ORGANIZATION" weightage="60" keywordseo="clean-energy">clean energy</keyword> and AI.</li><li>The company remains one of the most highly valued tech names, trading at over 80x sales.</li></ul><a href="https://markets.businessinsider.com/stocks/ai-stock">C3.ai</a> shares popped over 5% Friday as the enterprise AI software provider continues its historic post-IPO run.The company made its public debut in early December, with a share price of just $42. The stock shot up <a href="https://markets.businessinsider.com/news/stocks/c3ai-stock-price-public-trading-debut-ipo-siebel-software-ai-2020-12-1029878898">over 178%</a> in its first day of trading, raising over $650 million in cash for the company.Since then, C3.ai has been one of the market's strongest performers, more than quadrupling in value, with shares now sitting around $140.Read more: <a href="https://www.businessinsider.com/stock-market-sp-500-price-targets-2021-investing-advice-strategies-2021-1?utm_source=markets&amp;utm_medium=ingestgest">10 top Wall Street experts unveil their stock-market forecasts for 2021 - and tell you where to put your money</a>The company, led by ex-Oracle executive Tom Siebel, focuses on creating software for building enterprise-scale AI applications. Its customer base includes a slew of big names both public and private, including the US Air Force, <a href="https://markets.businessinsider.com/stocks/rtx-stock">Raytheon</a>, <a href="https://markets.businessinsider.com/stocks/rydbf-stock">Shell</a>, and <a href="https://markets.businessinsider.com/stocks/mmm-stock">3M</a>.On Friday, Siebel <a href="https://www.youtube.com/watch?v=JbXe0XSaBe4">appeared on CNBC</a> to talk about instability in Washington, competition with China, and his company's growth prospects.He called Wednesday's <a href="https://www.businessinsider.com/capitol-building-officers-posed-for-selfies-helped-protesters-2021-1">Washington madness</a> a "historic tragedy" and noted that it was a time for Americans to come together.More importantly for investors, Siebel echoed a 2017 Vladimir Putin quote saying, "whoever dominates AI, dominates the world," and called clean energy a "natural application" for AI.An emphasis on clean energy puts the firm in a much better place than most of its big tech rivals as a blue wave takes Washington following the Georgian run-off elections on January 5.According to analysts at Wedbush, most Big Tech names face a <a href="https://markets.businessinsider.com/news/stocks/tech-stock-impact-georgia-runoff-results-are-clear-negative-wedbush-2021-1-1029937365">'clear negative'</a> from the Democratic wins.Siebel said in the interview that the C3.ai's digital transformation institute-a research consortium dedicated to accelerating the application of artificial intelligence-would be making a "very big announcement" regarding clean energy and AI very soon.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-transportation-companies-most-upside-tom-lee-2021-1?utm_source=markets&amp;utm_medium=ingestgest">Fundstrat's Tom Lee says to buy these 10 transportation stocks that were the hardest hit by the pandemic and are most leveraged for the economy's reopening in 2021</a>The company also noted in a statement to CNBC that it's looking at a $250 billion market for its software and believes healthcare AI will be a big growth area going forward.Still, C3.ai is one of the most highly valued companies in the market in terms of classic valuation metrics like price-to-sales. This has led many analysts to shy away from the name. C3.ai is currently valued at an eye-popping 80x sales. For comparison, <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, another one of the most highly valued stocks in the market, trades at around 30x sales.

