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<ul class="summary-list"><li>There's "more pain to come" for the technology sector, billionaire investor <keyword id="12213675" type="UNKNOWN" weightage="60" keywordseo="orlando-bravo" source="Orion">Orlando Bravo</keyword> told CNBC on Thursday. </li><li>He said most software companies are unprofitable, and investors are questioning what they are paying for. </li></ul>Technology <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> are vulnerable to further losses, with companies likely to disappoint investors about their profitability prospects in a difficult macroeconomic environment, <a href="https://www.cnbc.com/2022/06/16/orlando-bravo-warns-theres-more-pain-to-come-for-the-tech-sector.html">private equity investor Orlando Bravo told CNBC</a> on Thursday. "I think there's more pain to come," for <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> stocks, said the billionaire co-founder of <keyword id="13627103" type="UNKNOWN" weightage="60" keywordseo="thoma-bravo" source="Orion">Thoma Bravo</keyword>, which specializes in software and tech sector investment. He appeared on the same day that US tech shares were selling off. The move followed the Federal Reserve's interest rate hike a day earlier, the biggest increase since 1994. The <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a> and the S&amp;P 500's Information Technology sector each fell by nearly 4%, deepening their year-to-date declines. Among large-cap tech shares, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> gave up 3% during Thursday trade, and <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon.com</a> pulled back by 4%, with each facing year-to-date losses of about 27% and 38%, respectively. <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> fell more than 2% and was on course to log a 2022 decline of around 27%.Investors have slammed tech stocks lower this year as the Fed's fight against inflation has translated into higher borrowing costs, and some investors see those as a threat to future profits. The Fed on Thursday raised its key rate by 75 basis points as consumer headline inflation <a href="https://www.businessinsider.com/inflation-report-cpi-may-gas-prices-federal-reserve-rate-hikes-2022-6">hit a four-decade high of 8.6% in May</a>. While higher interest rates, inflation and a potential economic slowdown are hurdles, tech shares — particularly those of software companies — are being repriced "mainly because the industry has an operating problem," said Bravo. "Most of the companies that are publicly traded in software are unprofitable. The average publicly traded SAAS software company loses money, negative 5% EBITDA margin," he said, referring to the software-as-a-service business model. "So we've now gotten to the place of enough industry maturity where investors, given all these headwinds that they now see, are saying, 'I want profitability today.' And that is going through a major rerating," Bravo added without naming any companies. He said the few publicly traded software companies that are profitable are down from a peak of 25 times EBITDA to 18 times EBITDA, which is in line with the declines in the broader <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword>. Meanwhile, unprofitable companies have veered down from 17 times forward revenue to five times forward revenue. And this is where he thinks more losses are likely in store for tech stocks as investors question what they are paying for."[When] those companies really start getting down to answering the investor question … the path to profitability, they're not going to love what they see. That requires a lot of cost reductions. It requires a lot of pain, and it's difficult to execute especially in a public setting," said Bravo.

There's 'more pain to come' for the tech sector as companies face difficult paths to profitability, says billionaire investor Orlando Bravo

<ul class="summary-list"><li>Private equity billionaire <keyword id="12213675" type="UNKNOWN" weightage="60" keywordseo="orlando-bravo" source="Orion">Orlando Bravo</keyword> says he owns <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> and is very bullish.</li><li>"<keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> is just a great system. It's frictionless. It's decentralized," he told CNBC.</li><li>He said institutions are only just getting on board, meaning there's great potential.</li></ul>Billionaire private equity investor Orlando Bravo has revealed that he owns <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and is very bullish about its prospects, saying institutions are only just starting to get on board."How could you not love crypto?" Bravo asked in an interview at <a href="https://www.cnbc.com/video/2021/09/29/orlando-bravo-how-could-you-not-love-cryptocurrencies.html">CNBC's Delivering Alpha</a> conference.Bravo founded private equity firm Thoma Bravo and has a net worth of $6.3 billion, according to <a href="https://www.forbes.com/profile/orlando-bravo/?sh=1f3837ad5070">Forbes</a>. The magazine called him "Wall Street's hottest dealmaker."His firm invested in Sam Bankman-Fried's crypto exchange FTX, and Bravo on Wednesday revealed that he personally owns bitcoin."Crypto is just a great system. It's frictionless. It's decentralized. And young people want their own financial system. So it is here to stay," he said."For me, it's pretty simple. More people are going to use it in the future than today, and it's going to be more established. Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years. I'm very bullish," Bravo said.Read more: <a href="https://www.businessinsider.com/crypto-investing-strategy-china-bitcoin-ban-ether-tether-retail-investors-2021-9">As bitcoin steadies after the shock of China's crypto ban, 5 experts break down what retail investors need to know</a>Cryptocurrencies have boomed over the last year, with bitcoin rising around 300% in price. Analysts have said huge amounts of stimulus from central banks and governments as well as a rise in retail trading have been key factors.But some institutions are also buying into the crypto boom. For example, Elon Musk's car company Tesla bought $1.5 billion of bitcoin in January, while banks such as JPMorgan and Goldman Sachs have launched crypto products.However, views vary as to how interested financial institutions actually are. SkyBridge Capital CEO Anthony Scaramucci said over the weekend that people who say there's big institutional adoption are <a href="https://markets.businessinsider.com/news/currencies/anthony-scaramucci-institutional-interest-crypto-bitcoin-honesty-little-skybridge-2021-9">not "being totally honest."</a>Bravo said he thinks "the underlying technology of blockchain, regardless of what protocol or what system you are building upon, can be very powerful and sometimes provides better use cases than data-based software."

Billionaire investor Orlando Bravo says he's very bullish about bitcoin - and asks 'How could you not love crypto?'

<ul class="summary-list"><li><keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> <keyword id="10974934" type="UNKNOWN" weightage="60" keywordseo="thoma-bravo-advantage">Thoma Bravo Advantage</keyword> agreed on Sunday to merge with the mobile-marketing company <keyword id="10974935" type="UNKNOWN" weightage="60" keywordseo="ironsource">ironSource</keyword>.</li><li>The combined company will be valued at a pro forma equity value of $11.1 billion.</li><li>ironSource revenue rose 83% year-over-year in 2020 to $332 million.</li></ul>The SPAC <a href="https://markets.businessinsider.com/stocks/tba-stock">Thoma Bravo Advantage</a> said on Sunday that agreed to merge with the mobile-marketing firm ironSource in order to take it public. The deal will give the combined entity a pro forma equity value of $11.1 billion.The transaction is sponsored by a $1.3 billion Class A ordinary share private investment in public equity (PIPE), as well as $1 billion of cash held in the trust account of Thoma Bravo Advantage. Overall, the merger is expected to provide $2.3 billion in cash proceeds for the combined firm.The PIPE is led by an affiliate of Thoma Bravo who put $300 million into the transaction and also includes investments from Tiger Global Management, Morgan Stanley, Nuveen, Hedosophia, Wellington Management, Baupost Group, funds managed by Fidelity Investments Canada, and other institutional investors.Orlando Bravo, the founder and managing partner of Thoma Bravo, will also join the board of ironSource.The Tel-Aviv, Israel-based ironSource provides an app designed to help businesses scale, monetize, and advertise their company online. In 2020, ironSource's revenue hit $332 million, up 83% year-over-year. The company also turned in $104 million in adjusted EBITDA on the year.In a statement, Tomer Bar Zeev, CEO and co-founder of ironSource, said the deal with Thoma Bravo will bring "the next level of growth" that his company needs.Thoma Bravo Advantage was one of <a href="https://www.businessinsider.com/spac-market-q1-statistics-volume-166-billion-growing-adoption-2021-3">more than 400 SPACs</a> looking to find a merger partner in 2021 before the SPAC convinced ironSource to abandon the traditional IPO route in order to go public via a merger. "Despite our previous progress pursuing a traditional IPO, when we met with Thoma Bravo Advantage we found an alignment of vision and shared conviction about the long-term growth we can drive at ironSource that made them the perfect partner as we take this next step in growing our company, and the market as a whole," Zeev said.ironSource's decision to go public via a SPAC merger instead of an IPO could be called a sign of the times as the SPAC market <a href="https://www.businessinsider.com/spac-investing-strategies-risks-expert-advice-commentary-analysis-2021-3">continues to boom</a>. Shares of Thoma Bravo Advantage climbed as much as 5% before paring gains on Monday, the first day of trading after news of the ironSource deal broke.<div type="image" title="TBA chart" height="684" width="834" msid="81635998" hostid="261"></div>

