GSX Techedu Inc., which goes by the name of Gaotu Techedu Inc., was founded in 2014 by Larry Xiangdong Chen, a former school teacher, who holds a Ph.D. in economics from Renmin University, Beijing.
The company aims to offer online tutoring services for K-12 students, along with professional training courses and foreign language training for adults with the help of its primary product, the online education platform, Genshuixue.
Chen was appointed as the Vice-President at the U.S-listed New Oriental Education & Technology Group from 2010-2014 after which he founded Gaotu as an Edutech company.
Gaotu Techedu witnessed rapid growth and eventually helped the ex-school teacher achieve billionaire status. The company seemed prosperous, however, Gaotu’s share prices dropped all of a sudden, barely within a day, and now Larry seemed to also have lost his billionaire status.
How did the share values of Gaotu Techedu drop?
China announced some new regulations, which are traced to be behind the sudden fall of the share prices of Gaotu Edutech. According to these new regulations that China released on Saturday, July 24, 2021, it banned the companies from making profits, those that teach school curriculums by raising capital or going public.
This was certainly a swift and sharp blow from the blue that landed on Gaotu Edutech and its founder, Chen, who had witnessed Gaotu’s stock tumbling since late January and lost over $15 billion as a result.
Gaotu under scrutiny, followed by the rechristening of the brand
GSX or Gaotu Techedu’s shares started to fall in early 2020. This was accelerated by an array of allegations that came from Grizzly Research, Citron Research, Scorpio VC, and Muddy Waters.
Grizzly Research was one of the first such companies to bring allegations against Gaotu, then GSX, in February 2020, when it came out with a 59-page report, where the organization alleged that the management team behind GSX had filed a false SEC and thereby, committed securities fraud.
Furthermore, the company was also presumed to be offloading expenses in off-balance sheet arrangements and resorting to fake student enrollments to boost their figures.
Grizzly Research again released its third short-selling report on April 9, 2020, where the same highlighted the fake cash flows and fraudulent teacher certificates that GSX encouraged.
This was the 16th accusation faced by GSX after it went public in 2019.
The burden of all these accusations seemed to weigh too much on GSX Techedu. Therefore, the company decided to change its name to Gaotu, which it finally did on April 22, 2020, following the Grizzly Research that came out on April 9. It also changed the name of its educational platform to Gaotu Xueyuan, which was earlier called Genshuixue.
Though the company rechristened to the new name hoping that it would bring in its good old fortune back once again, it is yet to click in to date. Instead, the company is still under investigation by the U.S. Securities and Exchange Commission, following a good number of reports testifying Gaotu of the forged inflation of its revenue numbers.
All the previous reports and SEC continued to hamper the stock prices of the Chinese edutech tycoon, which came down to an all-time low of $3.51, as of July 23, 2021, from $149.05, which they were valued at on January 27, 2021.
Gaotu Techedu Share Price
Bill Hwang’s Misfortune Added to the Woes
Gaotu was surely surrounded by serious trouble from all sides, and as if they were not enough, Archegos Capital Management, on which Gaotu completely relied, offloaded their shares.
Archegos Capital Management was the family office that managed the personal assets of Bill Hwang, a New York-based investor, who also successfully held some highly leveraged positions in Gaotu.
However, the company witnessed its share values rapidly coming down, which directly affected Hwang, and being unable to provide for the collateral that the banks started asking for, he had to remove large amounts of shares from Gaotu. This made the company witness a massive plunge of around 56% in a single day.
Gaotu’s shares have lost 98% of their value since last year’s January.
Though Gaotu Techedu is the company that is the most-talked-about company due to its recent reduction of share prices, there are a bunch of other Chinese education companies and their founders/CEOs that suffered similar fates.
For instance, Zhang Bangxin, CEO of TAL Education Group was also reported to be a victim of China’s new crackdown, where his fortune fell to $1.4 billion from $3.9 billion when the share values of the company were drowned by 71% on July 23, 2021.
Yu Minhong, the Chairman of New Oriental Education & Technology Group Inc, is another billionaire, who no longer stayed one after the share prices of his company was lowered by 54%. He is now left with a stake value of $579 million.
Gaotu and Chen’s Numbers, as they stand now!
Much like the other private educational and edutech companies, Gaotu head, Larry Xiangdong Chen also suffered the loss of his billionaire status and is presently worth $336 million. His online-tutoring firm is reported to have plunged by around two-thirds of their previous values in New York trading on July 23, 2021, Friday due to a regulatory overhaul.
The Way Ahead
Following the plunge of Gaotu’s shares, the company’s founder, chairman, CEO, Chen had reportedly stated on Weibo that the company would be completely complying with the new regulations and would attain all its social responsibilities.
Conclusion
China’s recent assault on the EdTech sector has not left the educational and EdTech companies and their founders in dismay but also had its repercussions felt by the investing giants like Tiger Global Management, Temasek Holdings Pte, and more, who are at the brink of losing their abilities to go public.
These new regulations from the Chinese government surely proved to be one of the strictest curbs in the history of its $100 billion industry of online education.
FAQ
What is Gaotu Techedu?
Gaotu Techedu is a Chinese education technology company that offers online tutoring services.
Who is the founder of Gaotu Techedu
Larry Chen is the founder and chairman of Gaotu Techedu.
What is the revenue of Gaotu Techedu?
The revenue of Gaotu Techedu was 125 billion in 2020.
Silicon Valley has seen a lot of successful startups and the emerging of the big tech companies such as Google, Facebook, etc. But there has been a recent news where a CEO of one of the companies had become a billionaire and had failed in the Silicon Valley. In this article let’s look at who exactly is Takanori Nakamura and how he turned to be a billionaire.
Takanori Nakamura a CEO who had failed in the Silicon Valley has become successful in his home country. His company’s stock price has surged and provided a return of around 4,500%. He was pulled out of Silicon Valley in the year 2015 after his mobile marketing software had failed and later on decided to completely take his business into Japan which is his home country.
Now the efforts put by him are paying off and his company Rakus Co. has seen a surge in its stock price of more than 4000% since the day it was listed in Tokyo. The company that year was also one of the best performances on the stock market index of the country.
About Rakus Co.
Rakus Co. is the latest startup in Japan which created a vast wealth for its founder which saw a surge in its price after the company went public. The company is considered to be an example of how some of the hot stocks of the country apply cloud based software and Artificial Intelligence into business ideas which a lot of people consider it to be boring.
