Nikola’s founder Trevor Milton is worth $4.6 billion after IPO

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Trevor Milton, the 38-year-old founder of Nikola, became an instant multibillionaire Thursday with the company’s successful IPO.

Nikola, which makes electric- and hydrogen-powered trucks, saw its share price briefly top $37 after going public, giving Milton a net worth of nearly $5 billion based on his share ownership. The stock later settled back around $34, putting his net worth at about $4.6 billion. Before the IPO, his stake in Nikola had been valued at around $1 billion.

Milton’s newfound fortune is the latest vindication for the Utah-born college dropout, who founded Nikola at the age of 29 after talking to

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Research finds criminals hit $1.4 billion jackpot from cryptocurrency crimes

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CipherTrace has released its Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report with key data on cryptocurrency crimes and trends that will have regulatory repercussions for VASPs and other financial institutions.

In the first five months of 2020, crypto thefts, hacks, and frauds totalled $1.4 billion, suggesting 2020 could see the second-highest value in cryptocurrency crimes ever recorded. Contributing to this number are COVID-19-themed crypto crimes, which have proliferated in the wake of the current health and economic crises.

On the regulatory front, the data reveals that 74% of the bitcoin moved in exchange-to-exchange transactions was cross-border. The abundance of

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Bill Gates-backed vaccine alliance looks to raise $7.4 billion

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A Congolese health worker administers ebola vaccine to a child at the Himbi Health Centre in Goma, Democratic Republic of Congo, July 17, 2019.

Olivia Acland | Reuters

Global leaders are set to pledge billions of dollars toward vaccination funding on Thursday at a U.K.-hosted summit that aims to raise at least $7.4 billion.

The summit, hosted by British Prime Minister Boris Johnson, will be virtually attended by leaders and representatives from more than 50 countries, as well as heads of private companies.

The money raised go to global vaccine alliance Gavi, which will use the money to immunize 300

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VW closes $2.6 billion investment in self-driving startup Argo AI

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Volkswagen AG CEO Dr. Herbert Diess, left, and Ford CEO Jim Hackett during a press conference in New York, July 12, 2019.

Meghan Reeder | CNBC

Volkswagen AG has closed on its $2.6 billion investment in Argo AI, the Pittsburgh-based autonomous vehicle start-up announced in a blog post Tuesday.

The German automaker’s deal with Argo and Ford Motor, which acquired a majority stake in the start-up in 2017, included $1 billion in cash and Argo taking over VW’s European self-driving unit, valued at $1.6 billion, as well as the unit’s more than 1,000 employees. VW also agreed to purchase $500

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