<ul class="summary-list"><li><keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword>'s funds have been dialing back their investment in <keyword id="130495" type="COMPANY" weightage="60" keywordseo="Virgin-galactic">Virgin Galactic</keyword> since <keyword id="58954" type="PERSON" weightage="60" keywordseo="Richard-Branson">Richard Branson</keyword>'s $150 million sale.</li><li>Two of Wood's ETFs sold 590,804 shares on Monday after buying some 514,627 shares just last week.</li><li>Virgin Galactic stock is down roughly 24% since April 12.</li></ul><ul class="summary-list"></ul>Cathie Wood's Ark Invest ETFs sold 590,804 shares of <a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a> on Monday after buying some 514,627 shares just last week.Specifically, the ARK Space Exploration &amp; Innovation ETF (<keyword id="11019551" type="UNKNOWN" weightage="60" keywordseo="arkx">ARKX</keyword>) bought 97,100 shares of Virgin Galactic on April 12 and an additional 42,800 shares on April 15.The ETF then sold 275,204 shares of Richard Branson's firm on Monday, April 19.Virgin Galactic was the 19th largest holding of the <a href="https://www.businessinsider.com/cathie-wood-break-down-top-stocks-in-ark-space-etf-2021-4">newly launched ARK Space Exploration ETF</a>, but after the sales, it's down to the 33rd largest.The <keyword id="11031354" type="UNKNOWN" weightage="60" keywordseo="ark-autonomous-technology-robotics-etf">ARK Autonomous Technology &amp; Robotics ETF</keyword> (<keyword id="11131216" type="UNKNOWN" weightage="60" keywordseo="arkq">ARKQ</keyword>) also bought 139,227 shares of Virgin Galactic on April 12 and an additional 235,500 shares on April 13.Six days later, the ETF sold 315,600 shares, and Virgin Galactic fell to the 31st largest holding of the tech fund.When the ARK funds sold their Virgin holdings on April 19, shares traded between $23.63 and $21.55, meaning Wood's ETFs most likely locked in significant losses on their trades.Virgin Galactic shares are down roughly 24% since April 12 after the company's founder, Richard Branson, offloaded approximately <a href="https://markets.businessinsider.com/news/stocks/virgin-galactic-stock-price-richard-branson-sells-150-million-stake-2021-4-1030308819">$150 million worth of stock</a> last week.The sales took place between April 12 and April 14 at prices ranging from $26.82 to $28.73.Virgin Galatic is an American spaceflight company that aims to provide suborbital spaceflights to space tourists. It posted a net loss of $74 million in its latest <a href="https://investors.virgingalactic.com/news/news-details/2021/Virgin-Galactic-Announces-Fourth-Quarter-and-Full-Year-2020-Financial-Results/default.aspx#:~:text=Cash%20position%20remains%20strong%2C%20with,the%20third%20quarter%20of%202020.">third-quarter earnings report</a> and has yet to earn any significant revenues.The firm has been the <a href="https://markets.businessinsider.com/news/stocks/virgin-galactic-stock-short-sellers-increase-rushing-bet-against-price-2020-2-1028925117">target of short-sellers</a> ever since it <a href="https://markets.businessinsider.com/news/stocks/richard-branson-space-tourism-virgin-galactic-going-public-2019-7-1028337880">went public via a SPAC merger</a> with billionaire Chamath Palihapitiya's Social Capital Hedosophia Holdings.Shares of Virgin Galactic traded down 7.35% as of 1:10 p.m. ET on Monday.<div type="image" title="Virgin chart" height="659" width="830" msid="82168367" hostid="261"></div>

Cathie Wood's Ark Invest sells 590,804 Virgin Galactic shares a week after buying 514,627 shares

<ul><li><keyword id="431929" type="PERSON" weightage="60" keywordseo="sofi">SoFi</keyword> announced on Friday that it will allow its users to directly invest in <keyword id="35156" type="COMPANY" weightage="60" keywordseo="ipos">IPOs</keyword>.</li><li>The announcement comes a day after popular <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> app <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> said it is looking to allow its users to also buy into IPOs, including its own.</li><li>SoFi said its IPO product offering will be available to users who have at least $3,000 in total account value across all of SoFi Invest. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>Financial technology firm SoFi announced on Friday that it will be allowing its users to directly invest into initial public offerings, an opportunity usually reserved for institutional investors. Retail traders at present are not able to buy stocks of newly listed companies until they start trading, unlike Wall Street investors or high net-worth individuals. SoFi's new initiative will be considered a win for retail traders as shares often trade higher when they debut in what is commonly known as a first-day pop.The <a href="https://www.businesswire.com/news/home/20210326005077/en/SoFi-to-Break-Down-the-Barriers-and-Offer-Members-Early-Access-to-IPOs">announcement</a> of SoFi comes a day after Robinhood said it is looking to <a href="https://markets.businessinsider.com/news/stocks/robinhood-looks-to-allow-users-buy-directly-into-ipos-2021-3-1030247988">allow its users</a> to also buy directly into IPOs, including its own upcoming public debut."IPO Investing reflects our continued effort to make investing more accessible, by pioneering fractional shares, offering commission-free trading, creating unique SoFi-branded ETFs, and now, IPO investing," Anthony Noto, CEO of SoFi, said in a statement.The company said its IPO product offering will be available to users who have at least $3,000 in total account value across all of SoFi Invest. Noto told <a href="https://www.cnbc.com/2021/03/26/sofi-to-give-amateur-investors-early-access-to-ipos-in-break-from-wall-street-tradition-.html">CNBC</a> that less than 1% of SoFi accounts are "active," referring to traders that trade more than three times per day.SoFi, which is currently only available to residents in the US, started out as a company focusing on student loan refinancing and personal loans in 2011. Since then, the company has <a href="https://www.businessinsider.com/personal-finance/sofi-invest-review">expanded into other areas</a> of personal finance, including insurance, checking and savings accounts, and investment options.The <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> company in January announced it is <a href="https://markets.businessinsider.com/news/stocks/sofi-to-go-public-via-spac-backed-by-chamath-palihapitiya-2021-1-1029941577">going public</a> <a href="https://markets.businessinsider.com/news/stocks/sofi-to-go-public-via-spac-backed-by-chamath-palihapitiya-2021-1-1029941577">is via </a>a merger with <a href="https://markets.businessinsider.com/stocks/ipoe-stock?utm_source=markets&amp;utm_medium=ingestgest">Social Capital Hedosophia Holdings</a>, a SPAC backed by billionaire investor Chamath Palihapitiya. The merger will value SoFi at nearly $9 billion.

Fintech firm SoFi to allow users to buy directly into IPOs

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li>Credit Suisse is recommending investors buy shares in the newly public space tourism company <a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a>. </li><li>The firm's analysts initiated coverage of the company on Thursday with and "outperform" rating, citing its "near-term monopoly" in the commercial space industry. </li><li>Virgin Galactic entered the <a href="https://markets.businessinsider.com/news/stocks/space-tourism-company-virgin-galactic-will-go-public-on-monday-2019-10-1028628607">public markets</a> in late October through a merger with Social Capital Hedosophia, a venture capital firm run by Chamath Palihapitiya. </li><li><a href="https://markets.businessinsider.com/stocks/spce-stock">Watch Virgin Galactic trade live on Markets Insider</a>.</li></ul>Investors should buy newly public <a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a> because of its "near-term monopoly" in the budding space tourism industry, Credit Suisse analyst wrote in a note to clients on Thursday. "Our bullish view reflects the near-term monopoly SPCE offers in an industry (commercial space tourism) where public investment opportunities are scarce," the firm wrote. "We view this as a classic tech-driven high demand, low supply story with high barriers to entry."Credit Suisse initiated coverage of Virgin Galactic with an "outperform rating and $12.43 price target. That figure represents around a 39% premium from where shares traded on Thursday afternoon. The lack of current offerings for space tourism enables "sticky pricing," as well as the potential for price discrimination, the analysts found. That dynamic - in combination with low-operating costs thanks to the firm already having invested in the required infrastructure - creates strong economics for its business model. "With no near-term competition, growth should be fueled by expanding supply," the analysts wrote. The firm determined its price target for Virgin Galactic through a blended valuation including an equally-weighted enterprise multiple and discounted cash flow. The valuation also includes a 5% weighting for a potential catastrophic event such as a fatal crash, which was assigned a dollar-value of zero. According to the bank's forecast, Virgin Galactic could generate $278 million in EBITDA in 2024 on revenue of $576 million. "Losses should dissipate rapidly as flight activity rises. Per flight ticket revenue is around 3x variable mission cost, which would drive very attractive incremental margins," the analyst added. Credit Suisse is the second firm behind Vertical Research Partners to initiate coverage on Virgin Galactic. Vertical Research has a $20 price target and "buy" rating on the stock, according to Bloomberg data. Virgin Galactic became the first publicly-traded <a href="https://markets.businessinsider.com/news/stocks/space-tourism-company-virgin-galactic-will-go-public-on-monday-2019-10-1028628607">space tourism</a> company in late October by merging with Social Capital Hedosophia, a venture capital firm run by Chamath Palihapitiya. <div class="KonaFilter image-container display-table"><div><div class="image"><a href="https://markets.businessinsider.com/stocks/spce-stock"></a></div></div></div>

Credit Suisse says investors should buy Virgin Galactic because of its 'near-term monopoly' in commercial space tourism