Takanori Nakamura owns around 34% stake in the cloud based expense software firm and serves as the president and the chief executive officer of the company. According to the Bloomberg Billionaires index, his net worth has seen a surge to around USD 1.9 billion.
Takanori Nakamura has conveyed that he doesn’t feel real about his newfound wealth. One of the major dreams of Nakamura was to be able to eat out without worrying about the cost and now he is grateful that he doesn’t have to worry anymore.
Nakamura used to love reading the tales of rags to riches as a boy and had decided in high school that he wanted to be an entrepreneur. He had finished his graduation from Kobe University and soon after that, he joined the telecommunications giant Nippon Telegraph and Telephone Corp in the year 1996. However, after a year he had quit the company.
He founded a company in the year 2000 which is a predecessor of Rakus Co. The company had provided training to engineers on how to use and operate the Linux which is an open source operating system. The company later had branched out in different areas where it provided services such as email services and a software that helped in automating the data processing.
In the year 2009, the company had launched its main business which the current business of Rakus Co. The company released a software called Raku Raku Seisan which means easy easy settlement in English. This software helped the workers to create expense reports online and later the company had developed a mobile version of the software as well.
In the initial stages, the Software had failed to take off and Nakamura had set his sights and thought that they would win and succeed in the Silicon Valley. He had planned to develop a software which helped the companies to analyze how effective their ads that are run on social media and to whether decide to pull or continue to run their ads.
He had a thought that the company required a pull in the overseas market because the population of Japan was declining during that period of time. But eventually, the idea and the business had failed in the Silicon Valley.
According to Nakamura, the US based companies were pouring in investments in the Silicon Valley and competing with them was kind of impossible for them. So later on, he realized that with the given resources the company has a better chance to win in their home country and in the year 2015 Rakus Co. had gone public on the Tokyo stock exchange.
The company started taking off as Smartphones became more popular in Japan. According to the company, the software developed has more than 8,000 corporate customers. The company is also estimated to have a potential for medium term and long term growth.
FAQ
What is the net worth of Takanori Nakamura?
The net worth of Takanori Nakamura is 180 crores USD.
Who is Takanori Nakamura
Takanori Nakamura is the founder and CEO of cloud software firm Rakus, his company offers cloud-based solutions for small and medium business enterprises. He founded Rakus in 2000 and the company went public in 2015.
The widely famous web developer, Jack Dorsey is known as the co-founder of Twitter. He is counted among the top technology entrepreneurs in the world, which contains the illustrious names of Elon Musk and Steve Jobs.
But the brilliance of Dorsey isn’t limited to Twitter only, in fact, he acquired two major companies- Twitter and Square. And according to Forbes, this duality gives rise to Jack Dorsey with a net worth of over $4 billion.
Jack Dorsey is prominently known for co-founding Twitter in 2006 but his journey on the Twitter platform has been a hell of a ride. He had faced countless hardships throughout his tenure.
Jack Dorsey was born and raised in St. Louis, Missouri. According to some facts, Dorsey expressed his superior intelligence from a very early age. Yes, he was only 13 years of age when he designed the software for the dispatch routing. In fact, many cab drivers are still using this app for better mapping and smooth driving.
Dorsey’s prominent mobile payments company Square is also growing at quite a pace. According to Nomura Instinet sources, the company has beaten its biggest opponent PayPal in the race of fastest-growing digital payment company.
In this article, we have presented some of the very interesting yet lesser-known facts of Jack Dorsey. Let’s get started!
Jack Dorsey was Obsessed with dispatch communication services as a kid
As a kid, Jack Dorsey was fond of trains which later transferred into his obsession with emergency dispatch communication services. He always finds the voice of the police scanner very intriguing.
In an interview with the CBS program “60 minutes,” Dorsey said that whenever he heard the police scanner, the police always talked about where they are, what they are doing or where they are going and this is what gave him the idea of Twitter.
Jack Dorsey’s Morning Routine
Jack Dorsey has set Twitter in his morning routine. When he wakes up, the first thing he does is check the weather but soon after, he opens Twitter in order to check what’s happening in the world and where? This gives him a sort of idea of what is going on in the world currently.
Jack Dorsey has a Crucial role in Twitter advancement
Jack Dorsey has a very essential part in the development and advancement of Twitter. He was the CEO of Twitter until 2008 but, on 16 October 2008 Evan Williams took over the job of CEO. Currently Jack Dorsey serves as the CEO of Twitter. But as the co-founder of Twitter, his association with it didn’t end. Later on, in 2011, Jack Dorsey got the position as the board’s chairperson. And, he became the chairperson of Twitter Inc.
Jack Dorsey is Not an Affluent Communicator
Most people don’t know this, but Jack Dorsey is not an affluent communicator, especially when it comes to speech. In an interview with 60 minutes, he said, “People often find it pretty unsettling as I am a silent person. They intend to know my thoughts but I prefer staying silent most of the time.” He added, “I am no expert when it comes to public speaking or even individual conversation. I am a silent person and that’s my basic nature.”
Jack Dorsey does not consider himself a Nerd
Jack Dorsey finds it very insulting when people call him a nerd. Once in an article of Forbes, they addressed him as a nerd. Although the article was pretty intriguing, Dorsey wasn’t pleased with it all. He mentioned, “It’s very offensive that people find me more of a nerd than Steve Jobs. I think they do because I am a programmer and that isn’t a sign of a nerd.”
When Jack Dorsey was fired from his own company in 2008, he went to speak with Facebook CEO- Mark Zuckerberg. Dorsey’s Twitter story went pretty viral, reported by Nick Bilton as “Hatching Twitter: True Story of Power, Friendship, Money and Betrayal.”
Mark Zuckerberg almost hired Jack Dorsey but due to the lack of a distinguished role, Dorsey couldn’t join Facebook. This is briefly described in the book by Nick Bilton.
Jack Drosey is a College Dropout
Like most of the brilliant minds and developers, Jack Dorsey is also a college dropout. Dorsey started attending the University of Missouri-Rolla but after two years, Dorsey got transferred to New York University. When one semester was left of his graduation, Dorsey dropped out of New York University, according to STLToday.
Later, he moved to the West Coast where he found the idea of Twitter.
