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High-Profile Art Feud Settled: Rybolovlev and Bouvier Reach Agreement

Adrian Fuller
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High-Profile Art Feud Settled: Rybolovlev and Bouvier Reach Agreement

In a dramatic turn of events, the high-stakes legal battle between Russian art aficionado Dmitry Rybolovlev and Swiss art dealer Yves Bouvier has reached a conclusive end. The duo has officially settled their multi-jurisdictional disputes out of court, putting an end to a saga that has captivated the art world, the FinTelegram reports.

Dmitry Rybolovlev, a name synonymous with luxury and opulence thanks to his mining empire and ownership of the AS Monaco soccer club, had accused Bouvier of a billion-euro art swindle. At the heart of this dispute was the staggering sale of 38 artworks, including the enigmatic “Salvator Mundi” by Leonardo da Vinci, which later sold for a record $450.3 million.

The Russian billionaire’s claims against Bouvier were not just confined to personal allegations; they extended to the prestigious auction house Sotheby’s in New York. In a plot worthy of a thriller, the “Salvator Mundi” had a notable stopover at Sotheby’s in 2013, where Bouvier allegedly purchased it for $83 million, only to sell it to Rybolovlev for a whopping $127.5 million, pocketing the substantial difference.

The Geneva public prosecutor’s office, led by Yves Bertossa, announced on December 7 the closure of the case. This followed the prosecutor’s recommendation for a settlement, citing insufficient grounds for a criminal case. On November 20, both parties agreed to withdraw all complaints, marking a significant moment in this high-profile dispute.

Despite the settlement, details remain under wraps due to a non-disclosure agreement. However, Bouvier’s lawyer, David Bitton, hailed the resolution as a “complete victory,” emphasizing that all allegations were dismissed globally, and no court proceeded to a full trial.

Bouvier himself expressed relief, stating that this marks the end of a “nine-year nightmare,” and thanked the judicial authorities for allowing “true justice” to prevail. This sentiment echoes across the art world, where the case has been closely followed.

Meanwhile, the saga isn’t entirely over. Rybolovlev’s case against Sotheby’s in New York is set for trial in January. The Russian magnate accuses the auction house of facilitating Bouvier’s alleged fraud, particularly in overcharging him for 15 artworks, including the “Salvator Mundi.”

As this chapter closes, the art world watches with bated breath, anticipating the outcome of the remaining litigation in New York. The story of Rybolovlev, Bouvier, and the elusive “Salvator Mundi” continues to be a testament to the complex interplay of art, power, and money. Stay tuned to The Cybervoice for exclusive updates on this and more from the world of high art and society.

Bravissimo: Revolut Appoints Impressive CEO For UK Business

Lucas Peterson
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Bravissimo: Revolut Appoints Impressive CEO For UK Business

The U.K. fintech heavyweight, Revolut, has announced the Italian Francesca Carlesi as the forthcoming CEO for its U.K. branch, while Nik Storonsky maintains his role as the CEO of the overall groups. Notably, Revolut is facing challenges in obtaining a U.K. banking license. With her impressive track record, Carlesi may be play a pivotal role in the fintech’s ambitions to become a bank in the UK.

Francesca’s previous stint was at Molo, the U.K.’s inaugural fully online mortgage provider, where she held the reins as the founder and CEO. Her extensive banking career features leadership positions at Deutsche Bank and Barclays. Additionally, she’s had roles at McKinsey & Co. and Bridgepoint Capital.

Carlesi boasts an impressive educational background, including a PhD in Banking and Finance from the University of Rome, an MBA with honors from Columbia University, and a diploma from the Harvard Kennedy School of Government. With over 15 years in the financial realm, her expertise spans private equity, retail and commercial banking, investment banking, and asset and wealth management.

Come December, Carlesi will take the helm at Revolut, succeeding James Radford, who exited the position in March.

This leadership change occurs shortly after Kitty Ussher, the former economic secretary to the Treasury and a one-time MP, stepped down from Revolut‘s UK board. Despite her move to Barclays, Ussher reminisced about her fulfilling four years with Revolut in a heartfelt LinkedIn post.

Revolut boasts a sprawling global clientele exceeding 35 million, with a significant footprint in nations such as Romania and Poland. The Central and Eastern European regions are also seeing brisk growth for the fintech. Still, the U.K. remains its cornerstone market.