<ul><li>US equities plummeted on Tuesday after President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> <a href="https://www.businessinsider.com/trump-ends-stimulus-negotiations-until-after-presidential-election-economic-recovery-2020-10">said he would halt stimulus talks</a> until after the November 3 election.</li><li>"I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major <keyword id="41832" type="PERSON" weightage="60" keywordseo="Stimulus-bill">Stimulus Bill</keyword>," Trump <a href="https://twitter.com/realDonaldTrump/status/1313551795646541824">tweeted</a> on Tuesday afternoon.</li><li>Major stock indexes gained in recent sessions on renewed hopes for near-term fiscal relief. Trump's action leaves the economy to trudge onward without support that many economists have deemed essential.</li><li>With election results likely to trickle in over several days, the holdout could last well into next month.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US stocks tanked on Tuesday afternoon, erasing earlier gains, after President Donald Trump <a href="https://www.businessinsider.com/trump-ends-stimulus-negotiations-until-after-presidential-election-economic-recovery-2020-10">said he would freeze stimulus negotiations in Congress</a> until after the presidential election on November 3.The <a href="https://markets.businessinsider.com/index/dow_jones" target="_blank" rel="noopener">Dow Jones industrial average</a> plummeted as much as 1.5%, or 421 points, after the announcement. The benchmark index had risen 0.7% at intraday highs before the tweet.Major stock indexes had climbed in recent sessions on investors' optimism about a near-term relief bill. The abrupt pause leaves the US economy to recover without fiscal support that many have deemed essential for fueling a timely bounce-back."I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," the president said in a <a href="https://twitter.com/realDonaldTrump/status/1313551795646541824">tweet</a>.Here's where US indexes stood at the 4 p.m. ET market close on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500_500" target="_blank" rel="noopener">S&amp;P 500</a>: 3,360.97, down 1.4%</li><li><a href="https://markets.businessinsider.com/index/dow_jones" target="_blank" rel="noopener">Dow Jones industrial average</a>: 27,772.76, down 1.3% (376 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite" target="_blank" rel="noopener">Nasdaq composite</a>: 11,154.60, down 1.6%</li></ul>Read more: <a href="https://www.businessinsider.com/stocks-to-buy-25-companies-highest-expected-roe-growth-goldman-2020-10" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 25 stocks expected to generate the greatest returns on their shareholders' investments over the next year as market-wide earnings remain low</a>As election results are expected to trickle in over several days, the holdout could last well into next month.House Democrats passed their own $2.2 trillion measure on Thursday. Though the bill garnered no Republican support, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have held talks in recent days aiming to reach a compromise.Hours before Trump tweeted, Federal Reserve Chair Jerome Powell <a href="https://www.businessinsider.com/federal-reserve-powell-warns-weak-economic-recovery-fiscal-stimulus-congress-2020-10">warned of the risks of passing too little relief</a>.An inadequate fiscal stimulus could give way to a "weak recovery" and create "unnecessary hardship for households and businesses," the central-bank chief said in a Tuesday keynote speech to the National Association for Business Economics. Conversely, he said, the "risks of overdoing it seem, for now, to be smaller," as extraneous stimulus funds would still be put to use.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-investing-ideas-for-4th-quarter-rbc-2020-10" target="_blank" rel="noopener">These 30 global stocks are positioned to stay on top in the 4th quarter as the contrast between a recovering economy and rising COVID-19 cases keeps markets volatile, RBC says</a>"The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods," Powell added.The market's rapid reaction wiped modest intraday gains. Consumer-discretionary, communication-services, and tech stocks sank the most, while utilities — generally viewed as a defensive play — were the only group to finish higher.So-called reopening plays including airlines, hotels, and casinos tanked as investors put off hopes for government support. Airlines have said they would lay off tens of thousands of workers should Congress fail to allocate emergency funds for the struggling industry.On the economic-data front, the US trade deficit <a href="https://markets.businessinsider.com/news/stocks/us-trade-deficit-grows-august-imports-exports-election-trump-tariffs-2020-10-1029653342">widened to its largest since 2006</a> amid a leap in imports of consumer goods. Trump has repeatedly cited the sum as a gauge of his trade policies' success. Though the deficit narrowed in 2019, the pandemic quickly erased gains and widened it as export activity weakened.Read more: <a href="https://www.businessinsider.com/stock-picks-for-housing-market-boom-from-hedge-fund-manager-2020-10" target="_blank" rel="noopener">A 20-year hedge-fund vet shares the 3 stocks he thinks make the perfect play for a booming housing recovery as the US heads for the suburbs</a>Shares of <a href="https://markets.businessinsider.com/news/stocks/social-capital-spac-ipoc-clover-health-deal-chamath-palihapitiya-merger-2020-10-1029652323">Social Capital Hedosophia Holdings Corp. III slid</a> after the special-purpose acquisition company, or SPAC, announced a merger with Clover Health in a deal valuing Clover Health at $3.7 billion. The plunge contrasted with Social Capital Hedosophia's last target announcement: When the firm said last month that its second SPAC would merge with Opendoor, the blank-check company's stock <a href="https://markets.businessinsider.com/news/stocks/social-capital-spac-opendoor-confirms-merger-chamath-palihapitiya-deal-tech-2020-9-1029590347?utm_source=markets&amp;utm_medium=ingestgest">launched higher</a>.Spot gold sank to $1,885.61 per ounce at intraday lows. The tumble erased the recently retaken support of $1,900. The US dollar climbed, and Treasury yields fell.Oil prices continued to rally after Monday saw futures leap the most since May. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 4.2%, to $40.86 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, jumped 3.8%, to $42.84 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/investing-advice-jp-morgan-shares-5-biggest-market-opportunities-q4-2020-10" target="_blank" rel="noopener">JPMorgan's $1.9 trillion asset management firm shares the 5 biggest opportunities it's recommending for clients across markets during the fourth quarter</a><a href="https://www.businessinsider.com/economic-outlook-imf-gdp-improved-global-difficult-climb-debt-georgieva-2020-10">IMF hints at improved global GDP forecast but warns of 'difficult climb' ahead</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-growth-driving-market-value-bounce-bofa-strategy-2020-10-1029646337">Growth stocks enjoying best year-to-date outperformance since 1979 — but value can soon bounce back, Bank of America says</a>

Dow plummets 376 points as Trump halts stimulus talks until after election

<ul><li>US <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> moved higher on Tuesday as investors sized up encouraging global economic data.</li><li>China's recovery from the COVID-19 pandemic has continued to accelerate — the country reported that retail sales rose by 0.5% in August.</li><li>China's unemployment rate continued to recover as well, falling to 5.6% in August from 5.7% in July.</li><li>Investors also reacted to a surprise upgrade to economic forecasts in Germany.</li><li>Oil traded higher despite a lowered OPEC forecast for the commodity market's demand recovery. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 2%, to $38.02 per barrel.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US stocks climbed on Tuesday as investors sized up <a href="https://markets.businessinsider.com/news/stocks/china-economy-retail-sales-rise-first-time-industrial-recovery-covid-2020-9-1029588893#">encouraging global economic data</a>.China's economic recovery from the COVID-19 pandemic has continued to accelerate, according to economic data released by the National Bureau of Statistics on Tuesday.For the first time this year, retail sales in the second-largest economy rose, jumping by 0.5% in August compared with last year. The unemployment rate fell to 5.6% in August from 5.7% in July. Industrial activity in China jumped by 5.6% compared with a year ago, marking the fifth consecutive month of increases in the data set.In addition, German economic forecasts received a surprise boost, with a gauge of forward six-month activity coming in above all estimates.Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,419.05, up 1%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 28,217.88, up 0.8% (225 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,219.51, up 1.5%</li></ul>Read more: <a href="https://www.businessinsider.com/best-investment-opportunities-strategy-new-bull-market-in-stocks-ms-2020-9" target="_blank" rel="noopener">Morgan Stanley pinpoints the most attractive opportunity it sees for investors as a new bull run takes shape — and shares 3 strategies for generating market-beating returns</a>Technology investors will likely have their eyes glued to Apple's product event on Tuesday afternoon, while macro investors will be eagerly anticipating Wednesday's Federal Reserve policy meeting. The Fed is expected to remain dovish and leave rates unchanged.Social Capital CEO Chamath Palihapitiya extended Monday's merger mania with <a href="https://markets.businessinsider.com/news/stocks/social-capital-spac-opendoor-confirms-merger-chamath-palihapitiya-deal-tech-2020-9-1029590347">a confirmed deal for Opendoor</a>. The property-technology company is set to merge with Social Capital Hedosophia II in a deal that values Opendoor at $4.8 billion.Read more: <a href="https://www.businessinsider.com/investing-strategy-5-stock-picks-top-fund-manager-paul-lambert-2020-9" target="_blank" rel="noopener">Paul Lambert returned 45% to investors in 2019 and is crushing the market again this year. The solo fund manager lays out his strategy for finding winning stocks — and shares 5 of his top picks today.</a>Meanwhile, Palantir's prospectus filing with the Securities and Exchange Committee suggested <a href="https://markets.businessinsider.com/news/stocks/palantir-direct-listing-prospectus-valuation-ipo-billion-nyse-stock-market-2020-9-1029590185">a market valuation of $20 billion</a> as it prepares a direct listing, sidestepping the traditional IPO process.Spot gold gained as much as 0.8%, to $1,972.30 per ounce, continuing to trade just below $2,000. The US dollar weakened and Treasury yields fell slightly.Oil traded mostly higher despite a lowered OPEC forecast for demand in the commodity market. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> climbed as much as 2%, to $38.02 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 1.8%, to $40.32 per barrel, at intraday highs.Read more: <a href="https://www.businessinsider.com/investing-strategy-advice-mistakes-to-avoid-taking-profits-after-errors-2020-9" target="_blank" rel="noopener">Fred Stanske's fund is crushing the market using a Nobel-winning approach that exploits his rivals' biases. He told us 2 common errors investors should watch out for, and 3 indicators that will set them straight.</a>