Jack Dorsey Doesn’t have any Desk at Square Headquarters
We often expect the CEO and chairman to have a big glass office with a fine desk but, you’d find it pretty odd that Jack Dorsey as being the chairman and CEO of Square doesn’t have an office or even a desk. Yes, Dorsey prefers working freely on his iPad while roaming around the office.
Square, San Francisco Headquarters
When asked, he told “60 Minutes” that “Its always self-awareness and intriguing to know that other people are working their best here, it’s not just you.”
Jack Dorsey has always been brilliant and there was nothing that he couldn’t do, even as a child. He used to work as an intern at the age of 15 in Jim McKelvey’s software company, Mira Digital Publishing. Jim McKelvey was pretty impressed with Dorsey’s performance. He even used to call him “Jack the Genius.” Later, Dorsey along with Jim McKelvey founded a payment company, Square.
Jack Dorsey is an admirer of Architecture and Cities
Very few know that Jack Dorsey is a great admirer of cities and their architectures. In an interview, he said, “My favourite activity of a Day is scrolling through the urban areas. I found its architecture very fascinating and admiring.”
Jack Dorsey often wanders around the streets of San Francisco and New York.
Conclusion
The 41-year-old Jack Dorsey has put great efforts and work into the advancement of Twitter. When he was fired from his social media network, Twitter. He didn’t stop, instead, he focused on invention and later returned as the chief of Twitter seven years later.
Meanwhile, his other prominent payment company- Square succeeded more vibrantly. Jack Dorsey is a brilliant person with great ideas in mind. Each day, he moves a step closer to the advancement of the next level of technology. And people often find it very interesting knowing the rare facts about him. Thus, we presented this article. Stay tuned for more updates.
FAQ
Does Jack Dorsey have a degree?
Jack Dorsey never graduated college but He briefly attended the Missouri University of Science and Technology and then transferred to New York University.
What is the net worth of Jack Dorsey?
The net worth of co-founder and CEO of Twitter is US$15 billion as of 2021.
What companies does Jack Dorsey own?
Jack Dorsey has been CEO of both social media firm Twitter and small business payments company Square since 2015.
The trend of the luxurious yacht has been running for a long time. The billionaires often celebrate their glory of money with the finest yacht of all time. Today, there are tons of yachts with the most incredible, unique and luxurious design and outlines.
Every yacht has its distinctive styling in the ocean of amenity. And these luxurious yachts are owned by tons of billionaires and millionaires. These could get you to escape from the chaos of the world and take you in the ocean on a cruise with luxury in hand.
This all began in 1945 with the tremendous Greek shipping tycoon, Aristotle Onassis. He transformed a Canadian anti-submarine frigate, HMCS Stormont, into an indulgence yacht and named it- the Christina O, after his daughter. And today, almost every billionaire is engaged in the era of building & buying the fastest, biggest, most luxurious and impressive yachts.
The yachts are evolving with tremendous characteristics like bulletproof windows, marina power connectors, solid gold panelling, a miniature landmark from different countries, helicopters power connection and many more. In this article, we have listed some of the luxurious yachts owned by billionaires.
The world’s most luxurious and expensive yacht, History Supreme is known as the largest and superyacht of all times. It is owned by Robert Kuok and is worth $4.8 billion. History Supreme took three years to build with a length of 100 feet. 10,000 kilograms of gold and platinum was used in this yacht.
History Supreme has an amazing statue which is made of Tyrannosaurus Rex bones together with a meteorite rock wall and a Aquavista Panoramic wall aquarium which is made up of 68 kg & 24 carats of gold.
Eclipse
Owned by: Roman Abramovich Price: $1.5 billion
Eclipse owned by Roman Abramovich
Eclipse is known as the second most luxurious and largest yacht across the world. Eclipse is built by Voss and Blohm and well designed by Terence Disdale. It cost around $1.5 billion and is owned by Roman Abramovich. The construction of this yacht is of around 533 foot.
Eclipse has several features like two helipads, a system for intruder detection missile, armor plating, Submarine, hot tubs, 24 guest cabins, bulletproof windows, dance hall and many more.
Azzam
Owned by: A Member of Dubai’s royal family Price: $600 million
Azzam owned by Dubai’s Royal Family
Azzam, a very luxurious yacht that is owned by one of the members of Dubai’s Royal Family. It cost around $600 million with incredible features. Azzam is known as the fastest luxurious yacht that has a height of 590 feet and a great french design. Azzam’s interiors are designed by Christophe Leonie. Azzam is well designed with a touch of french.
Nord is known as Gigayacht (the world’s largest yacht), which is around 450 feet long and the newest yacht. It is currently under trial training in the Baltic Sea. Nord is beautifully designed by Nuvolari Lenard, he is responsible for both exterior and interior of the yacht.
Nord includes many great features like Spa and sauna, beach club, swimming pool, fitness centre, two helipads, elevator and Jacuzzi.
Radiant
Owned by: Abdulla Al Futtaim Price: $320 Million
Radiant is owned by Abdullah Al Futtaim
Radiant is the perfect yacht to make you feel at home, even by being away from home. It’s absolutely luxurious and holds everything that a penthouse is expected to have. Radiant has numerous features such as a beach club, helipads, swimming pools, full-featured gym, movie theatre, massage room, helicopter and a jacuzzi on its deck.
Radiant is owned by the top billionaire of Dubai, Abdullah Al Futtaim and is price at $320 million. Radiant is absolutely tremendous with great features.
Ocean Victory
Owned by: Viktor Rashnikov Price: $300 million
Ocean Victory owned by Viktor Rashnikov
Ocean Victory is a prominent yacht built by Fincantieri in 2014. It’s interior is well designed by Alberto Pinto and Laura Sessa Romboli. Ocean Victory is owned by one of the top Russian billionaire, Viktor Rashnikov.
Ocean Victory holds many great notable luxuries such as a beach club, 6 swimming pools, and an underwater room for observation. It holds the capacity of 50 crew together with 26 guests.
The superyacht- Dilbar was built by Lürssen Yachts in 2008. It is counted among the world’s largest boats with a height of 360.89 feet. Dilbar is owned by a Russian Oligarch Alisher Usmanov with a price of $256 million.
Dilbar has many luxuries such as a helipad, swimming pools, and many more. It holds the capacity of 20 guests and 48 crew members.
