Reddit is used to brawls between its 57 million daily users. Now its keyboard warriors are directing their ire at its CEO, Steve Huffman. Thousands of moderators overseeing the site’s so-called subreddits are on strike. It’s a wrinkle in Reddit’s plan to go public, and a sign that plan is premature.
Some young motorists experience a run-in with police over something as simple as an illegal left turn and it’s enough to inspire more conscientious driving for decades. For the boss of the biggest U.S. bank, memories of law enforcement are fuzzier and less impactful. At least, that’s the impression left by Jamie Dimon’s answers to recent questioning in relation to Jeffrey Epstein, the dead sex-trafficker who was a JPMorgan client for 15 years.
Chinese-owned yacht maker Ferretti is testing uncharted waters. The Italian manufacturer of Riva speedboats loved by Hollywood stars is set to be the first Hong Kong-listed company to also seek trading in Milan. The move offers little valuation upside, but it could hedge growing geopolitical risks. If Ferretti can sail home with ease, luxury group compatriot Prada would be tempted to follow.
UBS and the Swiss government have negotiated a state backstop that neither side wants to use. It could nonetheless prove extremely useful for the bank’s Chief Executive Sergio Ermotti, who needs all the capital help he can get.
Binance founder Changpeng Zhao doesn’t have much to look forward to. On Monday, the U.S. Securities and Exchange Commission sued the world’s largest cryptocurrency exchange, accusing it of, among other things, artificially inflating trading volumes and failing to properly control U.S. accounts. Zhao has defended the exchange – and the cryptocurrency business – vigorously since his biggest competitor Sam Bankman-Fried was charged with fraud late last year. Even if he makes it through this regulatory blowback, crypto trading has moved against him.