Twitter CEO and billionaire <keyword id="265395" type="PERSON" weightage="20" keywordseo="Jack-Dorsey">Jack Dorsey</keyword> who last week announced to sell his very first tweet of March 6, 2006, has said that he will donate the money in <keyword id="6395759" type="LOCATION" weightage="20" keywordseo="bitcoins">Bitcoins</keyword> to charity. The highest bid for the tweet, put up for auction as an <keyword id="4668945" type="COMPANY" weightage="20" keywordseo="nft">NFT</keyword> (non-fungible token) on a platform called <keyword id="77276" type="LOCATION" weightage="20" keywordseo="Valuables">Valuables</keyword>, is currently $2.5 million and there auction will end on March 21. "Ending this March 21st. Will immediately convert proceeds to #Bitcoin. And send to @GiveDirectly Africa Response," Dorsey said in a tweet late on Tuesday. NFT is a digital good on the Ethereum blockchain. The very first tweet by Dorsey on March 6, 2006 read: "just setting up my twttr". According to Valuables, "What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator". However, the fact is that this tweet has been publicly available for free for nearly 15 years on the internet. NFTs allow people to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. The artist <keyword id="358602" type="COMPANY" weightage="20" keywordseo="Grimes">Grimes</keyword> recently sold several NFT items for nearly $6 million. An NFT of <keyword id="112378" type="PERSON" weightage="20" keywordseo="LeBron-James">LeBron James</keyword> making a historic dunk for the <keyword id="166491" type="PERSON" weightage="20" keywordseo="Lakers">Lakers</keyword> garnered more than $200,000. Non-fungible mean you can't exchange it for another thing of equal value. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/checkout-review-of-oppo-fitness-band-related-to-design-performance-price-and-battery-life/articleshow/81423414.cms">Oppo Band Style review – getting the basics right with a twist of flair</a> <a href="https://www.businessinsider.in/international/news/narendra-modi-joe-biden-yoshihide-suga-and-scott-morrison-are-set-to-meet-for-the-first-ever-quad-leaders-summit-on-march-12/articleshow/81424117.cms">The first-ever leaders summit of the QUAD may be another signal that it's ready for something more formal</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-share-allotment-status-of-mtar-technologies-ipo/articleshow/81424102.cms">MTAR Technologies IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-cfo-explains-how-the-role-of-a-finance-head-has-been-changed-by-the-pandemic/articleshow/81423884.cms">EXCLUSIVE: TCS CFO explains how the role of a finance head has been changed by the pandemic</a>

Twitter CEO Jack Dorsey to donate $2.5 million from his tweet auction to charity

<ul><li>Facebook has approached academics and policy experts for its proposed election commision.</li><li>The election commision would advise Facebook on political ads and election-related misinformation.</li><li>It could be similar to the Oversight Board that helps Facebook’s with its content moderation decisions.</li></ul>Facebook is planning to form a commission to advise on issues related to elections, according to a<a href="https://www.nytimes.com/2021/08/25/technology/facebook-election-commission.html"> report</a> by The New York Times. This election commission would presumably be similar to the Oversight Board that reviews Facebook’s content moderation decisions. For its election commission, Facebook has approached academics and policy experts, the report added. This election body would be tasked with handling issues related to elections. These include political ads and election-related misinformation. The report added that Facebook CEO Mark Zuckerberg doesn’t want to be seen as the “sole decision maker on political content”. The said commission is expected to be formed soon and Facebook could make the announcement this fall ahead of the 2022 US midterm elections. But the report added that these talks are still in the preliminary stages and could even fall apart. <cmsannotation type="cmsannotation" annotationid="How the election body will be different from the Oversight Board" comment="subhead" text="How the election body will be different from the Oversight Board">How the election body will be different from the Oversight Board</cmsannotation> Facebook’s<a href="https://www.businessinsider.com/facebook-oversight-board-criticizes-company-trump-suspension-case-2021-5"> Oversight Board</a> was formed to help the company in decisions related to content moderation. The board, composed of former politicians, academics, and policy experts, gives the final ruling on decisions taken by Facebook and whether to uphold or reverse them. The biggest example of this is Facebook’s decision to uphold the <a href="https://www.businessinsider.com/facebook-will-suspend-donald-trump-for-at-least-two-years-2021-6">ban on Donald Trump</a>. The Oversight Board did stay the decision but frowned on the indefinite ban. Facebook later decided to keep the ban for two years. According to the report, the election commission would offer advice on situations where Facebook hasn’t taken a decision yet. But it isn’t confirmed if the election commission will have the final say on decisions taken by Facebook. Facebook’s plan of forming a body of experts for advice on <a href="https://www.businessinsider.com/facebook-election-misinformation-voting-labels-demoting-presidential-election-2020-11">election-related issues </a>could help the social media giant from criticism it receives by political parties on biased decisions. Facebook has been criticised for its lack of control over election-related misinformation especially during the run-up to the US presidential election. Facebook has tried to tackle some of these issues by saying it would give users the option to see lesser election ads and also paused political ads seven days prior to the US presidential election. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/new-document-reveals-how-facebooks-project-aria-ar-glasses-work-and-look-like/articleshow/85646690.cms" data-type="tilCustomLink">New document reveals how Facebook’s Project Aria AR glasses work and look like</a> <a href="https://www.businessinsider.in/cryptocurrency/news/facebooks-crypto-chief-is-exploring-nft-related-products-and-features-but-views-bitcoin-as-too-volatile-for-transactions/articleshow/85620267.cms" data-type="tilCustomLink">Facebook's crypto chief is exploring NFT-related products and features - but views bitcoin as too volatile for transactions</a>

Facebook is reportedly planning to form a commission for advice on election-related issues