Dow climbs 225 points amid encouraging economic data from China and Germany

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"> Brian Ach/Getty Images for TechCrunch</div></div></div><ul><li> Midas-touch investor Chamath Palihapitiya has raised $600 million in the IPO for his new firm, Social Capital Hedosophia Holdings.</li><li>Shares priced at $10 each went up on the New York Stock Exchange Wednesday under the ticker "IPOA.U"</li><li>The firm will use its IPO money to fund other well-performing private tech startups.</li></ul>Chamath Palihapitiya, founder of VC firm Social Capital, is setting himself up to become the Warren Buffett of tech investing. To that end, he has launched a new "blank-check" company in partnership with London-based VC firm Hedosophia, aptly named Social Capital Hedosophia Holdings Corp.On Wednesday, Social Capital Hedosophia announced it had raised $600 million in its IPO, <a href="https://www.axios.com/pro-rata-2485151480.html">according to Axios,</a> an increase from the $500 million the company originally filed for at the beginning of September. The shares were listed on the New York Stock Exchange Wednesday for $10 a piece and were up 3.5% in the first half of the day Thursday. Despite the high price tag, Social Capital Hedosophia doesn't have any products or customers, and it doesn't actually anything, yet. The company plans to buy stakes in private tech companies, ranging from minority stakes to controlling interests to full ownership.The idea is to give these tech companies the benefits of being a publicly traded company - like easier access to capital - with fewer drawbacks, like the "distraction" of doing the actual IPO and the bother of the quarterly, short-term view of investors, Social Capital Hedosophia <a href="https://www.sec.gov/Archives/edgar/data/1706946/000114420417044783/v473766_s1.htm">explained in the documents it filed with the SEC. </a>This tactic also gives public investors access to the wealth being created by well-performing private tech companies. Right now most of that wealth is going to a small pool of investors, mainly the VCs and private equity firms that get invited to the investment table.As of May 2017, Social Capital Hedosophia estimates there are about 150 tech startups valued at over $1 billion, compared to about 200 public technology companies with a market cap of $1 billion. In years past, those 150 companies would have become public companies. Today, they can hold out as private companies indefinitely because there's so much money available to fund their growth from private investors.Such "blank-check" public companies, which raise money first and then figure out how to invest it, are currently in vogue, reports The Wall Street Journal's Maureen Farrell. Twenty-two such funds hve been launched on US exchanges so far this year, raising $6.9 billion, according to Dealogic, <a href="https://www.wsj.com/articles/new-trick-for-reluctant-tech-unicorns-bring-the-ipo-to-them-1503527296">Farrell reports.</a>That's not to say that one by Palihapitiya will succeed in picking tech companies that will make its investors wealthy. But it is being backed by a who's who in the Valley circles. Social Capital partner Tony Bates, best known as the former CEO of Skype, is on the holding company's board.Adam Bain is also on the board. Bain is the well-liked former COO of Twitter who has been relishing in time off from a full-time job since he left Twitter in November. Bain has been advising startups and doing some other investments and board work, such as joining the <a href="https://techcrunch.com/2017/06/22/hot-sneaker-marketplace-goat-adds-former-twitter-coo-adam-bain-to-board/">board of sneaker company Goat last summer.</a> There's been a lot of speculation as to which company will finally talk Bain out of his retirement and back into an exec role.But Palihapitiya will be CEO of Social Capital Hedosophia. He's well known as one of the original executives of Facebook and an owner/board member of the Golden State Warriors. As an investor, he's backed companies like Box, Palantir, Pure Storage, Slack and Yammer. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-face-id-unlocking-fail-during-big-demo-stage-iphone-x-2017-9">Watch Apple's Face ID unlocking fail during its big demo</a></h3> <div> </div> </div>

Facebook alum Chamath Palihapitiya raises $600 million in IPO for his blank-check firm

Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>BCG consultants who have spent the past year grounded are getting a nice perk: <a href="https://www.businessinsider.com/bcg-consultants-bonuses-of-marriott-hotel-points-travel-burnout-rewards-2021-5">180,000 Marriott hotel points</a>. </li><li>Investors give us the deets on <a href="https://www.businessinsider.com/private-equity-firms-investments-legal-tech-law-vc-pe-2021-5">best bets to make</a> in the world of legal tech. </li><li>Ex-banker Mark Patricof details how he helps <a href="https://www.businessinsider.com/mark-patricof-private-equity-investing-professional-athletes-2021-5">big-name athletes invest in PE deals</a>.</li></ul><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 <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? 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>. <h3><a href="https://www.businessinsider.com/bcg-consultants-bonuses-of-marriott-hotel-points-travel-burnout-rewards-2021-5">BCG is giving consultants 180,000 Marriott hotel points to make up for the travel rewards they'd normally get from visiting clients on-site</a></h3><a href="https://www.businessinsider.com/bcg-consultants-bonuses-of-marriott-hotel-points-travel-burnout-rewards-2021-5"><div type="image" title="Experts told Insider that it's not necessary to quarantine post travel. Klaus Vedfelt/Getty Images" height="525" width="700" msid="82705902" hostid="261"></div></a>Boston Consulting Group is giving consultants 180,000 Marriott rewards points - equivalent to two nights at the luxury St. Regis resort in Bora Bora, where villas are around $1,800 per night.<a href="https://www.businessinsider.com/bcg-consultants-bonuses-of-marriott-hotel-points-travel-burnout-rewards-2021-5">More on the new perks.</a><h3><a href="https://www.businessinsider.com/private-equity-firms-investments-legal-tech-law-vc-pe-2021-5">Private-equity firms are pouring billions into legal tech. Here's where 10 investors see the biggest opportunities for disruption.</a></h3><a href="https://www.businessinsider.com/private-equity-firms-investments-legal-tech-law-vc-pe-2021-5"><div type="image" title="PE firms investing in legal tech4x3" height="1800" width="2400" msid="82705906" hostid="261"></div></a>Private equity firms are increasingly eyeing legal tech, investing more than $3.6 billion in Q1 of 2021 alone. <a href="https://www.businessinsider.com/private-equity-firms-investments-legal-tech-law-vc-pe-2021-5">Here's an inside look at 10 of the PE firms making big bets in legal tech.</a><h3><a href="https://www.businessinsider.com/trading-platform-equityzen-private-market-pre-ipo-shares-demand-2021-5">EquityZen's founder reveals how his fintech is meeting surging demand for pre-IPO shares of hot startups like Instacart and Oatly</a></h3><a href="https://www.businessinsider.com/trading-platform-equityzen-private-market-pre-ipo-shares-demand-2021-5"> <div type="image" title="Atish Davda EquityZen CEO" height="1500" width="2000" msid="82705908" hostid="261"></div></a>EquityZen has worked with half of all unicorns on over 9,000 private placements. We spoke with Atish Davda, the fintech startup's co-founder and CEO, who discussed how the platform has grown users by 150% in the past year. <a href="https://www.businessinsider.com/trading-platform-equityzen-private-market-pre-ipo-shares-demand-2021-5">Here's what he told us.</a><h3><a href="https://www.businessinsider.com/how-employers-can-build-a-successful-hybrid-workplace-2021-5">Hybrid work is a mess. Hybrid work is a dream. Here's how to get it right.</a></h3><a href="https://www.businessinsider.com/how-employers-can-build-a-successful-hybrid-workplace-2021-5"><div type="image" title="hybrid work " height="1500" width="2000" msid="82705910" hostid="261"></div></a>Hybrid work, with employees splitting their time between home and the office, is now a common setup. But defaulting to hybrid is risky - it threatens inclusion and can be confusing instead of freeing. <a href="https://www.businessinsider.com/how-employers-can-build-a-successful-hybrid-workplace-2021-5">Here's what leaders should consider before converting to a hybrid model</a>. <h3><a href="https://www.businessinsider.com/mark-patricof-private-equity-investing-professional-athletes-2021-5">Mark Patricof gets some of the world's biggest athletes into hot private-equity deals. Here's how he built an A-list client roster that includes Venus Williams and J.J. Watt.</a></h3><a href="https://www.businessinsider.com/mark-patricof-private-equity-investing-professional-athletes-2021-5"><div type="image" title="JJ Watt" height="1866" width="2488" msid="82705912" hostid="261"></div></a>Patricof told Insider how he got an A-list roster that is a money manager's dream. <a href="https://www.businessinsider.com/mark-patricof-private-equity-investing-professional-athletes-2021-5">Here's a peak into his strategy</a>.<h3><a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5">The secret life of Ian Osborne, the shadowy 38-year-old cofounder of Chamath Palihapitiya's SPAC who has built the ultimate black book of billionaires</a></h3><h2><a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5"><div type="image" title="Ian Osborne Hedosophia CEO" height="1551" width="2069" msid="82705914" hostid="261"></div></a></h2>Osborne, a mysterious British investor, has dazzled the tech and finance industries through Social Capital Hedosophia, his SPAC with Chamath Palihapitiya. <a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5">Find out more about Osborne here</a>.<h3><a href="https://www.businessinsider.com/wall-street-hires-and-exits-jpmorgan-barclays-blackrock-deutsche-bank-2021-5">Must-know promotions, exits, and hires at firms like JPMorgan, BlackRock, and Deutsche Bank</a></h3><a href="https://www.businessinsider.com/wall-street-hires-and-exits-jpmorgan-barclays-blackrock-deutsche-bank-2021-5"><div type="image" title="Richard Robinson Deutsche Bank" height="2360" width="3146" msid="82705919" hostid="261"></div></a>Richard Robinson joins Deutsche Bank as an MD and vice chairman in global industrials. BlackRock recruits Dalia Blass to lead its external affairs. <a href="https://www.businessinsider.com/wall-street-hires-and-exits-jpmorgan-barclays-blackrock-deutsche-bank-2021-5">Here are all the people moves across the Street</a>.<h2>Odd lots:</h2><a href="https://www.nytimes.com/2021/05/14/business/bank-of-america-tom-montag.html?referringSource=articleShare">A 'Friend of Tom' or 'Can't Be Bothered': One Man's Rules at Bank of America (NYT)</a><a href="https://www.bloomberg.com/news/articles/2021-05-14/private-equity-funds-tap-mere-millionaires-in-search-for-more-capital?srnd=premium&amp;sref=5xrDvJnavJna">Private Equity Funds Want to Enlist the Millionaires Next Door (Bloomberg)</a><a href="https://www.cnbc.com/2021/05/14/goldman-sachs-loses-cfo-of-marcus-business-to-jpmorgan-chase.html#:~:text=Goldman%20Sachs%20loses%20another%20executive,CFO%20of%20its%20Marcus%20business&amp;text=Sherry%20Ann%20Mohan%20is%20joining,sent%20to%20employees%20later%20Friday.day.">Goldman Sachs loses another executive after JPMorgan Chase poaches CFO of its Marcus business (CNBC)</a><a href="https://www.buzzfeednews.com/article/ryanmac/we-found-joe-bidens-secret-venmo">We Found Joe Biden's Secret Venmo. Here's Why That's A Privacy Nightmare For Everyone. (BuzzFeed News)</a><a href="https://www.bloomberg.com/news/articles/2021-05-14/barclays-faces-credit-trader-exodus-over-bonus-disappointment?sref=5xrDvJna">Barclays Faces Credit Trader Exodus Over Bonus Disappointment (Bloomberg)</a><a href="https://www.businessinsider.com/spacs-seeking-targets-have-few-choices-2021-5">SPACs are racing against the clock to strike a deal, and some will likely have to settle for a less-than-ideal business to buy (Insider)</a><a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100-times trade opportunities - and shares 5 under-the-radar tokens he thinks could explode (Insider)</a>