C3.ai shares rocket 6% as meteoric post-IPO run continues

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business InsiderAlternative data's use is exploding, and so too are worries about a regulatory crackdown</div></div></div>Hello!Investment firms in recent years have turned to so-called alternative data firms, which turn obscure data sets into tradable information, to try and get an edge on the competition. A cottage industry of tech firms has sprung up, processing information on everything from the weather to web searches and selling it to hedge funds and others.Now, some <a href="https://www.businessinsider.com/hard-times-at-thasos-might-be-sign-alternative-datas-future-2019-9">are saying there might be a bubble in the industry</a>. Take Thasos Group. A player in the booming $7 billion alternative-data industry, Thasos was worth $42 million, had ties to MIT, and boasted a blue-chip CEO whose prior company Sense Networks was once named the "The Next Google" by Newsweek. Thasos was <a href="https://www.businessinsider.com/bloomberg-machine-learning-alternative-data-2019-8">also part of Bloomberg's newly launched alternative-data</a> marketplace, meaning it had a stamp of approval from the data juggernaut.But Thasos <a href="https://www.businessinsider.com/hard-times-at-thasos-might-be-sign-alternative-datas-future-2019-9">struggled to make money selling to its main financial services to clients and</a>, in August, was forced to fire two-thirds of its staff, sources told Business Insider. Its CEO and cofounder, Greg Skibiski, also stepped down.The problems Thasos faced aren't unique, <a href="https://www.businessinsider.com/hard-times-at-thasos-might-be-sign-alternative-datas-future-2019-9">Bradley Saacks and Dan DeFrancesco report</a>. While there's no shortage of hedge funds interested in buying data, the market is becoming both crowded and commoditized."We may <a href="https://www.businessinsider.com/hard-times-at-thasos-might-be-sign-alternative-datas-future-2019-9">have a bit of an alternative-data bubble</a>," Mike Chen, a portfolio manager at PanAgora Asset Management, told Business Insider. "I believe that a lot of the more advanced alternative-data users - advanced hedge funds and investors - are probably experiencing what I might call 'alternative-data fatigue.'"It's a stark reminder of just how quickly any technical or investing edge will get competed away on Wall Street. Our team had a number of other stories this week focused on the use of technology in finance to get an edge, from using virtual internships to identify tech talent to shrimp-tracking blockchain. Here are some highlights:<ul><li>Bradley reported that Nasdaq-owned alt-data seller Quandl<a href="https://www.businessinsider.com/alternative-data-platform-quandl-adds-bluemountains-evan-reich-2019-9"> just hired BlueMountain's former data buyer to get inside hedge fund clients' heads.</a></li><li>JPMorgan Chase hires 1,000 entry level employees each year in its tech division. Joe Williams reports it's now using a virtual internship to help pinpoint <a href="https://www.businessinsider.com/jpmorgan-chase-virtual-internship-finding-talent-2019-9">promising talent to compete against Amazon, Google, and other Silicon Valley giants for workers</a>.</li><li>Goldman Sachs' massive quant business now rivals AQR and Two Sigma. Dakin Campbell talked to the bank's top quant about <a href="https://www.businessinsider.com/goldman-sachs-qis-head-gary-chropuvka-talks-about-big-data-2019-8">asset growth, finding data sources, and why critics of computerized trading are wrong</a>.</li><li>Stripe just scored a $35 billion valuation, up $15 billion in just one year. But its president told Matt Weinberger that <a href="https://www.businessinsider.com/stripe-raises-250-million-35-billion-valuation-2019-9">it's still a "toddler," so don't call it a "late-stage startup."</a></li><li>Lucia Moses reported that Bloomberg News just announced a slew of changes, <a href="https://www.businessinsider.com/bloomberg-news-sets-coverage-priorities-makes-promotions-2019-9">showing where the company is placing its bets</a>.</li><li>Shannen Balogh talked to Wells Fargo execs about its blockchain and Plaid data-sharing push. The bank <a href="https://www.businessinsider.com/wells-fargo-execs-talk-plaid-and-blockchain-2019-9">has been balancing new tech investments against spending on cleaning up risk controls</a>.