Investing Port RSS Feed All the latest news from Investing Port https://www.investingport.com Bill Gates Spotted At Exclusive California Country Club According to a source, Bill Gates has been living in a mansion situated in a luxury country club in California since the news of his divorce from his ex-wife, Melinda Gates went public on the 3rd of May after being married for 27 years. The billionaire purchased the mansion, at the country club The Vintage Club in 1999, for the sum of $12.5 million, and has been hiding out at the exclusive property for about three months. On the club's website, it is described as the third most prestigious private country club in the United States, and the number most exclusive in California. Membership to the club costs $250,000, and it boasts of prominent members like billionaire businessmen Dennis Washington, and Charles Koch. Last week, Bill Gates was seen at the country club with his oldest daughter, Jennifer, and her fiance, Nayel Nasser. Jennifer confirmed the report by posting a picture of her and her dad on her Instagram story.The news of the divorce was shocking and has attracted a lot of attention from the public, so it is understandable why the billionaire has been trying to lay low to avoid the public eye and questioning. Ex-wife Melinda Gates fled to Calivigny Island in Grenada along with the kids as soon as the divorce news surfaced, to avoid media scrutiny. The island is considered to be one of the most exclusive private islands in the world, costing about $132,000 per night. While the couple's divorce took the public by surprise, sources have revealed that the marriage has been shaky for a long-time, as Melinda began speaking with divorce lawyers as far back as 2019. According to Melinda, the marriage was irretrievably broken, while Bill, who's an avid golfer, reportedly confided in his golf buddies that the marriage was a loveless one. The billionaire, through his investment company, Cascade Investment, transferred $2.3 billion in stock to his ex-wife after the announcement of the divorce on Monday. The couple's charity, Bill and Melinda Gates Foundation's, will proceed business as usual, with the management claiming the divorce will affect none of its operations or plans.]]> Fri, 14 May 2021 05:58:05 EST https://www.investingport.com/bill-gates-spotted-at-exclusive-california-country-club/ https://www.investingport.com/bill-gates-spotted-at-exclusive-california-country-club/ Tesla Removes Bitcoin As Payment Option For Its Vehicles Elon Musk revealed that Tesla (TSLA) will no longer accept Bitcoin as a means of payment for its cars. The Tesla CEO made the announcement via a post on his Twitter handle and cited the reason for this change as environmental concerns. In March, the electric car company revealed that people in the United States could now pay for Tesla cars with Bitcoin, as it was adding the digital coin as a payment option, promising to roll out the option to buyers in other countries soon.The company also invested $1.5 billion worth of crypto in the first quarter of 2021. Although about $272 million worth of the crypto was sold by the company, which boosted its first-quarter earnings, it still has a huge amount of crypto left. The value of Bitcoin fell by over 15% after the tweet, going from about $53,000 to $46,000. It is, however, slowly coming up, as it currently is trading for $50,337.Tesla's decision to accept the crypto was a major moment for the crypto, as it gave it a level of validity. This once again proves Elon Musk's influence on the market. Just Saturday, his comments on the popular show, Saturday Night Live, sent the price of Dogecoin spiraling, angering a lot of fans and investors alike. However, the CEO has said that he still believes in the power of Bitcoin, and the company will resume accepting the digital coin as payment as soon as a more sustainable way to mine the coin was discovered. While he is under a lot of fire, especially on social media as crypto investors are upset about the price drop, there is admittedly, some rationale behind the decision. According to the Cambridge Centre for Alternative Finance, Bitcoin mining consumes about 148 terawatt-hours of energy annually. To put it into context, it is enough energy to power a small country, like Argentina or Greece, for a year. Also, it is one of the biggest carbon-emitting sectors, as a single Bitcoin has a carbon footprint of 270 