BCG is gifting consultants a bonus of enough Marriott points for a two-night stay at a swanky hotel in Bora Bora

<ul><li>US stocks traded mixed on Tuesday as investors waited for economic-recovery commentary from Federal Reserve Chair Jerome Powell.</li><li>The central-bank chief is expected to reemphasize the importance of fiscal <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> to the nation's rebound.</li><li>House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to continue stimulus negotiations after speaking for about an hour on Monday.</li><li>Oil continued to rally after notching its biggest one-day gain since May. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 3.8%, to $40.69 per barrel.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities traded mixed on Tuesday after notching their biggest single-day gain in nearly four weeks.Investors looking for new commentary on the nation's economic rebound will tune in to Federal Reserve Chair Jerome Powell's keynote speech at a conference hosted by the National Association for Business Economics. The central-bank chief has repeatedly stressed the importance of fiscal stimulus to the recovery and maintained that the path forward is highly uncertain.With infection rates rising in the US, Powell could provide a gloomier outlook than in past remarks. The chair has previously tied the economy's path to the outbreak's trajectory.Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,407.04, down 0.1%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 28,179.18, up 0.1% (32 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,313.34, down 0.2%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-investing-ideas-for-4th-quarter-rbc-2020-10" target="_blank" rel="noopener">These 30 global stocks are positioned to stay on top in the 4th quarter as the contrast between a recovering economy and rising COVID cases keeps markets volatile, RBC says</a>The tepid trading came after stocks <a href="https://www.businessinsider.com/stock-market-news-today-dow-sp500-gain-trump-health-stimulus-2020-10">surged through Monday's session</a>. Revived stimulus hopes lifted shares, and President Donald Trump's plan to return to the White House from Walter Reed medical center boosted sentiment through the afternoon. Though the Nasdaq composite gained the most on Monday, the index lagged behind its peers in Tuesday trading.Investors will also focus on comments on progress on a relief bill from House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. The two spoke for about an hour on Monday but failed to reach an agreement. A follow-up conversation was scheduled for Tuesday, <a href="https://twitter.com/Drew_Hammill/status/1313162099602927619?s=20">the speaker's spokesman said</a>.Shares of <a href="https://markets.businessinsider.com/news/stocks/social-capital-spac-ipoc-clover-health-deal-chamath-palihapitiya-merger-2020-10-1029652323">Social Capital Hedosophia Holdings Corp. III climbed</a> after the special-purpose acquisition company, or SPAC, announced a merger with Clover Health. The deal values Clover Health at $3.7 billion.Read more: <a href="https://www.businessinsider.com/stock-picks-for-housing-market-boom-from-hedge-fund-manager-2020-10" target="_blank" rel="noopener">A 20-year hedge-fund vet shares the 3 stocks he thinks make the perfect play for a booming housing recovery as the US heads for the suburbs</a>"Over the next decade, our belief is that Clover Health will build large market adoption and shareholder returns by 'bending the curve' in healthcare delivering better outcomes at lower costs," said Chamath Palihapitiya, Social Capital's CEO.Spot gold edged higher, to $1,919.17 per ounce at intraday highs, holding the key $1,900 support level. The US dollar wavered, and Treasurys fell slightly.Oil prices continued to rally after Monday saw futures leaped the most since May. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 3.8%, to $40.69 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, jumped 3.5%, to $42.72 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/stock-market-investing-space-industry-to-grow-1-trillion-bofa-2020-10" target="_blank" rel="noopener">The space industry will grow by over $1 trillion in the next decade, says Bank of America. Here are the 14 stocks best-positioned to benefit from the boom.</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-growth-driving-market-value-bounce-bofa-strategy-2020-10-1029646337">Growth stocks enjoying best year-to-date outperformance since 1979 — but value can soon bounce back, Bank of America says</a><a href="https://markets.businessinsider.com/news/stocks/tech-stocks-rally-next-chapter-economic-recovery-cloud-market-wedbush-2020-10-1029646308">Tech stocks can soar another 25% during 'next chapter' of economic recovery, Wedbush analyst says</a>

US stocks trade mixed as investors await economic-outlook speech from Fed's Powell

<ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"> Brian Ach/Getty Images for TechCrunch</div></div></div>Midas-touch investor Chamath Palihapitiya is launching a public company that will raise money through an IPO and then figure out what tech companies to buy.</li><li>He's trying to raise $500 million to be spent on well-performing private tech startups.</li><li>He's enlisted other famous tech executives to help him run the fund, including former Skype CEO Tony Bates and former Twitter COO Adam Bain.</li></ul>Chamath Palihapitiya, founder of VC firm Social Capital, is setting himself up to become the Warren Buffett of tech investing. To that end, he has launched a new "blank-check" company in partnership with London-based VC firm Hedosophia, aptly named Social Capital Hedosophia Holdings Corp.Social Capital Hedosophia has filed paperwork for a $500 million IPO although it makes no products, has no customers, and owns nothing ... yet. It plans to raise the money first and then go out and buy stakes in private tech companies, ranging from minority stakes to controlling interests to full ownership.The idea is to give these tech companies the benefits of being a publicly traded company - like easier access to capital - with fewer drawbacks, like the "distraction" of doing the actual IPO and the bother of the quarterly, short-term view of investors, Social Capital Hedosophia <a href="https://www.sec.gov/Archives/edgar/data/1706946/000114420417044783/v473766_s1.htm">explained in the documents it filed with the SEC. </a>This tactic also gives public investors access to the wealth being created by well-performing private tech companies. Right now most of that wealth is going to a small pool of investors, mainly the VCs and private equity firms that get invited to the investment table.As of May 2017, Social Capital Hedosophia estimates there are about 150 tech startups valued at over $1 billion, compared to about 200 public technology companies with a market cap of $1 billion. In years past, those 150 companies would have become public companies. Today, they can hold out as private companies indefinitely because there's so much money available to fund their growth from private investors.Such "blank-check" public companies, which raise money first and then figure out how to invest it, are currently in vogue, reports The Wall Street Journal's Maureen Farrell. 22 such funds hve been launched on US exchanges so far this year, raising $6.9 billion, according to Dealogic, <a href="https://www.wsj.com/articles/new-trick-for-reluctant-tech-unicorns-bring-the-ipo-to-them-1503527296">Farrell reports.</a>That's not to say that one by Palihapitiya will succeed in either raising enough money in its IPO or in picking tech companies that will make its investors wealthy. But it is being backed by a who's who in the Valley circles. Social Capital partner Tony Bates, best known as the former CEO of Skype, will be on the holding company's board.Adam Bain is also joining the board. Bain is the well-liked former COO of Twitter who has been relishing in time off from a full-time job since he left Twitter in November. Bain has been advising startups and doing some other investments and board work, such as joining the <a href="https://techcrunch.com/2017/06/22/hot-sneaker-marketplace-goat-adds-former-twitter-coo-adam-bain-to-board/">board of sneaker company Goat last summer.</a> There's been a lot of speculation as to which company will finally talk Bain out of his retirement and back into an exec role.But Palihapitiya will be CEO of Social Capital Hedosophia. He's well known as one of the original executives of Facebook and an owner/board member of the Golden State Warriors. As an investor, he's backed companies like Box, Palantir, Pure Storage, Slack and Yammer. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/missing-iphone-features-apple-android-2017-7">5 things the iPhone still can't do</a></h3> <div> </div> </div>

Facebook's most successful alum hopes to help ordinary investors make money on startups