Seven Seas
Owned by: Steven Spielberg Price: $200 million
Seven Seas owned by Steven Spielberg
Seven Seas, the well designed customer-built beautiful yacht by Oceanco in 2010 at Alblasserdam, Netherlands. The yacht is around 282.15 feet in height and a tonnage of 2750 tonnes. It holds the capacity of 14 guests and 23 crew members.
Seven Seas has a top speed accelerating of 15 knots. Its exterior and interiors are beautifully designed by Nuvolari and Lenard and is owned by the well known American film director – Steven Spielberg .
Amevi
Owned by: Lakshmi Mittal Price: $125 million
Amevi owned by Lakshmi Mittal
Amevi, the yacht with the features of 80 meters of length, On-deck Jacuzzi, Tender Garage, Helipad, Swimming Pool, 8 different Guest cabins and a top speed of 18.5 knots. It is owned by the famous Indian steel tycoon, Lakshmi Mittal who is the CEO and chairman of ArcelorMittal.
Amevi is built by the Oceanco Shipyard. The yacht was launched in the year 2007 and cost around $124 million in the construction process.
Lady Beatrice
Owned by: David Barclay and Frederick Barclay Price: $30 million
Lady Beatrice owned by Barclay Brothers
The very famous Lady Beatrice was built by Royal Van Lent together with Feadship in 1993. The yacht has tons of great features like Monaco home port, named after Beatrice Cecelia Taylor (mother of the owner), length of 60 metres, 8 guest cabins and a top speed of 18 Knots.
Lady Beatrice is owned by the Barclay Brothers- Sir David Barclay and his late brother Sir Frederick Barclay. They bought the yacht at the price of $30 million.
Conclusion
Among the billionaires, expensive and luxurious yachts have been in trends for a very long time. Billionaires are eager to buy a yacht with great notable amenities and features. And to this day, tons of billionaires own some of the top yachts built by great dedication and function.
Billionaires tend to buy the yacht with the great features of the greatest, largest and fastest yacht in the world. And they are ready to spend a handsome amount of money on it.
FAQ
Who owns the most expensive yacht in the world
The Worlds most expensive yacht History Supreme which is worth $4.8 billion is owned by Robert Kuok.
Does Bill Gates have a yacht?
Bill Gates does not own a yacht but he prefers to rent super yachts rather than buy his own.
Does Jeff Bezos own a yacht?
Yes, Jeff Bezos owns a yacht which is estimated to be more than $500 million. The details of the vessel have largely been kept under wrap.
Robert T Kiyosaki is the author of the well-known personal finance book Rich Dad Poor Dad. The book was published in 1977 and has become the New York bestseller having a sale of around 40 million copies worldwide. He had previously praised the properties of bitcoin. Let’s look at what Robert T Kiyosaki has to say about cryptocurrency.
Estimation of Robert Kiyosaki about Cryptocurrency
Robert Kiyosaki has estimated that the cryptocurrency would climb to over USD 1 million in the period of next 5 years. He conveyed that he had bought bitcoin when it was USD 9,000 and thought that he had been cheated but he said that the reason he had bought crypto at such a price was due to the shut down of the economy because of Covid.
He added that now he looks like a genius as the digital coin had even crossed the mark of USD 50,000 and he estimates it to cross a million mark. He conveyed that bitcoin is still untested and even if the value crashes he said that he has other sources which would allow him to sustain and hence he could bear the risk.
Viewpoint of Robert Kiyosaki on Cryptocurrency
Kiyosaki has conveyed that he feels that for the older generation it is very important to understand the cryptocurrency market as the real estate and the gold guys are being phased out and the world is moving towards crypto.
Robert T Kiyosaki pointing towards Warren Buffet said that there is this battle against the old guys and the younger generation against the cryptocurrency where people like Warren Buffet are Anti-Crypto. He added that the cryptocurrencies are now challenging the dominancy of the US Dollar and other fiat currencies.
Price of Bitcoin
What Robert Kiyosaki said about Bitcoin?
When Robert T Kiyosaki was asked in an interview if it is too late to buy a bitcoin, he answered that there is always an entry point and that he had bought the coins when it was at USD 9000. He said that he thought that he had been cheated in the beginning but later the coin has increased to around USD 50,000.
He added that he wished that he had bought the coins at 10 cents like most of the people. He pointed out that cryptocurrencies and Gold stand out due to the devaluation of the US Dollars, money printing by the government and the external stimulus.
Future of Bitcoin According to Robert Kiyosaki
Robert Kiyosaki was further asked about whether would interfere in one form or the other or if they would lay in some restrictions on the digital coin such as even making it illegal which is believed by some of the well-known investors and hedge fund managers.
He replied saying that he feels that the government would try but he feels that the problem is too big and said that the pension amounts have been depleted and the baby boomers have no money in hand.
He added that they had shut the economy and are planning to print another USD 19 trillion and added that it has never worked and said that bad money would drive out the good money. He said that so people like him would never spend the bitcoin and would never keep his hand on it.
Robert T Kiyosaki said that he would buy bitcoin again today or the day after as he is bullish on it. He added that he is not bullish over bitcoin but he is bearish about the Biden government and has claimed that they are a group of communist people. He added that they would just print money and that they are Central Bankers.
FAQ
What is the Net worth of Robert Kiyosaki?
As of 2021, Robert Kiyosaki’s net worth is roughly $100 million.
Who is Robert Kiyosaki?
Who is Robert Kiyosaki is a Writer, Author, Businessperson, Investor, Entrepreneur, Motivational speaker.
What does Kiyosaki say about Bitcoin?
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted that the price of bitcoin will increase to $1.2 million within five years.
Conclusion
However, Kiyosaki has mentioned that he still prefers Gold and Silver. He added that he favors gold and silver as it is considered to be God’s money and added that God put it there.
Jack Ma is a Chinese based entrepreneur, philanthropist and investor. He is the co-founder of Alibaba Group. In the Great leaders’ list of Forbes’ World’s 50 Greatest Leaders, he was ranked 2nd. He is considered to be an influential figure for the community of startups. Jack Ma had not made any public appearance for a quite few months. Let’s look at the reason for it.
Jack Ma had not made any public appearance since October 2020 and later made an appearance through an online video during the month of January 2021. His disappearance had created a fear about his whereabouts.
It was reported that Jack Ma was also missing from the final episode of his own talent show where he provides a chance for African entrepreneurs to compete for USD 1.5 million. The talent show is named as Africa’s Business Heroes.
