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Bitcoin Billonaire Dies at 41

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Bitcoin

Billionaire bitcoin owner Mircea Popescu has reportedly died, leaving behind a cache of virtual currency and a controversial crypto legacy.

The bitcoin BTCUSD pioneer, who was believed to own over $1 billion in the world’s No. 1 crypto, making him, at the time, one of the asset’s larger single-holders, died off the coast of Costa Rica, according to a Spanish-language publication, Teletica.com, which reported last week that a foreigner had drowned at Playa Hermosa de Garabito, Puntarenas, in Costa Rica, describing the victim as a 41-year-old “of Polish origin.”

However, Popescu is a well-known name in Romania and he has been described on some sites as a Romanian entrepreneur and blogger.

Popescu was viewed as a pioneer in digital assets and one of the earliest adopters. An article in Bitcoin Magazine written by Pete Rizzo said that Popescu was known for starting MPEx, a bitcoin securities exchange, around the same time as Coinbase Global COIN was launched.

At its mid-April peak this year, Popescu’s bitcoin holdings would have been worth nearly $2 billion.

At last check, bitcoin prices were changing hands at around $36,310, up 6.11 percent on the day, even amid reports that the world’s largest crypto trading platform Binance was facing a regulatory crackdown in the U.K., and a separate report noting that the platform has been compelled to pull out of doing business in the Canadian province of Ontario.

Word of Popescu’s reported death was circulating in crypto circles, with some wondering where his holdings would go.

The latest news also comes as crypto continues to wrestle with China’s ban on bitcoin mining and crypto trading in the world’s second-largest economy and the biggest crypto miner.

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Warren Buffett Resigns From Bill Gates Foundation, Donates Another $4.1 Billion

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Warren Buffett - Investors King

Warren Buffett, the billionaire investor behind storied conglomerate Berkshire Hathaway, announced a new $4.1 billion donation to charity Wednesday morning while simultaneously announcing that he’s stepping down as an inactive trustee at the Bill and Melinda Gates Foundation.

KEY FACTS

In a Wednesday morning statement, Buffett said he is giving away $4.1 billion in Berkshire Hathaway stock to the five foundations he’s given to every year since 2006: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, the Novo Foundation and the Gates Foundation.

The 90-year-old also announced he would resign as an “inactive” trustee at the Gates Foundation, saying his “physical participation is in no way needed to achieve” the foundation’s goals.

The legendary investor did not mention Bill and Melinda Gates’ high-profile divorce and instead said the move follows his decision to resign from all corporate boards besides that of Berkshire, where he remains chairman and CEO.

Buffett says he now owns 238,624 shares of Berkshire Hathaway—worth about $100 billion—putting him about halfway through his pledge to donate all of the 474,998 shares he owned in June 2006.

CRUCIAL QUOTE

“Today is a milestone for me,” Buffett said Wednesday. “In 2006, I pledged to distribute all of my Berkshire Hathaway shares—more than 99% of my net worth—to philanthropy. With today’s $4.1 billion distribution, I’m halfway there.”

BIG NUMBER

$41 billion. That’s the total value of Buffett’s Berkshire stock donations at the time of giving. Before Wednesday’s donation, which has yet to be reflected on the Securities and Exchange Commission’s website, Forbes pegged the value of Buffett’s fortune at about $105 billion.

TANGENT

Buffett’s not alone in big billionaire donations this month. Last week, MacKenzie Scott, the philanthropist and former spouse of Amazon founder and CEO Jeff Bezos, announced a new round of donations totaling roughly $2.7 billion.

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Technology Has the Most Millennial Billionaires; $254.5 Billion in Combined Net Worth

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Mark Zuckerberg - Investors King

The technology sector has the highest number of millennial billionaires (23 – 38 years old) with a combined net worth of $254.5 billion and 28 billionaires.

In the latest data from Forbes, finance and investments came second with $24.6 billion in combined net worth and 8 millennial billionaires as shown below.