tons. The energy is used up in Bitcoin mining, which involves solving energy-intensive mathematical problems by several computers. The mining process requires computes around the world to compete by solving difficult problems for ten minutes, whoever wins is rewarded with a Bitcoin. The entire mining process uses up about 5 gigawatts of energy, about 1% of the entire energy in the world.This process creates copious amounts of greenhouse gases, like carbon dioxide, methane, and ozone, which allow sunlight to enter the atmosphere but also trap heat. This means that the more electricity is produced, the hotter our planet gets. Just as Elon Musk said, Bitcoin might be a great idea, but it also comes at a great cost to the environment. He also said that the company was looking at other crypto options which involved less energy.]]> Wed, 12 May 2021 21:58:47 EST https://www.investingport.com/tesla-removes-bitcoin-as-payment-option-for-its-vehicles/ https://www.investingport.com/tesla-removes-bitcoin-as-payment-option-for-its-vehicles/ Edward Jones To Pay $34 Million As Settlement To Black Advisors A federal judge has ordered Edward Jones, a St. Louis based financial services firm, to pay a $34 million settlement for bias claims by Black financial advisors. The firm is well-known for catering to individual investors and has about 19,000 financial advisors. This settlement comes after a class-action lawsuit was filed in 2018 by Stowell & Friedman on behalf of roughly 800 Black financial advisors. The official complaint was “race discrimination,” according to a court filing that names Wayne Bland as the main plaintiff in the class action case. The Black financial advisors accused Edward Jones of assigning them to less lucrative work, denying them working with certain high-level client accounts, and depriving them of advancement opportunities. In the case represented, Edward Jones, which Dowd Bennett denied wrongdoing, went as far as to try to get the case dismissed as it claimed that the named plaintiffs failed to provide more than speculative claims in the lawsuit. The firm also made moves to dismiss the case since it believed the suit should have happened in a federal court in St. Louis. The U.S.All of these arguments were denied by District Judge Andrea Wood in Chicago in November 2020 and proceeded to go on with the lawsuit since one of the named plaintiffs resides there. After a three-year legal battle, Judge Andrea Wood ruled that there was wrongdoing on Edward Jones’ behalf for denying work and opportunities to Black financial advisors on basis of their race. The judge officially signed off on the settlement earlier this month and has ordered Edward Jones to pay every single of the Black advisors that it employed between the period of May 24, 2014, and December 20, 2020, up to $31,000 each. The firm also agreed to form an advisory council to address internal issues of diversity and equity, bring Black financial advisors together for focus groups and provide senior managers with data on hiring and keeping Black employees. “We reached this agreement because it is in the best interest of Edward Jones and allows our firm to move forward,” Edward Jones spokeswoman Regina DeLuca-Imral said in a statement. “We pledged to continue working toward meaningful increases in diversity among our financial advisors and senior leadership – helping all to succeed.” Bland, a junior advisor who worked for Edward Jones as a South Carolina-based broker between 2014 and 2016, had to pay back training costs to the company after leaving in search of better opportunities. He claimed that Black financial advisors were leaving the company, due to their inability to be productive as a result of lack of resources. As part of the settlement, Edward Jones will be updating its practices of recouping training costs. The announcement of this settlement comes after Edward Jones was ranked the No. 5 Best Workplaces in Financial Service & Insurance and named to the FORTUNE 100 Best Companies to Work For for the 22nd consecutive year. On April 21, the firm joined organizations across the nation to participate in CEO Action for Diversity & Inclusion’s third annual Day of Understanding and Reflection, a day dedicated to hosting candid conversations about diversity, equity, and inclusion in the workplace. “Edward Jones has one of the largest advisory workforces, so we are hopeful that this can make a positive impact