In the month of January 2021, the disappearance of Jack Ma had made headlines in most of the newspapers.
Reason for the Disappearance
The disappearance of Jack Ma began when he criticized the regulatory system of China in the month of October claiming that it has a pawnshop mentality. He criticized the regulatory system saying that companies like AliPay were unsuitable for financial regulatory structure just like that of China’s.
This had happened days before Ant Group was looking forward to launching one of the world’s largest IPOs worth USD 37 billion on the Shanghai exchange and the Hong Kong Exchange. Following the criticism, the Chinese authorities had launched an anti-monopoly probe against the company and stopped its IPO application.
Jack Ma had appeared in an online conference where he addressed 100s of teachers. This conference was part of his annual event which Jack Ma hosts in order to recognize the efforts of the rural teachers.
State-affiliated media Global Times had shared a video and tweeted saying Jack Ma has not disappeared, here we go and added the statement that Jack Ma just had a video conference with 100 village teachers in the morning conveying that they would meet up once the Covid situations are better.
Qingqing Chen who is a senior reported added a follow up tweet which said that Jack Ma who used to be an English teacher gave wishes to the English teachers through a video. She added on saying that normally this activity would be held in Sanya in Southern Hainan but this year due to the ongoing pandemic it was done through a video conference.
There was another video that showed Jack Ma taking a tour in a primary school in his hometown of Hangzhou. He had informed the teachers that he would spend more time in Philanthropy.
Jack Ma was last seen on Jan 20 during a live video chat with rural educators.
Is Jack Ma the richest man in China?
Jack Ma is no longer the richest person in china in 2021.
What does Jack Ma do?
Jack Ma is an Entrepreneur, Businessperson, Teacher and a Philanthropist.
Conclusion
Jack Ma’s exact whereabouts have not yet been identified by the Chinese authority. However, the anti-monopoly case against the company has been implemented even after the appearance of Jack Ma.
Mark Zuckerberg is famous for Facebook. He was one of the youngest self-made billionaires just at the age of 23. In 2020, in the month of August, he came under the centibillionaire list. He’s an American media magnate, internet businessman, and philanthropist. He serves as Facebook’s president, chief executive and controlling shareholder. He is also co-founder of the Groundbreaking Starshot Solar Sail Spacecraft Production Project and serves as one of its board members.
Mark Zuckerberg
Mark Zuckerberg – Biography
Name
Mark Elliot Zuckerberg
DOB
14 May, 1984
Nationality
American
Occupation
Internet Entrepreneur
Title
Founder & CEO of Facebook, Inc and Co-founder of Chan Zuckerberg Initiative
Zuckerberg was born on May 14, 1984, in White Plains, New York. His parents are Karen, a psychiatrist, and Edward Zuckerberg, a dentist. He along with his three sisters, Randi, Donna, and Arielle, were brought up in Dobbs Ferry, New York, a small Westchester County village about 21 miles north of Midtown Manhattan. His ancestors hailed from Germany, Austria and Poland and Zuckerberg was raised in a Reform Jewish household. At the age of 13 he had a Star Wars-themed bar mitzvah.
Mark Zuckerberg – Education
Zuckerberg excelled in classes at Ardsley High School. He transferred to the private school Phillips Exeter Academy after 2 years. He won prizes in mathematics, astronomy, physics, and classical studies. In his youth, he has also attended the Johns Hopkins Center for Talented Youth summer camp. Zuckerberg stated that he could read and write French, Hebrew, Latin, and ancient Greek on his college application. He is not just a nerd and was the captain of the fencing team.
Mark Zuckerberg – Beginning of Facebook
Zuckerberg had already gained a “reputation as a programming prodigy” by the time he started classes at Harvard, and he studied psychology and computer science. He was a member of Alpha Epsilon Pi and of Kirkland House. He wrote a software he called CourseMatch, which enabled users to make class selection decisions based on other students’ choices. After a short time, he created a new software that he originally called Facemash, allowing students to pick the best-looking individual from a collection of images. According to Zuckerberg’s roommate, Arie Hasit, at that time, “he built the site for fun.” Hasit explains:
We had books called Face Books, which included the names and pictures of everyone who lived in the student dorms. At first, he built a site and placed two pictures or pictures of two males and two females. Visitors to the site had to choose who was “hotter” and according to the votes there would be a ranking.
The site went up over a weekend. But the college turned it off by Monday morning, because its popularity overwhelmed one of Harvard’s network switches and stopped students from accessing the Internet. A lot of students complained at that time that their photos were being used without permission. But Zuckerberg publicly apologized, and articles were run in the student paper saying his platform was “absolutely unacceptable.”
Zuckerberg began writing code for a new website the following semester, in January 2004. On February 4, 2004, Zuckerberg launched “TheFacebook,” which was originally located at thefacebook.com. When he launched Facebook, three of his seniors (Cľ Winklevoss, Tyler Winklevoss and Divya Narendra) in Harvard after 6 days accused him of purposely misleading them into thinking that he would help them create a social network called HarvardConnection.com, while instead using their ideas to develop a rival product.
The three protested to The Harvard Crimson, and in response, the newspaper launched an investigation. Those three filed a lawsuit against Zuckerberg after Facebook was launched officially. It resulted in a settlement. They agreed a settlement for 1.2 million Facebook shares.
In his sophomore year, Zuckerberg had dropped out of Harvard to complete his thesis. In January 2014, he recalled:
I remember really vividly, you know, having pizza with my friends a day or two after—I opened up the first version of Facebook at the time I thought, “You know, someone needs to build a service like this for the world.” But I just never thought that we’d be the ones to help do it. And I think a lot of what it comes down to is we just cared more.
Zuckerberg received an honorary degree from Harvard on May 25, 2017. He gave a commencement speech on the same day at Harvard’s 366th commencement Day.
A month after Zuckerberg launched Facebook in February 2004, there was launch of i2hub, another campus-only service created by Wayne Chang. The i2hub focused on sharing files peer-to-peer. At the time, both i2hub and Facebook gained media attention and were rising exponentially in users and advertising. In August 2004, Zuckerberg, Andrew McCollum, Adam D’Angelo and Sean Parker founded a rival peer-to-peer file sharing service called Wirehog.
Platform, Beacon, and Connect
Zuckerberg unveiled on May 24, 2007 the Facebook Forum, a forum for programmers to create social applications within Facebook. A lot of applications were developed within weeks and some already had millions of users. It has expanded to more than 800,000 developers around the globe developing Facebook Platform applications.
