Elon Musk names Airbnb co-founder to Tesla board

That deal stemmed from a tweet from Chief Executive Elon Musk about privatizing Tesla. Mr. Ellison, a self-proclaimed close friend of Mr. Musk, was appointed by Tesla in December 2018 to comply with the deal.

Mr. Gebbia, a designer and internet entrepreneur with a net worth of $7.48 billion, joins Tesla after saying in July that he would take on an advisory role at Airbnb, stepping away from his full-time role.

“Congratulations on an amazing business with Airbnb, now for book 2!” Mr. Musk tweeted at the time.

Some experts doubted the billionaire would add diversity to Tesla’s board.

“It looks more like the same. More Mr. Musk brothers rather than someone new and different,” said John Coffee, professor and director of the Center on Corporate Governance at Columbia Law School.

Mr. Gebbia, 41, waived any right to cash compensation and agreed not to take any stock rewards until July 2023, Tesla said in a regulatory filing.

Mike Novogratz

Mike Novogratz, the billionaire founder of Galaxy Digital Holdingssaid cryptocurrencies had been relatively resilient over the past month ― partly because there aren’t many forced sellers left in the industry.

“We’re in this weird equilibrium where there are a few buyers, there are a few sellers and there’s not that energy in the market like you see in the stock market or the bond market where you have to sell, is not it ?” Mr. Novogratz said.

Much of the leverage has been taken out of the crypto sector, he said during a panel discussion at a conference in Singapore.

Digital tokens will rebound as soon as the US Federal Reserve deviates from its current aggressive monetary tightening trajectory, but not in a sustainable way until mass adoption of Web3 projects, he added.

Meanwhile, Mr. Novogratz told the panel that the implosion of Do Kwon’s Terraform Laboratories project was “heartbreaking” and a lesson for the cryptocurrency industry. He said Mr Kwon was among the smartest people he had met and “I wish him luck”.

Mr. Novogratz, who has a net worth of $6.84 billion, was a big supporter of Terraform Labs. Mr Kwon’s location is unknown and he is the subject of an Interpol red notice following the $40 billion collapse of his Terra ecosystem in May.

Sam Bankman Fried

Sam Bankman-Fried, co-founder of FTX US cryptocurrency exchangeplans to bid for the assets of bankrupt lender Celsius Networksaid a person familiar with his case.

FTX was also in the process of raising a $1 billion seed round, the same person said. This cycle has not yet been closed or made public.

In addition to its lending business, Celsius, which filed for bankruptcy in July, has significant bitcoin mining operations and a crypto-custody business.

It’s unclear whether Mr. Bankman-Fried’s crypto firms — FTX or trading arm Alameda Research — plan to bid for some or all of Celsius’ assets.

Celsius’s token, Cel, jumped 9.9% on development before falling again, according to data from CoinGecko.

Mr Bankman-Fried, who has a personal fortune of $9.44 billion, has already taken over the assets of bankrupt crypto brokerage Voyager Digital in a deal valued at around $1.4 billion. dollars.

Earlier this year, FTX backed crypto platform BlockFi and was exploring a potential takeover of Robinhood Markets, in which Mr. Bankman-Fried has a stake. It is estimated that he owns more than 50% of FTX US and almost all of Alameda.

Alex Mashinsky, chief executive of Celsius, resigned on Tuesday and the company and its creditors are considering several alternatives, ranging from restructuring to liquidation.

In August, the company said it received numerous offers of new money to help fund its restructuring process.

Larry Page

Kittyhawk, the air taxi company backed by Larry Page, billionaire and co-founder of Googlewill close its doors, putting an end to the long elusive dream of developing flying cars.

“We have made the decision to end Kittyhawk,” the company said on Twitter. “We are still working on the details of the sequel.”

The company’s technology is expected to live on in the form of its Wisk Aero joint venture with Boeing. Wisk’s operations would not be affected by the Kittyhawk shutdown, Boeing said Wednesday.

Kittyhawk traces its history back to 2010, when a company then known as Zee. Aero pioneered the so-called eVTOL market – electric vertical take-off and landing aircraft — with the ultimate goal of democratizing the skies.

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Watch: Electric flying taxi takes to the skies in test flight