Crypto Service Provider BitGo Receives Custody License In Germany

bluechipper
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Crypto Service Provider BitGo Receives Custody License In Germany

Germany is increasingly establishing itself as a pivotal player in the realm of digital asset custody and regulation. As reported by PayRate42, BitGo, a digital assets service provider, revealed that its German subsidiary, BitGo Europe GmbH, has been granted a digital assets custody license by the German Federal Financial Supervisory Authority (BaFin). Notably, since 2019, BitGo has been safeguarding crypto assets for its clientele, with the oversight of BaFin, under an interim arrangement.

BitGo‘s Frankfurt-based team has seen consistent growth and now, in compliance with BaFin’s stipulations, is steered by two managing directors. While Sven Möhle oversees the market domain, Dejan Maljevic is at the helm of back-office operations.

To ensure the utmost security of the assets under their care, the majority of client keys at BitGo Europe GmbH are preserved in cold storage within Germany. These are further fortified by an array of security protocols, including some proprietary technologies that have become benchmarks in the industry. Given this stringent security apparatus, BitGo vouches for the assets in cold custody and has them appropriately insured. Owing to their reputation, prominent neobrokers entrust BitGo with their customers’ digital assets.

Reflecting on this significant achievement, Dejan Maljevic, the Managing Director of BitGo Europe, expressed, “BaFin is globally acknowledged as a trendsetter in crypto regulation. Their approach facilitates the evolution of digital currencies while concurrently instituting a robust regulatory framework. Acquiring this license was a rigorous journey, and we are elated to have attained this landmark.”

Echoing similar sentiments, Mike Belshe, the CEO of BitGo, Inc., remarked, “In the digital asset custody and regulatory landscape, Germany’s significance is on the rise. In collaboration with BaFin, we are enthused to extend our top-tier crypto custodial services to our German and European clientele.”

Russian Oligarch Arrested In France

Adrian Fuller
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Russian Oligarch Arrested In France

Russian oligarch Alexey Kuzmichev has been detained in France following allegations related to tax evasion, money laundering, and the breach of international sanctions, as revealed by the French Financial Prosecutor’s Office (PNF). Police raided properties in both Saint-Tropez and Paris, which are linked to the tycoon, an ally of President Vladimir Putin, BBC reported.

The French investigative judges on Wednesday put Russian tycoon Alexey Kuzmichev under formal investigation, Reuters reported. He is suspected of violating EU sanctions and tax fraud.

Renowned as one of the most influential figures in Russia by the European Union, Kuzmichev has deep-rooted ties with Russian President Vladimir Putin. Monday saw investigative searches being carried out at multiple venues, including Kuzmichev’s luxurious Parisian apartment, as per the PNF’s statements. Reports from the French news outlet, Le Monde, also indicate a search operation at his opulent villa in Saint-Tropez.

Though arrested on Monday, as of Tuesday, no formal charges have been pressed against the billionaire. Representatives for Kuzmichev chose to remain silent when approached for comments. However, the Kremlin, through its spokesperson Dmitry Peskov, expressed that it stands ready to protect the rights of Kuzmichev and awaits comprehensive details on the case from Paris.

Highlighting the mogul’s run-ins with French authorities, last year witnessed the confiscation of his 27-meter luxury yacht by French customs. This seizure was in alignment with Brussels’ sanctions on Moscow. Kuzmichev, a pivotal shareholder in Russia’s Alfa Bank, subsequently entered into a legal tussle with the authorities post this incident.

Austrian Red Bull Heir Mark Mateschitz Cashed In A €582 Million Dividend!

Adrian Fuller
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Austrian Red Bull Heir Mark Mateschitz Cashed In A €582 Million Dividend!

As per a recent report by Bloomberg, Mark Mateschitz, the 31-year-old Austrian billionaire and inheritor of the Red Bull empire, has received a substantial shareholder payout of $615 million from Red Bull GmbH, the Austrian holding company overseeing the extensive network of Red Bull companies. This notable payment signifies his first since taking over the reins of the energy drink giant from his late father, Dietrich Mateschitz, last year.