<ul><li>US <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> finished the day higher on Tuesday as investors sized up encouraging global economic data and technology stocks continued to lead a market rebound.</li><li>China's recovery from the COVID-19 pandemic has continued to accelerate — the country reported that retail sales rose by 0.5% in August.</li><li>China's unemployment rate continued to recover as well, falling to 5.6% in August from 5.7% in July.</li><li>Oil traded higher despite a lowered OPEC forecast for the commodity market's demand recovery. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 3.5%, to $38.57 per barrel.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US stocks climbed on Tuesday, but pared their gains towards the end of the day as investors sized up <a href="https://markets.businessinsider.com/news/stocks/china-economy-retail-sales-rise-first-time-industrial-recovery-covid-2020-9-1029588893#">encouraging global economic data</a>. China's economic recovery from the COVID-19 pandemic has continued to accelerate, according to economic data released by the National Bureau of Statistics on Tuesday.For the first time this year, retail sales in the second-largest economy rose, jumping by 0.5% in August compared with last year. The unemployment rate fell to 5.6% in August from 5.7% in July. Industrial activity in China jumped by 5.6% compared with a year ago, marking the fifth consecutive month of increases in the data set.In addition, German economic forecasts received a surprise boost, with a gauge of forward six-month activity coming in above all estimates.Here's where US indexes stood at the 4 p.m. ET market open on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,401.20, up 0.5%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 27,995.60, up 0.01% (2 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,190.32, up 1.12%</li></ul>Read more: <a href="https://www.businessinsider.com/stocks-to-buy-6-cyclicals-gains-economy-recovers-mike-wilson-2020-9" target="_blank" rel="noopener">MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus</a>Technology stocks have continued to lead the market rebound in recent days. Tech investors had their eyes on Apple's product event on Tuesday afternoon. The tech giant <a href="https://www.businessinsider.com/watch-apple-event-september-live-blog-ipad-watch-all-announcements-2020-9">announced new iterations</a> of the Apple Watch and iPad. Shares of Apple traded as much as 1.5% lower after the event before closing modestly higher.Speaking of tech stocks, a fund manager survey released by Bank of America revealed that investors are worried that the long US tech trade <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investors-paranoid-tech-most-crowded-trade-bofa-2020-9-1029591671#">is "the most crowded trade of all time."</a>Social Capital CEO Chamath Palihapitiya extended Monday's merger mania with <a href="https://markets.businessinsider.com/news/stocks/social-capital-spac-opendoor-confirms-merger-chamath-palihapitiya-deal-tech-2020-9-1029590347">a confirmed deal for Opendoor</a>. The property-technology company is set to merge with Social Capital Hedosophia II in a deal that values Opendoor at $4.8 billion.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-from-house-hacks-to-multifamily-units-2020-9" target="_blank" rel="noopener">Anthony Angotti quit his 9-to-5 career to pursue real-estate investing full time. Here's the strategy he's used to balloon his portfolio to 89 units after an initial duplex investment.</a>Additionally, Palihapitiya reportedly <a href="https://markets.businessinsider.com/news/stocks/chamath-palihapitiya-fourth-spac-blank-check-firm-social-capital-hedosophia-2020-9-1029591914">plans to raise $500 million for a fourth SPAC,</a> signaling that the "blank check" craze is not ending anytime soon.Meanwhile, Palantir's prospectus filing with the Securities and Exchange Committee suggested <a href="https://markets.businessinsider.com/news/stocks/palantir-direct-listing-prospectus-valuation-ipo-billion-nyse-stock-market-2020-9-1029590185">a market valuation of $20 billion</a> as it prepares a direct listing, sidestepping the traditional IPO process.Spot gold slid as much as 0.4%, to $1,948.52 per ounce, continuing to trade just below $2,000. The US dollar weakened and Treasury yields fell slightly.Oil traded mostly higher despite a lowered OPEC forecast for demand in the commodity market. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> climbed as much as 3.5%, to $38.57 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 3.1%, to $40.82 per barrel, at intraday highs.Read more: <a href="https://www.businessinsider.com/investing-strategy-advice-mistakes-to-avoid-taking-profits-after-errors-2020-9" target="_blank" rel="noopener">Fred Stanske's fund is crushing the market using a Nobel-winning approach that exploits his rivals' biases. He told us 2 common errors investors should watch out for, and 3 indicators that will set them straight.</a>

US stocks climb as tech shares continue to lead rebound

<ul><li><a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a> stock surged as much as 20% in early Monday trading after unveiling a partnership with NASA to train astronauts.</li><li>The space-travel company will create a new "astronaut readiness program" for sending private missions to the International Space Station, according to a <a href="https://www.businesswire.com/news/home/20200622005296/en/Virgin-Galactic-Signs-Space-Act-Agreement-NASA">press release</a>.</li><li>The announcement didn't reveal how much NASA will pay the company in the partnership, but agency administrator Jim Bridenstine tweeted Friday that NASA will issue requests for additional information this week.</li><li><a href="https://markets.businessinsider.com/stocks/spce-stock">Watch Virgin Galactic trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a> leaped as much as 20% in early Monday trading after announcing a partnership with NASA to train astronauts for trips to the International Space Station.The Space Act Agreement allows <keyword id="130495" type="COMPANY" weightage="60" keywordseo="Virgin-galactic">Virgin Galactic</keyword> to create a new "astronaut readiness program" for those purchasing commercial space missions. The space-travel company will also buy spots on flights to the ISS. Private space missions can range from commercial citizen trips to government-funded research missions, the company said."We are excited to partner with NASA on this private orbital spaceflight program, which will not only allow us to use our spaceflight platform, but also offer our space training infrastructure to NASA and other agencies," Virgin Galactic CEO George Whitesides said in a <a href="https://www.businesswire.com/news/home/20200622005296/en/Virgin-Galactic-Signs-Space-Act-Agreement-NASA">press release</a>.Read more: <a href="https://www.businessinsider.com/stock-market-crash-retail-trading-bubble-to-pop-albert-edwards-2020-6">A notorious market bear says inexperienced 'zombie investors' are fueling a stock-market bubble — and warns that even the Fed won't be able to prevent another 30% crash</a>NASA will issue requests for additional information on the matter later this week, administrator Jim Bridenstine said in a Friday <a href="https://twitter.com/JimBridenstine/status/1274024182297374721?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed&amp;ref_url=https%3A%2F%2Fwww.cnbc.com%2F2020%2F06%2F22%2Fvirgin-galactic-signs-nasa-agreement-to-use-flights-to-train-astronauts.htmlhtml">tweet</a>. Monday's announcement didn't detail how much the agency will pay Virgin Galactic in the partnership.The company has yet to begin private space flights. Rival firm SpaceX reached a milestone on May 31 when it became the first private company to send passengers to the ISS.Virgin Galactic made its public trading debut in late October and traded roughly 42% higher since then. The company remains largely owned by founder Richard Branson and chairman Chamath Palihapitiya.The offering took place through a merger with Palihapitiya's investment firm Social Capital Hedosophia. The move allowed Virgin Galactic to go public with a $2.3 billion market valuation without launching a traditional initial public offering.Virgin Galactic closed at $15 per share on Friday, up 31% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-target-boosted-electric-vehicle-battery-dominance-jefferies-2020-6-1029322642">Tesla will spike another 20% as it extends its lead against rival automakers, Jefferies says</a><a href="https://markets.businessinsider.com/news/stocks/ipo-market-outlook-recovery-experts-weigh-risks-coronavirus-recession-stocks-2020-6-1029327073">The IPO market is back after its March freeze. Here's what experts say revived it and where it's going from here.</a><a href="https://www.businessinsider.com/stock-market-crash-30-year-investing-vet-explains-imminent-pop-2020-6">A 30-year market veteran explains why we're in 'one of the nutsiest bubbles in the history of bubbledom' — and warns of an 'underwater' economy for the next several years</a><a href="https://markets.businessinsider.com/stocks/spce-stock"><div type="image" title="SPCE" height="1746" width="2348" msid="76512185" hostid="261"></div></a>

Virgin Galactic spikes 20% after inking partnership with NASA to train astronauts