<ul class="summary-list"><li>An NFT collection of 10,000 Wall Street bulls sold out in 32 minutes when it was launched in October.</li><li>The collection has become a way for investors to mint their membership in a retail-trading community.</li><li>Now, the collection's creators are adding a way for <keyword id="11994572" type="UNKNOWN" weightage="60" keywordseo="retail-traders" source="Orion">retail traders</keyword> to add an extra layer of risk to their <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>. </li></ul>Oil painter Cam Rackam watched in awe as his collection of <a href="https://opensea.io/collection/wall-street-bulls?search[sortAscending]=true&amp;search[sortBy]=PRICE&amp;search[toggles][0]=BUY_NOW">10,000 Wall Street bull NFTs</a> swiftly sold out in October last year. In the first five minutes of launching the NFT collection targeted at the retail traders behind the <keyword id="11937112" type="UNKNOWN" weightage="60" keywordseo="gamestop" source="Orion">GameStop</keyword> mania, a thousand of the colorfully creative bulls riding rocket ships had already sold. By about eight minutes, half of the collection was purchased.At 32 minutes, it was sold out."I was popping champagne, smoking a cigar in the house, and I freaked out, you know, I freaked out," Rackam said. "I went from being an artist for 20 years ... and then in one blink of an eye, all the planning and hard work massively paid off."The four founders of the Wall Street Memes Instagram account -- which was inspired by the massively popular <keyword id="11910044" type="UNKNOWN" weightage="60" keywordseo="wall-street-bets" source="Orion">Wall Street Bets</keyword> subreddit that's credited with launching the meme-stock phenomenon -- made about $2.5 million from the initial sale, and continue to get royalties from NFT collectors trading the bulls. The lowest price for one of the bulls is now about .2 ether, or roughly $638, according to OpenSea. The NFTs, digital pieces of art stored on the <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> blockchain, are a cartoonish take on the iconic <keyword id="12916273" type="UNKNOWN" weightage="60" keywordseo="wall-street-bull" source="Orion">Wall Street bull</keyword> statue. They're supposed to represent optimism of the stock market. Or as retail traders love to say, "stocks only go up.""We're just bulls," said Boris, a cofounder of the Wall Street Memes page, who asked for his identity to remain undisclosed. "We hate short sellers. We hate bears."The NFT collection has become a way for traders to officially mint themselves as members of a community of retail investors. Rackam said bull holders have access to meetups and parties, and those who have multiple bulls will soon win a free NFT of a new collection of Wall Street interns. But the makers wanted to go beyond NFTs and community building and add what Wall Street Bets traders love: risk. A new gamification feature will allow bull holders to take a chance on making their NFT even more valuable -- or worthless. If the NFT holders purchase the feature, a random generator will either blow up their digital collectible or make it even more rare by adding new features to the bull. "It's kind of like trading options in the stock market," Boris said. "Your option could go to zero or you could have a 100x option that you took a risk with. And that's what we're going to bring to the NFT world."Rackam and Boris see their collection as an extension of the retail trading revolution that began in January 2021 when millions of investors banded together on Reddit to drive massive gains in highly shorted stocks like GameStop. "It was a beautiful message showing that when people bond together, they can still have control over even something as big as the Wall Street market," Boris said. "The message behind this NFT collection kind of summarizes in a funny way, everything that happened in the past year."

An NFT collection of 10,000 Wall Street bulls sold out in 32 minutes, and soon risk-hungry collectors can double down or lose it all through a new gamification feature

Happy Friday eve, readers. An email from Amazon's healthcare boss details the team's <a href="https://www.businessinsider.com/amazon-healthcare-boss-neil-lindsay-four-key-pillars-health-business-2022-4">"four key pillars,"</a> and Serena Williams discusses her investment firm in <a href="https://www.insider.com/serena-williams-interview-cover-story-2022-4">an exclusive interview.</a> Let's get started. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://www.businessinsider.com/amazon-healthcare-boss-neil-lindsay-four-key-pillars-health-business-2022-4"></a>1. Amazon's healthcare boss gave a clear look at the unit's focus areas. In an internal email expanding on the company's <a href="https://www.businessinsider.com/amazon-ceo-andy-jassy-shares-bold-vision-for-healthcare-business-2022-3">ambitious healthcare plans</a>, SVP of health and brand Neil Lindsay highlighted the following "four key pillars" of Amazon's health business:<ul><li>The first two pillars are Amazon Care, Amazon's primary healthcare offering, followed by Amazon Pharmacy, the company's <a href="https://www.businessinsider.com/exclusive-amazon-pharmacy-considering-physical-stores-2021-5">online drugstore.</a></li><li>The third pillar, Partner Services, is focused on "determining what other offerings we might need to make available — often with and through partners — to make it easier for customers to find what they need to get and stay healthy," the email said.</li><li>Finally, the Storefront and Shared <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">Tech</keyword> team will build the technology to "make it easier for customers to find, buy, and engage with the healthcare services and products they need," the email said.</li></ul><a href="https://www.businessinsider.com/amazon-healthcare-boss-neil-lindsay-four-key-pillars-health-business-2022-4">Here's what else we learned from the email. </a>In other news:<a href="https://www.insider.com/serena-williams-interview-cover-story-2022-4"></a><div type="image" title="Serena Williams standing in front of a red background for Insider's inaugural cover story" height="1875" width="2500" msid="90844238" hostid="261"></div>2. Serena Williams talks mom guilt, a possible "King Richard" sequel, and venture capital in an exclusive interview. The tennis superstar discussed (among other things) her investment firm, Serena Ventures, which aims to back diverse founders — and which raised $111 million in its initial round of funding. <a href="https://www.insider.com/serena-williams-interview-cover-story-2022-4">Read Insider's inaugural cover story about Williams.</a>3. Fast's CEO revealed what caused his startup to crash and burn. The main reason Domm Holland shuttered his one-click-checkout software firm was because it hired too many people too quickly, he told a podcast. <a href="https://www.businessinsider.com/fast-ceo-big-reason-fintech-failed-was-hiring-too-many-2022-4">Here's what else he said.</a> 4. The mother of a teenager who died by suicide is suing Facebook and Snap. Christopher Dawley's family says the 17-year-old grew addicted to the platforms, which affected his mental health — and that the companies are "aware of the addictive nature of their products and failed to protect minors." <a href="https://www.businessinsider.com/facebook-snap-lawsuit-teen-suicide-social-media-addiction-2022-4">A look at the federal lawsuit.</a>5. A former employee at Google's DeepMind said the company mishandled harassment allegations. The former employee has now written a second letter accusing the Google-owned AI firm of trying to "discredit" her and "salvage their own reputation" after a DeepMind exec's <a href="https://www.businessinsider.com/leaked-email-deepmind-exec-defends-handling-of-sexual-assault-case-2022-4">leaked email</a>. <a href="https://www.businessinsider.com/ex-google-deepmind-employee-blasts-response-to-harassment-letter-2022-4">What we know so far.</a>6. Amazon products could get a bit more expensive later this month. Thanks to inflation and increased fuel costs, the ecommerce giant is hitting its sellers with a 5% fee, and experts say merchants are likely to pass those costs onto customers. <a href="https://www.businessinsider.com/amazon-hits-sellers-inflation-fuel-cost-surcharge-fee-2022-4">Catch up here.</a> 7. Female VCs are banding together to break into the boys' club of crypto. As investors dump money into the hot — and mostly male-dominated — sector, some women are creating Web3 groups that enable female VCs to get up to speed on crypto and share deal flow. <a href="https://www.businessinsider.com/women-in-vc-investing-web3-crypto-startup-boom-daos-2022-4">How they're working to seize an equal share of tech's next big boom.</a>8. The owner of Jack Dorsey's first tweet NFT listed it for $48 million. The highest bid was about $280. After paying $48 million for the non-fungible tweet and <a href="https://twitter.com/sinaEstavi/status/1374063984396136450?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1374063984396136450%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2021-03-23%2Fblockchain-ceo-shells-out-millions-for-jack-dorsey-s-first-tweet">likening it to the Mona Lisa</a>, the owner put it up for resale and got seven offers, some as low as $6. <a href="https://www.bloomberg.com/news/articles/2022-04-13/dorsey-s-tweet-nft-fails-by-millions-in-resale-attempt-coindesk">More on the NFT's unremarkable ROI.</a>Odds and ends:<a href="https://www.axios.com/new-yorks-nft-vending-machine-e1cb4031-3451-4109-b55d-b4afacea6453.html?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axioswhatsnext&amp;stream=science"></a><div type="image" title="NFT vending machine in New York City" height="3755" width="5007" msid="90844241" hostid="261"></div>9. On the market for an NFT? Hit up this NFT vending machine. The New York City vending machine placed there by Neon, "a marketplace and gallery built on the Solana blockchain," distributes little boxes containing QR codes that are redeemable for non-fungible tokens. <a href="https://www.axios.com/new-yorks-nft-vending-machine-e1cb4031-3451-4109-b55d-b4afacea6453.html?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axioswhatsnext&amp;stream=science">Check out the get-what-you-get NFT vending machine.</a>10. BeReal, a buzzy new photo-sharing app, is Gen Z's latest obsession. In an attempt to encourage people to be more authentic, BeReal removes filters and opportunities to stage, over-think, or edit photos. This writer tested it out for a week — <a href="https://www.insider.com/what-is-bereal-app-how-does-it-work-2022-4">and is already hooked.</a>What we're watching today:<ul><li>Wells Fargo, Goldman Sachs, and others are reporting earnings. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here.</a></li><li>TechCrunch's <a href="https://techcrunch.com/events/tc-early-stage-2022/">Early Stage event</a> takes place today.</li><li>"The Kardashians" becomes <a href="https://www.businessinsider.com/guides/streaming/where-to-watch-the-kardashians">available on Hulu.</a></li></ul>Event invite: Subscribers can join us on May 9 for a panel discussion on breaking into tech without experience and landing that six-figure salary. <a href="https://www.businessinsider.com/how-to-break-into-a-tech-career-without-experience-coding-engineer-2022-4">Register here.</a>Keep updated with the latest tech news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Shona Ghosh in London.