The Industries with the Most Millennial Billionaires

Rank

Industry

No. of Millennial Billionaires

Collective Net Worth of Millennial Billionaires in Industry (USD$ – Billion)

1.

Technology

28

$254.5

2.

Finance and Investments

8

$24.6

3.

Automotive

6

$17.2

3.

Fashion & Retail

6

$27

3.

Healthcare

6

$11

3.

Media and Entertainment

6

$37

4.

Manufacturing

5

$14.1

5.

Metals and Mining

4

$6.4

5.

Property

4

$9.9

6.

Energy

2

$7.7

6.

Food and Beverage

2

$8

7.

Service

1

$1.2

8.

Construction & Engineering

0

$0

8.

Gambling and Casinos

0

$0

8.

Logistics

0

$0

8.

Sports

0

$0

8.

Telecommunications

0

$0

According to the data, there are presently 78 millennial billionaires in the world with an astonishing combined net worth of $418.6 billion.

Mark Zuckerberg, CEO and Co-founder, Facebook Inc, led with a sizeable net worth of $97 billion. Followed by Zhang Yiming, the founder of the content media platform, ByteDance, who has a net worth of $35.6 billion. See the top 10 below.

The 10 Richest Millennial Billionaires in the World:

The 10 Richest Millennial Billionaires in the World

Rank

Name

Age

Industry

Net Worth (USD$ – Billion)

1.

Mark Zuckerberg

36

Technology

$97

2.

Zhang Yiming

37

Technology

$35.6

3.

Dustin Moskovitz

36

Technology

$17.8

4.

Pavel Durov

36

Technology

$17.2

5.

Lukas Walton

34

Fashion and Retail

$15.6

6.

Cheng Yixiao

37

Media and Entertainment

$14.1

7.

Nathan Blecharczyk

37

Technology

$12.4

8.

Bobby Murphy

32

Technology

$11.9

9.

Evan Spiegel

30

Technology

$11.1

10.

Sam Bankman-Fried

29

Finance and Investments

$8.7

10.

Agnete Kirk Thinggaard

37

Manufacturing

$8.7

 

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Meme Stock: AMC CEO’s Wealth Surged More Than $200M From Retail Investor Rally

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AMC Entertainment CEO Adam Aron has seen his wealth soar by more than $200 million since the start of the year thanks to a retail-investor fueled rally, according to securities filings.

The theater chain, which has become a favorite of retail investors and social media message boards, has seen its stock surge by more than 1,600 percent in 2021. AMC shares more than doubled in fevered trading Wednesday. They also set an all-time high of $72.62, which was far above their previous record share price.

Aron’s shares were worth about $8 million at the start of 2021, according to share data compiled by Equilar. Those shares are now worth over $220 million, which means the rally has added more than $210 million to his net worth.

While Aron hasn’t sold any shares, according to securities filings, he gifted 500,000 shares to his two sons in March. Those shares are now worth over $25 million.

While Aron may have “diamond hands” when it comes to his AMC shares — to use a popular expression on social media for holding on to a stock — other executives of the company have been cashing out a significant portion of their holdings. All together, AMC executives have sold more than $4 million in stock since the beginning of March.

The company’s chief content officer, Elizabeth Frank, sold 100,000 shares in March for a total of $1.1 million, according to filings. Senior vice president and general counsel Kevin Connor sold more than 72,000 shares in mid-March for a total of $983,000. The most recent filing shows chief marketing officer Stephen Colanero selling 15,000 shares for a gain of $411,000.

The company didn’t respond to a request for comment. It’s unclear whether any of the sales were part of a pre-scheduled share-sale program.

The stock sales and run-ups show how the new generation of meme-stocks — like GameStop, Koss and BlackBerry — have created large wealth for inside holders. It also shows that Aron’s strategy of courting retail investors with memes, expressions of support on social media — not to mention free popcorn and movie screenings — has become highly lucrative.

“Cultivating relationships with retail investors is smart,” tech entrepreneur and Zillow co-founder Spencer Rascoff said. “It’s one of the reasons that many companies, especially consumer companies, go public in the first place.”

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