The News Journal

A former employee of OpenSea, the world’s largest marketplace for non-fungible tokens (NFTs), has been arrested on charges of insider trading, in the first such case involving digital assets. Nathaniel Chastain, 31, a former product manager at Ozone Networks, was charged with wire fraud and money laundering for committing insider trading by using confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain, said the US Department of Justice in a statement. Mr Chastain was arrested by the Federal Bureau of Investigation on Wednesday in New York. The charges of wire fraud and money laundering carry a maximum sentence of 20 years each in prison. Read More : https://www.thenationalnews.com/business/2022/06/02/ex-employee-of-nft-marketplace-opensea-arrested-for-insider-trading/

Arguably the biggest shock of this turbulent year for investors is that the gold price is not going through the roof. After surging at $2,052 an ounce on March 8, it has slumped to about $1,850 at the time of writing ― a drop of 9.8 per cent. Gold is in correction territory, which is odd, given that for thousands of years it has been seen as a safe haven in times of trouble, and these are undoubtedly troubled times. Most investment experts say every portfolio needs a sprinkling of gold dust to hedge against riskier assets such as shares. When stock markets lose their lustre, gold usually glitters. But not this year. Gold is often seen as an inflation hedge, too, but rocketing consumer price growth hasn’t lifted it. Does gold no longer work? Gold is often seen as an inflation hedge, too, and investors certainly need one of those right now, with shares falling everywhere and New York’s Nasdaq tech index down more than a quarter. Read More : https://www.thenationalnews.com/business/money/...

Amazon founder Jeff Bezos slipped to third place in the Forbes' Real-Time Billionaires List with his net worth dropping to $150.1 billion driven by a rout in Amazon shares. The billionaire saw $20.5bn of his wealth melt away after the e-commerce company's results left investors disappointed, helping fuel the worst month for technology stocks in years. This placed Bernard Arnault, chairman of French luxury group LVMH, in second place with a personal fortune of $157.7bn, according to Forbes . In contrast to the Forbes' list, the Bloomberg Billionaires Index named Mr Bezos the world's second richest person with a net worth of $148bn. At his peak this year, the Amazon founder enjoyed a net worth of more than $210bn. Amazon shares were down 14 per cent on Friday after it reported its first quarterly loss in seven years and the slowest sales growth since 2001 as the largest online retailer struggles to build off the major gains it made early in the pandemic. The company has...

 Elon Musk, founder and chief executive of electric vehicle maker Tesla and rocket company SpaceX, is the world’s richest person, with a current net worth of $259 billion, according to the Bloomberg Billionaires Index. Mr Musk’s enormous fortune far exceeds that of Amazon founder Jeff Bezos — the world’s second-wealthiest person, with a net worth of $180bn — by $79bn. The 50-year-old was first crowned the world’s richest person in January this year, when his net worth was valued at $273.5bn by Bloomberg, which compared his wealth with John D Rockefeller. “Mr Musk reached the level of riches, inflation-adjusted, achieved by modern history’s wealthiest person,” Bloomberg said at the time. However, a combination of volatile stock markets, the Russia-Ukraine crisis and the Covid-19 pandemic has taken a toll on Mr Musk’s net worth, which has fallen by 4.1 per cent — or $11bn — since the beginning of the year, according to Bloomberg. Just last week, Mr Musk was also declared the richest ...