10 Things in Tech: Amazon's healthcare plans

The risky allure of WiFi Money: private jets, sports cars, and ruined investors

<ul class="summary-list"><li>Danish asset manager Saxo Bank has released its Outrageous Predictions list for <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in 2022.</li><li>They include Spotify stock sliding as musicians use NFTs to build revenue share. </li></ul>NFTs taking over the music industry from <a href="https://markets.businessinsider.com/stocks/spot-stock">Spotify</a>, US inflation soaring to double-digit rates, and women traders banding together to put an epic squeeze on "patriarch companies" are among <a href="https://www.home.saxo/insights/news-and-research/thought-leadership/outrageous-predictions">Saxo Bank</a><a href="https://www.home.saxo/insights/news-and-research/thought-leadership/outrageous-predictions">'s outrageous market predictions for 2022. </a>The Danish asset manager's annual list has a theme of revolution this year and includes some far-fetched scenarios as well as more plausible ones."As culture wars rage across the world, it's no longer a question of if we get a socioeconomic revolution, but a question of when and how," Saxo Bank said. Among its 10 predictions: Spotify stock slideA revolution in the music industry may take hold as more musicians embrace NFTs, or non-fungible tokens, to sell their songs, a move that could threaten streaming platforms such as Spotify and Apple Music, the bank said. The NFT market has boomed to a $15 million capitalization this year on the rapid growth in sales of the digital assets. The bank sees an NFT-based music service backed by notable artists sinking Spotify stock by 33% in 2022, as the challenger portends a "bleak" future for the streaming giant. Spotify during 2021 has already dropped by about 28%. "[By] leveraging NFTs, more specifically via 'smart-contract' blockchains, artists could distribute music directly to listeners without centralized intermediaries taking a cut, while tracking their income in real-time—even getting paid in real-time—with listeners enjoying the knowledge that the money they are paying is going straight to the artist," wrote Saxo's cryptocurrency analyst Mads Eberhardt. Labels and streaming platforms capture 75% to 95% of revenue paid for listening to streamed music, Eberhardt said. Musicians have already started backing crypto-driven ventures. Singer Katy Perry, rapper Nas, and electronic music duo The Chainsmokers this year contributed to a $5 million fundraising round for <a href="https://audius.co/">Audius, a blockchain-based music platform. </a>15% inflation rate The US consumer price index in October climbed to <a href="https://www.businessinsider.com/inflation-cpi-october-price-growth-index-supply-chain-crisis-recovery-2021-11?utm_source=markets&amp;utm_medium=ingest">6.2%</a>, its highest rate since 1990. Saxo Bank predicts a further spike in the rate next year, reaching beyond 15% for the first time since World War II, largely because of the labor shortage in the US workforce. Soaring inflation would prompt a "too-little, too-late move" by the Federal Reserve to tighten monetary policy, leading to "extreme volatility" in US equity and credit markets, said Christopher Dembik, Saxo Bank's head of macro analysis. "The JNK high-yield ETF falls as much as 20% and the VIXM mid-curve volatility ETF soars as much as 70%," he wrote. The coronavirus pandemic has "fueled a great awakening of workers," Dembik added. "Across sectors and income classes they realize they are now more empowered than ever. They demand a better experience: better job conditions, higher wages, more flexibility and a sense of purpose from work." 'Women's Reddit Army' forces stock swings Another outrageous prediction from Saxo Bank sees women on the social media platform Reddit using tactics employed by the so-called Reddit Army on meme stocks to tackle gender inequality issues at corporations. Such issues include women earning 20% less than men on average in the same positions, leaving them with less disposable income to invest. The "Women's Reddit Army" would see women traders coordinating a long squeeze by shorting stocks of selected "patriarch companies," said Althea Spinozzi, senior fixed-income strategist at Saxo Bank. The group would also direct funds to companies with the best metrics on female representation in middle management and among executives, she added. "The movement gets real results as the broader market catches on to the theme and joins in, forcing targeted company prices sharply lower, which sees companies scrambling to change their ways. It marks the beginning of a gender parity renaissance in markets," Spinozzi said.