SPAC Thoma Bravo Advantage agrees on $11 billion deal to take mobile-marketing firm ironSource public

<ul class="summary-list"><li>SuperReturn conference gets underway at a time of challenges for private equity.</li><li>Kim Kardashian joins Harvey Schwartz, Orlando Bravo, and other leaders in speaking at the conference.</li></ul>Private equity's biggest party of the year has just kicked off, but there's not a whole lot to celebrate. Sure, a number of firms are finding <a href="https://www.businessinsider.com/blackstone-private-credit-investment-strategy-2022-10">lucrative opportunities in private credit</a> as traditional lenders pull back. But <a href="https://www.businessinsider.com/lazard-ceo-ken-jacobs-job-cuts-wall-street-2023-4">dealmaking has been dormant</a>, and the US economy, the world's biggest, is expected to hit the brakes soon.The uncertainty has made it more difficult for both private equity and venture capital firms to raise money for their funds. Private capital fundraising worldwide this year totaled just $211 billion as of March 31, off sharply from the pace in 2022, when $1.24 trillion was raised, and down from $1.56 billion in 2021, <a href="https://files.pitchbook.com/website/files/pdf/Q1_2023_Global_Private_Market_Fundraising_Report.pdf" target="_blank" rel="noopener">according to PitchBook</a>.So the mood may be somber in Berlin as the stars of the private markets arrive this week for the annual SuperReturn International conference. <a href="https://www.businessinsider.com/carlyle-new-ceo-harvey-schwartz-william-conway-2023-2">Carlyle's Harvey Schwartz</a> and <a href="https://markets.businessinsider.com/news/stocks/david-rubenstein-kevin-oleary-recession-interest-rates-stock-market-bargains-2022-5">David Rubenstein</a>, <a href="https://www.businessinsider.com/profile-of-julian-salisbury-goldman-sachs-2022-2">Julian Salisbury </a>of Goldman Sachs, <a href="https://www.businessinsider.com/vista-equity-partners-raises-money-robert-smith-tax-evasion-scandal-2021-3">Robert Smith</a> of Vista Equity Partners, <a href="https://www.businessinsider.com/thoma-bravo-clearlake-returns-utimco-endowment-2023-2">Orlando Bravo</a> of Thoma Bravo, and <a href="https://www.businessinsider.com/blackstones-lending-arm-enters-transition-period-after-founders-exit-2019-10">Bennett Goodman</a>, one of the founders of Blackstone's credit arm, <a href="https://informaconnect.com/superreturn-international/speakers/" target="_blank" rel="noopener">are among the scheduled speakers</a> at the five-day conference. Those are bold-faced names in Wall Street's world, but they can't compete with the star power of another conference speaker: <a href="https://www.businessinsider.com/kim-kardashian-reportedly-earned-1-million-speaking-in-miami-2023-2">Kim Kardashian.</a>She and her fellow co-founder and co-managing partner of the <a href="https://markets.businessinsider.com/news/funds/kim-kardashian-private-equity-firm-venture-capital-carlyle-jay-sammons-2022-9">private-equity firm SKKY Partners</a>, Jay Sammons, will be interviewed by Rubenstein on Wednesday on "the next generation of consumer brands."It's not the most auspicious time for consumer brands, as consumer spending, while currently steady, is expected to slow in the US. SKKY is looking to raise a $1 billion fund, its first fund, <a href="https://www.bloomberg.com/news/articles/2023-05-16/kim-kardashian-s-vast-social-reach-key-to-firm-s-buyout-pitch" target="_blank" rel="noopener">Bloomberg reported in May. </a>Kardashian and Sammons announced in September the <a href="https://www.businesswire.com/news/home/20220907005784/en/Kim-Kardashian-and-Jay-Sammons-Launch-SKKY-Partners">founding of the firm</a>, which "will make both control and minority investments in growth-oriented, market-leading consumer and media companies." What can we expect?Sammons, for one, has a proven record, leading Carlyle's investments in brands like Beats By Dre and Supreme during his 16 years at the firm.And Kardashian brings something special. The Financial Times' <a href="https://www.ft.com/content/23eee26a-3fb2-4b30-a4c1-e7631062712e" target="_blank" rel="noopener">Lex column</a> noted in September that "she already has a record of transmuting her social capital into financial capital," pointing to her success with the <a href="https://www.businessinsider.com/kim-kardashian-west-skims-worth-over-1-billion-nyt-2021-4">shapewear brand she co-founded, Skims</a>. It remains to be seen if private equity can keep up.

Can Kim Kardashian save private equity?