</li><li>Shannen also went to Mastercard's tech showcase, <a href="https://www.businessinsider.com/mastercard-blockchain-b2b-technology-showcase-2019-9">which featured biometric sensors and shrimp-tracking blockchain</a>. It's part of a push to embrace a future without cards.</li></ul><a href="https://twitter.com/shannen_balogh">Shannen</a> and <a href="https://twitter.com/JoePWilliams31?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">Joe</a> are both recent additions to our <a href="https://www.businessinsider.com/prime">BI Prime</a> team. You should also check out coverage from recent new additions like <a href="https://twitter.com/meliarobin?lang=en">Melia Russell,</a> who covers venture capital and tech and reported on a Google engineering director <a href="https://www.businessinsider.com/black-google-employee-faces-badge-bias-2019-9">who is black and said he would be accosted less at work if he dressed like a janitor</a>.And <a href="https://twitter.com/PatrickCoffee">Patrick Coffee</a>, who joined us to cover the advertising business, this week had the scoop on an internal memo from McDonald's new ad agency which reveals why the world's <a href="https://www.businessinsider.com/internal-memo-from-mcdonalds-new-ad-agency-reveals-brand-strategy-2019-9">biggest fast-food chain bucked industry trends to reshape its marketing strategy</a>.I look forward to showcasing more great stories from new additions to our team in the coming weeks! Enjoy your Sunday!-- Matt<h2>Finance and Investing</h2><a href="https://www.businessinsider.com/bank-of-america-revives-dealmaking-via-portland-nashville-denver-2019-9">Bank of America's aggressive push into cities like Portland, Nashville, and Denver is helping reclaim ground lost to dealmaking rivals. Now it's eyeing the rest of the US.</a>To rev up investment banking fees and reclaim market share, Bank of America is chasing smaller deals - and that's taken it to far-flung American locations it had previously ignored.<a href="https://www.businessinsider.com/private-equity-firms-are-recruiting-associates-already-for-2021-2019-9">Private-equity firms are already interviewing 22-year-old bankers who will start in 2 years. Their earliest-ever hiring kickoff shows how crazy the battle for talent has gotten.</a>Private-equity firms are already interviewing first-year investment-banking analysts to fill 2021 associate positions, marking the earliest-ever kickoff to recruiting for those roles, sources told Business Insider.<a href="https://www.businessinsider.com/jpmorgan-emerges-as-victor-amid-deutsche-bank-prime-brokerage-exit-2019-9">JPMorgan is winning the most hedge fund business as Wall Street banks swoop in on Deutsche Bank's $200 billion in prime brokerage assets.</a>As the debris clears from Deutsche Bank's <a href="https://www.businessinsider.com/deutsche-bank-to-shrink-or-shut-us-equity-and-trading-businesses-ft-2019-6">shocking retreat from equities earlier this summer</a>, JPMorgan is emerging as an early victor.<h2>Tech, Media, Telecoms</h2><a href="https://www.businessinsider.com/inside-the-peloton-ipo-roadshow-stop-in-new-york-2019-9">Inside the Peloton road-show stop in New York where investors snapped selfies with star instructors and took turns riding the $2,000 bike</a>A line of suit-wearing money managers snaked outside the ballroom of the Lotte New York Palace Hotel in midtown Manhattan on Thursday, where the buzzy exercise company Peloton was set to pitch its initial public offering. But many weren't there to press Peloton CEO John Foley or CFO Jill Woodworth on financials.<section><a href="https://www.businessinsider.com/top-executives-leading-google-cloud-2019-9">Here are 12 of the most important executives leading Google Cloud as it takes on Amazon Web Services and Microsoft Azure</a>With Amazon and Microsoft gobbling up large portions of the share on the cloud market, Google Cloud is playing catch-up.<a href="https://www.businessinsider.com/barstool-execs-strategy-sports-betting-app-barstool-bets-2019-9">Inside Barstool Sports' strategy to become advertising's gateway to gamblers with its new sports betting app, Barstool Bets</a>Barstool Sports is jockeying to become the home for a new generation of gamblers as sports betting becomes legal in more places in the US.