A Danish bank's list of outrageous predictions for 2022 include NFTs tanking Spotify stock, 15% inflation, and an army of women on Reddit taking on corporations

<a href="https://www.businessinsider.com/amazon-warehouse-turnover-worker-shortage-2021-6"></a>Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech">sign up here</a>.Let's get started.1. Amazon burns through workers so quickly that execs worry they'll run out of people to employ. The company has been on a massive hiring spree, but those employees are quitting almost as fast as they can be hired, according to The New York Times. <a href="https://www.businessinsider.com/amazon-warehouse-turnover-worker-shortage-2021-6">More on Amazon's 150% turnover rate.</a>2. Pink Floyd's Roger Waters said he won't let Facebook use one of the band's songs. The company offered a lot of money to use "Another Brick in the Wall, Part 2" in an Instagram ad, Waters said. <a href="https://www.businessinsider.com/pink-floyd-roger-waters-turns-down-facebook-song-ad-zuckerberg-2021-6">Why he told Facebook "No f---ing way."</a>3. Top Uber execs are discussing easing up on its return-to-office plans after a backlash. Under the current policy, employees are required to be in the office three days a week starting in September - but a new idea would allow a few members from each team to be fully remote. <a href="https://www.businessinsider.com/uber-mulls-changes-remote-work-policy-return-to-office-backlash-2021-6">Read more from our exclusive report.</a>4. Airbnb spends $50 million a year on guests and hosts who have bad experiences. And not just because the rental didn't look like the pictures - that money has included counseling sessions, patching bullet holes, and hiring body-fluid crews to clean up blood. <a href="https://www.businessinsider.com/airbnb-damage-payouts-traumatized-guests-hosts-bullet-holes-blood-counseling-2021-6">Here are some examples of Airbnb's payouts.</a>5. Larry Ellison's indoor farming company is working toward feeding the world. Sensei Ag's Tesla solar-powered greenhouses grow produce that's distributed throughout Hawaii - and soon, its CEO hopes, the world. <a href="https://www.businessinsider.com/larry-ellison-indoor-farming-company-sensei-ag-photos-2021-6">Take a look at the company's plans.</a>6. SpaceX president Gwynne Shotwell said the company has a "no a--hole" policy. This stops staff shutting down conversations and allows people to propose big ideas, she said. <a href="https://www.businessinsider.com/spacex-president-gywnne-shotwell-no-asshole-policy-2021-6">Here's what else she said.</a>7. World Wide Web creator Tim Berners-Lee is auctioning his source code as an NFT. The NFT includes the source code, which is about 9,555 lines long, as well as an animation and a letter written by Berners-Lee. <a href="https://www.businessinsider.com/tim-berners-lee-nft-auction-source-code-world-wide-web-2021-6">Get the full rundown here.</a>8. Antivirus mogul John McAfee said he'll spend the rest of his life in prison if he's extradited to the US. McAfee, who is currently in Spain, is wanted in Tennessee for tax-related charges for his alleged failure to disclose income. <a href="https://www.businessinsider.com/antivirus-john-mcafee-fights-extradition-to-us-tax-charges-2021-6">Read up on his arrest and testimony.</a>9. How much does Intel pay its employees? We examined how much the chip giant pays engineers, managers, and more as it aims to turn around slowing growth and invests $20 billion in building new US factories. <a href="https://www.businessinsider.com/intel-salaries-compensation-revealed-chip-giant-engineers-managers-researchers-2021-6">Here's a peek at the salaries.</a>10. Steve Burns, the CEO of Tesla-wannabe Lordstown Motors has resigned. Insiders say he exaggerated demand and hired interns to do his engineering. We spoke with 17 former employees from Burns' startups <a href="https://www.businessinsider.com/lordstown-ceo-steve-burns-out-after-internal-investigation-2021-6">to better understand what happened.</a>Compiled by Jordan Erb. Tips/comments? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb">@JordanParkerErb</a>.Sign up for <a href="https://newsletter.businessinsider.com/join/free">more Insider newsletters here.</a>

10 things in tech: Amazon turnover, Airbnb payouts, Intel salaries

<ul class="summary-list"><li><keyword id="11910044" type="UNKNOWN" weightage="60" keywordseo="wall-street-bets" source="Orion">Wall Street Bets</keyword> looks set to mark <keyword id="11910046" type="UNKNOWN" weightage="60" keywordseo="reddit" source="Orion">Reddit</keyword>'s IPO by making it "the biggest <keyword id="11918412" type="UNKNOWN" weightage="60" keywordseo="meme-stock" source="Orion">meme stock</keyword> ever."</li><li>The group behind this year's meme stock frenzy discussed pumping Reddit's stock once it goes public, in a similar mania that sent GameStop shares soaring.</li><li>Not all members were happy, as some said upcoming changes to the site would mean Reddit wasn't the same.</li></ul>Members of the 11 million-strong Wall Street Bets community have found their next meme stock target after <a href="https://www.businessinsider.com/reddit-confidentially-files-to-go-public-2021-12?r=US&amp;IR=T">Reddit confidentially filed paperwork</a> with the Securities and Exchange Commission to go public.Known for its heavy usage of profanity and memes, WSB had <a href="https://www.reddit.com/r/wallstreetbets/comments/rhfv2j/reddit_files_for_ipo/">mixed reactions</a> to Reddit's announcement that it plans to list on the stock market. But most joked about wanting to pump the platform's shares once it goes public."If Reddit doesn't become the biggest meme stock ever I'm going to be severally disappointed with all of us," one subredditor 'HoltzmaN' said. Retail investors on the group were key drivers behind the <a href="https://markets.businessinsider.com/news/stocks/reddit-day-traders-wallstreetbets-gamestop-gme-rally-upending-stock-market-2021-1">meme stock frenzy in January</a>, banding together to boost the shares of heavily-shorted stocks like <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC</a> in defiance of hedge funds and investing norms.'RenewAi' predicted Reddit would become an "instant meme stock," while 'porcupineapplepieces' suggested "If we all bought shares we could control Reddit. Just sayin."<div type="image" title="r/wallstreetbets" height="119" width="387" msid="88319030" hostid="261"></div>But some members weren't too happy. One user predicted "mass censorship," while others pointed to commercial ads and changes to the site as indicative of a remolding of the brand.<a href="https://www.reddit.com/r/wallstreetbets/comments/rhfv2j/reddit_files_for_ipo/hoqno9b/?context=3">Another user</a> said: "That is pretty depressing to hear. Reddit has been the place I call home online for a long time and this means a lot of changes are going to happen, probably for the worst. Nothing lasts forever I guess."Founded in 2012, the Wall Street Bets subreddit is a movement aimed at empowering the "little guy" investors of the world against Wall Street's mighty financial institutions and hedge funds. "When r/<keyword id="12055566" type="UNKNOWN" weightage="60" keywordseo="wallstreetbets" source="Orion">WallStreetBets</keyword> was first created, the idea was to bring the fight to powerful institutions and tap into the subreddit's collective wisdom to outperform the pros in the market," Jaime Rogozinski, founder of WallStreetBets, has previously said.Reddit didn't offer much detail about its upcoming IPO, saying its offering size and price range haven't yet been decided. "The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company said in a <a href="https://www.redditinc.com/blog/reddit-announces-confidential-submission-of-draft-registration-statement-related-to-proposed-public-offering">blog post</a>.The company was valued at $10 billion in a private fundraising round in October, and Reuters reported it's <a href="https://markets.businessinsider.com/news/stocks/reddit-ipo-valuation-new-york-stock-market-listing-hiring-advisers-2021-9">eyeing a $15 billion valuation</a> by the time it lists.Read More: <a href="https://www.businessinsider.com/virtual-digital-fashion-metaverse-rtfkt-crypto-investing-strategy-dorian-banks-2021-12">Nike just snapped up a virtual sneaker brand with a huge valuation. The CEO of a digital agency behind a $4.5 million NFT sale shares 3 ways fashion brands could shape the metaverse — and an under-the-radar virtual world to watch.</a>