Hi. I'm Aaron Weinman. Some of the world's largest banks from Goldman Sachs to Morgan Stanley will cough up nearly $2 billion in penalties to the US regulators for failing to sufficiently monitor their employees' use of unauthorized messaging apps.The financial institutions admitted that their conduct violated recordkeeping provisions outlined in federal securities laws, the Securities and Exchange Commission said in a <a href="https://www.sec.gov/news/press-release/2022-174">press release on Tuesday</a>. The SEC hit 11 firms with $1.1 billion in penalties.At the heart of the matter here are bankers' use of communications platforms like Whatsapp or Signal. These are encrypted messaging apps that bankers regularly use to communicate with clients and even journalists.The Commodity Futures Trading Commission also <a href="https://www.cftc.gov/PressRoom/PressReleases/8599-22">ordered 11 firms</a> to pay over $710 million in penalties.Let's get into it.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/bofa-employees-frustrated-over-crackdown-amid-messaging-settlement-2022-9"></a>1. The SEC and CFTC have piled billions of dollars in misery on Wall Street. The largest US banks, boutiques, and European lenders were caught up in a probe around <a href="https://www.businessinsider.com/wall-street-bankers-livid-over-sec-probe-private-messages-whatsapp-2022-5">the use of unauthorized messaging apps</a>.Banks are required to monitor their employees' communications in order to mitigate improper conduct. Bankers have increasingly turned to unauthorized apps to communicate with clients.Whatsapp, for example, is a popular messaging app with bankers dealing with clients based outside the US. The crackdown has resulted in many bankers having to hand over their phones to their employers for inspection in recent months.These penalties come after regulators found that banks failed to stop their employees from communicating internally and externally via unauthorized apps.The SEC has said, however, that banks have begun efforts to improve their compliance policies and procedures around the use of unauthorized apps.Bank of America, for example, has rolled out a <a href="https://www.businessinsider.com/bofa-employees-frustrated-over-crackdown-amid-messaging-settlement-2022-9">new communications policy</a> to traders and bankers, Insider's Alex Morrell reported. Employees said the rules are excessive and hinder personal friendships in the industry.<a href="https://www.businessinsider.com/bofa-employees-frustrated-over-crackdown-amid-messaging-settlement-2022-9">Check out the full story here</a>.In other news:<a href="https://www.businessinsider.com/former-morgan-stanley-staffer-tyrone-blackburn-bias-cases-2022-9"></a><div type="image" title="Tyrone Blackburn launched his law practice soon after leaving Morgan Stanley." height="399" width="532" msid="94511526" hostid="261" sizebytes="5732"></div>2. An ex-Morgan Stanley employee has been representing staff who have bias claims against the bank. Tyrone Blackburn worked in Morgan Stanley's legal department before launching his own practice in 2019. His latest client has also accused the bank's global head of macro strategy of <a href="https://www.businessinsider.com/former-morgan-stanley-staffer-tyrone-blackburn-bias-cases-2022-9">making "racist rants."</a>3. AllianceBernstein's Chief Executive Seth Bernstein is leaning into private assets and exchange-traded funds. The asset manager's recent private markets purchase is now the largest part of AB's alternatives platform, <a href="https://www.businessinsider.com/alliancebernstein-ceo-alternatives-etfs-esg-2022-9">Bernstein told Insider</a>.4. Cathie Wood's ARK launched a venture fund that is open to individual investors, The Wall Street Journal reported. The fund is set to invest in private and public firms, similar to those held by <a href="https://www.wsj.com/articles/cathie-woods-ark-launches-venture-fund-open-to-individual-investors-11664249048?mod=hp_lista_pos1">ARK's high-growth, tech-focused ETFs</a>.5. Thoma Bravo will pause future investments in other cryptocurrency companies, the firm's founder Orlando Bravo said in an interview with the Financial Times. Billionaire Bravo also said he was disappointed to find that ethical standards in parts of the crypto space are <a href="https://www.ft.com/content/c5dd6c35-d3e2-4602-a8e4-54266990cfd3">not as high as in private equity</a>.6. A Citadel Securities employee left the market maker for a startup, but he now faces a lawsuit. Vincent Prieur faces a non-compete lawsuit after he joined crypto-trading <a href="https://www.institutionalinvestor.com/article/b1zyzmvhxf2612/An-Employee-Left-Citadel-Securities-for-a-Startup-Now-He-s-Facing-a-Lawsuit?utm_source=Twitter&amp;utm_medium=organic%20social%20media&amp;utm_term=Editorial&amp;utm_content=7708467012&amp;utm_campaign=II_Editorial_2021-10-26_EG">platform Portofino Technologies</a>.7. Pay data has revealed how much Hollywood giants recently offered for jobs in various divisions. Here are the latest from <a href="https://www.businessinsider.com/hulu-salaries-revealed-for-tech-marketing-more-us-jobs-2022-3">Disney and Hulu</a>.8. Ally vs. Marcus vs. Wealthfront. Here is how three of the most popular high-yield savings accounts stack up <a href="https://www.businessinsider.com/personal-finance/high-yield-savings-ally-vs-marcus-vs-wealthfront">against each other</a>. Wealthfront, meanwhile, offers a high-yield account with a <a href="https://www.businessinsider.com/personal-finance/how-wealthfront-cash-account-works">minimum deposit of just $1</a>.9. Emergency savings account startup SecureSave has partnered with the San Antonio Spurs and Truist to complete a seed-funding round. Here is the 20-slide pitch deck the firm used <a href="https://www.businessinsider.com/fintech-securesave-pitch-deck-esa-seed-round-san-antonio-spurs-2022-9">to net the capital</a>.10. Citadel Chief Executive Ken Griffin's splash on a Miami property is a market-defining moment for Florida real estate. The Miami area saw its first $100 million residential-real-estate sale in September. Homes are still in short supply and it's keeping pressure on luxury and <a href="https://www.businessinsider.com/south-florida-miami-luxury-real-estate-ken-griffin-2022-9">non-luxury home prices</a>.People moves:<ul><li>RBC has appointed Jason Gurandiano its head of US technology banking. He joined the bank in 2015 and was most recently global head of fintech and is a representative on RBC's Crypto Committee, according to a memo seen by Insider. Previously, Gurandiano was head of fintech at Deutsche Bank.</li><li>Bank of Montreal has hired Bo Brown as a managing director in its capital-markets business, Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-09-27/bank-of-montreal-hires-citi-s-bo-brown-for-private-equity-deals?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220927&amp;utm_campaign=author_19463148">reported</a>. Brown previously worked for Citi, where he handled sell-side M&amp;A transactions for financial sponsors.</li><li>Jens Welter is <a href="https://www.efinancialcareers.com/news/2022/09/jens-welter-credit-suisse-to-citigroup">quitting Credit Suisse</a> less than a year after being named its co-head of global banking. After 27 years with the bank, <a href="https://www.ft.com/content/7f67de02-407c-41bf-aeb5-aa823c8d02c2">Welter is joining Citi</a> as its new co-head of European investment banking. He will also chair Citi's consumer and retail advisory business.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street shops get dinged for nearly $2 billion in penalties for failing to police bankers' use of Whatsapp