for African American advisors,” Suzanne Bish, a partner at Stowell & Friedman, told AdvisorHub. “There is relatively new leadership that seems committed to improving diversity at the firm.” This lawsuit against Edward Jones highlights a more significant issue for the company: retaining diverse employees. While the firm’s profit increased by 18 percent in 2020, Edward Jones lost 117 advisors in the last quarter of the year. The lawsuit also reveals that only six percent of Edward Jones’ workforce is diverse (Black, Latino, and Asian). ]]> Wed, 12 May 2021 19:39:15 EST https://www.investingport.com/edward-jones-to-pay-34-million-as-settlement-to-black-advisors/ https://www.investingport.com/edward-jones-to-pay-34-million-as-settlement-to-black-advisors/ Jay-Z's Net-Worth Rises By 40% To $1.4 Billion Prolific rapper, Shawn Carter, who we all know as Jay-Z, has witnessed a rise of 40% in total net worth recently.According to value estimation by Forbes, The Hip-Hop star is no worth an estimated $1.4 billion from the $1 billion he was worth only about 2 weeks ago following his brand deals with Square and LMVH. In the past weeks, the rapper has proven to be a force to be reckoned with in the business world as he sealed two major deals - one, the sale of Tidal, his music streaming site to financial service company Square for $450 million, and two; the sale of half of his popular champagne brand Armand de Brignac(Ace of Spades) to luxury brand Moët Hennessy Louis Vuitton (LMVH) in a deal that out the value of the company at about $640 million.The 51-year-old now sits on a fortune of $1.4 billion, making him one of the richest entertainers, and the first hip-hop artist to ever achieve the billionaire feat. His portfolio is extensive, covering nearly everything, from real estate to liquor, to stakes in companies and even art. LiquorThe rapper still owns half of his champagne company, Ace On Spades, which is worth $320 million. Another liquor company he has ties with is Bacardi, which helped him launch his cognac, D'Usse in 2012. Despite retailing for just about $30, fifty rare bottles were put up at auction site, Sotheby's, for prices ranging from $24,000 to $75,000 each. All in all, the cognac brand is worth about $120 million. Company StakesJay-Z has numerous investments reportedly worth approximately $760 million, including stakes in Uber as well as a small percentage of Square. Other companies he's invested in include Sweetgreen, a salad chain company, space exploration company SpaceX, and Ethos, an insurance startup. Oatly, an oatmeal company he invested an undisclosed amount in last year(June 2020) is set to IPO this year at a $10 billion valuation.Roc NationIn 2008, Jay-Z partnered with Live Nation to form Roc Nation, an entertainment company, which is home to some of the biggest names in the entertainment world including music stars Rihanna and Alicia Keys, and athlete Kyrie Irving. The entertainment company is also responsible for the popular Super Bowl Halftime Show, and the Made In American music festival. He has made a total of about $140 million in sales from Roc Nation. Real EstateThe rapper and his wife, Beyoncé, bought two houses, an $88 million Bel Air mansion and a $26 million East Hamptons spread in 2018. He also still owns a penthouse apartment in Tribeca which he bought for $6.85 million in 2004.MusicWith publishing rights and master recordings to all his music, Jay-Z has about $95 million from his rich musical career. The rap star has over 300 songs which are currently worth $20 million now than they were years ago.He also owns an admirable art collection with pieces from Jean-Michel Basquiat worth $4.5 million, and other artists like David Hammond, Richard Prince, and Damian Hirst.]]> Wed, 12 May 2021 18:49:07 EST https://www.investingport.com/jay-zs-net-worth-rises-by-40-to-14-billion/ https://www.investingport.com/jay-zs-net-worth-rises-by-40-to-14-billion/ Ethereum Co-creator Is World's Youngest Crypto Billionaire 27-year-old co-creator of the digital coin, Ethereum, is now the world's youngest crypto billionaire as the price of Eth surges. Last week, the second most valuable crypto, Ether, went up by over 350% year-to-date. On the 9th of May, at approximately 11:10 pm E.T., the coin surged past $4,000. This comes exactly one week after it broke the $3,000 milestone. While it cannot be compared to Bitcoin, it is holding its own. This surge in price puts