Crypto News

One of Elon Musk’s longtime VCs is suing his former employer after allegedly being fired

Josh Raffaelli, who has deep roots as a Silicon Valley investor and has backed a lot of Elon Musk firms, is suing his former employer, the large trillion-dollar AUM Brookfield Asset Administration, reports The New York Times.

A lot of Raffaelli’s grievance considerations how Brookfield coated pandemic-related actual property losses and alleges the corporate fired him after he filed a whistleblower grievance on the SEC. His go well with makes allegations like fraud and bribery, whereas Brookfield vehemently denies any wrongdoing, it advised The Occasions.

In February, Brookfield quietly shuttered the enterprise capital unit run by Raffaelli and rolled some belongings into one other unit, Bloomberg reported at the time. One among Raffaelli’s complaints within the go well with is that Brookfield didn’t purchase as a lot inventory in Musk-owned firms as he had secured the flexibility to purchase.

Raffaelli had offers to purchase into Musk firms like SpaceX, xAI, and the Boring Firm, the go well with alleges. And his Brookfield fund was an enormous backer of Musk’s takeover of Twitter, Bloomberg reported.

The lawsuit is a really public battle for Raffaelli, who beforehand labored as a accomplice on the VC agency then generally known as Draper Fisher Jurvetson. (Immediately, it’s a set of funds.) Whereas at DFJ, Brookfield helped that agency make investments into Musk firms like SolarCity (acquired by Tesla), SpaceX, and Tesla.

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What Happens to BTC After Trump? Hedge Funds Worry: Eric Semler

Eric Semler, chairman of healthcare tech agency Semler Scientific Inc., says lots of his hedge fund friends are skeptical about Bitcoin’s future as soon as US President Donald Trump leaves workplace.

“I believe that they assume it’s a fly-by-night idea and that it’s most likely going to, after the Trump administration, return down rather a lot,” Semler told Coin Tales host Natalie Brunell on Thursday.

Semler is assured that Bitcoin is a significant play

Semler, who additionally based hedge fund TCS Capital Administration in 2001, made his feedback amid skepticism within the crypto industry about how lengthy political assist for crypto will final after US President Donald Trump’s administration ends. Whereas Trump recently signed off on a Bitcoin (BTC) Strategic Reserve, some, like JAN3 founder Samson Mow, are involved that assist could probably unravel beneath a future president.

Nevertheless, it isn’t a priority for Semler, who has doubled down on the asset. In Could 2024, Semler Scientific grew to become the second US publicly traded firm to undertake a Bitcoin treasury technique.

On Thursday, Semler Scientific introduced plans to extend its Bitcoin holdings by nearly 23 times within the subsequent two-and-a-half years, rising its holdings from 4,449 Bitcoin to 105,000 Bitcoin. Semler is aiming to carry a complete of 10,000 Bitcoin by the tip of this yr.

Semler sees doubt from the standard finance trade as a bullish sign.

“If you’re having a bet on one thing that almost all doesn’t consider in, and also you’re proper, you make a lot extra money,” Semler mentioned.

01978fd4 0691 786f 90f7 e3161ec78e91 — *Eric Semler spoke to Natalie Brunell on Thursday. Supply:* *Natalie Brunell*

“I believe we acquired nice alternatives to indicate those that principally they’re lacking out on an awesome alternative,” he added.

Semler mentioned he has constructed a profession on going in opposition to the grain. “The most effective investments I’ve ever made have been in issues that I’m form of the lone voice crying within the wilderness,” he mentioned.

“These are the forms of investments which have the best returns,” he mentioned.

“I like the negativity; I’m a contrarian investor.”

Surveys present hedge funds are turning to Bitcoin

In October 2024, the Different Funding Administration Association and PwC conducted a survey revealing that 47% of hedge fund managers buying and selling in conventional markets are uncovered to cryptocurrencies.

Associated: Bitcoin threatens $104K ‘rug pull’ as trader says major move yet to come

Crypto publicity was 29% in 2023, whereas about 37% of the respondents mentioned that they had publicity to crypto in 2022.

Curiously, again in June 2021, an Intertrust World surveyed chief monetary officers from 100 hedge funds worldwide about their intention to buy crypto belongings.

About 98% of them responded that they count on their hedge funds to have invested 7.2% of their belongings in cryptocurrencies by 2026.

Journal: Arthur Hayes doesn’t care when his Bitcoin predictions are totally wrong