Hi, Aaron Weinman here. Welcome to <keyword id="14128442" type="UNKNOWN" weightage="60" keywordseo="10-things-on-wall-street" source="Orion">10 Things on Wall Street</keyword> — s<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">ign up here to get the newsletter in your inbox</a>. Before we get into today's matters, just a note that there will be no <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> on Monday as we observe Juneteenth.Now, I'd like to kick off the Friday feels with a bit <a href="https://www.businessinsider.com/inside-coinbase-layoffs-crypto-employees-spend-salaries-overhire-bitcoin-2022-6">about Coinbase</a>. It's a tale of hubris, much like the Greek mythological story of Icarus who flew too close to the sun. Plus, we'll wrap things up by introducing our <a href="https://www.businessinsider.com/the-banker-helping-evercore-compete-with-goldman-jpmorgan-2022-6">Banker of the Week</a>.Shall we?<a href="https://www.businessinsider.com/inside-coinbase-layoffs-crypto-employees-spend-salaries-overhire-bitcoin-2022-6"></a>1. Some of the 1,100 Coinbase employees who were let go this week <a href="https://www.businessinsider.com/inside-coinbase-layoffs-crypto-employees-spend-salaries-overhire-bitcoin-2022-6">told Insider</a> the writing was on the wall well before the layoffs took place. "Eventually the chickens are going to come home to roost," one former manager at the crypto exchange said.Coinbase was riding high on the crypto wave that seemingly had no crest. The company paid staff handsomely, it hired en masse, and had one of the <a href="https://www.businessinsider.com/coinbase-superbowl-ad-shows-bouncing-qr-code-blank-screen-2022-2">most effective ads</a> at this year's Super Bowl.But employees who were recently let go felt tremors shaking Coinbase's business as the crypto market started to falter, Insider's Bianca Chan, Carter Johnson, Kylie Robison, and Jessica Xing report.Coinbase CEO Brian Armstrong's <a href="https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12">mea culpa</a> that he over-hired has turned the company into the poster child of the crypto space. The market grew exponentially in a tiny window of time. Coinbase's trading volumes surged to $1.7 trillion last year from $80 billion in 2019.Even a week before the mass layoffs, the company's global support team was treated to a four-day offsite in Austin, Texas. Employees from India to England were flown in.But growth-at-all-costs strategies are dangerous. Tech companies the world over are slashing their workforces after years of excessive spending.Coinbase — like many of its disruptive peers in tech — are quickly learning, like Icarus, that hubris is not to be trifled with.<a href="https://www.businessinsider.com/inside-coinbase-layoffs-crypto-employees-spend-salaries-overhire-bitcoin-2022-6">Here's what ex-Coinbase staffers are saying.</a> Plus, don't miss: <a href="https://www.businessinsider.com/coinbase-layoffs-after-cryptocurrency-crash-2022-6">This essay from Miguel Cuevas, a L&amp;D program manager who was laid off from the crypto exchange.</a>In other news:<a href="https://www.businessinsider.com/tiger-global-venture-capital-bain-relationship-2022-6"></a><div type="image" title="Two hands shaking; &quot;Bain &amp; Company&quot; business cards fall from the sleeve of one hand." height="900" width="1200" msid="92283295" hostid="261"></div>2. Tiger Global outsourced much of its venture-capital strategy to consultants at Bain. Now that strategy is under scrutiny as valuations plunge, and Tiger shows signs of walking away from its investments right when these companies <a href="https://www.businessinsider.com/tiger-global-venture-capital-bain-relationship-2022-6">need the investor more than ever</a>.3. The bubble around the popular index-rebalance trade has popped. This type of trade — when investors bet on stocks being added or subtracted from indices like the S&amp;P 500 — soared at well-known funds like Point72 and Millenium, but <a href="https://www.businessinsider.com/overcrowded-index-rebalance-trade-leads-to-losses-for-hedge-funds-2022-6?IR=C">their trades have gotten torched this month</a>.4. Coast Capital has returned 24% this year. Founder James Rasteh — who has amassed about $300 million in assets for the three-year old firm — has corralled much of these returns since <a href="https://www.businessinsider.com/coast-capital-performance-biotech-stocks-2022-6">taking a fancy to biotech companies</a>.5. Crypto's very-own sea monster Kraken doesn't want you unless you're a libertarian. Jesse Powell, Kraken's CEO, is offering four months' pay to employees who <a href="https://www.businessinsider.com/kraken-pay-employees-to-leave-4-months-jet-ski-2022-6">don't agree with his values to leave the crypto exchange</a>.6. Ray Dalio's hedge fund is now the biggest short-seller of European stocks. Dalio's Bridgewater Associates is betting at least $5.7 billion that <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-bridgewater-short-seller-european-stocks-bet-inflation-hedge-2022-6">European stocks will fall</a>.7. Private-equity firms face a "crisis of value," according to Bloomberg. After years of soaring valuations, some deals were mispriced because of low interest rates, <a href="https://www.bloomberg.com/news/articles/2022-06-16/private-equity-faces-crisis-of-value-over-inflated-prices?sref=ipW5reFz">especially in health and tech</a>.8. Thoma Bravo founder Orlando Bravo warned of "more pain" for the beleaguered tech space. Bravo, known for big-ticket tech company buyouts, told CNBC that when growth-oriented companies start addressing profitability,<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-sector-more-pain-orlando-bravo-nasdaq-2022-6"> "they're not going to love what they see."</a>9. Wall Street's largest banks still have their work cut out for them on improving workplace diversity. Senior Black bankers at Goldman Sachs and JPMorgan revealed a "snail's pace" of progress, according to Financial News, citing <a href="https://www.fnlondon.com/articles/wall-street-banks-are-stuck-on-diversity-latest-data-shows-20220616">data from the US Equal Employment Opportunity Commission</a>.<a href="https://www.businessinsider.com/the-banker-helping-evercore-compete-with-goldman-jpmorgan-2022-6"></a><div type="image" title="naveen Nataraj" height="600" width="799" msid="92283297" hostid="261"></div>10. And let's not forget our Friday "Banker of the Week." Meet Naveen Nataraj, the 20-year dealmaking veteran, and head of US advisory services at boutique shop Evercore.Nataraj worked on roughly $60 billion worth of transactions in the last year, a haul of deals that got him on <a href="https://www.businessinsider.com/top-mergers-acquisitions-bankers-2021-goldman-jpmorgan-liontree-aryeh-bourkoff-2022-1">Insider's Rainmakers list</a> this year.<a href="https://www.businessinsider.com/the-banker-helping-evercore-compete-with-goldman-jpmorgan-2022-6">Here's how Nataraj is helping Evercore compete with Goldman and JPMorgan.</a>If you know of any bankers we should feature in our Banker of the Week series, please email me at <a href="mailto:aweinman@insider.com">aweinman@insider.com</a>.Done deals:<ul><li>KKR-backed eSSENTIAL Accessibility and JMI-backed Level Access <a href="https://www.pehub.com/kkr-backed-essential-accessibility-and-jmi-backed-level-access-to-merge/">will merge</a>. The formation creates an end-to-end solutions for businesses' digital access needs. KKR made the investment in eSSENTIAL through its tech growth strategy.</li><li>Apollo agreed to <a href="https://www.globenewswire.com/news-release/2022/06/13/2461610/0/en/Apollo-Funds-to-Acquire-Cardenas-Markets-One-of-the-Largest-Hispanic-Grocery-Chains-in-the-U-S-from-KKR.html">acquire grocery chain Cardenas Markets</a> from KKR. Upon completion of the deal, Apollo's existing portfolio company Tony's Fresh Market will combine with Cardenas.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: Coinbase flew too close to the sun

Sunday scaries don't seem to realize it's only Friday. Phil Rosen here in New York — the <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> have looked grim recently, and commentators seem to be ringing recession bells more loudly since Wednesday's rate hikes. The tech sector, notably, has taken a beating during this year's downturn, as big companies like Apple, Microsoft, and Alphabet all plunged in Thursday's session. But, those giants aside, today we're highlighting Tesla, which fell 10% yesterday.Here we go. Programming note: There will be no <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> on Monday, as Insider observes Juneteenth.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-ev-raise-car-model-increase-musk-tsla-2022-6"></a>1. Shares of Elon Musk's EV-maker continue to hit turbulence. The news site Electrek reported that Tesla has <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-ev-raise-car-model-increase-musk-tsla-2022-6">raised the prices</a> on most of its cars, sending shares sliding steadily throughout Thursday's session. The stock fell as much as 10%. Year-to-date, Tesla has declined roughly 34%, <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-ev-raise-car-model-increase-musk-tsla-2022-6">underperforming the S&amp;P 500's slide of about 23%</a>.Out of all the Tesla models, one of the souped-up Model X's saw the biggest increase, with its sticker price jumping from $114,990 to $120,990. Piling on to the day's bad news, famed investor Jim Chanos — <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-one-big-risk-jim-chanos-short-seller-tsla-2022-6">who's been shorting Tesla stock</a> — said there's plenty more to worry about for the car company. "We have a large suspicion that a disproportionate amount of the profits are coming out of Shanghai. And that raises <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-one-big-risk-jim-chanos-short-seller-tsla-2022-6">all kinds of other risks to the multiple</a>," Chanos told Bloomberg this week.He added that Tesla is trading on a "monster multiple of a profit stream," and said it was like a <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-one-big-risk-jim-chanos-short-seller-tsla-2022-6">poster child of the 1999 dot-com bubble</a>. But Tesla is not alone in its troubles. There's <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-sector-more-pain-orlando-bravo-nasdaq-2022-6">plenty of tumult</a> to go around for the broader tech sector, <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-sector-more-pain-orlando-bravo-nasdaq-2022-6">billionaire investor Orlando Bravo</a> said Thursday. "I think there's more pain to come [for tech stocks]," Bravo told CNBC. "We've gotten to the place of enough industry maturity where investors…are saying, 'I want profitability today.' And that is going through a major rerating."In other news:<a href="https://markets.businessinsider.com/news/commodities/russia-gas-flows-to-eruope-gazprom-energy-ukraine-war-commodities-2022-6"></a><div type="image" title="Russian President Vladimir Putin speeches during the Council of Lawmakers at the Tauride Palace, April 27, 2022 in Saint Petersburg, Russia" height="2592" width="5184" msid="92281626" hostid="261"></div>2. US stock futures rise early Friday, after yesterday saw the Dow tumble below 30,000 points for the first time since early 2021. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-futures-dow-jones-central-banks-recession-2022-6">Check out how markets are moving this morning.</a>3. On deck today: Alithya Group and MICT Inc, <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>. Plus, Fed Chair Jerome Powell is speaking at the International Roles of the US Dollar conference.4. This top portfolio manager said that avoiding a recession would be a "pleasant surprise" as risks to the economy mount. GMO's Ben Inker has beaten 89% of peers this year. <a href="https://www.businessinsider.com/investing-cheap-stocks-market-crash-recession-risk-advice-strategy-gmo-2022-6">He thinks these five cheap, attractive groups of stocks are set to thrive.</a>5. Russia's Gazprom continues slashing natural gas supplies to Europe. And it's happening just as customers are trying to build up inventories for the winter. <a href="https://markets.businessinsider.com/news/commodities/russia-gas-flows-to-eruope-gazprom-energy-ukraine-war-commodities-2022-6">Germany said the Russian oil giant is trying to push gas prices higher. </a>6. Crypto bull Mike Novogratz warned the economy is going to collapse. The Fed is hiking rates as a bubble pops, the Galaxy Digital CEO told MarketWatch. <a href="https://markets.businessinsider.com/news/currencies/economy-collapse-recession-fed-hike-bubble-galaxydigital-ceo-mike-novogratz-2022-6">"We are going to go into a really fast recession, and you can see that in a lot of ways."</a>7. The stock market faces heightened risk of another sell-off if the VIX crosses 38, according to Fairlead's Katie Stockton. The so-called fear gauge of the market is fluctuating, but if it hits a certain level then it raises the risk of a capitulatory spike, the analyst said. <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-more-downside-ahead-vix-fear-gauge-volatility-2022-6">Here's what you want to know.</a>8. Meet a 30-year-old who rakes in about $89,000 a month from two online side hustles. He used YouTube tutorials to learn technical know-how and build a successful brand. He recommended these three skills to earn money online — <a href="https://www.businessinsider.com/online-hustles-making-thousands-a-month-investor-content-creator-2022-6">and shared his investing strategy</a>.9. The housing market is quickly cooling off after years of price gains and bidding wars. The landscape looks very different all of a sudden, as mortgage rates spike and the soaring market sputters. <a href="https://www.businessinsider.com/housing-market-experts-falling-demand-homebuilder-outlook-2022-6">Housing experts explained exactly what's happening and why. </a><a href="https://www.businessinsider.com/charts-show-slowdown-hitting-housing-market-2022-6"></a><div type="image" title="Housing affordability index" height="940" width="1240" msid="92281627" hostid="261"></div>10. Housing affordability is plummeting. It's not just interest rates that are going up — everything else in the economy is getting more expensive as pandemic-era wage increases taper off. <a href="https://www.businessinsider.com/charts-show-slowdown-hitting-housing-market-2022-6#list-prices-for-homes-are-leveling-off-4">The National Association of Realtors affordability index has cratered nearly 40 points this year</a>.Keep up with the latest markets 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 Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.) Edited by Max Adams (<a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Opening Bell: Tesla tanks