Vitalik Buterin, Ethereum's co-creator, on top of the list of the youngest known crypto billionaires. In 2018, Buterin disclosed his Ether address via his Twitter account, revealing that he holds about 333,521 ETH. At the price of $4,000 per ETH, this puts his crypto worth at about $1.33 billion. Today, at about 3:26 GMT, Ethereum touched $4,350 momentarily, putting its market capitalization at over $500 billion, about $20 billion more than the market cap of JPMorgan, the world's leading investment bank which has a market cap of $480 billion.The market dominance of the ETH coin currently stands at around 19.6%, which is its highest level on record. Part of the reason for Ethereum's rapid growth is due to increased interest in decentralized finance. Unlike Bitcoin which is only a store of value, the Ethereum blockchain can be used for decentralized operations in various areas from technology, to finance, and even healthcare.Decentralized finance, popularly called DeFi is a general term referring to blockchain-based applications which are designed as a substitute for traditional financial intermediaries e.g. banks. The interest in DeFi is sending more and more users into owning assets not controlled or regulated by any central bank.A blockchain is a list of records, like a ledger, which contains a record of all activities or transactions on the system. However, instead of storing this information in one central location, the information is copied and spread across a network of computers, so that when a new record is added, all computers connected to the blockchain automatically update to reflect this. All information on the blockchain is linked and can be viewed publicly. Another factor is the recent attention NFTs have been getting. NFTs are linked to the Ethereum blockchain, created using the ERC-721 token standards, and the demand for ETH by users in order to pay for these non-fungible tokens might be contributing to the price surge. The Ethereum blockchain has been congested for a while, and creators have announced upgrades to the system, which will increase the speed of transactions as well as reduce energy consumption, as crypto coins Bitcoin and Ethereum have come under criticisms for being environmentally unfriendly, due to high power-consumption rates. This upgrade is in the form of Ethereum 2.0, which is said to be faster, performing up to 20,000 transactions in a second, compared to the previous version which could only support about 20 transactions per second. The previous lag in transaction speed resulted to extremely high transaction fees on the blockchain. The Ethereum 2.0 also uses a technology that requires less power to validate transactions, efficiently lowering energy rates. All in all, Ethereum 2.0 is faster, and safer for users and the environment than the previous version. Investment analysts are convinced Ethereum will continue to grow, going as far as saying it had the potential to touch $40,000 for one ETH.If that happens, co-founder Buterin would be worth a mind-blowing $13.34 billion. The Russian programmer founded Ethereum alongside Gavin Wood, who's a British developer and creator of another digital coin, Polkadot. The Ethereum blockchain has now grown to become the most used in the world.Buterin is not the only crypto founder to make billions of their own coin. Anonymous Bitcoin founder, Satoshi Nakamoto, is estimated to have mined over a million BTC. At the current price of Bitcoin, this puts their worth above $50 billion. Ethereum currently is trading at $4,048 while Bitcoin is down to $54,324, after reaching as high as $57,900 hours ago. Both coins are available on all major crypto exchanges like Binance and Coinbase.]]> Wed, 12 May 2021 16:44:58 EST https://www.investingport.com/ethereum-co-creator-is-worlds-youngest-crypto-billionaire/ https://www.investingport.com/ethereum-co-creator-is-worlds-youngest-crypto-billionaire/ Chairman, President and CEO of Wingstop Charles R Morrison Sold $1.4 million of Shares Wingstop insider selling: The Chairman, President and CEO of Wingstop Inc Charles R Morrison sold 10,000 shares of WING on 05/11/2021 at an average price of $144.64 a share. The total sale was $1.4 million. Wed, 12 May 2021 14:15:05 EST https://www.investingport.com/chairman-president-and-ceo-of-wingstop-charles-r-morrison-sold-14-million-of-shares/ https://www.investingport.com/chairman-president-and-ceo-of-wingstop-charles-r-morrison-sold-14-million-of-shares/ Stocks are selling off, is it time to find some good companies to invest in? The stock market has been selling off aggressively in the past few days and it seems like the Dow is heading into the red zone for this month, May 2021. The dow is down 433, the S&P is also down and most people are selling stocks and taking profits. The tax deadline is here, t's time to pay taxes and this may be why people are selling stocks today. Also, it may be the reason why the stock market is crashing. Investing is a process, it goes through this process almost every year when the stock goes down and then it picks up and go even more higher. We hope this is another process like that before it goes up, we are hoping this is the volatility that comes randomly after the stock has gone up a lot. The cloud stocks are getting hit aggressively, the tech stocks are also getting hit a lot. For long term investors, this may be a good time to find good winners and push money to it. It may take time to realize profit but the market is expected to rebound. ]]> Wed, 12 May 2021 12:10:23 EST https://www.investingport.com/stocks-are-selling-off-is-it-time-to-find-some-good-companies-to-invest-in/ https://www.investingport.com/stocks-are-selling-off-is-it-time-to-find-some-good-companies-to-invest-in/ William F. Tate IV Becomes First Black President At LSU Louisiana State University (LSU) selected Dr. William F. Tate as the new president of the university. This makes him the first black person to be president of a Southeastern Conference school.William Tate, who was former provost of the University of South Carolina, also the first black person to be so, was nominated alongside other aspirants like Dr. James B. Henderson, who's University of Louisiana System President, and Dr. Kevin Droegemeier, a professor at the University of Oklahoma. 23 candidates were on the initial list for president, and after a heavy interview by the school which went on for days, the list was streamlined to three finalists of which Tate was selected. With a long background as an educator, a Ph.D. in Mathematics Education from the University of Maryland, numerous published research papers (the most for a finalist), and a list of other accomplishments, Dr. William Tate has extensive qualifications for this role. "This is a very pivotal time at our university, from economic, environmental, social challenges, but we are doing great things at this place. From our academic achievements, our enrollment, our diversity, I'm very proud of what we've accomplished," LSU Board Chair Robert Dampf said. "We set about to find a great leader, and we found one. In a statement to Newsweek, Tate said,"What I'm really most excited about is I met students here who really are amazing, and for me, this position is all about what we can do to help students and give people access and opportunity in higher education.""That's really in my DNA, how do we help people regardless of their background – we find the money, get you here and give you the opportunity to live your dream," he added. "I think there is no better place in the United States to come find your dream and to make it happen then right here at LSU." The new president is expected to resume in July, replacing Tom Galligan, who became the university's interim president in January 2020 and has been president ever since. Some of the challenges Dr. Tate will face include a pending sexual misconduct case, that has shaken the institution. The university has been accused of several cases of mishandling sexual assault complaints from its female students, one of such involved two of its former football stars.Dr. Tate himself has come under criticism in the past at the University of South Carolina over the handling of a case of sexual misconduct. The professor has however defended his stance, making it clear that the member of staff involved was dismissed and assured of his commitment to dismiss any faculty member who is involved in a similar case, whether they have tenure or not.]]