Happy Saturday!It was a busy week for <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> news, with fines, exits, pay cuts, and more. Here's what you need to know: <ul><li><a href="https://www.businessinsider.com/commodities-executives-nancy-king-morgan-stanley-whatsapp-trading-communicattions2020-10">2 top Morgan Stanley commodities </a>execs have left after the bank discovered the group was improperly using WhatsApp to communicate. A source familiar with the matter told Business Insider the two had displayed a "failure to supervise use of the communications within the commodities business."</li><li><keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> is paying billions in fines over the 1MDB scandal and cutting exec pay. <a href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">Here's what's been going on </a>inside the bank.</li><li>JPMorgan is considering hiring as many as 4,000 financial advisors in the next five to six years, <a href="https://www.businessinsider.com/jpmorgan-wealth-management-financial-advisor-recruitment-plans-kristin-lemkau-hires-2020-10">wealth boss Kristin Lemkau</a> told Business Insider. The firm has already hired large teams of experienced FAs from rivals including Merrill Lynch and UBS in recent months.</li><li><a href="https://markets.businessinsider.com/news/stocks/wells-fargo-plans-asset-management-business-sale-reuters-third-quarter-2020-10-1029714378#">Wells Fargo</a> is exploring a sale of its asset management business, Reuters first reported. </li></ul><h3>How to ace an interview at Blackstone</h3>Reed Alexander and Casey Sullivan chatted with Blackstone President and COO Jon Gray, industry headhunters, and Blackstone's global head of human resources to learn what it takes to stand out and get hired at the firm. Here are some of the highlights: <ul><li>There were 19,000 applications for the firm's 2020 first-year analyst class, and just 94 were hired, <a href="https://www.businessinsider.com/blackstone-careers-hiring-process-interview-questions-analyst-recruiting-how-to-2020-10">according to data </a>Blackstone shared.</li><li>"At a place like this, we have relatively few people. And we really need people who care," Gray said.</li><li>"I look for too many references to 'I' versus 'we,'" Paige Ross, Blackstone's global head of HR, told Business Insider. "Most people do things as part of a team, and I want to see candidates accurately reflect that."</li><li>You can read the full story here: <a href="https://www.businessinsider.com/blackstone-careers-hiring-process-interview-questions-analyst-recruiting-how-to-2020-10">Blackstone insiders reveal how to land a job at the ultra-competitive private-equity giant</a></li></ul>If you're not yet a newsletter subscriber,<a href="http://newsletter.businessinsider.com/join/4np/insider-finance"> you can sign up here</a> to get your daily dose of the stories dominating banking, business, and big deals.<h3><a href="https://www.businessinsider.com/millennium-israel-izzy-englander-network-family-tree-alumni-hedge-fund-2020-10">Inside the alumni network of billionaire Israel Englander</a></h3><a href="https://www.businessinsider.com/millennium-israel-izzy-englander-network-family-tree-alumni-hedge-fund-2020-10"></a>Millennium Management, the massive hedge-fund manager founded by the billionaire Israel Englander more than 30 years ago, has a sprawling web of alumni who have gone on to found their own firms.Bradley Saacks found that more than 70 former employees have launched their own funds across the globe. You can <a href="https://www.businessinsider.com/millennium-israel-izzy-englander-network-family-tree-alumni-hedge-fund-2020-10">see the full story, database, and graphic here. </a><h3><a href="https://www.businessinsider.com/private-equity-compensation-salaries-bonus-pay-dealmaking-recruiting-pe-2020-10">Private equity pay, revealed</a></h3><h3><a href="https://www.businessinsider.com/private-equity-compensation-salaries-bonus-pay-dealmaking-recruiting-pe-2020-10"><div type="image" title="private equity pay" height="582" width="1165" msid="78846758" hostid="261"></div></a></h3>While raises weren't as common as they were a year ago, a majority of respondents to Heidrick &amp; Struggles latest survey on <a href="https://www.businessinsider.com/private-equity-compensation-salaries-bonus-pay-dealmaking-recruiting-pe-2020-10">private-equity compensation</a> say they got a pay bump over their 2019 base salary.Associates, even at the smallest funds, averaged nearly $200,000 in base salary and bonus last year. <a href="https://www.businessinsider.com/private-equity-compensation-salaries-bonus-pay-dealmaking-recruiting-pe-2020-10">You can see all the data here.</a><h3><a href="https://www.businessinsider.com/data-center-real-estate-investment-goldman-sachs-kkr-blackstone-bloomberg-2020-10">Why Goldman Sachs and Blackstone are betting billions on data centers</a></h3><a href="https://www.businessinsider.com/data-center-real-estate-investment-goldman-sachs-kkr-blackstone-bloomberg-2020-10"><div type="image" title="TikTok creators influencers ring light photo video" height="1499" width="3000" msid="78846760" hostid="261"></div></a>Demand for data centers has boomed and bluechip investors like Goldman Sachs, KKR, and Blackstone have taken notice, announcing deals and unveiling plans to invest.On Tuesday, Goldman said it would invest $500 million into data centers around the globe. And as Dan Geiger reports, users continue to take spaces — with ByteDance, the parent of TikTok, signing up for 53 megawatts in Northern Virginia and Bloomberg LP anchoring a huge data-center complex in New Jersey.You can<a href="https://www.businessinsider.com/data-center-real-estate-investment-goldman-sachs-kkr-blackstone-bloomberg-2020-10"> read our full analysis here.</a><h3><a href="https://www.businessinsider.com/code-for-goldmans-data-platform-legend-open-sharing-github-2020-10">The code for Goldman Sachs' internal data platform is now open for anyone to use</a></h3><h1><div type="image" title="GettyImages 1082796180" height="512" width="1024" msid="78846765" hostid="261"></div></h1>After a six-month pilot period where banks like Morgan Stanley and Deutsche Bank put it to the test, Goldman Sachs' internal data platform Legend is being released to whoever wants to use it on coding-collaboration site Github.<a href="https://www.businessinsider.com/code-for-goldmans-data-platform-legend-open-sharing-github-2020-10">The bank's data chief </a>told Bradley Saacks why the firm decided to share something seven years in the making.<h3><a href="https://www.businessinsider.com/deloitte-ey-contracts-covid-response-states-kentucky-california-colorado-illinois-2020-10">How Deloitte and EY struck gold by helping states with their pandemic responses</a></h3><a href="https://www.businessinsider.com/deloitte-ey-contracts-covid-response-states-kentucky-california-colorado-illinois-2020-10"><div type="image" title="logo 01" height="2500" width="5000" msid="78846772" hostid="261"></div></a>As Samantha Stokes reports, tax and audit firms Deloitte and EY have found business opportunities by contracting with state governments to provide technical support, staffing for unemployment claims centers, and more.In 10 contracts with four states, the two firms have netted more than $63 million. The contracts were <a href="https://www.businessinsider.com/deloitte-ey-contracts-covid-response-states-kentucky-california-colorado-illinois-2020-10">awarded without a bidding process</a>.Highlights from this week's <a href="https://trendsfestival.com/">Business Insider Global Trends Festival:</a> <ul><li><a href="https://www.businessinsider.com/klarna-ceo-sebastian-siemiatkowski-interview-buy-now-pay-later-retail-2020-10">Klarna CEO Sebastian Siemiatkowski </a>on why digital retail checkouts are a huge buy now, pay later battleground: "There are a lot of buttons in the checkout. I just want to be the most popular."</li><li><a href="https://www.businessinsider.com/nasdaq-ceo-adena-friedman-public-cloud-trading-venues-adoption-interview-2020-10">Nasdaq CEO Adena Friedman </a>on the future of the cloud: "Do I think in 10 years, that many of the markets around the world, including Nasdaq, could and should be able to leverage cloud to operate their actual trading activities? The answer is yes, I do."</li><li><a href="https://www.businessinsider.com/factset-cfo-helen-shan-interview-innovation-tech-investment-financia-data-2020-10">FactSet CFO Helen Shan </a>on how the data giant quantifies innovation: "Speed, reliability, ease of use. People don't necessarily think of that as innovation, but the reality is that is."</li><li><a href="https://www.businessinsider.com/alixpartners-ceo-simon-freakley-interview-how-navigate-disruption-pandemic-2020-10">AlixPartners CEO Simon Freakley </a>on what's separated winners from losers in 2020: "One doesn't have to have an online strategy to be successful, but one has to have a defining strategy."</li></ul><h2>On the move</h2>Opendoor<a href="https://www.businessinsider.com/opendoor-hires-citadel-quant-daniel-morillo-cio-hedge-funds-spac-2020-10"> has hired Daniel Morillo</a> to be the iBuyer's chief investment officer. Morillo is currently a managing director and head of equity quantitative research at $34 billion hedge fund firm Citadel. Opendoor last month <a href="https://www.businessinsider.com/opendoor-net-income-revenue-going-public-spac-merger-chamath-palihapitiya-2020-9">announced plans </a>to merge with Social Capital Hedosophia Holdings Corp II, a <a href="https://www.businessinsider.com/top-spac-underwriters-law-firms-investors-blank-check-volume-fees-2020-9?r=spac-teaser">SPAC</a> led by venture-capitalist Chamath Palihapitiya.<h2>Legal</h2><ul><li>Litigation <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> is going mainstream. <a href="https://www.businessinsider.com/burford-capitals-nyse-debut-litigation-finance-legal-industry-funding-lawsuits-2020-10">Here's how a US stock listing </a>for top player Burford Capital could transform the landscape for investors placing bets on lawsuits.</li><li><a href="https://www.businessinsider.com/google-antitrust-lawyers-defense-wilson-sonsini-monopoly-justice-department-2020-10">7 lawyers helping Google fight landmark antitrust charges</a> in a battle that could stretch on for years, from in-house pros to DOJ veterans</li><li style="text-align: left;">Baker McKenzie just teamed up with an AI platform to help clients make better business decisions. <a href="https://www.businessinsider.com/baker-mckenzie-ai-legal-tech-innovation-sparkbeyond-innovation-arm-2020-10">A partner lays out</a> how the <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> will help the firm 'make meaning out of the volatility.'</li><li><a href="https://www.businessinsider.com/blackboiler-pitch-deck-ai-contract-markup-software-legal-tech-2020-10">Here's the 14-page pitch deck</a> that lays out how this contract-editing startup seeks to disrupt a $35 billion industry, which it used to nab $3.2 million from investors including DocuSign</li></ul><h2>Real estate</h2><ul><li>This company is building 3-D printed, small homes on existing residential properties to fight back against California's housing shortage. <a href="https://www.businessinsider.com/3d-printed-home-mighty-buildings-housing-crisis-proptech-construction-tech-2020-9">Look inside a unit </a>that was move-in ready in one week.</li></ul>

Morgan Stanley's WhatsApp woes – How to get hired at Blackstone — Private-equity comp, revealed

