October 16, 2013 |
Mark Cuban, the billionaire owner of the NBA's Dallas Mavericks, won a lengthy fight with the Securities and Exchange Commission on Wednesday when a Texas jury cleared him of insider-trading charges. The SEC had accused Cuban of using non-public information about Mamma.com, a Canadian Internet company, to make trades that helped him avoid about $750,000 in losses. Cuban, 55, denied the charges during testimony at the federal courthouse in Dallas. A nine-member jury deliberated about four hours before clearing Cuban.
October 3, 2013 |
SAN FRANCISCO -- Twitter just minted a billionaire -- at least on paper. Evan Williams, the 41-year-old co-founder of Twitter, owns 12% of the social media company that is expected to go public next month, according to a filing with the Securities and Exchange Commission on Thursday. Twitter has been valued on the secondary markets at about $9.4 billion, making Williams' stake worth more than $1.1 billion. Forbes is estimating Williams, Twitter's largest individual shareholder, may be worth closer to $1.4 billion based on current valuations.
September 22, 2013 |
BEIJING - China's richest man, Wang Jianlin, announced plans Sunday to build what he is touting would be the world's largest movie studio. An $8.2-billion project to be named the Oriental Movie Metropolis, the development is to consist of 20 studios and a permanent underwater stage. It is to be located an hour outside Qingdao, a coastal city with more than 8.7 million people. Wang, 58, the son of a Red Army veteran, is the billionaire owner of Dalian Wanda Group Corp., which last year acquired movie theater chain AMC Entertainment Inc. He was ranked this month as China's richest man by the Hurun Report, which publishes its findings in Forbes magazine.
September 9, 2013 |
C. James Koch, the man behind Sam Adams beer, is a newly minted billionaire, and he owes it all to craft beer. Or, perhaps craft beer owes it all to Koch. Koch, a Harvard grad with multiple acronyms (BA, MBA, JD), wanted to make beer. It was a family thing. As the Sam Adams site says, he brewed his great-great-grandfather's recipe in his kitchen in 1984. Then he brewed his beer in batches and carried bottles bar to bar. A year later, Koch's Boston Beer Co. created Samuel Adams. Six weeks later, it won a "Best Beer in America" consumer poll.
CALIFORNIA | LOCAL
September 3, 2013 |
Billionaire developer Rick Caruso will be allowed to moor his 216-foot mega-yacht in Newport Beach after obtaining a special permit from the city. In mid-August, to the chagrin of several citizens, the Newport Beach Harbor Commission voted to allow two large yachts - including Caruso's - to moor for a set period of time near the west end of Lido Isle. Neighbors voiced concerns over potential noise and safety problems, in addition to citing a lack of transparency in the decision-making process.
August 14, 2013 |
Oracle Chief Executive Larry Ellison hasn't spent much time around the media during the run-up to the 2013 America's Cup final -- his boat is the defending champ -- but the tech billionaire spoke up this week, discussing changes to the traditional race and the accident that killed British sailor Andrew “Bart” Simpson. The Cup holder gets to dictate the parameters of the next race. As owner of Oracle Team USA, Ellison decided to hold it in San Francisco Bay instead of open sea. He also selected the AC72 catamaran, a boat that some believe is too expensive and dangerous.
August 7, 2013 |
WASHINGTON - California billionaire and clean energy philanthropist Thomas Steyer is spending $400,000 on television ads critical of Virginia Republican gubernatorial candidate Ken Cuccinelli, the latest effort by the former hedge-fund-manager-turned-environmental activist to inject climate change into statewide elections. Steyer's donation through his political action fund, NextGen Climate Action, helped widen distribution of a League of Conservation Voters ad against Cuccinelli from northern Virginia to Norfolk, Richmond and Charlottesville, starting Wednesday night.
July 19, 2013 |
In April 2004, Rajat Gupta gave a talk at Columbia University. One student asked the former global managing director of McKinsey & Co. for his views on money and wealth creation. "Yeah, I am driven by money.... However much you say that you will not fall into the trap of it, you do fall into the trap of it," he said. Those words would prove prescient. Eight years after he uttered them, Gupta was convicted by a New York court of insider trading, of leaking privileged information gleaned from his position on the board of Goldman Sachs to Raj Rajaratnam, founder of the hedge fund Galleon.
July 8, 2013 |
Shazam, the mobile app that instantly recognizes songs and TV commercials, has announced a $40-million round of funding led by Mexican billionaire Carlos Slim. The app, which users turn on when they hear a song that they want to identify, said the funding is being headed up by Slim's company, America Movil, one of the world's largest wireless communication firms. Shazam Chief Executive Rich Riley called the investment a milestone. “It's a great continuation of the incredible momentum that we have,” he said.
CALIFORNIA | LOCAL
June 19, 2013 |
MENLO PARK, Calif. - In their first joint interview since their multimillion-dollar Big Sur wedding drew controversy and a $2.5-million Coastal Commission fine, billionaire Napster founder Sean Parker and his newlywed wife, Alexandra Lenas, said they tried to do everything right to ensure their event was environmentally sensitive. For the former Facebook president's June wedding, the couple trucked in plants and flowers, dug an artificial pond and erected a stone bridge and elevated dance floor amid the old-growth forest near the Ventana Inn & Spa. The one thing they did not do was apply for a permit.