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Peter Beck, founder and CEO of Rocket Lab, attributes his success to his traits of paranoia, workaholism, and micromanagement, which he views as "superpowers." Despite the toll on his health, he believes that a hands-on approach is essential in the high-stakes aerospace industry, where small mistakes can lead to catastrophic outcomes. While some leaders, like Richard Branson, advocate for delegation, Beck's meticulous style has proven effective for him in navigating the complexities of rocket launches.
Virgin Voyages has begun accepting Bitcoin for cruise bookings, aiming to attract tech-savvy travelers. Meanwhile, President-elect Donald Trump has nominated pro-crypto Paul Atkins as the next SEC chair, signaling potential regulatory changes. Bitcoin surged past $100,000 for the first time, driven by these developments, while Coinbase's CEO criticized law firms that oppose the crypto industry. Michael Saylor urged Microsoft to adopt Bitcoin, emphasizing its importance in the digital economy.
Virgin Atlantic CEO Shai Weiss criticized the U.K. Labour government's budget as a "tax on growth," highlighting increased Air Passenger Duty (APD) rates that could hinder the aviation sector's contribution to the economy. The budget, which includes significant tax hikes aimed at businesses, has raised concerns among corporations about expansion and investment. Despite challenges, Weiss expressed optimism for Virgin Atlantic's return to profitability in 2024, despite ongoing issues with Rolls-Royce Trent 1000 engines affecting operations.
Major U.S. indexes ended the week positively, with small- and mid-cap stocks outperforming larger counterparts despite declines in tech giants like Nvidia and Alphabet. The Russell 2000 rose 4.5%, reflecting a shift in investor focus towards cyclical sectors and smaller companies. Meanwhile, the People’s Bank of China maintained its lending rate, and developed nations pledged $300 billion annually to combat climate change at COP29.
Major U.S. indexes ended the week positively, with the Dow Jones up 2% and the Russell 2000 surging 4.5%, as investors shifted focus from large-cap tech to small- and mid-cap stocks. Despite Nvidia and Alphabet facing declines, Amazon's $4 billion investment in AI startup Anthropic highlights ongoing interest in the sector. At COP29, developed nations pledged $300 billion annually to combat climate change, significantly increasing their previous commitment.
Virgin Galactic Holdings Inc. reported a significant revenue decline in the third quarter, earning $0.4 million, which fell short of Wall Street's expectations of $0.53 million. This marks a 77% drop from $1.7 million in the same period last year, as the company pauses space tourism flights to develop an improved vehicle.
Richard Branson
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