Hello!Welcome to this weekly roundup of stories from Insider's <keyword id="6355515" type="UNKNOWN" weightage="60" keywordseo="business">Business</keyword> co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>What we're going over today:<ul><li>Billionaires like <keyword id="45830" type="PERSON" weightage="60" keywordseo="Bill-Gates">Bill Gates</keyword> and <keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword> pledged half their wealth to charity -<a href="https://www.businessinsider.com/giving-pledge-bill-gates-warren-buffettt-billionaires-tax-break-2021-5"> but some are moving slow</a>.</li><li>Amazon is planning a new brand that <a href="https://www.businessinsider.com/amazon-diagnostics-new-brand-home-medical-tests-covid-sti-genomics-2021-5">offers at-home medical tests for COVID-19.</a></li><li>The secret life of Ian Osborne, a shadowy SPAC cofounder who <a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5">has built the ultimate black book of billionaires.</a></li><li>One of the hedge-fund industry's <a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">most interesting characters</a>.</li></ul><a href="https://www.businessinsider.com/giving-pledge-bill-gates-warren-buffettt-billionaires-tax-break-2021-5"></a>What's trending this morning:<ul><li>Documents show how taxpayers are paying for Trump's postpresidential office: Expenses include everything <a href="https://www.businessinsider.com/donald-trump-office-stephen-miller-taxpayer-money-2021-5">from printer toner to Stephen Miller's salary</a>.</li><li>Law firms scramble for talent: Kirkland &amp; Ellis has offered up to <a href="https://www.businessinsider.com/kirkland-ellis-offered-junior-lawyers-signing-bonuses-250k-big-law-2021-5">$250,000 signing bonuses to young lawyers amid nonstop M&amp;A and capital-markets work</a>.</li><li>The 29 fastest-growing biotech companies: They hired hundreds of new workers in 2020 and <a href="https://www.businessinsider.com/list-fastest-growing-biotech-companies-2021-5">grew by at least 50%.</a></li><li>Jack Abraham is turning Wynwood into the heart of Miami's tech scene: The VC founder planned a one-week Miami trip with a group of friends last June. <a href="https://www.businessinsider.com/miami-tech-hub-history-silicon-valley-florida-wynwood-jack-abraham-2021-5">He never left.</a></li><li>'Bring your whole self to work' may create more problems than it solves for employees. Here's how <a href="https://www.businessinsider.com/bring-your-whole-self-to-work-doesnt-promote-inclusion-experts-say-2021-5">companies can really promote inclusion.</a></li></ul><h3><a href="https://www.businessinsider.com/giving-pledge-bill-gates-warren-buffettt-billionaires-tax-break-2021-5">Billionaires who pledged half their wealth to charity are moving slow - and still getting massive tax breaks.</a></h3>Some of America's richest families signed <a href="https://www.businessinsider.com/giving-pledge-bill-gates-warren-buffettt-billionaires-tax-break-2021-5">the Giving Pledge,</a> a public promise initiated by Bill and Melinda Gates and Warren Buffett to give at least half of their wealth to charitable causes - but many have been slow to make good on their promise:Death was the Giving Pledge deadline. You could give half your money away beforehand, or you could leave it to charity in your will. Mark Zuckerberg, who at age 26 was among the second group of Giving Pledge signers, made clear that he did not intend to wait nearly that long."People wait until late in their career to give back," Zuckerberg said in a Giving Pledge press release. "But why wait when there is so much to be done?"But waiting, it turns out, is precisely what Zuckerberg and his wife, Priscilla Chan have done. During its first five years, the Chan Zuckerberg Initiative handed out a total of $2.7 billion in grants - roughly 6% of their wealth at the time they made their pledge. Zuckerberg is not the only signatory to take things slow. Elon Musk, who signed the pledge in 2012, has donated only $100 million so far - less one-tenth of 1% of his current net worth. Read our full report here:<ul><li><a href="https://www.businessinsider.com/giving-pledge-bill-gates-warren-buffettt-billionaires-tax-break-2021-5">Bill Gates and Warren Buffett got 211 billionaires to pledge half their wealth to charity. But some are moving slow - and still getting massive tax breaks.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/jamie-dimon-ceos-george-floyd-is-changing-means-business-leader-2021-5">'I was screaming': Top CEOs reflect on the shocking death of George Floyd one year ago and how it changed their perception of being a business leader.</a></li><li><a href="https://www.businessinsider.com/rich-covid-travel-security-consulting-bodyguards-hiring-2021-5">Security firms for the ultra-rich are staffing up with vaccinated bodyguards and brushing up on clients' laundry list of demands as the wealthy fuel up their jets and superyachts</a> </li></ul><h3><a href="https://www.businessinsider.com/amazon-diagnostics-new-brand-home-medical-tests-covid-sti-genomics-2021-5">Amazon plans a new at-home medical-test brand</a></h3><a href="https://www.businessinsider.com/amazon-diagnostics-new-brand-home-medical-tests-covid-sti-genomics-2021-5"><div type="image" title="Jeff Bezos" height="2000" width="2666" msid="82881229" hostid="261"></div></a>Amazon is considering the launch of a new line of business,<a href="https://www.businessinsider.com/amazon-diagnostics-new-brand-home-medical-tests-covid-sti-genomics-2021-5"> called "Diagnostics,"</a> that would offer an array of at-home medical tests and a third-party marketplace for general home-diagnostics services:The company is in talks to launch its own COVID-19 testing kit in June, potentially around the start of its Prime Day annual shopping event, according to people directly involved in the matter.Additionally, Amazon could expand to offer testing kits for infections that lead to respiratory and sexually transmitted diseases. Amazon's long-term goal is to expand into other areas, such as clinical genomics, and launch a third-party marketplace that sells medical tests from other companies.Plans for Amazon's new home-testing products represent the retail giant's first foray into the health-diagnostics space. They're part of Amazon's expansion into the broader healthcare industry.Here's a look at what we know so far:<ul><li><a href="https://www.businessinsider.com/amazon-diagnostics-new-brand-home-medical-tests-covid-sti-genomics-2021-5">Amazon plans new 'Diagnostics' brand that offers at-home medical tests for COVID-19, sexually transmitted infections, and clinical genomics</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/vaccine-mrna-covid-drug-treatment-future-of-medicine-2021-5">Experts explain why the mRNA tech that revolutionized COVID-19 vaccines could be the answer to incurable diseases, heart attacks, and even snake bites: 'The possibilities are endless'</a></li><li><a href="https://www.businessinsider.com/jpmorgan-launches-morgan-health-a-second-try-at-changing-healthcare-2021-5">JPMorgan is trying to disrupt healthcare again just 3 months after its previous attempt went up in smoke</a></li></ul><h3><a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5">The secret life of Ian Osbor</a><a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5">ne</a></h3><a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5"><div type="image" title="ian osborne" height="1500" width="2000" msid="82881232" hostid="261"></div></a><a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5">British investor Ian Osborne</a> has dazzled the tech and finance industries through Social Capital Hedosophia, his SPAC with Chamath Palihapitiya. We spoke to more than 30 of Osborne's associates to learn more about the man at the forefront of the "blank check" investment frenzy:An elusive power broker, Osborne does not like to be in the spotlight, though he's frequently at the center of the action - SCH dazzled Wall Street with its first reverse merger with Virgin Galactic in 2019, igniting the current SPAC craze.Part connector, part fixer-for-hire, the 38-year-old is an unlikely lord of high finance and tech. Through means that aren't entirely clear to even some close acquaintances, he has finagled his way into the circuits and pocketbooks of the world's most rich and famous, earning favor by doing favors, and parlaying his impressive black book into a lucrative, and sometimes mysterious, career. "How he got to the level he did, I don't know but it's an art," one longtime friend and business associate told Insider.Take a look inside Osborne's enigmatic life:<ul><li><a href="https://www.businessinsider.com/profile-ian-osborne-cofounder-chamath-palihapitiya-social-capital-hedosophia-spac-2021-5">The secret life of Ian Osborne, the shadowy 38-year-old cofounder of Chamath Palihapitiya's SPAC who has built the ultimate black book of billionaires</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/wall-street-bankers-back-to-office-happy-hours-dining-dealmakers-2021-5">Dealmaker dinners are back, and interns are ready to hit up the bars. Wall Street's appetite is returning, and New York City restaurants are gearing up for a rush.</a></li><li><a href="https://www.businessinsider.com/cciv-churchill-captial-spac-lucid-merger-millennium-citadel-blackstone-2021-5">Hedge funds like Millennium, Citadel, and Blackstone have dumped shares in the Michael Klein-backed SPAC set to acquire Lucid Motors</a></li></ul><h3><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">Who is Mala Gaonkar?</a></h3><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5"><div type="image" title="mala gaonkar hedge fund 4x3" height="1249" width="1666" msid="82881235" hostid="261"></div></a>Mala Gaonkar is one of three people running $30 billion Lone Pine Capital, alongside Kelly Granat and David Craver, taking over the firm from the billionaire founder Stephen Mandel Jr., who retired at the beginning of 2019. We looked into one of the industry's <a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">more interesting characters:</a>An upside-down investing landscape requires an outside-the-box thinker.For stock investors nowadays, thinking about what the future looks like might be more important than the company's current performance. In essence, that means copying what Gaonkar and Lone Pine have been doing for years. Gaonkar is the firm's expert on the bigger picture - she's less interested in a company's latest earnings release and more focused on what trends will be dominating the world in a couple of years' time.We explored what, exactly, makes Gaonkar such a trailblazer:<ul><li><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">Lone Pine's Mala Gaonkar, a longtime lieutenant to billionaire Stephen Mandel Jr., is one of the hedge-fund industry's most interesting characters</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/crypto-investing-wells-fargo-to-add-fund-to-platform-bitcoin-2021-5">Wells Fargo's investment institute is in the final stages of onboarding an active crypto strategy for its wealthy clients. Its president told us why the firm changed its mind on crypto.</a></li><li><a href="https://www.businessinsider.com/minority-owned-investment-banks-underwriting-corporate-bond-list-2021-5">Minority-owned investment banks are proving they can lead bond deals like a bulge bracket. 7 bankers tell us how they're driving diversity on Wall Street.</a> </li></ul><h3><a href="https://www.businessinsider.com/att-warnermedia-discovery-deal-advisors-liontree-names-bankers-lawyers-2021-5">ICYMI: What you need to know about the WarnerMedia-Discovery deal</a></h3><a href="https://www.businessinsider.com/att-warnermedia-discovery-deal-advisors-liontree-names-bankers-lawyers-2021-5"><div type="image" title="WarnerMedia Stankey" height="684" width="912" msid="82881239" hostid="261"></div></a>AT&amp;T announced this week it would spin off WarnerMedia and combine it with Discovery Communications in a blockbuster deal that would bring a bevy of media brands - including CNN, HBO, and HGTV - under one roof.To help you make sense of the massive merger, we compiled the stories you'll need to read to stay up to date:<ul><li>Some of Wall Street's biggest lawyers and bankers were tapped to help hammer out the deal. <a href="https://www.businessinsider.com/att-warnermedia-discovery-deal-advisors-liontree-names-bankers-lawyers-2021-5">Meet them here - and see the role they played in the WarnerMedia-Discovery marriage.</a></li><li>The deal has reignited chatter of industry-shaking media deals. <a href="https://www.businessinsider.com/potential-major-media-deals-in-2021-vice-ipo-warner-nbcu-2021-1">We spoke with experts about how talks between media giants could play out in 2021.</a></li><li>Insiders think Jeff Zucker could get a new role at the future company. <a href="https://www.businessinsider.com/warnermedia-discovery-could-unite-david-zaslav-and-jeff-zucker-2021-5">Take a look at what might be next for the CNN chief executive.</a> </li><li>The merger is expected to create $3 billion in savings - <a href="https://www.businessinsider.com/how-will-warnermedia-discovery-merger-find-3-billion-in-savings-2021-5">here are some of the jobs at risk</a></li><li>It's also causing a leadership shake-up, <a href="https://www.businessinsider.com/warnermedia-discovery-leaders-who-will-compete-for-power-in-merger-2021-5">leaving these execs vying for power.</a></li><li>Finally, we mapped out the 111 most powerful people at WarnerMedia. <a href="https://www.businessinsider.com/warnermedia-org-chart-top-execs-ceo-hbo-max-cnn-2021-4">Here's our exclusive org chart.</a></li></ul>Lastly, here are some headlines you might have missed last week.- Matt<ul><li><a href="https://www.businessinsider.com/blueface-bgc-blue-girls-club-bad-onlyfans-instagram-video-stories-2021-5">Inside the OnlyFans reality show where 10 women moved into a rapper's house to find fame, but some say they left with trauma, injuries, and matching tattoos</a></li><li><a href="https://www.businessinsider.com/salesforce-david-schmaier-chief-product-officer-cdp-industries-digital-2021-5">Salesforce's new chief product officer explains how its 'Holy Grail' data product and focus on industries will help it compete with the likes of Microsoft</a></li><li><a href="https://www.businessinsider.com/real-estate-investing-strategy-how-to-acquire-property-no-money-2021-5">Real-estate investor Mike Bryant breaks down the strategy he used to acquire 10 properties 'without putting a nickel into' them - and shares why he recently decided to sell all but 4</a></li><li><a href="https://www.businessinsider.com/sap-microsoft-embrace-partnership-multicloud-sales-strategy-aws-google-2021-5">Microsoft and SAP are quietly pulling the plug on a key piece of their flagship cloud partnership</a></li><li><a href="https://www.businessinsider.com/meet-the-rising-stars-in-the-public-relations-industry-2021-5">Meet 26 rising stars in public relations at top brands and agencies like Uber and Edelman</a></li><li><a href="https://www.businessinsider.com/uncapped-london-fintech-startup-raises-fresh-vc-funding-from-lakestar-2021-5">Uncapped is disrupting startup finance. We got an exclusive look at the pitch deck it used to raise a fresh $80 million from Spotify investor Lakestar.</a></li><li><a href="https://www.businessinsider.com/javascript-typescript-codebase-sentry-frontend-devs-2021-5">This $1 billion startup spent 18 months rewriting its entire codebase from JavaScript to TypeScript - and its lead engineer explains why it was worth the mammoth effort</a> </li><li><a href="https://www.businessinsider.com/bank-of-america-promoted-tech-exec-public-cloud-infrastructure-2021-5">Bank of America's top tech exec Cathy Bessant just added a new direct report, which hints at the increased focus the bank is putting on its infrastructure and cloud initiatives</a></li></ul>

The Giving Pledge was supposed to boost philanthropy. But it may be doing more to benefit rich donors.

