The Tragic Real-Life Story Of The Getty Family Getty Images/Getty Images
By Jeff Somers/Dec. 13, 2020 10:30 pm EDT
The phrase money can t buy happiness sounds wise, but it overlooks one important fact: Money can, in fact, buy the
things that make us happy. Of course, too much of anything is bad for you, and that s really where the money bites you. When you can have anything you want at any time, it s easy to lose yourself.
Case in point: The Getty family. Once ranked as one of the wealthiest families in the world and still worth billions the descendants of Jean Paul Getty s oil empire have spent the last five decades experiencing the corrosive effects of money. While their name is still inextricably linked to the oil business and the chains of gas stations that once bore their name, the family sold its interests in the 1980s for an eye-popping amount of money and have nothing to do with the oil business.
From Alex Morrell and Bradley Saacks:
Last spring, Coatue Management, a $25 billion hedge-fund giant, did something unusual: It made an appearance.
In the 20 years since its founding, the secretive, tech-focused investment manager has had a stellar track record under the billionaire Philippe Laffont. But the tiger cub usually demurred when it came to discussing business publicly.
In May 2019, though, two Coatue execs spoke for nearly 45 minutes to a crowd of data-science wonks at Domino Data Lab s Rev conference.
What compelled Coatue to pull back the curtain?
The firm had announced in an investor letter a few months earlier that it was raising several hundred million dollars to launch its first quant fund, an outgrowth of a data-science group that had been expanding under Izydorczyk. The firm boldly predicted that its team of 30 scientists and engineers would eventually reach 100.
The Airbnb logo is displayed on the Nasdaq digital billboard in Times Square in New York on December 10, 2020. - Home-sharing giant Airbnb was set for its Wall Street debut Thursday with a whopping $47 billion valuation amid a feverish rush for new shares in companies adapting to lifestyle changes imposed by the coronavirus pandemic. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images) KENA BETANCUR/AFP via Getty Images
From Dakin Campbell:
In April, just weeks after the raging coronavirus pandemic threatened to shut down the US economy, Silver Lake Partners and Sixth Street Partners made a bold bet.
IPO frenzy goes into overdrive - Inside Coatue s short-lived quant fund - Blackstone TV mmazzilli@businessinsider.com (Meredith Mazzilli)
Happy Saturday!
It was a wild week for IPOs. Now, one company is taking a time out. Roblox is delaying its initial public offering until next year after the video game maker decided it would be too difficult to price its shares, the Wall Street Journal reported on Friday night.
We took a look at what s been driving the IPO rush and enormous pops in early days of trading for big names like Airbnb and DoorDash. From Alex Morrell:
Not since the days of Y2K, GeoCities, and eToys.com have initial public offerings garnered such unbridled enthusiasm from investors.