Zuckerberg revealed on November 6, 2007 Beacon, a social advertisement system that allowed people to exchange information with their Facebook friends based on their surfing habits on other pages. For instance, eBay sellers might automatically let friends know what they’ve got for sale via Facebook news feed as they list items for sale. The software was under investigation due to concerns regarding the privacy of groups and individual users. Zuckerberg and Facebook failed to respond quickly to the complaints and Zuckerberg published a blog post on Facebook on December 5, 2007, accepting responsibility for Beacon ‘s issues and offering users a simpler way to opt out of the service.
In 2007, Zuckerberg was named to the TR35 list by MIT Technology Review as one of the world’s top 35 innovators under 35. Zuckerberg revealed on 23 July 2008 Facebook Link, a user-friendly version of the Facebook Site.
Critics say that, Facebook bought Instagram because it was scared of Twitter and Google+. Facebook bought Instagram for $1 billion in 2012. Today Instagram has over 1 billion users. Instagram contributes $20 billion to Facebook annual revenue. Facebook purchased Whatsapp– the messaging sevice, for $19 billion in February, 2014.
The 3 main social networking sites owned by Mark Zuckerberg
Mark Zuckerberg – Controversies
Saverin lawsuit
A complaint brought against Facebook and Zuckerberg by Eduardo Saverin was settled outside court. While settlement terms were sealed, the firm confirmed Saverin ‘s role as Facebook’s co-founder. After the settlement Saverin signed a non-disclosure agreement.
Pakistan criminal investigation
Pakistani Deputy Attorney General Muhammad Azhar Sidiqque initiated a criminal investigation into Zuckerberg and Facebook co-founders Dustin Moskovitz and Chris Hughes in June 2010, following a Facebook hosting of a “Draw Muhammad” contest. The investigation identified the German woman who produced the contest as anonymous. Sidiqque requested police from the country to contact Interpol to have Zuckerberg and the other three arrested for blasphemy. Facebook’s website was briefly blocked in Pakistan on May 19, 2010, before Facebook removed the contest from its website in late May. Sidiqque also demanded that its UN representative discuss the issue with the UN General Assembly.
Cambridge Analytica Data Breach
Zuckerberg appeared before Congress in April 2018, after it was reported that the company had exchanged consumer data with Cambridge Analytica, a political consulting firm.
Forbes has attributed the dramatic decline in the stock price of Facebook following the company’s July warning investors of slowing growth and profit margins to the increasing effect of the battle between profit and privacy, citing the story of Cambridge Analytica and the rising inability of Facebook to protect users from harmful misuse and misinformation.
Palestinian terror attacks
Israeli cabinet minister Gilad Erdan accused Zuckerberg of having some responsibility for Palestinians’ deadly attacks on Israelis on 2 July 2016.[93] According to him, the social network was not doing enough to ban posts on its site that encourage violence against Israelis. “Sure of the blood of the victims is on the hands of Zuckerberg,” Erdan said.
Hawaiian land ownership
Zuckerberg filed eight “quiet title and division” lawsuits against hundreds of Hawaiian natives in January 2017 to buy small tracts of land which they own. This land is located within the 700 acres of land which Zuckerberg had purchased in 2014 on the Hawaiian island of Kauai. After learning that Hawaiian land ownership law differs from that of the other 49 states, he dropped the lawsuits.
Paul Ceglia
Paul Ceglia, owner of a wood pellet fuel business in Allegany County, upstate New York, filed a lawsuit against Zuckerberg in June 2010, alleging 84 percent Facebook possession and demanding monetary damages. According to Ceglia, on April 28, 2003, he and Zuckerberg signed a contract for an initial fee of $1,000 entitled Ceglia to 50 percent of the website ‘s sales, as well as an additional 1 percent stake in the company every day after January 1, 2004, until completion of the website. At the time, Zuckerberg was creating other ventures, including Facemash, Facebook’s precursor, but the domain name thefacebook.com was not licenced until 1 January 2004. Facebook spokesperson Barry Schnitt told a reporter that Ceglia ‘s lawyers had unsuccessfully pursued a settlement outside court.
On 26 October 2012, federal prosecutors arrested Ceglia, charging him with mail and wire fraud and “tampering, damaging and manipulating evidence in a conspiracy to defraud the Facebook founder of billions of dollars.” Ceglia is accused of creating emails in order to make it appear that he and Zuckerberg exchanged specifics of an early version of Facebook. Before it was launched, some law firms withdrew from the case, and others after Ceglia ‘s arrest.
Zuckerberg contributed an undisclosed sum to Diaspora- a personal open-source Web server that operates a distributed social networking programme.
Zuckerberg founded the Start-up: Education foundation.
Zuckerberg had donated $100 million to Newark Public Schools, the public school system of Newark, New Jersey on September 22,2010.
Zuckerberg, along with Bill Gates, and investor Warren Buffett signed “The Giving Pledge” on December 9, that year, in which they vowed to devote at least half of their wealth over time to charity. They also invited others among the wealthy to donate 50 percent or more of their wealth to charity.
2012
In December, Zuckerberg and his wife Priscilla Chan announced that over the course of their lives they would give the majority of their wealth to “advancing human potential and promoting equality” in the spirit of The Giving Pledge.
Priscilla Chan and Mark Zuckerberg
2013
On December 19, Zuckerberg announced a donation to the Silicon Valley Community Foundation of 18 million Facebook shares, to be completed by the end of the month. Based on the valuation of Facebook as of then, the value of the stock was $990 million.
On December 31, the donation was recognized as the largest charitable gift on public record for 2013.
The Chronicle of Philanthropy put Zuckerberg and his wife at the top of the 2013 annual list of the magazine’s 50 most generous Americans.
2014
Zuckerberg and his wife Priscilla Chan donated US$25 million to fight the Ebola virus disease, specifically the West African Ebola virus epidemic on October.
2015
On December, Zuckerberg and Chan pledged to transfer 99% of their Facebook shares, (then at US$45 billion) to the Chan Zuckerberg Initiative, the organization that focuses on health and education. Instead of the funds transferring immediately, it transfers over the course of their lives.