Wall Street Bets jokes about making Reddit the 'biggest meme stock ever' after the platform files for an IPO

<ul class="summary-list"><li>BlockbusterDAO is a group of investors who want to purchase and relaunch the movie-rental company. </li><li>The group outlined its aim to raise at least $5 million through <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> to buy the brand from Dish Network. </li><li>The organization envisions Blockbuster running as a decentralized film-streaming service.</li></ul>A group of investors wants to unleash Blockbuster's potential in the next iteration of the internet by purchasing and rebooting the movie-rental company as a decentralized streaming service.The investors, via a decentralized autonomous organization (<keyword id="12561214" type="UNKNOWN" weightage="60" keywordseo="dao" source="Orion">DAO</keyword>), are aiming to raise at least $5 million to purchase the "nostalgic" and "historic" company. Such a move would follow last month's high-profile <a href="https://markets.businessinsider.com/news/currencies/what-is-a-dao-constitutiondao-bid-sothebys-us-constitution-auction-2021-11">attempt by another DAO to purchase an original copy of the US Constitution</a>. "It's time to liberate the brand from purgatory and give it a new lease on life. A brand of the people should be owned by the people and governed by the people. Even the name, Blockbuster, lends itself to becoming a Web3 product," wrote BlockbusterDAO in a Christmas Day Twitter thread <a href="https://www.theblockcrypto.com/linked/128564/a-dao-wants-to-buy-blockbuster-and-turn-it-into-a-decentralized-film-streaming-service?utm_source=rss&amp;utm_medium=rss">noted by The Block Crypto</a>. Web3 is a reference to the next phase of the internet that envisions the web as largely run by users using blockchain technology, rather than it being run by corporations. Web3 would also feature the virtual immersive world known as the metaverse. DAOs are <a href="https://www.businessinsider.com/dao-crypto-investing-trend-vc-startup-need-to-know-2021-6">organized communities that have rules enforced through blockchain technology</a>. They've been around for years, but 2021 saw a burst of fundraising through DAOs along with the surge of the overall cryptocurrency market's valuation. "It's time to build a massive DeFilm project that will revolutionize the creative decision-making and financing of the film and television industries forever. I believe that BlockbusterDAO will be like lighting in a bottle for the future of DAO governance," BlockbusterDAO wrote on the thread. <a href="https://discord.com/invite/GthhARtV">Its Discord page</a> indicates it has more than 2,100 members. The group is proposing to raise $5 million or more by selling BlockbusterDAO non-fungible tokens, or NFTs, for 0.13 ether, or about $530.54 as of Monday. The money would be used to purchase the Blockbuster brand from Dish Network. But the DAO foresees needing a portion of funds raised to run a PR campaign to put pressure on Dish Network to sell the brand. "Another interested party has low-balled an offer of $1.8 Million for the brand, but it seems that the price tag is going to be higher to beat out any counter-offers," said BlockbusterDAO. If a purchase is successful, the DAO's roadmap for Blockbuster includes developing an NFT presence for further fundraising that would support activities such as buying movies from the film circuit. It also envisions creating a "Movie Pass" subscription model for a decentralized streaming platform and investing in the development of original content. In November, a group of people calling themselves the <a href="https://markets.businessinsider.com/news/currencies/what-is-a-dao-constitutiondao-bid-sothebys-us-constitution-auction-2021-11">ConstitutionDAO</a> banded together to bid for one of 13 remaining copies of the US Constitution put up for auction by Sotheby's. The group raised $46 million but lost the bid. Ken Griffin, the founder of Citadel Securities, was revealed as the winner. The <a href="https://bendblockbuster.com/">last standing Blockbuster store is in Bend, Oregon</a>, with its website indicating it has more than 21,000 movies in stock as well as apparel with the company's "Be Kind, Rewind" tagline.

A DAO investor group wants to buy Blockbuster and revive it as a decentralized movie-streaming service