<ul class="summary-list"><li>At least 11 people are confirmed dead and 150 missing after a <keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword> <keyword id="2266800" type="PERSON" weightage="60" keywordseo="condo">condo</keyword> collapsed. </li><li>Over $1 million has been raised to help victims and their families, <a href="https://www.washingtonpost.com/business/2021/06/28/surfside-disaster-acts-of-kindness/">The Washington Post</a> reported. </li><li>The funds will be used to cover what insurance won't and to help with expenses. </li></ul>Over $1 million has been raised for families of victims of the Florida building <keyword id="45337" type="ENTERTAINMENT" weightage="60" keywordseo="collapse">collapse</keyword>, <a href="https://www.washingtonpost.com/business/2021/06/28/surfside-disaster-acts-of-kindness/">The Washington Post</a> reported. As of Monday night, $1,195,164.04 was raised on the <a href="https://thechesedfund.com/shulofbalharbour/miamitragedy">Chesed Fund</a>, which will be administered through the Shul of Bal Harbour synagogue. The Miami Heat and other local organizations including the Global Empowerment Mission have also established funds. Businessmen including Puerto Rican billionaire Orlando Bravo, co-founder of the private equity firm Thoma Bravo, donated $250,000, <a href="https://www.wfla.com/news/florida/billionaire-orlando-bravo-makes-250k-donation-to-help-surfside-condo-collapse-victims/">WFLA</a> reported. "If you have something that's very personal to you that hits family, friends, communities, if you don't do something about it, nobody's going to do anything about it," Bravo said.The Champlain Towers South building in Surfside, Florida partially collapsed <a href="https://www.insider.com/video-florida-condo-building-collapse-surfside-2021-6">just after 1 a.m. on Thursday.</a> Search and rescue crews are still working through the rubble and at least <a href="https://www.insider.com/part-of-miami-condo-block-from-ivanka-jared-caved-in-2021-6">11 people have been confirmed dead with 150 still unaccounted for</a>.The funds collected will be used for medical needs insurance won't cover for those who are injured and given to the families of those who died, the Post reported. Michael Capponi, founder of <a href="https://globalempowermentmission.kindful.com/?campaign=1134559" target="_blank" rel="noopener">Global Empowerment Mission</a>, a Miami-based nonprofit organization, told the Post that his organization normally assists with international disasters but is now helping get necessary aid to those impacted in Surfside.The Post reported that Capponi's organization teamed up with BStrong, an initiative by reality TV star Bethenny Frankel, and has so far given 17 families $1,500 Visa gift cards.Capponi told the Post that "$1,500 is a nice gesture, but in reality, they've lost everything."He said the pain of the families in Surfside is like none he's seen before. Two residents told him they paid off their 20-year mortgage a week before the blast. "An entire life working and now it's crumbled and it's rock and it's debris and it's nothing," Capponi said.Others working to provide relief to the families also said the situation was dire. Shekar Reddy, of the Gummakonda Foundation in Hallandale, Florida, told the Post his organization is working to help displaced people and assist the international family members of those who are missing traveling to the site. The group is helping them book accommodations.People still missing hailed from more than <a href="https://www.insider.com/florida-condo-collapse-people-from-over-a-dozen-countries-among-missing-2021">a dozen countries</a> and authorities have taken DNA samples from family members to help identify them. "Some of these families, they come from outside the country [and] don't speak English or know how to navigate things like reservations," Yeny Paola Rico, who founded the Gummakonda Foundation with Reddy, said. "And right now, it's a little bit crazy."

More than $1 million has been raised for families impacted by the Florida condo collapse