The Red Bull Dividend

The distribution of this payout stems from Red Bull‘s decision to allocate half of its impressive $1.6 billion profit from the previous year among its shareholders. Mark Mateschitz‘s substantial ownership stake of 49% in the company through his holding entity, Distribution & Marketing GmbH, qualified him for a substantial share of €383 million from this payout. The remaining 51% is under the ownership of the Yoovidhya family in Thailand.

In addition to the €383 million share, Mark Mateschitz received an additional €199 million, in line with a long-standing company tradition that grants an extra payment to its Austrian owner. This combined to create a total dividend of €582 million ($615 million) for him.

It’s noteworthy that this dividend marks the lowest in three years, following the record payment of $865 million made to Dietrich Mateschitz in the year prior to his passing.

The Young Billionaire

Forbes estimates Mark Mateschitz‘s net worth at an impressive $34.4 billion, positioning him at No. 35 on Forbes’ real-time billionaires list. At just 31 years of age, he not only ranks as one of the world’s youngest billionaires but also claims the title of Europe’s wealthiest millennial. His acquisition of a 49% stake in Red Bull from his father last year has significantly contributed to his wealth.

Red Bull continues to assert its global dominance, with an astounding 11.6 billion cans of its energy drink sold in the previous year, resulting in revenue totaling $10.53 billion. The company’s influence extends across various sports, including soccer, Formula 1 racing, and extreme sports, such as motocross, skateboarding, and snowboarding.

Elon Musk Lost $66 Billion Net Worth But Is Still The World’s Richest Individual!

bluechipper
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0
Elon Musk Lost $66 Billion Net Worth But Is Still The World’s Richest Individual!

Elon Musk experienced a substantial reduction in his net worth this week, plummeting to $193 billion, as reported by Bloomberg’s Billionaire Index. This marks the first time since June that the CEO of Tesla has seen his net worth dip below the $200 billion threshold, primarily due to the disappointing quarterly earnings report from Tesla and the loss of value of X (formerly known as Twitter).

The decline in Musk’s wealth can be partly attributed to the notable underperformance of Tesla stock, which has witnessed a substantial drop of more than 18% since the Q3 2023 earnings call held on October 18, 2023. Furthermore, on a subsequent Monday, the stock experienced an additional decline of nearly 5%. This latest downturn came in response to reports revealing that Panasonic, a long-standing partner and supplier for the electric vehicle (EV) manufacturer, had scaled back its battery cell production in Japan during the period ending September 2023.

Bloomberg’s calculations show that Musk’s fortune has contracted by a staggering $41 billion following Tesla’s lackluster earnings call on October 18. Before the disappointing performance was disclosed, his net worth was estimated to be around $234 billion.

Forbes presents a slightly higher estimate of Musk’s net worth, valuing it at $213.8 billion, while still acknowledging a recent loss of approximately $1 billion. Nevertheless, as of October 31, both Bloomberg and Forbes concur that Elon Musk maintains his status as the world’s wealthiest individual.

Musk’s diversified portfolio encompasses ventures such as SpaceX and the Boring Company, in addition to his significant stake in Tesla, all contributing to his substantial wealth.

In April 2022, Musk made a high-profile acquisition, purchasing Twitter, which he subsequently rebranded as “X.” This acquisition came with a hefty price tag of $44 billion, and Musk now commands an impressive 74% ownership of the social media platform. Recent assessments indicate that the company’s self-evaluated worth as of Monday stands at $19 billion, roughly 55% lower than Musk’s acquisition cost last year. Musk himself acknowledged having overpaid as one of the reasons for his attempted withdrawal from the deal.

In November 2022, his net worth experienced a decline to an estimated $195.6 billion, marking its lowest point in 2022, according to Forbes. This followed a significant drop in October 2021 when his net worth fell below the $200 billion mark.

The November 2022 dip set a historic record for the largest personal wealth loss in history, as recognized by Guinness World Records. Guinness, citing Forbes, reported that Musk had shed approximately $182 billion of his net worth since November 2021, with some estimates even suggesting losses of up to $200 billion.

RIP, Matthew Perry: The Iconic Chandler Bing, A Generation’s Laughter

Charlene Lensburg
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RIP, Matthew Perry: The Iconic Chandler Bing, A Generation’s Laughter

Matthew Perry, the beloved actor who brought Chandler Bing to life on the iconic sitcom “Friends,” has passed away at the age of 54. Known for his sardonic wit and impeccable comedic timing, Perry’s portrayal of Chandler resonated with a generation and continues to captivate newer audiences even decades after the show’s debut in 1994.