</section><h2>Healthcare, Retail, Transportation</h2><a href="https://www.businessinsider.com/meet-20-chief-marketing-officers-worth-watching-2019-9">The 20 CMOs to watch in 2019</a>The $221 billion advertising industry is facing an onslaught of challenges, but a new crop of marketers is rising to the occasion.<section><section><a href="https://www.businessinsider.com/smiledirectclub-founders-call-jpmorgans-dimon-after-ipo-2019-9">SmileDirectClub's IPO was such a disaster that the CEO called up JPMorgan's Jamie Dimon to ask what went wrong</a>It has been a tough couple of weeks for JPMorgan's investment bankers.</section></section><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=wallstreet&amp;itm_campaign=banking_launch"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/wework-ipo-valuation-money-coworking-office-space-real-estate-2019-9">WeWork went from a $47 billion valuation to a tanking IPO. Here's how the company makes money.</a></h3> <div> </div> </div>

The future of finance, inside Peloton's IPO, and CMOs to watch

Dear Readers,This week's stories included lots of bank earnings (bottom line: <a href="https://www.businessinsider.com/citi-fourth-quarter-results-2019-1">bond trading slumped, </a>but execs said the markets are improving). We broke down Wall Street's (skeptical) <a href="https://www.businessinsider.com/analysts-skeptical-on-fiserv-and-first-data-deal-2019-1">reaction to a $22 billion fin-tech megadeal. </a>And we talked to a handful of tech bankers who sighed that although <a href="https://www.businessinsider.com/2019-was-supposed-to-be-a-banner-year-for-ipos-but-now-its-turning-into-a-shitshow-2019-1">2019 was supposed to be the year of the multi-billion IPO, it's turning into a '</a><a href="https://www.businessinsider.com/2019-was-supposed-to-be-a-banner-year-for-ipos-but-now-its-turning-into-a-shitshow-2019-1">s---show' </a>(their words). I went down a bit of a rabbit hole this week after reading our reporter Dan DeFrancesco's piece about a new fin-tech company that <a href="https://www.businessinsider.com/swarm-to-require-no-fees-for-creating-security-tokens-2019-1">lets small investors buy partial ownership </a>in real-world assets such as an art collection (imagine holding 1/1,000,000th of a Picasso) or shares in a soccer club, through the sale of digital tokens. There are also a number of companies <a href="https://www.businessinsider.com/harbor-launches-digital-token-sales-2018-11">doing this with real estate </a>to let smaller investors take fractional ownership in different residential or commercial properties. I've even heard rumblings of tokens for rare wine and car collections, restaurants, or portfolios of patents. Here's how it works. Groups issue "security token offerings" - different than <a href="http://www.businessinsider.com/what-is-an-ico-2017-10">initial coin offerings</a>, which have drawn a <a href="https://www.businessinsider.com/the-top-financial-watchdog-is-going-after-the-ico-market-with-a-wave-of-subpoenas-2018-2">wave of subpoenas</a> from regulators. STOs, meanwhile, have <a href="https://www.businessinsider.com/the-age-of-the-ico-is-coming-to-an-end-giving-way-to-a-new-trend-in-crypto-2018-3">garnered increased attention</a> over the past year as a legitimate alternative investment method. The digital securities have stricter regulatory oversight and are tied to actual assets.STOs serve a few different purposes. Big picture, their aim is to make previously illiquid assets as liquid as cash. They can also serve as an alternative funding avenue for a startup rather than traditional methods like venture capital. And they offer the ability for small investors to gain access to exclusive investments that may have been off-limits to them previously. Probably my favorite application of this technology being used so far <a href="https://commercialobserver.com/2018/08/aspen-st-regis-blockchain/">is the St. Regis Hotel in Aspen</a>, which last year allowed smaller investors to buy digital tokens that represent equity shares in the high-end hotel.It all seems a bit 'pie in the sky' for now, but I think this is going to be a huge trend that becomes increasingly mainstream in the couple of years, particularly as better infrastructure comes along and regulation is cleared up. Next week, we'll be sending a big