Instead of creating a charitable organisation to donate the value of the stock to, as did Bill Gates, Warren Buffett, Larry Page, Sergey Brin, and other billionaires, Zuckerberg and Chan opted to use a limited liability company ( LLC) structure. Some journalists and academics have even come to say that, the Chan Zuckerberg Initiative conducts philanthrocapitalism.
2016
The Chan Zuckerberg Initiative gave $600 million in 2016 to establish the tax-exempt charity Chan Zuckerberg Biohub, a collaborative research facility near the university in San Francisco’s Mission Bay District from California, San Francisco, with the goal of promoting cooperation and collaboration between UCSF, University of California, Berkeley and Stanford University scientists. The developed intellectual property would be jointly owned by Biohub and the house institution of the discoverer. Unlike foundations such as the Bill and Melinda Gates Foundation that give up all research that is funded to free public access and reuse, Biohub maintains the freedom to sell any research that it supports. Inventors will have the option of making their findings open-source, with permission from Biohub.
2020
Amidst the COVID-19 pandemic, Zuckerberg donated $25 million to Bill and Melinda Gates Foundation. It is a foundation that is searching for treatments for the disease. He announced $25 million in grants to support local journalism that was impacted by the pandemic. And $75 million in advertisement purchases in local newspapers by Facebook, Inc., where Facebook will market itself.
Mark Zuckerberg – Awards and Achievements
A film entitled ‘A Social Network’ was released in 2010, focused on the life of Mark Zuckerberg and his Facebook founding years. The film has received eight academy award nominations.
In 2010 he won ‘Person of the Year’ by ‘Times’ Magazine.
‘CEO of the Year’ at 6th Annual Crunchies in 2013.
He was also named on Time 100 list four consecutive times between 2009 and 2012. Time 100 is a list of around the world’s 100 most influential individuals.
He was also the youngest self-made billionaire just at the age of 23.
August, 2020 he was able to come under the “centi-billionaire” list.
Mark Zuckerberg – FAQs
Who Mark Zuckerberg?
Mark Zuckerberg is an American media magnate, internet businessman, and philanthropist. He is the founder of Facebook and serves as Facebook’s president, chief executive and controlling shareholder.
What is Mark Zuckerberg age?
As of 2021, his age is 37.
What is Mark Zuckerberg net worth?
As of May 2021, according to Forbes, the net worth of Mark Zuckerberg is $115 Billion.
How old was Mark Zuckerberg when he became a billionaire?
Mark Zuckerberg was just 23 years old when he became a billionaire.
On 3 May 2021, Bill Gates and Melinda French Gates had announced that they were ending their 27 years of marriage. Bill Gates is the co-founder and the former CEO of Microsoft whereas his wife Melinda French Gates is one of the most powerful women in the world. Let’s look at what would be the net worth of Bill Gates after the divorce as he is one of the richest men in the world.
The couple had announced on 3 May 2021 that they have planned to end their 27 years of marriage life. Bill Gates and Melinda French Gates conveyed through Twitter that they had come to the decision to end their marriage after a great deal of thoughts and a lot of work on their relationship.
Bill Gates Tweet
They added that they have raised 3 incredible children and also worked together to build a foundation that works across the globe which will enable all people to lead productive and healthy lives.
Net Worth of Bill Gates
Bill Gates is one of the richest men around the globe making him one of the world’s richest billionaires. A global high net worth data and intelligence company called Wealth-X has estimated the net worth of Bill Gates to be around USD 134.1 billion.
The success of Bill Gates had begun with Microsoft. But as of now, He has just 19.6 % of his wealth through the shares of Microsoft. According to Wealth-X, the amount added to Bill Gates’ net worth through Microsoft is estimated to be around USD 26.1 billion.
The majority of the money of Bill Gates is now tied up with Bill and Melinda Gates Foundation but the exact value is not yet revealed. Bill Gates has also joined with Warren Buffet where they together founded the Giving pledge which asks the billionaires to give away more than half of their wealth to philanthropy.
All these have been a hurdle in the division of wealth between Bill Gates and Melinda Gates making it much more complicated. They have separation agreements but it is seen that the terms have not yet been made public according to the court documents.
The Cascade Investment is considered to be one of the biggest assets of Bill Gates. He funded the company with the amount he received after the sales of Microsoft’s stock. According to Wealth-X, his investment in Cascade has a valuation of around USD 30 billion. This accounts for around 22 % of his net worth.
Through Cascade Investments Bill Gates has shareholdings worth of billions of dollars in different companies such as Deere and Company of around USD 11 billion, Canadian National Railways of around USD 11 billion and Diageo of around USD 1.6 billion.
Through Cascade investment Bill and Melinda Gates Foundation trust reportedly own stocks.
Other holdings of Bill Gates
The real estate portfolio of Bill Gates is considered to be worth multi billion dollars. According to Wealth-X, his portfolio is worth more than USD 160 million. Some of his valuable real estate investments include a lakeside home in Washington of around 66,000 square feet, 30-acre estate in Florida, two additional properties in California and so on. He also has a private island called Grand Bogue Caye in Belize.
Bill Gates House
The car collection of Bill Gates is estimated by Wealth-X to be around USD 650,000 and an extensive art collection estimated around USD 130 million which includes some works of Leonardo da Vinci. His car collection includes brands such as Porsche, Jaguar and Ferrari.
Other than these over the years, Bill Gates has provided billions of dollars to their foundation that is Bill and Melinda Gates Foundation.
Monica Mazzei who is a divorce attorney reacting towards Bill and Melinda’s foundation and family offices has said that the decision will depend on what extent both of them are planning to work together.
She said that even in the friendliest divorces she has seen the preference has always been to split the foundation into two so that there are fewer chances to mingle with each other and more freedom for each other. She said that the same was applicable to the family offices as well.
There are certain predictions that the assets may be divided into halves. The law of Washington states that any asset which is acquired during a marriage is equally owned by both the partners. But it does not mean exactly half, the court can allocate it according to what is just and right. According to Forbes, if the Bill gates and Melinda split their fortune equally, Melinda would be worth approximately $65.25 billion.
FAQ
What is Bill Gates wife worth?
According to Forbes, if the Bill gates and Melinda split their fortune equally, Melinda would be worth $65.25 billion.
What is the Net worth of Bill Gates?
The net worth of Bill Gates is 13,050 crores USD.
What is Bill Gates IQ?
The IQ of the Bill Gates is 160.