Happy hump day!While much of <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> has acknowledged more needs to be done to diversify its ranks, one financial firm has already made excuses.Wells Fargo chief executive Charles Scharf said during a Zoom meeting over the summer that the bank struggled to reach diversity goals because of a lack of qualified minority applicants, <a href="https://www.reuters.com/article/us-global-race-wells-fargo-exclusive/exclusive-wells-fargo-ceo-ruffles-feathers-with-comments-about-diverse-talent-idUSKCN26D2IU">according to a recent Reuters report</a>. "While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from," Scharf reportedly said in a subsequent memo, <a href="https://www.reuters.com/article/us-global-race-wells-fargo-exclusive/exclusive-wells-fargo-ceo-ruffles-feathers-with-comments-about-diverse-talent-idUSKCN26D2IU">according to Reuters</a>.While some attendees of the meeting were offended by the comments, <a href="https://www.reuters.com/article/us-global-race-wells-fargo-exclusive/exclusive-wells-fargo-ceo-ruffles-feathers-with-comments-about-diverse-talent-idUSKCN26D2IU">according to the story</a>, at least one participant described it as "incredibly constructive."<a href="https://www.reuters.com/article/us-global-race-wells-fargo-exclusive/exclusive-wells-fargo-ceo-ruffles-feathers-with-comments-about-diverse-talent-idUSKCN26D2IU">The entire piece is worth a read.</a><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the newsletter? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h2><a href="https://www.businessinsider.com/barclays-distressed-credit-lost-60-million-in-first-half-2020-9">Bloodbath for Barclays' distressed-credit traders</a></h2><a href="https://www.businessinsider.com/barclays-distressed-credit-lost-60-million-in-first-half-2020-9"><div type="image" title="FILE PHOTO: A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth/File Photo" height="3464" width="4618" msid="78274867" hostid="261"></div></a>Trading distressed credit is difficult during the best of times. Throw in a global pandemic, where even the most sound business models are at risk, and <a href="https://www.businessinsider.com/barclays-distressed-credit-lost-60-million-in-first-half-2020-9">things can go wrong quickly</a>. <a href="https://www.businessinsider.com/barclays-distressed-credit-lost-60-million-in-first-half-2020-9">Alex Morrell has the scoop</a> on just how bad things can get. Barclays' distressed-credit team is staring down the barrel of <a href="https://www.businessinsider.com/barclays-distressed-credit-lost-60-million-in-first-half-2020-9">$60 million in losses through mid-year</a>. Alex breaks down <a href="https://www.businessinsider.com/barclays-distressed-credit-lost-60-million-in-first-half-2020-9">what exactly has gone wrong</a> for the British bank. <a href="https://www.businessinsider.com/barclays-distressed-credit-lost-60-million-in-first-half-2020-9">Click here to read the full story.</a><h2><a href="https://www.businessinsider.com/nasdaq-opposes-securities-and-exchange-commission-13f-threshold-proposal-2020-9">Nasdaq follows the NYSE in publicly opposing the SEC's proposal to drastically limit visibility into money managers' investments</a></h2><h2><a href="https://www.businessinsider.com/nasdaq-opposes-securities-and-exchange-commission-13f-threshold-proposal-2020-9"><div type="image" title="Adena Friedman" height="960" width="1279" msid="78274869" hostid="261"></div></a></h2><a href="https://www.businessinsider.com/nasdaq-opposes-securities-and-exchange-commission-13f-threshold-proposal-2020-9">Rebecca Ungarino has the latest update</a> on the battle over a proposal from the SEC on disclosures for money managers. <a href="https://www.businessinsider.com/nasdaq-opposes-securities-and-exchange-commission-13f-threshold-proposal-2020-9">Nasdaq is the latest financial firm</a> to throw its hat in the ring and oppose the idea. <a href="https://www.businessinsider.com/nasdaq-opposes-securities-and-exchange-commission-13f-threshold-proposal-2020-9">Read all the details here</a>. <h2><a href="https://www.businessinsider.com/nav-fintech-connecting-small-businesses-to-lenders-new-platform-2020-9">A fintech that pairs small-business borrowers with lenders just launched data-driven matchmaking aimed at reinvigorating the space after a pandemic-induced slump</a></h2><a href="https://www.businessinsider.com/nav-fintech-connecting-small-businesses-to-lenders-new-platform-2020-9"><div type="image" title="small business owner" height="3208" width="4277" msid="78274872" hostid="261"></div></a>Small-business lending is <a href="https://www.businessinsider.com/nav-fintech-connecting-small-businesses-to-lenders-new-platform-2020-9">going through some tough times</a>. However, <a href="https://www.businessinsider.com/nav-fintech-connecting-small-businesses-to-lenders-new-platform-2020-9">this fintech</a> updated its platform in hopes of better connecting lenders with borrowers in the space. <a href="https://www.businessinsider.com/nav-fintech-connecting-small-businesses-to-lenders-new-platform-2020-9">Shannen Balogh has the full story here</a>.<h2><a href="https://www.businessinsider.com/jll-hires-new-life-sciences-head-real-estate-investment-massachusetts-2020-9">Demand for lab space is booming, and real-estate giant JLL just hired a new life-sciences expert to lean into the opportunity</a></h2><a href="https://www.businessinsider.com/jll-hires-new-life-sciences-head-real-estate-investment-massachusetts-2020-9"><div type="image" title="Travis McCready JLL" height="1500" width="2000" msid="78274877" hostid="261"></div></a>Alex Nicoll <a href="https://www.businessinsider.com/jll-hires-new-life-sciences-head-real-estate-investment-massachusetts-2020-9">spoke to Travis McCready</a>, a recent hire by JLL to run its Life Sciences real-estate practice. Read more about what McCready's <a href="https://www.businessinsider.com/jll-hires-new-life-sciences-head-real-estate-investment-massachusetts-2020-9">plans are for the role</a>. Odd lots:<a href="https://www.wealthmanagement.com/regulation-compliance/betterments-search-cco-continues"></a><a href="https://www.bloomberg.com/news/articles/2020-09-22/wall-street-commodity-traders-head-for-best-year-in-a-decade?cmpid=BBD092220_OUS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=200922&amp;utm_campaign=openamericasign=openamericas">Wall Street Commodity Traders Head for Best Year in a Decade (Bloomberg)</a><a href="https://www.wsj.com/articles/blackstone-ready-to-lend-after-raising-record-property-debt-fund-11600776000?mod=lead_feature_below_a_pos1">Blackstone Ready to Lend After Raising Record Property Debt Fund (WSJ)</a><a href="https://www.wsj.com/articles/insurance-freeze-snarls-u-s-supply-chains-11600772974?mod=hp_lista_pos3">Insurance Freeze Snarls U.S. Supply Chains (WSJ)</a><a href="https://www.insider.com/abandoned-places-used-in-movies-tv-shows-2020-9">11 real abandoned places where your favorite movies and TV shows were filmed (Insider)</a><a href="https://www.wsj.com/articles/orlando-bravo-rides-software-deals-to-heights-of-private-equity-industry-11600767001?mod=djemCFO">Orlando Bravo Rides Software Deals to Heights of Private-Equity Industry (WSJ)</a><a href="https://www.businessinsider.com/chainsmokers-strategy-for-investing-in-hot-startups-2020-9">The Chainsmokers just raised $35 million from Mark Cuban, Ron Conway, others to invest in tech startups but quickly discovered that buying into a hot startup is harder than they imagined (Business Insider)</a><a href="https://www.businessinsider.com/detroit-high-school-teacher-buys-renovates-abandoned-home-2020-1">A high school teacher in Detroit bought a 'trashed' home in the city for $2,600 and got it into livable condition in less than 2 years. Here's how she did it. (Business Insider)</a><a href="https://www.insider.com/magnolia-bakery-shares-famous-banana-pudding-recipe-2020-9">The bakery made famous by 'Sex and the City' has released the recipe for its popular banana pudding (Insider)</a>

Trading bloodbath at Barclays — Nasdaq pushes back on SEC — Wells CEO on diversity

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP Photo/Allen BreedPeter Wang is seen in this photo near a memorial in Parkland, Fla., Friday, Feb. 16, 2018.</div></div></div><ul><li>A 15-year-old JROTC cadet died helping his classmates escape the gunman that stormed his Florida school last week.</li><li>Peter Wang was shot multiple times and killed while holding the door to his study hall open, allowing dozens of his classmates to escape.</li><li>People are now petitioning the White House to have Wang buried with full military honors.</li></ul> A freshman JROTC cadet died helping his <a href="http://www.businessinsider.com/parkland-florida-students-slam-trump-for-blaming-democrats-fbi-for-shooting-2018-2">classmates escape the gunman</a> that stormed his Parkland, Florida school last week with an AR-15.Peter Wang was wearing his grey JROTC uniform with black stripes as he held the door to his study hall open, helping "dozens" of his fellow classmates escape, before he was shot multiple times and killed, according to multiple reports. Now people are petitioning the White House to bury Wang with full military honors. More than 60,000 people have <a href="https://petitions.whitehouse.gov/petition/allow-cadet-peter-wang-receive-full-honors-military-burial" target="_blank" rel="noopener">signed the petition</a> as of midday on Tuesday. Wang's "selfless and heroic actions have led to the survival of dozens in the area. Wang died a hero, and deserves to be treated as such, and deserves a full honors military burial," the petition reads. "He died a gentleman holding the door for other students," Wang's friend, Kelsey, <a href="http://transcripts.cnn.com/TRANSCRIPTS/1802/16/ip.01.html" target="_blank" rel="noopener">told</a> CNN. "And knowing he's gone is going to haunt me forever."Wang was known to have protected others in the past. When his older cousin, Aaron Chen, who didn't speak English, moved to the US from China, he made sure no one bullied him, <a href="http://www.miamiherald.com/news/local/community/broward/article200992699.html" target="_blank" rel="noopener">according</a> to the Miami Herald.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jesse Pan/FacebookPeter Wang</div></div></div>Wang, who <a href="http://www.sun-sentinel.com/local/broward/parkland/florida-school-shooting/fl-florida-school-shooting-peter-wang-obit-20180215-story.html" target="_blank" rel="noopener">dreamed</a> of attending West Point, joined the US Army Junior Reserve Officers' Training Corps upon entering Marjory Stoneman Douglas High School as a freshman. He was reportedly a good marksman, and was set to be promoted the following week to the "A" team of his third period Bravo unit, Angelyse Perez, Wang's 18-year-old commander, told the Herald."That kid was the most hilarious thing on the planet," Perez said. "He was always happy and bubbly and smiley.""He is so brave. He is the person who is genuinely kind to everyone," Wang's 24-year-old cousin, Lin Chen, <a href="http://www.sun-sentinel.com/local/broward/parkland/florida-school-shooting/fl-florida-school-shooting-peter-wang-obit-20180215-story.html" target="_blank" rel="noopener">told</a> the Orlando Sun Sentinel. "He doesn't care about popularity. He always liked to cheer people up. He is like the big brother everyone wished they had.""I feel the family can never be the same," Chen said.Wang, who was born in New York, was one of 17 people killed last Wednesday. He was 15 years old. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/suki-kim-north-korea-sent-hundreds-cheerleaders-olympics-2018-2">Why North Korea sent hundreds of cheerleaders to the Olympics</a></h3> <div> </div> </div>