group of reporters and editors to Davos to rub elbows with billionaires and world leaders so stay tuned for some dispatches from the snow. To read most of the articles here, <a href="https://newsletter.businessinsider.com/click/15712635.3/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9jYXRlZ29yeS9iaS1wcmltZT9ucl9lbWFpbF9yZWZlcmVyPTEmdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jb250ZW50PUFkdmVydGlzaW5nX2luc2lkZXI/5bd0c4d12ddf9c61941dda0bBb816ad85" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://newsletter.businessinsider.com/click/15712635.3/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9jYXRlZ29yeS9iaS1wcmltZT9ucl9lbWFpbF9yZWZlcmVyPTEmdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jb250ZW50PUFkdmVydGlzaW5nX2luc2lkZXI/5bd0c4d12ddf9c61941dda0bBb816ad85&amp;source=gmail&amp;ust=1547863916373000&amp;usg=AFQjCNFVpdQmxaKqr-aa_iIqdUOPlr5_fQ">subscribe to BI Prime</a>, or email me at ooran@businessinsider.com for a 1-month free trial. And if you're interested in the latest healthcare news, <a href="https://www.businessinsider.com/dispensed-weekly-newsletter-january-18-2019-1">check out our Friday newsletter, Dispensed.</a> Please pass along this newsletter to anyone you think might find it valuable. <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">New readers can sign up here</a>. Thanks again for reading and enjoy the long weekend! - Olivia<div class="KonaFilter image-container display-table center"><div><div class="image on-image">GettyUber CEO Dara Khosrowshahi</div></div></div> 2 dealmakers named David: Uber and Lyft's expected IPOs will trigger competition at Google's in-house VC firmsThe 2019 tech IPO line up has promised plenty of side-choosing as ride hailing rivals Lyft and Uber prep for dueling multi-billion dollar public stock offerings.Alphabet, however, has hedged its bets, <a href="https://www.businessinsider.com/alphabet-bets-uber-and-lyft-ipo-2019-1">reports BI's Becky Peterson. </a>The Google parent company has made major investments in both Uber and Lyft through its two investment arms, CapitalG and GV.Alphabet is in a unique position, perhaps rivaled only by SoftBank's competing investments in Uber, the Chinese ride-hailing service Didi Chuxing, the Indian Olo Cab, and Singapore's Grab.There are not many other examples of investors playing both sides of the field - venture capital firms tend to avoid backing direct competitors because of stress it creates between founders and investors, as well as the logistics over which information can be disclosed to which people within a firm.As big corporations like Alphabet and SoftBank take on an increasingly larger role in startup investing,<a href="https://www.businessinsider.com/alphabet-bets-uber-and-lyft-ipo-2019-1"> the rules of the game are changing.</a>The David Solomon era at Goldman Sachs kicked off with 43 words Lloyd Blankfein would never sayIf it wasn't clear before Wednesday that a new era of management had begun at Goldman Sachs, new CEO David Solomon wasted little time in making the point.Just minutes into the <a href="https://www.businessinsider.com/goldman-stock-price-earnings-q4?r=UK">firm's fourth-quarter conference call</a>, Solomon told analysts the firm was taking a hard look at its beleaguered fixed-income trading division. The review might include shrinking the business further if necessary."Let me be direct," Solomon said. "We are fully cognizant of the reduction in industry wallet over the past decade, and we will not be complacent waiting for the market to return. We are running the business with a clear perspective of its revenue potential."On its face, Solomon's declaration doesn't seem all that controversial. Goldman's fixed-income business has had a difficult couple of years, and many competitors have already downsized their own desks. But at Goldman, the comment drew a sharp departure from the public stance espoused by Blankfein. <a href="https://www.businessinsider.com/goldman-sachs-david-solomon-breaks-with-lloyd-blankfein-2019-1">Inside its 200 West St. headquarters, Solomon's comment raised eyebrows, according to two employees.</a>Blankfein, a student of history and business cycles and Goldman's CEO between 2006 and 2018, had famously stuck by the fixed-income-trading division that fueled his rise. For years, he defended the division against calls to shrink its footprint, explaining how important it is to have traders in seats when the business inevitably bounced back. That has yet to materialize.