Mr. Perry was a stalwart on American television screens, gracing over 200 episodes throughout all 10 seasons of “Friends.” As part of a star-studded ensemble that included Jennifer Aniston, David Schwimmer, and Lisa Kudrow, Perry’s Chandler stood out, making audiences worldwide laugh and cry with him.

In a candid 2002 interview with The New York Times, Perry spoke about his yearning for fame, saying, “There was steam coming out of my ears, I wanted to be famous so badly.” But with fame came challenges. Perry’s battles with addiction were well-documented, leading him to seek treatment multiple times.

Despite these personal challenges, Perry’s legacy on the screen remains untarnished. He documented his struggles in his memoir, “Friends, Lovers and the Big Terrible Thing,” offering a poignant look into the life of a star grappling with demons.

Matthew Perry‘s impact on pop culture is undeniable. When news of his passing broke, tributes poured in from fans and fellow artists worldwide. He lived a complicated life, but he made people laugh with his remarkable gift.

In his roles and through his personal journey, Matthew Perry reminded us of the power of laughter, resilience, and redemption. He may have left us, but the joy and memories he gave will remain timeless. Rest in peace!

Elon Musk, Tesla, And The End Of The Electric Vehicle Hype!

Adrian Fuller
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Elon Musk, Tesla, And The End Of The Electric Vehicle Hype!

Elon Musk, the CEO of Tesla and owner of the digital platform X, recently experienced a significant dip in his net worth by $30 billion. Tesla, the leading electric vehicle (EV) company, reported its most disappointing quarterly earnings per share in the last two years, which was 10% below the predicted negative forecasts by analysts. Consequently, Tesla‘s stock plummeted by over 17%, leading to a massive $138 billion loss in market capitalization within a span of two trading sessions.

Akio Toyoda, Toyota‘s chairman and its previous CEO, has often expressed doubts about the overenthusiasm surrounding EVs. His skepticism was among the reasons he relinquished his position as CEO of the renowned Japanese automotive company. With Tesla’s less-than-stellar earnings report for the third quarter, it appears Toyoda’s reservations were not unfounded. He commented on the situation, stating, “People are now witnessing the reality.”

Toyoda has consistently argued that EVs aren’t the sole solution for the automotive sector to achieve carbon neutrality. He often uses the analogy, “There are various routes up the mountain.” Other significant car manufacturers are also reevaluating their aggressive EV strategies. For instance, Lucid has decreased its production rate by 30%, and GM has postponed the debut of its Chevy Silverado EV by an entire year.

The EV market is currently facing challenges as increased interest rates are impacting customer demand for electric vehicles. Jessica Caldwell from Edmunds commented on this, noting that many potential buyers are deterred from entering the market.

While the EV market continues to grow, the momentum has decelerated. Data from the Wall Street Journal say that while EV sales continue to grow – rising 51% this year through September – the rate has slowed from a year earlier and unsold inventory is starting to pile up for some brands.

Caldwell remarked, “Transitioning to a novel technology is a complex endeavor. It demands individuals to reconsider their longstanding relationship with their cars. Expecting a seamless transition was perhaps too optimistic.”

Toyota‘s chairman believes he anticipated this situation. Toyoda has consistently recommended a diversified approach, emphasizing the importance of hybrids, hydrogen-fueled vehicles, and other sustainable alternatives.

Ford has also been cautious about fully committing to EVs, recently announcing a slowdown in the production of its F-150 Lightning pickup. Bill Ford, a direct descendant of the company’s founder, Henry Ford, has mentioned that the discourse around EVs has become highly politicized.

General Motors too has taken a step back after initially pledging to eliminate gasoline and diesel vehicles by 2035, citing reduced EV demand and strike-related pressures.

However, Caldwell believes this is just a temporary setback in the eventual rise of EVs. She states, “The trajectory is clear towards EVs. Denying that would be misguided. The path, however, remains uncertain and is the source of the current ambiguity.”

