He may hold the winning ticket in tech and Silicon Valley knows it
Mukesh Ambani has spent years trying to turn his
inherited oil business
into a tech empire. In 2020, that pivot really kicked into overdrive.
Between March and November last year, even as the coronavirus upended lives and devastated economies around the world, India’s richest man was handed more than $27 billion to make a bet on the future of the internet.
More than half that eye-popping amount came from Silicon Valley. It started with $5.7 billion from Facebook in March, one of the biggest investments in the American company’s history. Silver Lake Partners, the private equity firm based eight miles from Facebook’s Menlo Park headquarters, followed with its own investment just weeks later, as did Palo Alto’s General Atlantic and San Francisco-headquartered TPG Capital.
Ancestry.com Taps Facebook Executive for CEO Role
Posted on 02/04/2021
Genealogy company Ancestry.com Inc. hired former Facebook Inc. executive Deborah Liu to become its next chief executive officer, effective March 1, 2021. Deborah Liu was at Facebook for 11 years. She created and led Facebook Marketplace, the social media site’s classified advertisement service that has 800 million monthly users.
Blackstone Group Inc. purchased a 75% stake in Ancestry.com last August for US$ 4.7 billion. Silver Lake Partners and GIC Private Limited had owned the company since 2016. The Singaporean sovereign wealth fund still holds roughly a 25% stake in Ancestry.com.
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If you re reading this, that means you managed to make it through the stock market s most absurb week in recent memory. You ll always remember where you were when Reddit day traders banded together and pumped 90 s nostalgia stocks like GameStop to the moon an unprecedented uprising that sent ripples through every layer of the financial system.
The story starts, of course, with the traders themselves, who conduct their business on r/WallStreetBets subreddit. They threw the exact perfect mix of market savvy, anti-establishment sentiment, and sheer will into a blender and came out with a destabilizing cocktail that left established Wall Streeters scrambling clean up the mess.
GameStop millionaire u/DeepFuckingValue
Roaring Kitty
Wall Street Bets members are mostly retail investors, non-professional individual investors who aren t part of financial firms like hedge funds, private equity firms, or investment banks.
As Insider s Ben Winck reported: Reddit s structure and the democratic nature of users picking the most popular content differs wildly from Wall Street s research reports and market analysis.
By hyping up stocks and mobilizing the masses to get in on the action, these day traders boosted stocks to the surprise of many Wall Street firms.
The Redditor credited with helping light the match under GameStop claimed he turned $54,000 into $48 million.