<a href="https://www.businessinsider.com/goldman-sachs-david-solomon-breaks-with-lloyd-blankfein-2019-1">More here. </a>A $72 billion Canadian investor is poised to start making venture-capital bets in Silicon ValleyA huge Canadian pension fund is plotting to expand into Silicon Valley, seeking to place bets on hot US tech startups.OMERS, which manages more than 95 billion Canadian dollars, or $72 billion, on behalf of municipal workers in the province of Ontario, hired Michael Yang as a managing partner of OMERS Ventures to open the venture arm's first US offices in San Francisco and Palo Alto.OMERS Ventures oversees about 880 million Canadian dollars invested in 35 companies, mainly in Canada. The goal of expanding to the Bay Area is to gain better access to investment opportunities in innovative startups, <a href="https://www.businessinsider.com/omers-ventures-hires-michael-yang-comcast-ventures-silicon-valley-2019-1">Yang said in an interview with BI's Zach Tracer.</a> OMERS itself has been opening offices outside Canada to broaden its investment opportunities."Just look at where the deals are, the dollars are, where the innovation is," he said. "As they look to deploy more dollars, invest in more and more interesting projects, they need to expand their geographic horizons."'Someone's going to get hurt': JPMorgan chief issues a stark warning on the market for risky loansThe firms that lurk outside the traditional banking system, known as shadow banks, are first in line for pain when the leveraged-lending cycle eventually turns, <a href="https://www.businessinsider.com/dimon-says-shadow-banks-in-line-for-pain-2019-1">according to JPMorgan CEO Jamie Dimon.</a>Compared to the traditional banking sector, "shadow banks, they do things differently," Dimon said. Dimon was responding to multiple questions from analysts on the firm's fourth-quarter earnings call on Tuesday about its <a href="https://www.businessinsider.com/next-financial-crisis-how-corporate-debt-burdens-leveraged-loans-could-hurt-markets-2019-1">exposure to a corporate-loan market that has shown signs of cracking</a>.Dimon, the head of the largest US bank and a huge lender to corporations, shrugged off any concern about the traditional banking system. He ticked off a list of reasons why the industry will be more immune to losses than it was in the depths of the financial crisis: Senior lenders have more loss protection from other investors lower down the payment waterfall, more flexibility in the deals, and higher capital levels, Dimon said.Not so for other market players, such as collateralized-loan managers, he said."A lot of those folks are - they're quite bright, they kind of know what they're doing - someone's going to get hurt there," Dimon said.Ken Griffin's $30 billion Citadel has cut several stock-pickers, joining some of the biggest names in the industry in shedding staffSurveyor Capital, an equities arm of Ken Griffin's $30 billion Citadel,<a href="https://www.businessinsider.com/citadel-cuts-stock-picking-team-2019-1"> has axed long-time portfolio manager Adam Wolfman</a> and his team of three analysts in December, sources tell Business Insider.The poor year and a tough environment for traditional stock-pickers has also pushed other multi-strategy firms like Jana Partners <a href="https://www.businessinsider.com/21-billion-hedge-fund-blue-mountain-winds-down-long-short-fund-2019-1">and BlueMountain Capital Management to get out of the space completely.</a>Citadel - which has credit, fixed income, commodities and quant strategies to go along with its stock-picking arms - posted a solid returns in 2018 in its main, multi-strategy fund of 9.1%, according to a source familiar with the matter.A hot marijuana startup is aiming to go public next year <a href="https://www.businessinsider.com/marijuana-vape-startup-pax-labs-will-ipo-in-2019-ceo-says-2019-1">Pax Labs is aiming to go public in 2020</a>, Bharat Vasan, the marijuana vape startup's CEO, told BI's Jeremy Berke in an interview.Vasan he's been talking to bankers and found the appetite for an IPO has been "overwhelmingly positive."The buzzy vape startup has landed equity investments from blue-chip firms like