> Tue, 11 May 2021 17:53:08 EST https://www.investingport.com/william-f-tate-iv-becomes-first-black-president-at-lsu/ https://www.investingport.com/william-f-tate-iv-becomes-first-black-president-at-lsu/ Elon Musk's Starlinks To Launch In Nigeria This Year Elon Musk's space exploration company, SpaceX, has revealed that it is working with the Nigerian Communications Commission (NCC) to secure all licenses required to launch its satellite Internet service, Starlink, in Nigeria. The company's Market Access Director for Africa, Ryan Goodnight, disclosed this in a meeting in Abuja on Friday with Umar Danbatta, the NCC’s Executive Vice-Chairman. The company has been having discussions with the NCC for several months now through virtual channels, and have only resolved to meet in a physical setting in order to discuss the project's prospects in the country. The NCC states that its decision on SpaceX’s proposal will be made in line with its regulatory duties to ensure healthy competition among telecom companies in Nigeria. SpaceX, which was founded in 2002 by Elon Musk are the developers of Starlink, a constellation of satellites which serves to enable internet services for people around earth. So far, the company has launched over1,400 Starlink satellites.According to a report in March, the company already has a set time-frame for the launch-late 2021 for Nigeria. The Starlink service has already begun a pre-order programme which takes about six months to fulfil. You can pre-order for $99 (₦37,670). The full Starlink kit — a mounting tripod, WiFi router, and a terminal — costs $499 (₦190,000). At the time of granting the license, SpaceX had launched 893 satellites and, per the NCC, SpaceX has a Landing Permit for its full constellation of 4,408 satellites. The Landing Permit will be subject to review once all 4,408 satellites have been launched. As of press time, three Starlink satellites were found— 46135, 46078, and 44282 —up orbiting Nigeria, and a closer look reveals several others also orbit Nigeria and other African countries at different times of the day. Given the NCC’s statement, it’s safe to say that nearly all Starlink satellites can beam their signals to Nigeria. While Starlink would bring widespread connectivity to unserved and underserved areas, its current cost seems prohibitive. The ₦37,670 is above minimum wage for the average Nigerian user, but it seems cheaper than most dedicated Internet service lines in Nigeria. The Nigerian government plans to bring in 90% of its population online by 2025, and cost issues aside, Starlink’s technology might be one of the ways to achieve this. ]]> Tue, 11 May 2021 14:37:50 EST https://www.investingport.com/elon-musks-starlinks-to-launch-in-nigeria-this-year/ https://www.investingport.com/elon-musks-starlinks-to-launch-in-nigeria-this-year/ What stocks is Bill Gates buying right now? Billionaire investor and Microsoft founder Bill Gates is going through a rough time right now but that’s not stopping him from doing his day-to-day things which is investing. He is a good business man and he’s also a great investor who has made a lot of money from companies like Berkshire Hathaway, Microsoft, Apple, etc. As an accredited investor, people tend to follow Bill Gates' investing footstep, when he buys, his followers buys and when he sells his stocks, Bill Gate’s followers tend also sell. As someone who is worth billions, Bill has done well for himself and for those who follow and buy whatever stocks he is buying. What stocks is Bill Gates buying? As of the year 2021, these are stocks that you will find in Bill Gates’ portfolio CURRENT PORTFOLIO(As of December 31, 2020)TickerCompany% PortfolioNumber of SharesValue ($1000)BRK.BBerkshire Hathaway Inc.43.71%42,104,3999,762,747WMWaste Management Inc.9.84%18,633,6722,197,469CATCaterpillar Inc.9.18%11,260,8572,049,701CNICanadian National Railway Co.8.35%16,979,2681,865,173WMTWalmart Inc.7.49%11,603,0001,672,572ECLEcolab Inc.4.23%4,366,426944,720CCICrown Castle International Corp.3.80%5,332,900848,944FDXFedEx Corp.3.52%3,024,999785,350UPSUnited Parcel Service Inc.3.41%4,525,329762,065SDGRSchrodinger Inc.2.47%6,981,664552,808KOFCoca-Cola Femsa SAB de CV1.28%6,214,719286,499TVGrupo Televisa SAB0.62%16,879,104139,084AAPLApple Inc.0.60%1,002,088132,967AMZNAmazon.com Inc.0.44%30,23098,457LBTYKLiberty Global PLC0.39%3,639,34986,071LBTYALiberty Global PLC0.23%2,119,51551,335GOOGAlphabet Inc.0.17%21,49137,650GOOGLAlphabet Inc.0.17%21,55437,776TWTRTwitter Inc.0.07%272,42014,752LILAKLiberty Latin America Ltd.0.03%676,9797,508– – –Other Assets0.01%276,4433,077– – –Asset Under Management100.00%155,966,40622,336,725 ]]> Tue, 11 May 2021 12:29:55 EST https://www.investingport.com/what-stocks-is-bill-gates-buying-right-now/ https://www.investingport.com/what-stocks-is-bill-gates-buying-right-now/