Issue #43

Japanese take over London’s metro, people upload medical records to AI chatbots, crypto boss buys banana for $6 million, and more.

News from November 14 - November 21, 2024

Indian Billionaire Accused of Lying 

Indian billionaire Gautam Adani faces U.S. charges for bribing Indian officials to secure billions in solar power contracts. Prosecutors allege Adani lied to U.S. investors about anti-bribery compliance while raising $175 million, benefiting his Adani Green company.

The scandal revives past accusations, including fraud claims by Hindenburg Research. U.S. prosecutors say bribes ensured above-market energy deals, defrauding both investors and U.S. banks.

The SEC highlights that Adani misled investors while exploiting the New York Stock Exchange to raise capital. With his nephew also implicated, the indictment risks a deeper crisis for Adani Group, already battling global reputational damage.

Source

Japanese Take Over London’s Metro 

Tokyo Metro will bring Japan’s famed punctuality and reliability to London after winning the contract to operate the Elizabeth Line. Partnering with Go Ahead and Sumitomo Corporation, the subway giant promises more frequent, safer, and highly punctual services.

Taking over from Hong Kong's MTR in May, the consortium aims to prepare for increased services ahead of Old Oak Common station’s 2030 opening. Tokyo Metro’s track record sets high expectations for the capital’s newest train line.

Source

VC Makes Unorthodox Bets 

Thrive Capital, run by Josh Kushner, is upending venture norms by focusing on fewer companies and investing billions in giants like OpenAI, Stripe, and Databricks. With only nine partners, Thrive builds unusually close ties with founders, including helping Sam Altman navigate OpenAI’s leadership crisis. 

Its $1B stake in OpenAI, part of a $150B valuation, reflects Thrive’s conviction in trillion-dollar tech. Critics say this resembles asset management, not VC, and question whether such massive bets can yield returns. 

Thrive’s high-stakes strategy, with big checks and deep founder relationships, aims to dominate tech’s future—embracing risks few rivals dare to match. VC rival: “Andreessen has become LVMH while Thrive is trying to prove they can be Chanel.” 

Source 

Bulletin Board

• Australia to Ban Teens from Social Media. Australia plans to ban social media for under-16s, targeting platforms like TikTok, X, and Instagram with fines up to A$50M for failures. The bill, a global first, shifts responsibility to tech firms to block children, including using age verification. Critics argue it could push kids to unsafe platforms and harm marginalized groups. Australian Prime Minister: “We know social media is doing social harm.” Source 
• People Upload Medical Records to AI Chatbots. Elon Musk invited users to test Grok, his AI chatbot, by uploading medical scans like MRIs and X-rays, sparking widespread participation. Many eagerly shared personal health data, including some posting results publicly. Experts caution that such uploads lack legal protections like HIPAA, raising concerns about privacy and data security. The trend highlights a growing willingness to share sensitive information with AI chatbots despite their potential diagnostic errors and the limited transparency surrounding data use. Source 
• Crypto Boss Buys Banana For $6 Million. A banana duct-taped to a wall, titled Comedian by Maurizio Cattelan, sold for $6.24M at Sotheby’s, surpassing its $1–$1.5M estimate. Justin Sun, the founder of the Tron network, purchased the piece, calling it a bridge between art, memes, and crypto. Sun plans to eat the banana as part of its artistic narrative. Source 
• Nvidia’s Revenue Doubles. Nvidia’s quarterly revenue rose 94% from last year to $35.1B, fueled by strong demand for its AI-focused data center chips like Hopper. Despite reports of overheating in its new Blackwell chips, the company projects $37.5B in revenue for the next quarter. Nvidia’s stock has climbed over 200% this year, cementing its position as the world’s most valuable listed company with a $3.6T market cap amid growing AI investments. Source 
• Wang Skirts Prison Sentence. Gary Wang, FTX’s co-founder, avoided prison by cooperating with authorities after FTX’s collapse. Once ranked among the world’s wealthiest, Wang forfeited his $11 billion stake as part of his guilty plea for fraud. His cooperation exposed how Sam Bankman-Fried misused customer funds, providing key insights into FTX’s operations. Prosecutors credited Wang’s immediate assistance, including creating tools to detect fraud, which are now aiding further criminal investigations. Source 

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