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Arnold Schwarzenegger shares Warren Buffett’s caution towards cryptocurrencies.
“The Terminator” star and former California governor said he doesn’t understand them.
Buffett advised Schwarzenegger during his campaign and on “Celebrity Apprentice.”
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Arnold Schwarzenegger doesn’t own bitcoin, dogecoin, or any other cryptocurrencies. Warren Buffett might be the reason why.

“I don’t invest in them,” he said in a recent New York Times interview. “I am like Warren Buffett. I don’t invest in things I don’t understand.”

Buffett famously operates within his “circle of competence,” meaning he doesn’t risk his money on assets he can’t get his head around. The investor has repeatedly criticized bitcoin, calling it “rat poison squared” and a worthless delusion, and has ruled out ever owning crypto.

Schwarzenegger has turned to Buffett for advice several times over the years. When the “Predator” and “The Terminator” star campaigned for California governor in 2003, he secured the billionaire investor and Berkshire Hathaway CEO’s services as his senior financial and economic advisor. Schwarzenegger won the special recall election, and remained in office until 2011.

The Hollywood actor praised Buffett as “the greatest investor ever, my mentor, and my hero” when he joined the gubernatorial campaign. The Berkshire chief, whose father was a Republican congressman, had known Schwarzenegger for years and believed he was the right man for the job.

Buffett was also one of Schwarzenegger’s advisors when he hosted “The New Celebrity Apprentice” in 2016. The candidates were tasked with designing a new candy for Berkshire-owned See’s Candies in one episode, and Buffett personally conducted the taste test to determine the winner of the challenge.

The two men seem to be aligned on philanthropy as well. “Easy come, easy go!” Schwarzenegger told the New York Times. “I made all my money in America. I can give some back.”

Similarly, Buffett has donated Berkshire stock to charity worth $99 billion as of Friday’s close, and has pledged to give more than 99% of his net worth to good causes.

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Source:: Business Insider

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Mainstream venture capital firms are sitting on “billions and billions of dollars” that they’re ready to invest in crypto and so-called “open internet” startups, according to the founder of $2 billion technology nonprofit Dfinity.

Cryptocurrencies including bitcoin, Ethereum’s ether, and even meme token dogecoin, have all attracted widespread investment this year with companies including Tesla, Jack Dorsey’s Square, and software firm MicroStrategy, all taking up positions in digital assets.

Now, venture capital firms are ready to pour billions into startups that are best placed to leverage blockchain technologies. That’s according to Dominic Williams, the chief scientist and founder of Swiss not-for-profit Dfinity.

“There are billions and billions and billions of dollars in major venture capital funds ready to go to fund crypto and open Internet enterprises,” Williams told Insider.

“If you’re an entrepreneur, this is your chance, this is the next big wave … Entrepreneurs all over the planet are going to start participating in the tech economy in a way that they’ve never been able to before.”

Williams was speaking as Dfinity launched the “Internet Computer”, a new blockchain-based protocol that hopes to tackle the monopolization of the web by a handful of Big Tech companies. 

Effectively, the Internet Computer aims to allow developers and entrepreneurs to build their technology directly onto the internet, instead of relying on cloud-hosting systems provided by the likes of Amazon’s AWS, Microsoft’s Azure, and Google’s Cloud.

Dfinity has already captured investment from high-profile VCs Polychain Capital and Andreessen Horowitz in a round that valued it at in excess of $2 billion. The nonprofit claims its “open” version of the internet will be faster, more secure, and cheaper, than existing services provided by the Big Tech companies.

The Internet Computer, which is a culmination of five years of research by a host of top cryptographers, has become the world’s first blockchain that runs at web speed and with unlimited capacity, according to Williams. He also insists the new protocol creates a world where users are “no longer tracked across internet services”.

“There’s a lot of people in the corporate space, who invested an awful lot of money in the the old way of doing things,” Williams said.

“People have spent the last 10 years getting the most-valued professional exam from AWS, or wherever, and are very proud of those qualifications.  When you ask them about the Internet Computer, they’re going to say something like AWS is faster, they’re not going to …read more

Source:: Business Insider

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German edtech startup StudySmarter recently raised $15 million in a funding round that counted Owl Ventures and Left Lane Capital among the backers.

The online learning platform, which helps students develop study plans, create flashcards, and access publishers’ content, has thrived in Germany, Australia, and Switzerland. Since it was founded in 2017, the company has accrued more than a million users and locked in a deal to produce educational content for publishing giant Pearson.

Owl Ventures is best known for backing edtech startups like upskilling firm Degreed, and learning app Byju. Left Lane has already landed a wealth of investments in high-profile firms, including meal kit supplier Hello Fresh and travel site Trivago. StudySmarter also won angel investment from Lars Fjeldsoe-Nielsen, a former Uber VP and ex-partner at Balderton Capital. 

“StudySmarter is further democratizing access to educational materials with a seamless user experience and rapidly expanding content catalogue,” said Vinny Pujji, Managing Partner at Left Lane Capital .

He added: “We are impressed with the dedication and grit of the founding team and are thrilled to partner with them to build a global edtech player. Working with European founders to build global powerhouses has been a core pillar of our strategy that we look forward to continuing.”

Insider got an exclusive look at the pitch deck Studysmarter used to bring investors on board. Check it out below: 

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Source:: Business Insider

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President Joe Biden promised his Cabinet would be the most diverse in history. Recently released data revealed his progress. 

After saying he wanted his administration to “look like America” in December last year, the 78-year-old president has mostly succeeded in his plan to diversify the executive branch, according to an analysis by Insider in February. 

As the country tries to emerge from the worst economic crisis since the 1930s, Biden has installed a diverse team to forward his economic and business agenda, which includes tackling entrenched inequities. 

Among them, Treasury Secretary Janet Yellen as the first woman to lead the department in its 231-year history, Cecilia Rouse as the first African American to chair of the Council of Economic Advisors, and Pete Buttigieg as the first openly gay cabinet member in his role as transportation secretary. 

Last week marked the first 100 days of the Biden administration. We take a look at some of the actions taken since his January inauguration to promote diversity in business, the workplace and support communities disproportionately affected by the Covid-19 pandemic. 

A $2 trillion infrastructure plan that targets funding towards underserved neighborhoods

Biden’s proposed $2 trillion infrastructure bill sets out to repair the country’s dilapidated road and bridge network, expand access to high-speed broadband and accelerate the clean energy transition. 

The American Jobs Plan targets infrastructure projects towards historically underserved communities. The plan includes proposals to replace lead pipes that disproportionately harm Black children and a $20 billion investment to “reconnect” previously cut-off areas to affordable public transportation systems.

The plan would also build more climate-resilient public infrastructure, with a focus on low-income people and communities of color, who are most vulnerable to the impact of extreme weather events such as flooding. 

However, Republicans have opposed the bill, citing its “far-left” priorities and the corporate tax hike Biden has said will finance the plan. 

Proposed funding to build a diverse clean-energy workforce, with investments targeted towards historically Black colleges 

Biden’s administration is pushing for more solar panels to be installed in communities disproportionately affected by pollution, as part of his American Jobs Plan. 

The Department of Energy announced on Tuesday that $15.5 million would go into installing solar panels in underserved communities and training a diverse clean-energy workforce. 

The DOE also committed $17.3 million to fund internship and research programs, with a focus on training more students of color in STEM fields. …read more

Source:: Business Insider