<ul class="summary-list"><li>The Nasdaq Retail Trading Activity Tracker ranked the top 10 stocks among day traders in 2021.</li><li><keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> leads the group, thanks in part to <keyword id="11994572" type="UNKNOWN" weightage="60" keywordseo="retail-traders" source="Orion">retail traders</keyword>' love of <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> and <keyword id="12188068" type="UNKNOWN" weightage="60" keywordseo="ev-makers" source="Orion">EV makers</keyword>.</li><li>Popular exchange-traded funds like Invesco's <keyword id="12151582" type="UNKNOWN" weightage="60" keywordseo="qqq" source="Orion">QQQ</keyword> also made the list. </li></ul>Retail traders made their mark on Wall Street in 2021, and final results are now in.It started in January, when millions banded together on social media sites like Reddit to drive massive gains in <keyword id="11915972" type="UNKNOWN" weightage="60" keywordseo="meme-stocks" source="Orion">meme stocks</keyword> like GameStop and <keyword id="11911241" type="UNKNOWN" weightage="60" keywordseo="amc" source="Orion">AMC</keyword>. It spread elsewhere in the market throughout the year.The Nasdaq Retail Trading Activity Tracker found the top 10 stocks among day traders from January 1, 2021 to December 31, 2021, based on the percent of total retail activity. Here they are:<h3>10. <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a></h3>Share of total retail trading activity: 1.1% 12-month stock performance: 89%<div type="image" title="moderna vaccine" height="1000" width="2000" msid="88743531" hostid="261"></div>Retail traders poured into Moderna stock since the company's two-dose COVID-19 vaccination was approved in the US in late 2020. <h3>9. <a href="https://markets.businessinsider.com/etfs/proshares-ultrapro-qqq-us74347x8314">ProShares UltraPro QQQ ETF</a></h3>Share of total retail trading activity: 1.2% 12-month stock performance: 76%<div type="image" title="Stock Market" height="2464" width="4928" msid="88743532" hostid="261"></div>This exchange-traded fund is one of the largest that tracks the Nasdaq index.<h3>8. <a href="https://markets.businessinsider.com/stocks/nio-stock">NIO</a></h3>Share of total retail trading activity: 1.6% 12-month stock performance: -41%<div type="image" title="Nio lineup" height="1920" width="3840" msid="88743533" hostid="261"></div>Retail traders love electric-vehicle makers. This Chinese EV company has been dubbed "<a href="https://markets.businessinsider.com/news/stocks/top-10-stocks-most-traded-retail-investors-tsla-aapl-amc-2021-11">China's answer to Tesla</a>."<h3>7. <a href="https://markets.businessinsider.com/etfs/invesco-qqq-trust-us46090e1038">Invesco QQQ ETF</a></h3>Share of total retail trading activity: 1.7% 12-month stock performance: 25%<div type="image" title="the Invesco logo seen displayed on a smartphone." height="512" width="1024" msid="88743534" hostid="261"></div>This popular fund is the official ETF of the National Collegiate Athletic Association and has helped young investors get started with a new computer game that teaches them keys to financial success.<h3>6. <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a></h3>Share of total retail trading activity: 1.7% 12-month stock performance: 124%<div type="image" title="A sign is posted in front of the Nvidia headquarters on May 10, 2018 in Santa Clara, California." height="1500" width="3000" msid="88743535" hostid="261"></div>Last year, retail traders on sites like Reddit hyped up Nvidia, the maker of graphics processing units (GPUs), for gaming.<h3>5. <a href="https://markets.businessinsider.com/etfs/spdr-sp-500-etf-trust-us78462f1030">SPDR S&amp;P 500 ETF</a></h3>Share of total retail trading activity: 1.9% 12-month stock performance: 25%<div type="image" title="Stock market trader new york" height="4330" width="8660" msid="88743536" hostid="261"></div>This ETF largely tracks the performance of the broader S&amp;P 500 index.<h3>4. <a href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a></h3>Share of total retail trading activity: 2.2% 12-month stock performance: 51%<div type="image" title="AMD headquarters" height="1770" width="3540" msid="88743537" hostid="261"></div>Retail traders bought up this semiconductor maker's stock, thanks in part to major tech companies like Microsoft and Google purchasing its chips.<h3>3. <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC</a></h3>Share of total retail trading activity: 2.2% 12-month stock performance: 1,037%<div type="image" title="2019 American Cinematheque Award - Arrivals - Beverly Hills, California, U.S., November 8, 2019 - Adam Aron." height="2213" width="4426" msid="88743538" hostid="261"></div>AMC is perhaps one of the most well-known meme stocks. Its CEO Adam Aron has capitalized on retail-trader hype through social media, investor perks, and even NFT offerings.<h3>2. <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a></h3>Share of total retail trading activity: 3.9% 12-month stock performance: 36%<div type="image" title="FILE PHOTO: An Apple logo is seen at the Apple store in Munich, Germany, January 27, 2016. REUTERS/Michaela Rehle" height="400" width="800" msid="88743539" hostid="261"></div>In the new year, Apple became the <a href="https://markets.businessinsider.com/news/stocks/apple-stock-3-trillion-market-capitalization-for-first-time-ever-2022-1">first US company</a> to cross the $3 trillion market capitalization level. It has since fallen back below that threshold. <h3>1. <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a></h3>Share of total retail trading activity: 4.5% 12-month stock performance: 42%<div type="image" title="Elon Musk, Tesla CEO, stands at a press event on the grounds of the Tesla Gigafactory." height="1962" width="3926" msid="88743540" hostid="261"></div>Retail traders love EV makers, and they love Tesla CEO Elon Musk. He has been an icon for the retail community, partially because of his Twitter account. He's also led his carmaker to become one of the most valuable publicly traded companies in the world.

Tesla leads 10 most-traded retail stocks in 2021 according to Nasdaq

<keyword id="4289547" type="COMPANY" weightage="20" keywordseo="Redmi-India">Redmi India</keyword>, a sub-brand of Mi India, on Wednesday announced the brand's foray into the <keyword id="10944267" type="UNKNOWN" weightage="20" keywordseo="smart-tv-category">Smart TV category</keyword> with the launch of Redmi <keyword id="169786" type="COMPANY" weightage="20" keywordseo="smart-TV">Smart TV</keyword> X series. The smart TV series by Redmi includes the <keyword id="9298385" type="COMPANY" weightage="20" keywordseo="redmi-smart-tv-x65">Redmi Smart TV X65</keyword>, Smart TV X55 and Smart TV X50. All three <keyword id="2763526" type="PERSON" weightage="20" keywordseo="Smart-Televisions">smart televisions</keyword> feature the same specifications but come in three different screen sizes. The Redmi Smart TV X series starts at ₹32,999 for the 50-inch variant, ₹38,999 for the 55-inch option and ₹57,999 for the 65-inch variant. The new Smart TV X series will go on sale on Amazon and Mi.com, Mi Home and Mi Studios from March 26 at 12 noon and it will also be made available in offline retail stores later on. "India today has 170 million households with a television but less than 20million homes own Smart TVs. We launched our range of Mi TVs over three years ago and have been leading the Smart TV market since the past 10 consecutive quarters," Raghu Reddy, Chief Business Officer, Mi India said in a statement. The Redmi Smart TV X series comes with 4K HDR technology and <keyword id="2003744" type="COMPANY" weightage="20" keywordseo="dolby-vision">Dolby Vision</keyword> and also support HDR 10+. The audio output is 30W with support for DTS Virtual: X, DTS-HD, Dolby Audio, Dolby Atmos Pass through via e-ARC. It runs the 64-bit quad-core A55 CPU coupled with Mali G52 MP2 and has 2GB RAM + 16GB Storage. The TVs run on Android 10 out of the box and also come with Xiaomi's PatchWall UI. The <keyword id="7908649" type="COMPANY" weightage="20" keywordseo="RedMi-Tv">Redmi TV</keyword> comes with three HDMI 2.1 enabled ports all of which bring ALLM. One of the HDMI ports also supports eARC to connect Dolby Atmos soundbar or home theatre to the TV. New TVs come with two USB ports, one optical port and a 3.5mm port. It also supports Bluetooth 5.0 and dual-band Wi-Fi. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nazara-technologies-ipo-opens-today-should-you-subscribe/articleshow/81542657.cms">Nazara Technologies will be the first pure-play gaming company to debut on the Indian public markets – analysts are all in for it</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-initial-public-offer-ipo-worth-581-crore-live-should-you-subscribe/articleshow/81543610.cms">Suryoday Small Finance Bank IPO worth ₹581 crore opens today – should you subscribe?</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-turns-down-1-million-for-the-tweet-he-was-selling-as-an-nft/articleshow/81546434.cms">Elon Musk turns down $1 million for the tweet he was selling as an NFT</a>