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://flic.kr/p/h7njv7">TechCrunch / Flickr</a>Chamath Palihapitiya.</div></div></div><ul><li>Social Capital is bleeding top investment partners.</li><li>The venture firm, run by legendary investor Chamath Palihapitiya, has lost three partners - Tony Bates, Marc Mezvinsky, and Arjun Sethi - in two weeks.</li><li>Palihapitiya says the firm will shift focus away from new growth opportunities and instead be "doubling down on proven winners."</li></ul> Another two partners have left Social Capital in a series of departures from the Silicon Valley venture firm.On Monday, the firm's cofounder Chamath Palihapitiya announced that growth equity chief Tony Bates, who is the ex-president of GoPro, and vice chairman Marc Mezvinsky, a former hedge fund manager who happens to be Chelsea Clinton's husband, will be leaving Social Capital amid an organizational shakeup. <a href="https://www.axios.com/social-capital-shakeup-4d57d4e2-18dd-44f7-8c75-60d03fc13a32.html">Axios</a> first reported the news.Bates and Mezvinsky are the second and third partners to defect from the venture firm in two weeks. Social Capital <a href="https://www.bloomberg.com/news/articles/2018-06-16/another-social-capital-partner-departs-venture-capital-firm">announced the departure of Arjun Sethi</a> just last week.It's not immediately clear under what conditions the partners left. But the young firm with over $2 billion under management says it will shift focus away from new growth opportunities and instead "<a href="https://medium.com/@chamath/appetite-for-change-f00abc8514c0">down on proven winners from our venture funds</a>."Social Capital has been bleeding top partners for a year now. Cofounder Mamoon Hamid left suddenly last August to join Kleiner Perkins Caufield &amp; Byers. The firm's third cofounder Ted Maidenberg appears to be tapping out, as well. He remains at Social Capital as a board partner but did not invest in the latest fund, <a href="https://www.bloomberg.com/news/articles/2018-06-16/another-social-capital-partner-departs-venture-capital-firm">Bloomberg</a> reported.In a Medium post titled, "Appetite for Change," Palihapitiya, the firm's CEO and formerly an early Facebook executive, describes lessons learned tech investing.Palihapitiya brought on Bates and Mezvinsky, in part, to help raise and lead a large growth fund that would invest both in existing and promising new Social Capital portfolio companies. The firm also explored starting a "<a href="https://economictimes.indiatimes.com/wealth/invest/credit-funds-can-help-generate-higher-returns/articleshow/51986801.cms">credit fund</a>," which invests in relatively risky corporate bonds to help generate higher returns to use for investing. And it has been a big proponent of blank-check, special purpose acquisition companies, or SPACs. It <a href="http://www.businessinsider.com/chamath-palihapitiya-raises-600-million-ipo-social-capital-hedosophia-holdings">raised $600 million in a 2017 IPO</a> for a SPAC firm named Hedosophia with the intent of using that cash to buy well-performing private tech companies. "Friends and mentors told me blindly scaling our asset base would distract me. Focus on technology, they said, and stick to what makes you unique vs [sic] what makes you the same," Palihapitiya said. "I initially thought they were wrong."The legendary investor, who made early bets on companies such as Box, Slack, and SurveyMonkey, has changed his mind - or his "appetite.""I have realized that excellence doesn't necessarily come from the novelty of a constant stream of new things, but rather focus and refined repetition of the things that are at the very core of our organization," Palihapitiya said.Social Capital is already experimenting with a new tool that <a href="https://www.bloomberg.com/news/features/2018-05-01/white-male-vcs-tend-to-fund-white-male-entrepreneurs-could-robots-do-better">uses an algorithm to invest in startups</a>. Companies apply through a glorified Google Form and let the AI decide whether or not they're worth backing. It's called CaaS (capital as a service), and the firm plans to use it to make 1,000 investments in 2018 and 10,000 next year.The company did not immediately respond to a request for further comment.<h2>Here's the <a href="https://medium.com/@chamath/appetite-for-change-f00abc8514c0">Medium</a> post in full:</h2>Since our founding, we've never stopped searching for better and better ways to help entrepreneurs win. To do this, we've consistently challenged ourselves to explore what the future might look like. By definition, the future may be radically different from the present way of doing things in Silicon Valley. <a href="https://medium.com/@chamath/if-youre-a-student-of-technology-companies-you-ve-heard-this-adage-many-times-133e99f0122" target="_blank" rel="noopener" data-href="https://medium.com/@chamath/if-youre-a-student-of-technology-companies-you-ve-heard-this-adage-many-times-133e99f0122">In my post from a week ago</a>, I talked about the product bets we've placed that have started to deliver powerful results that we're now doubling down on - including tools like CaaS to help us find great companies as well as software and services like 8-ball to make them even better.In parallel to investing in product and engineering talent to build out the Social Capital Platform, I also kicked off a process to test if a traditional approach to scaling our asset base should be part of this solution. It seemed like a reasonable path in the era of Softbank's Vision Fund and Sequoia's rumored mega-fund. To execute this, I brought on two leaders: Marc Mezvinsky as Vice Chairman to lead our capital formation efforts, and Tony Bates as CEO of Social Capital Growth. We also explored what a Credit fund that could provide an entrepreneur with less dilutive forms of capital would look like.We felt emboldened to try all of this because of our track record in venture capital. Our venture capital funds are at the top of their class and there is little doubt that some of the startups we have backed will redefine this current generation of tech companies. If there was any time to pursue these new strategies, it was, in my opinion, now.Friends and mentors told me blindly scaling our asset base would distract me. Focus on technology, they said, and stick to what makes you unique vs what makes you the same.I initially thought they were wrong. And so we embarked on trying to do both: build great products and scale assets across multiple new funds, all at the same time. It's this last factor that is hard. Ironically, we tell our entrepreneurs all the time to do one thing really well, but found ourselves not following our own advice.As I internalized this and we got closer to closing some of these new strategies, my gut was telling me to go back to our core. It took some time, but we decided not to pursue the Credit effort, and also to refine our Growth strategy to largely focus on later stage investments in some of our best portfolio companies rather than generically compete in increasingly excessive growth-stage auctions.Refining our Growth strategy to what will be our second Opportunities fund means there is little point in having a separate Growth leadership team, because doubling down on proven winners from our venture funds is best carried out by our venture partners, since they know these remarkable companies and their founders better than anyone. As such, with this shift, the scope and roles for Marc and Tony became very limited compared to what they and I had originally thought, and we collectively came to the conclusion that it makes sense for them to transition to new challenges and opportunities outside of Social Capital, although we're exploring ways they can still be involved in our future success as Board Partners or advisers.It is tough to part ways with great colleagues like Marc and Tony. I am grateful to have had the opportunity to work with them, and know they'll go on to do great things - they are A+ and I'm sure we will work together again in the future.For the foreseeable future, we will stick to what we are truly passionate about: high-touch venture investments and building out our Platform that provides these entrepreneurs with tools and software to build better companies.The good news is that what we are passionate about is also what we are best at. Our data-driven tools and platform technologies are gaining increasing traction, with <a href="https://www.bloomberg.com/news/features/2018-05-01/white-male-vcs-tend-to-fund-white-male-entrepreneurs-could-robots-do-better" target="_blank" rel="noopener nofollow noopener" data-href="https://www.bloomberg.com/news/features/2018-05-01/white-male-vcs-tend-to-fund-white-male-entrepreneurs-could-robots-do-better">CaaS especially promising</a>. Our way of <a href="https://medium.com/swlh/diligence-at-social-capital-epilogue-introducing-the-8-ball-and-gaap-for-startups-7ab215c378bc" target="_blank" rel="noopener" data-href="https://medium.com/swlh/diligence-at-social-capital-epilogue-introducing-the-8-ball-and-gaap-for-startups-7ab215c378bc">looking at businesses</a> is quickly become industry standard. It's time to double down on all of these things. Said differently, I have realized that excellence doesn't necessarily come from the novelty of a constant stream of new things, but rather focus and refined repetition of the things that are at the very core of our organization.One of our core values at Social Capital is having an "appetite for change". We are continually challenging ourselves to make difficult decisions in ambiguity, and to have the courage to change our minds and course correct, with the knowledge that the path to achieving our mission is non-linear. Oftentimes we get these decisions right. But sometimes we get them wrong. And in these moments, it is really important to shine a light on them so we can learn for the future. I am grateful to the Social Capital team and our LPs for navigating this shift with their customary support, focus and determination.I also want to personally thank Marc and Tony for their contributions. And I hope you continue to follow our journey in complementing the traditional high touch venture investing model (which we remain committed to and passionate about) with increasing levels of automated tools and software to empower entrepreneurs to achieve their goals.Onwards. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/john-carreyrou-how-theranos-deceived-silicon-valley-startup-bad-blood-sample-technology-2018-5">How a $9 billion startup deceived Silicon Valley</a></h3> <div> </div> </div>

You Searched For "social capital hedosophia" and got 14 results

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