A 15-year-old JROTC cadet sacrificed himself to save 'dozens' during the Florida shooting - and thousands of people want him buried with full military honors

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>Celebrities are coming out in droves to choose a horse in the 2016 presidential race.&#xa0;Former Secretary of State Hillary Clinton has, by far, the most endorsements so far, with a total of 30 actors, singers, and rappers voicing their support for the Democratic front-runner.On the Republican side, former Arkansas Gov. Mike Huckabee (R) has the most celebrity endorsements so far with a grand total of three: The Duggar family, actor Chuck Norris, and singer Tony Orlando.&#xa0;Coming in second on the GOP side is Louisiana Gov. Bobby Jindal (R), who has two endorsements,&#xa0;even though he hasn't announced that he is going to run for president.&#xa0;Here's a list of celebrities that have spoken out about 2016 candidates:<h3>Former Florida Gov. Jeb Bush (R) and New Jersey Gov. Chris Christie (R)</h3>Bush and Christie are clearly behind when it comes to celebrity endorsements.&#xa0;The closest thing so far is a statement from retired NBA star Charles Barkley, who told <a href="http://www.si.com/more-sports/2015/02/15/charles-barkley-analytics-interview-nba-all-star-weekend">Sports Illustrated</a> in February 2015 that despite his Democratic voting history, in the 2016 presidential campaign, "I like some of the Republicans this time around.""I like Chris Christie," he said. "I like Jeb Bush. I like those guys."<h3>Wisconsin Gov. Scott Walker (R)</h3>Actor Scott Baio <a href="https://twitter.com/ScottBaio/status/575482532172451840/photo/1">tweeted in March 2015</a> that Walker "sounds a lot like President Reagan."Baio tweeted his support for Walker after the actor and his wife, Renee Sloan, met the governor this March in Southern California.&#xa0;Walker said he was "flattered" by the endorsement:<div><div></div></div><h3>Former Arkansas Gov. Mike Huckabee (R)</h3>Michelle and Jim Bob Duggar, stars of the TLC reality TV show "19 Kids &amp; Counting," posted their endorsements for <a href="http://www.mikehuckabee.com/">Huckabee on his campaign website</a> on May 5, the day he launched his presidential run. Even after claims were unearthed on May 21 that the oldest Duggar son, Josh, molested young girls in the past, Huckabee <a href="http://www.businessinsider.com/mike-huckabee-stands-by-duggar-family-despite-molestation-scandal-2015-5">expressed his support for the conservative family</a>.&#xa0;<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>Chuck Norris, the martial artist/actor from "Walker, Texas Ranger," supported Huckabee in the 2008 presidential run. When Huckabee launched his 2016 bid Norris declared, "I still believe Mike Huckabee is the most qualified," <a href="http://www.nytimes.com/politics/first-draft/2015/05/05/mike-huckabee-has-chuck-norris-in-his-corner-again/?_r=2">according to The New York Times.</a>Singer Tony Orlando serenaded the crowd at Huckabee 's campaign launch and <a href="http://abcnews.go.com/Politics/mike-huckabee-announces-2016-presidential-bid/story?id=30816392">called the Republican candidate</a> "the most trusted man I've ever met in my life."<h3>Sen. Rand Paul (R-Kentucky)</h3>Vince Vaughn, the&#xa0;actor, supported Paul's father, former Rep. Ron Paul (R-Texas) in the 2012 presidential race and is eyeing the Kentucky Republican as his candidate in the 2016 race.At an April "Young Americans for Liberty" conference at UCLA he told students, "I have gotten to know Rand through Ron and I have found him to be very consistent on a lot of the issues where liberty is concerned, and liked him very much," <a href="http://www.thecollegefix.com/post/22217/">according to College Fix</a>.&#xa0;"There are some things I wasn't totally understanding," he added. "He is the candidate that is currently running that I am most sort of aligned with in sort of his thoughts and philosophies."<h3>Retired neurosurgeon Ben Carson</h3>Rocker Kid Rock&#xa0;<a href="http://insider.foxnews.com/2013/06/19/kid-rock-fox-news-discussing-psa-sean-penn-support-ben-carson">said in June 2013</a>&#xa0;he admired Ben Carson, who like him, hails from Detroit, Michigan."Of course there's blowback, I'm like the only righty in a left industry," he mused in a Fox News interview. "There's nothing wrong for standing up for what you believe in and having honest conversation with people."<h3>Louisiana Gov. Bobby Jindal (R)</h3>Jindal is a longtime fan of the Robertson family, the stars of his state's "Duck Dynasty" reality show. Willie Robertson, the famed CEO of the family's duck call manufacturing business, spoke about Jindal 's potential presidential run in a <a href="http://www.foxnews.com/entertainment/2015/05/11/duck-dynasty-stars-think-bobby-jindal-should-run-for-in-2016/">Fox News interview on May 11</a>."I'd like to see if he makes a run at it, and, you know, if so, we'll definitely be trying to help him out," Robertson said.Actor Kevin Sorbo, star of the "Hercules" TV series, <a href="http://thehill.com/blogs/ballot-box/presidential-races/234197-hercules-actor-considering-jindal-walker-in-2016">spoke about Jindal to The Hill</a> in February 2015, "I think he'd be a great candidate."&#xa0;<h3><div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>Former Sen. Rick Santorum (R-Pennsylvania)</h3>Megadeth lead singer Dave Mustaine <a href="http://www.musicradar.com/news/guitars/interview-megadeths-dave-mustaine-talks-guitar-politics-and-todays-music-529703">told Music Radar in a 2012</a> interview, "You know, I think Santorum has some presidential qualities, and I'm hoping that if it does come down to it, we'll see a Republican in the White House... and that it's Rick Santorum."But Mustaine later backed off the comments, <a href="http://www.billboard.com/articles/news/505155/megadeths-dave-mustaine-not-ready-to-endorse-santorum">insisting it wasn't an endorsement</a>.<h3>Former Texas Gov. Rick Perry (R)</h3>"Superman" actor Dean Cain told <a href="http://nation.foxnews.com/rick-perry/2011/09/22/superman-endorses-perry">Fox News in September 2011,</a> "I undoubtedly like Rick Perry," though he hasn't spoken out in advance of the 2016 election.&#xa0;<h3>Sen. Marco Rubio (R-Florida)</h3>Rick Harrison, star of the History Channel reality TV show "Pawn Stars," told <a href="http://insider.foxnews.com/2015/05/22/pawn-stars-rick-harrison-endorses-marco-rubio-president">Fox News on May 22</a> that he supports Marco Rubio because "this guy honestly cares about American people."<h3>Former Maryland Gov. Martin O'Malley (D)</h3>Actor Timothy Simons, who plays Jonah Ryan on "Veep," said in April at the&#xa0;White House Correspondents' Association dinner in Washington <a href="http://www.bloomberg.com/politics/articles/2015-04-25/jonah-of-veep-endorses-martin-o-malley-over-hillary-clinton">that he is a fan of the governor</a>.