Redmi launches X series smart TVs starting at ₹32,999

<ul class="summary-list"><li>Lauren deLisa Coleman is a trend analyst and author at the intersection of pop culture and emerging <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword>.</li><li>Coleman says <keyword id="6355515" type="UNKNOWN" weightage="60" keywordseo="business">business</keyword> patterns in Black tech are reminiscent of the hip hop industry in the 90s.</li><li>For <keyword id="11519904" type="UNKNOWN" weightage="60" keywordseo="black-founders">Black founders</keyword> "it's about moving strategically and blowing up," says Coleman.</li></ul>Forget the former tech mantra of move fast and break things. For Black tech entrepreneurs and founders, who receive <a href="https://hbr.org/2020/06/a-vcs-guide-to-investing-in-black-founders">less than 1% of venture-capital funding</a>, it's about moving strategically and blowing up.<div type="image" title="Lauren deLisa Coleman" height="3750" width="5000" msid="83872701" hostid="261"></div>As an AI entrepreneur with a background in the <keyword id="6360147" type="UNKNOWN" weightage="60" keywordseo="hip-hop">hip-hop</keyword> music industry, I've started noticing business patterns in Black tech that look a lot like what I saw during the golden era of hip hop in the 90s.<h2>Strong business models coupled with sheer talent enabled hip hop to become a multi-billion-dollar industry. </h2>Hip-hop artists' unparalleled, multi-pronged approach to the business grind almost never slept. Many recording artists were also CEOs of independent labels. They may have also had a promotional company or graphic design firm, as well as a clothing label or accessories line in partnership with streetwear designers.They were veritable factories of business and selling. And then this was all amplified by "the crew" - or in mainstream speak, a collective. The unmatched Wu-Tang Clan was and continues to be its own kind of crew from that era; the Dogg Pound Gangstaz went beyond duo Daz and Kurupt to include artists Snoop Dogg, Warren G, Nate Dogg, and the D.O.C. You get the idea.But these legendary crews weren't just about creativity and recognition - they were also about sales. Hockey-stick earnings growth followed, coming from a self-supported, self-directed business approach that made many in the hip-hop industry very successful. Read more: <a href="https://www.businessinsider.com/don-charlton-black-founder-raised-25-million-what-changed-decade-2020-12">A Black founder raised millions from VCs. He shares his best tips on how to overcome investing bias and succeed in Silicon Valley.</a><h2>Now, we're beginning to see various 'crews' and collaborations emanate from the Black tech space. </h2>A perfect example of this is the Black NFT "crew" <a href="https://www.cbee.xyz/">Crypto for Black Economic Empowerment </a>(CBEE) led by finance whiz <a href="https://www.linkedin.com/in/erikanobotetukudo/">Erikan Obotetukudo</a> who partnered with Cuy Sheffield, a CryptoArt collector and acting head of crypto at VISA.Obotetukudo launched the CBEE as a place for Black crypto entrepreneurs to connect and share tips. Through Sheffield, it also provides introductions and collaborations to amplify projects deemed worthy for certain entrepreneurs outside of the group. Recently this crew banded together by pooling resources and leveraging notable names like rapper Pusha T and model Tyra Banks to support the drop of ex-Dodger MLB player-turned-artist Micah Johnson's <a href="https://variety.com/2021/digital/news/aku-first-nft-optioned-film-tv-1234953189/">NFT art debut</a>, which ended up selling out at $1.4 million in seven minutes. And then, there's <a href="https://trilliconvalley.com/">Trillicon</a>, a collective of technologists, photographers, and designers known as the Wu-Tang of tech. "'Trillicon' is a play on the phrase 'Trill' or true and real," Trillicon CEO Jason Mayden told Insider. "In 2014, as a faculty member at Stanford, I began to connect with other like-minded individuals. We formed a collective as an extension of my private design and business strategy practice."<div type="image" title="Trillicon CEO Jason Mayden" height="300" width="400" msid="83872704" hostid="261"></div>"We all ran in adjacent circles; some of us went to college together and others were friends of friends. It was our faith, personal ethos, and collective aspiration to be servant leaders to advance tech and <keyword id="107737" type="ORGANIZATION" weightage="60" keywordseo="Entrepreneurship">entrepreneurship</keyword>," said Mayden."For founders of color, our challenges and emotional and mental toils have varying degrees of complexity and nuance that result from generations of disenfranchisement. As an outsider, it was important to define my unique perspective to ideating and problem-solving." <h2>As much as hip hop is beloved now, initially it was very much considered persona non grata in both the major music industry and culture at large.</h2>Kino Childrey, a manager in the music industry who's worked artists like 2021 Grammy rap nominee Royce da 5'9, told Insider, "Hip hop was considered outside the typical recording industry parameters. We were kept out for a long time, (as) outcasts. People didn't get it."Childrey says many in hip hop realized that collaboration was the key to success. By working together, artists could motivate major record labels to get on board, with the liquor and fashion industries following. Josh Otis Miller, a filmmaker and director of an upcoming documentary entitled <a href="https://fundblacktech.com/the-film/">"Fund Black Tech"</a> echoed these sentiments. "Hip hop emerged out of Black voices being suppressed," he said, "and what is happening in the tech scene is Black voices, Black ideas, being suppressed. Today, hip hop is the biggest income generator in the music industry, the biggest culture-setter in the entire world. Imagine a world where Black ideas and Black tech businesses get a voice."When even the National Science Foundation <a href="https://www.google.com/search?q=brookings%2C+SBIR+grants&amp;oq=brookings%2C+SBIR+grants&amp;aqs=chrome..69i57j33i299l2.8241j0j7&amp;sourceid=chrome&amp;ie=UTF-8ome&amp;ie=UTF-8">SBIR grants</a> for tech founders holds over years at an average of only<a href="https://www.brookings.edu/blog/the-avenue/2019/06/04/is-americas-seed-fund-investing-in-women-and-minority-owned-businesses/"> 8% of award </a>for all others than Caucasian males, you've gotta get creative to find your way as a founder of color. "Tech is about reimagining," added Childrey, "so this hip hop approach is demonstrative of that. It's about taking the path of least resistance in order to survive and overcome those trying to hold you back."Lauren deLisa Coleman is a digi-cultural trend analyst, author, and speaker within the intersection of popular culture, emerging tech, and the impact of such trends on business and governance.