SEC Records Unprecedented Whistleblower Numbers Highlighting Their Crucial Role in Cybersociety

John Reporter
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SEC Records Unprecedented Whistleblower Numbers Highlighting Their Crucial Role in Cybersociety

In a recent revelation, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), announced that the regulator reached an all-time high in the 2023 Fiscal Year with 18,000 whistleblower tips. This figure not only surpasses the previous fiscal year’s record by a significant margin but also emphasizes the invaluable contribution of whistleblowers in ensuring transparency and accountability.

While addressing the 2023 Securities Enforcement Forum, Gensler remarked, “The surge in public tips, complaints, and referrals (TCRs) is foundational to our role as the market’s watchdog. The staggering 40,000 TCRs received last year, including over 18,000 from pivotal whistleblowers, speaks volumes about their significance.”

It’s worth noting that the SEC has consistently witnessed a rise in whistleblower tips in nine out of the past ten fiscal years. The leap from 12,300 tips in the Fiscal Year 2022 to the current 18,000 marks the most significant year-on-year increase since the inception of the SEC Whistleblower Program.

Whistleblowers are the bedrock of accountibility

For the program to achieve its intended purpose, it’s not only essential for the SEC to efficiently review the multitude of tips but also to persistently award and safeguard the whistleblowers who shed light on securities fraud. As Stephen M. Kohn, a founding partner at KKC, puts it, “Whistleblowers are the bedrock of accountability.”

The proposed SEC Whistleblower Reform Act of 2023 seeks to bolster protections for whistleblowers, especially those who report securities violations internally. The bill also aims to expedite whistleblower awards and restricts non-disclosure agreements that could hinder reporting.

Introduced in 2010 through the Dodd-Frank Act, the SEC Whistleblower Program has evolved into a critical component of the SEC’s enforcement strategy, recuperating over $6.3 billion from fraudsters and rewarding whistleblowers with over $1.5 billion.

As the program witnesses an ever-increasing number of whistleblowers, it’s imperative for both the Congress and the SEC to ensure that it operates at its optimum, reflecting the essence of a robust cybersociety.

Taylor Swift Is The New Singer Billionaire!

Charlene Lensburg
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Taylor Swift Is The New Singer Billionaire!

The recent Eras tour has propelled Taylor Swift into the billionaire club, as highlighted in a Bloomberg report. This significant milestone places Swift among the elite group of artists who have amassed such wealth predominantly from their musical endeavors.

A comprehensive assessment of the 33-year-old superstar’s assets reveals that Swift’s groundbreaking Eras tour concert film shattered box office records, raking in $92.8 million during its debut weekend. Additionally, the re-release of her 2014 hit album “1989” is anticipated to dominate the charts once again. Her current estimated net worth stands at an impressive $1.1 billion.

This financial leap was primarily driven by the monumental success of her tour, which wrapped up its U.S. leg in August and is gearing up for an extensive international tour in the coming month. Based on Bloomberg’s data, the 53 U.S. concerts contributed a whopping $4.3 billion to the nation’s GDP.

Bloomberg’s conservative analysis is rooted in verifiable figures and assets. The evaluation considered the estimated value of Swift’s real estate holdings (around $110 million), her music catalog (valued at $400 million for tracks released post-2019), and her earnings from multiple streams, including streaming deals, music sales, concert tickets, and merchandise.

It’s estimated that the Eras tour, a marathon concert spanning over three hours with 44 songs, has generated ticket sales exceeding $700 million thus far. This is even before considering the revenue from its international leg. With an average ticket pricing at $254, the pre-tax profit from the Eras tour alone is estimated at about $225 million. This is nearly double the profit from her 2018 Reputation tour.

Bloomberg’s report describes Swift’s transformation from a young country-pop sensation to a global icon. Despite her colossal success, she has preserved her genuine, down-to-earth image. Her close-knit team includes her father, Scott Swift, associated with Merrill.

Scott Swift‘s investment firm, the Swift Group, operates from Taylor’s hometown, Wyomissing, Pennsylvania. Official disclosures link him to multiple companies affiliated with Taylor, encompassing merchandising businesses, rights-management firms, and companies owning assets like her tour bus and private jets.

Bloomberg foresees significant earning potential for Swift, particularly given the value of her extensive songwriting catalog. While a conservative valuation of her music catalog stands at about $400 million, a more optimistic projection based on potential royalties could be close to $1 billion. This valuation towers above many in the music industry, with Bruce Springsteen’s catalog, sold in 2021, valued at around $550 million.

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