&#xa0;"I'm for Martin O'Malley," Simons told Bloomberg."Veep" is filmed in Baltimore, Maryland and O'Malley has previously expressed admiration for the comedy, calling it "the most realistic political show on television."<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><h3>Hillary Clinton</h3>And, of course, Clinton hasn't been slacking herself when it comes to celebrity endorsements:&#xa0;<ul><li>50 Cent (rapper) <a href="http://www.thedailybeast.com/articles/2015/05/21/50-cent-backs-hillary-clinton-for-president-it-s-hillary-time.html">told the Daily Beast on May 21</a>: "It's Hillary time."</li><li>Snoop Dogg (rapper) <a href="http://www.bravotv.com/watch-what-happens-live/season-12/episode-12089/videos?clip=2866105">said on Bravo's "Watch What Happens Live" on May 17</a>: "I'll be voting for Ms. Clinton."&#xa0;</li><li>Beyoncé&#xa0;(singer)&#xa0;<a href="https://twitter.com/hillaryclinton/status/599253962055938049/">attended a May 13 New&#xa0;York&#xa0;City fundraiser</a>&#xa0;for Hillary Clinton.&#xa0;</li><li>Ja Rule (rapper) <a href="http://video.foxbusiness.com/v/4223713746001/ja-rule-on-credit-card-for-millennials/?#sp=show-clips">said on Fox Business on May 7</a>: "I would vote Hillary"</li><li>Waka Flocka Flame (rapper) <a href="http://www.mtv.com/news/2141998/waka-flocka-flame-help-hillary-clinton-campaign/">said on MTV on April 23 he'd vote for Hillary</a>: "A woman could do it."</li><li>Lena Dunham ("Girls" actress) <a href="https://instagram.com/lenadunham/">took to Instagram on April 12</a> and called Hillary "my president," after Clinton announced her presidential campaign.</li><li>Magic Johnson (retired athlete) <a href="https://twitter.com/MagicJohnson/status/587360411437158402">tweeted April 12 that Hillary</a>: "will be a great President"</li><li>Uzo Aduba ("Orange is the New Black" actress) <a href="https://twitter.com/UzoAduba/status/587355572648816641">simply tweeted</a> "Hillary" on April 12.</li><li>Clay Aiken ("American Idol" runner up) <a href="http://www.c-span.org/video/?325297-3/washington-journal-clay-aiken-2014-campaign">said on April 13 on CSPAN</a> "I think the country needs Hillary Clinton to win."</li><li>Kat Dennings (actress) <a href="https://twitter.com/OfficialKat/status/587349064959705088">tweeted support to April 12</a> on Hillary.</li><li>Jesse Tyler Ferguson (actor) <a href="https://twitter.com/jessetyler/status/587344818822610944">tweeted "yay" on April 12</a> about Hillary.&#xa0;</li><li>America Ferrera (actress) <a href="https://twitter.com/AmericaFerrera/status/587354837177786369">tweeted on April 12</a> about Hillary "I believe in her."</li><li>Ellie Goulding (singer) <a href="https://twitter.com/elliegoulding/status/587357057415782400">tweeted her support to Hillary on April 12</a>.</li><li>Ariana Grande (singer) <a href="https://twitter.com/ArianaGrande/status/587364252484296705">tweeted about Hillary on April 12:</a> "yaaas"</li><li>Abbi Jacobso (comedian) <a href="https://twitter.com/abbijacobson/status/587385950801629184">tweeted her support for Hillary</a>&#xa0;on April 12.</li><li>Carole King (singer) <a href="https://twitter.com/Carole_King/status/587341486624243713">tweeted on April 12 </a>after Hillary's announcement, "I'm in."</li><li>Diane Kruger (actress) <a href="https://instagram.com/p/1Y1HESjMEC/">took to Instagram on April 12</a> with this plea "Please America, make her President!"</li><li>Padma Lakshmi (TV host) <a href="https://twitter.com/PadmaLakshmi/status/587617077067907072/photo/1">tweeted on April 12</a> "it will finally happen."</li><li>Jennifer Lopez (singer) told <a href="http://www.eonline.com/news/645493/jennifer-lopez-excited-about-hillary-clinton-s-white-house-run-it-s-time-for-a-woman-president">E! News on April 13</a> that she was "very excited" about Clinton's campaign and added, "I'm think it's time for a woman."</li><li>Josh Peck (actor) <a href="https://twitter.com/PortableShua/status/587334884294656000">tweeted support for Clinton</a>, calling her "mah homie."</li><li>Amy Poehler (comedian, actress) <a href="https://twitter.com/smrtgrls/status/587338428892622848">tweeted about Hillary on April 12</a>: "Let's do this."</li><li>RuPaul (actor) <a href="http://www.elle.com/culture/celebrities/news/a27814/all-the-celebrities-endorsing-hillary-clinton/">tweeted on April 12</a>: "You betta work, @HillaryClinton."</li><li>Kerry Washington (actress) told <a href="http://www.etonline.com/news/162716_kerry_washington_is_thrilled_about_hillary_clinton_presidential_candidacy/?cid=popsugar123">Entertainment Tonight on April 13</a> that she was "thrilled" by Clinton's campaign announcement. "I'm excited for her, and I'm sure I'll be hitting the stump trail," she added.</li><li>Olivia Wilde (actress) <a href="https://twitter.com/oliviawilde/status/587369725405061120">tweeted her support</a> for #Hillary2016 on April 12.</li><li>Jeffrey Wright (actor) <a href="https://twitter.com/jfreewright/status/587334424573956096">tweeted on April 12</a> about Hillary, "It's on."</li><li>Prabal Gurung (designer) <a href="https://instagram.com/p/1Y23KMRvHb/?taken-by=prabalgurung">told Hillary on Instagram on April 12</a> "You have my vote."</li><li>Moby (singer) t<a href="https://instagram.com/p/1Ye36mLEL1/?taken-by=richardmelvillehall">ook to Instagram</a> with his support for Hillary on April 12.</li><li>Young Jeezy (rapper) <a href="https://twitter.com/YoungJeezy/status/587341110747537408">tweeted about Hillary on April 12</a> "def voting for her."</li><li>Andrew Rannells (Broadway actor) <a href="https://twitter.com/AndrewRannells/status/587348211402203138">tweeted on April 12 </a>that Hillary's campaign "is the best news ever."</li><li>Kim Dotcom (internet entrepreneur) <a href="https://twitter.com/KimDotcom/status/587343873241849856">hinted he was a member of Team Hillary</a>, praising her campaign launch on Twitter.</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/amazing-facts-about-vladimir-putin-russia-president-2015-3">11 amazing facts about Vladimir Putin </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="k4NTY1dDqFCsBpfiPjzGEUMzJURbWO-R" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "orlando bravo" and got 12 results

There's 'more pain to come' for the tech sector as companies face difficult paths to profitability, says billionaire investor Orlando Bravo

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There's 'more pain to come' for the tech sector as companies face difficult paths to profitability, says billionaire investor Orlando Bravo

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A 15-year-old JROTC cadet sacrificed himself to save 'dozens' during the Florida shooting - and thousands of people want him buried with full military honors

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