Conclusion
Since Bill Gates and Melinda Gates have clarified that they would be working together in the foundation and asked to provide some space and freedom, we will have to look forward to how the wealth will be divided among them.
The coronavirus pandemic has affected almost all the countries across the globe. The lockdowns and various other restrictions have hit the major developing and developed countries’ economies and the lifestyle of the people. But Bill Gates believes that everything would get to normal by 2022. Let’s look at why Bill Gates believes in it.
Bill Gates is not only a business Magnate but also an author, philanthropist, investor and a software developer. He is one of the richest men in the world. Bill Gates is the founder of Microsoft and has served in the company as a chairman, Chief Executive Officer (CEO), Chief Architect Software and as the President of the company. Currently, he is the Technology Advisor of Microsoft.
Bill Gates also holds the titles such as Co-chairman and co-founder of Bill and Melinda Gates Foundation, Chairman and founder of Branded Entertainment Network, Chairman and Founder of Cascade Investment and the Chairman and co-founder of TerraPower.
Bill Gates was born in the year 1955 in Washington, United States. From the year 1987, he has been included in the Forbes list of the world’s wealthiest people.
In an interview with Sky News, Bill Gates had said that he believes that the world will completely return to normal by the end of next year, i. e 2022. He added on explaining that he believes so because of the high rate of implementation of the Covid vaccines in the developed countries such as the United Kingdom and the United States of America and he says that these countries will help the developing countries get the vaccines by the end of this year.
Bill Gates further added on saying that he although doesn’t expect the vaccines to completely eliminate the presence of the vaccines in the same year but the number of cases is expected to reach to a very less amount.
Bill Gates Interview
He said that he was not surprised with the fact that the developed countries gave first priority for their citizens to provide vaccines. He criticized it by saying that right now the people in their 30s in the developing countries could get vaccines while those over 60 years old in Brazil or South Africa are yet to receive a shot.
The Covid-19 virus had started infecting people at the end of 2019 and has widely spread to almost all the countries since then. In the year 2020, the entire world had been hit by the pandemic leading to a lockdown in almost every part of the world and millions of people losing their life.
Currently, there are around 3.14 million people who have died because of the virus and 149 million cases recorded globally. This deadly virus has been increasing since then.
The second wave of the Covid-19 had started in the early 2021 and India is a country that is currently being affected on a large scale. Lockdowns have been implemented in several states. The total Covid cases recorded in the country alone is around 4.41 million with around 66, 179 deaths.
The vaccination drives have been started in the country and as of 27 April 2020 around 1.7 % of the population has been fully vaccinated and around 8.9 % of the people have received at least a single dose of the vaccine.
Currently, the only Country which was successful in fighting against the virus was Israel. They have officially announced that people in the country will not require to wear masks anymore.
The net worth of Bill Gates is 13,100 crores USD as of 2021.
How did Bill Gates become famous?
Bill Gates cofounded Microsoft Corporation, the world’s largest personal-computer software company.
Conclusion
The entire human race also wants the pandemic to get over and the normal life to begin as soon as possible. We can expect and hope to see many more countries being successful in fighting against this deadly virus.
Elon Musk who is the CEO of Tesla and SpaceX had recently announced a new competition on the World Earth Day which is on 22 April 2021. The competition is hosted by XPrize and Elon Musk had entered as the chairman of XPrize in order to announce about the competition. Let’s look at what exactly is the competition about and How to enter the competition.
Elon Musk is one of the richest people in the world. He was born in 1971 in South Africa. He is an engineer, industrial designer and a business magnate. He is the founder of SpaceX, The Boring Company, and X.com. He is the co-founder of Neuralink, OpenAi and Zip2. He is the CEO of Tesla and the chairman of Solar City.
The Musk Foundation
The Musk Foundation is a private grant-making foundation. It was founded in the year 2002 by Elon Musk and his brother Kimbal Musk. They provide grants for renewable energy research, science, and engineering education, human space exploration research, the development of safe Artificial Intelligence to benefit humanity, and pediatric research.
On World Earth Day, Elon Musk had announced about a USD 100 million competition which is based on Carbon Removal. The main aim of the competition is to motivate innovators around the globe to come up with an idea to seize the carbon durably and sustainably.
According to the competition’s website, they require the innovators to come up with a large-scale project that will pull the Carbon-di-oxide directly from the atmosphere and oceans and should be able to seize it in a durable and sustainable manner. The competition is for the time frame of 4 years.
The winners of the projects will be based on proving by the team that their project can remove at least around 1,000 tones of carbon-di-oxide yearly and model their costs on a scale of 1 million tones on a yearly basis.
The teams will also have to show a way to achieve a scale of gigatons on a yearly basis in the future. The eligibility criteria for the competition are that the project should be based on any carbon negative solutions according to Elon Musk and the Musk foundation as the competition is funded by them.
The judges will review the submissions within one year of the competition and award up to 15 prizes with the prize money of up to USD 1 million each. The judges will later select one grand prize winner after four years who will receive an amount of USD 50 million. The judges will also select 3 runners up and they would receive an amount of USD 30 million each.
XPrize Foundation
XPrize Foundation is a non-profit organization. The organization was founded in the year 1994 and is located in California, the United States. The organization was founded by Peter Diamandis. Some of the notable trustees of the organization are Larry Page, James Cameron, Ratan Tata, and many more.
The Foundation designs and hosts public competitions. The main aim is to encourage technological development which is focused on benefitting humanity.
Marcius Extavour who is the Vice President of Climate and environment at XPrize said that climate change poses a greater threat in 2021 and it should be very clear to everyone that our Carbon-di-oxide emissions are the major reason for the cause.
He added saying that the prize is about the development and deployment of solutions that can be carbon negative as the race is to get to net zero.
You can visit XPRIZE’s Website to register for this competition.
XPRIZE Website
FAQ
What was Elon Musk’s first project?
Elon Musk founded X.com in 1999 (which later became PayPal), SpaceX in 2002 and Tesla Motors in 2003.
What is the net worth of Elon Musk?
The net worth of Elon Musk is 17,260 crores USD as of 2021.
Does Elon Musk drive a Tesla?
Musk is usually seen driving around in his Tesla Model S or the Tesla Model X
Conclusion
The main aim of the competition will be to remove carbon-di-oxide from the atmosphere and to turn the theoretical ideas into practical solutions. This will be a great platform for the innovators to showcase their ideas and towards making them practically possible.
Anik Banerjee