Tiger Global and Tao Capital Partners.If you don't know who Pax is, you probably you've heard of Juul, the tobacco-vape company that <a href="https://www.businessinsider.com/altria-considering-juul-investment-2018-11">recently landed a $12.8 billion infusion from Altria</a>. Pax was spun out of Juul in 2017.Wall Street move of the week:<a href="https://www.businessinsider.com/blackstone-adds-a-growth-equity-business-2019-1">Blackstone has hired a growth equity veteran as it pushes into a new business area</a>Chart of the week: <div class="KonaFilter image-container display-table"><div><div class="image on-image">Yutong Yuan/Business Insider</div></div></div>In tech news:<div data-sticky="subnav" data-ad-subnav=""><div data-bi-ad="" id="gpt-post-science-subnav-5c3e8bb3471e72.28787359" data-force="" data-type="ad" data-adunit="business-insider/desktop/tech/science/post" data-pagetype="post" data-tag="health,comcast,comcast-ventures,venture-capital,omers,omers-ventures,pension,pension-funds,canada,bi-prime" data-pos="atf" data-authors="zachary-tracer" data-views="4041" data-region="Subnav" data-responsive="[{" browserLimit:00slotSize:300250browserLimit:7280slotSize:72890browserLimit:9700slotSize:9702509709072890location:window="" data-url="omers-ventures-hires-michael-yang-comcast-ventures-silicon-valley-2019-1" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]" data-google-query-id="CJWNsfyV8d8CFZbQmgodtgIBQg"><div id="google_ads_iframe_/4442842/business-insider/desktop/tech/science/post_0__container__"><ul><li><a href="https://www.businessinsider.com/fintech-companies-venture-funding-in-2018-2019-1">It's a fintech frenzy - top venture pros spill why the $11 billion party won't end anytime soon</a></li><li><a href="https://www.businessinsider.com/facebook-new-rules-employee-discussions-politics-bullying-religion-2019-1" data-analytics-position="1" data-analytics-module="hero_tout">Leaked memo spells out Facebook's new 'ground rules' restricting employee discussions about politics and religion</a></li><li><a href="https://www.businessinsider.com/facebook-new-rules-employee-discussions-politics-bullying-religion-2019-1" data-analytics-position="1" data-analytics-module="hero_tout"></a><a href="https://www.businessinsider.com/uber-airbnb-employees-are-worried-by-fears-of-recession-2019-1" data-analytics-position="5" data-analytics-module="featured_post">Amid fears of an impending recession, some employees at Silicon Valley's IPO-bound startups say they're starting to get anxious</a></li></ul></div></div></div>In markets:<a href="http://www.businessinsider.com/next-market-crash-global-markets-flashing-signal-investors-bracing-for-worst-2018-6"> </a><ul><li><a href="https://www.businessinsider.com/stocks-to-buy-in-2019-as-fang-mega-cap-tech-lose-investing-appeal-2019-1">Forget FANG - a $135 billion investor says a new group of stocks is poised to dominate the market going forward</a></li><li><a href="https://www.businessinsider.com/next-stock-market-crash-john-carey-amundi-pioneer-recommendations-outlook-2019-1">A fund manager at a $1.7 trillion investing giant reveals how he's preparing in case stocks crash again - and outlines the risks that could plunge the market into chaos</a></li><li><a href="https://www.businessinsider.com/stock-market-strategy-one-area-set-to-explode-higher-jpmorgan-2019-1">One slice of the stock market is set to explode higher - here are the 5 reasons, and how you can get involved </a> <a href="https://www.businessinsider.com/bitcoin-price-above-50000-hedge-fund-bet-time-running-out-2018-12"></a></li></ul>Other good stories from around the newsroom:<ul><li><a href="https://www.businessinsider.com/heres-why-gillette-released-made-its-metoo-ad-2019-1">Gillette knew that its new #MeToo ad would prompt backlash. Here's why the company still went ahead with it.</a></li><li><a href="https://www.businessinsider.com/senior-women-workplace-sponsorship-success-2019-1">What young women think it takes to get ahead at work isn't actually what moves the needle</a></li><li><a href="https://www.businessinsider.com/group-nine-media-is-building-a-new-e-commerce-business-2019-1">2019 is expected to be another terrible year for media brands, but publishers like BuzzFeed and Refinery29 have a plan to survive</a></li></ul>

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