How the Black tech community is leveraging business models that made hip-hop become a massive cultural and business phenomenon

<ul><li>The <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> crash on July 20 mimicked the crash seen on stock market Dow Jones, following concerns around a third wave of COVID-19 infections.</li><li>Bitcoin tumbled to below $30,000 but has since managed to climb back up.</li><li>However, the fear, uncertainty and doubt (FUD) around cryptocurrencies still remain, leaving the fate of Bitcoin’s value hanging in the balance.</li></ul>The price of Bitcoin saw a massive crash yesterday, and the overall crypto market suffered a massive loss of nearly $200 billion during the collapse. Not only did the world’s oldest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrency</a> go for a dive, but other altcoins followed its tail feathers — crashing even more steeply. Binance’s NCN, Cardano, Ripple’s XRP and Tesla CEO Elon Musk’s pet project, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">Dogecoin</a>, all recorded double-digit percentage losses. The good news is that the price of the world’s oldest <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> is now back up to above $30,000 and those who were panicking yesterday can breathe a sigh of relief. But, the question still remains where this dip was the first indicator or another 2018 ‘crypto winter’ looking to settle in. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6786789"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="A tumble in the Dow didn’t lead to a jump for crypto" comment="subhead" text="A tumble in the Dow didn’t lead to a jump for crypto">A tumble in the Dow didn’t lead to a jump for crypto</cmsannotation> Unlike last year — when investors took money off the stock markets amid financial uncertainty and put their capital into crypto — the two markets tumbled together this time, amid the fear of a third COVID-19 wave. The Dow Jones Industrial Average fell 2.1% just one day before the Bitcoin market crash, <a href="https://www.businessinsider.in/cryptocurrency/news/dow-plummets-726-points-for-worst-day-of-2021-as-virus-variants-threaten-global-recovery/articleshow/84569452.cms">the worst since October 2020</a> for the exchange. Most experts have said that the sell-off was because investors feared stock prices would drop if a third wave of COVID-19 infections took hold. “The emergence of this more highly transmissible Delta variant… has brought into question the sustainability of this reopening and the recovery,” Candice Bangsund, a portfolio manager at Fiera Capital, <a href="https://www.wsj.com/articles/global-stock-markets-dow-update-07-19-2021-11626680342">told</a> the Wall Street Journal. The UK peeled back all COVID-19 restrictions earlier this week, while the US has been, slowly but surely, returning to normal too. This sell-off in global markets was imitated in crypto markets, amid fears about the strength of economic recovery. “There's been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite"></a> financial services firm Amber Group <a href="https://www.cnbc.com/2021/07/20/bitcoin-btc-falls-below-30000-as-cryptocurrency-market-plunges.html">told</a> CNBC. According to her, the sell-off was a result of “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields”. <cmsannotation type="cmsannotation" annotationid="Bitcoin’s stock-to-flow model invalidated" comment="subhead" text="Bitcoin’s stock-to-flow model invalidated">Bitcoin’s stock-to-flow model invalidated</cmsannotation> As <a href="https://cointelegraph.com/news/stock-to-flow-model-possibly-invalidated-as-bitcoin-price-loses-30k?utm_source=Telegram&amp;utm_medium=social">reported</a> by Cointelegraph, the popular stock-to-flow model, which has so far been used to price Bitcoin, was “farthest from its estimates” after the drop. The model was coined by an unnamed Dutch investor, known only as Plan B, and has been the go-to technique for pricing Bitcoins since 2019. The model uses Bitcoin’s scarcity — the fact that there will only be 21 million Bitcoins ever on the network — to price the token in a manner similar to gold, silver and other commodities. The stock-to-flow model says that the token should be priced at $88,531 right now, while the market says it’s worth 50% less than that. <cmsannotation type="cmsannotation" annotationid="Was Bitcoin’s fall the first of many dominos?" comment="subhead" text="Was Bitcoin’s fall the first of many dominos?">Was Bitcoin’s fall the first of many dominos?</cmsannotation> The crash was not as massive as the halving event witnessed earlier this year, which brought Bitcoin’s value down from over $60,000 to its currency $30,000 threshold. However, it was big enough to worry or excite investors waiting on Bitcoin to make some kind of movement over the last few weeks. The cryptocurrency has been stable between the $30,000 to $33,000 price band since the beginning of July. And, everyone wants to bet on which direction it’s heading in next. Some speculate that it could fall to as low as $10,000, which would wipe out all gains that investors have witnessed since October 2020. Others are hoping for a modest pause at around $23,300, which is where Bitcoin was paused at Christmas last year before its massive rally to over $60,000 in the following months. The uncertainty around where regulation is headed continues to plague and cast doubt on the future of Bitcoin. Even though it hasn’t been able to move higher, analysts and enthusiasts are hoping it won’t fall any further. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/a-new-nft-platform-by-an-iit-bombay-graduate-wants-everyone-to-be-able-to-set-up-their-own-shop-online/articleshow/84610361.cms">A new NFT platform by an IIT Bombay graduate wants everyone to be able to set up their own shop online</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a>

You Searched For "nft bands" and got 13 results

Twitter CEO Jack Dorsey to donate $2.5 million from his tweet auction to charity

IANS

Facebook is reportedly planning to form a commission for advice on election-related issues

Marcia Sekhose

An NFT collection of 10,000 Wall Street bulls sold out in 32 minutes, and soon risk-hungry collectors can double down or lose it all through a new gamification feature

Natasha Dailey

10 Things in Tech: Amazon's healthcare plans

Jordan Parker Erb

The risky allure of WiFi Money: private jets, sports cars, and ruined investors

Rob Price

A Danish bank's list of outrageous predictions for 2022 include NFTs tanking Spotify stock, 15% inflation, and an army of women on Reddit taking on corporations

Carla Mozée