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AJ Sadauskas @aj@gts.sadauskas.id.au
· 2d ago
David Swan has written an article about the people behind Firmus, an Australian bitcoin mining turned AI data centre start-up that withdrew its $43.7 billion sharemarket float this week. It's really quite something: "Oliver Curtis, Firmus’ 40-year-old co-chief executive and the husband of public relations entrepreneur Roxy Jacenko, is a former investment banker who served a year in jail for insider trading a decade ago. He has since called his actions “incredibly, gravely stupid”. "He co-founded Firmus in 2019 as a bitcoin mining business with his cousin Tim Rosenfield, who ran a luxury lingerie brand, and Jonathan Levee, who handles the engineering. Neither co-chief executive came from the technology industry. "They signed up big names all the same. Nvidia, the world’s most valuable chipmaker, is a shareholder and James Packer and former treasurer Joe Hockey hold stakes. “As a father, I’m incredibly proud of what Oli’s done,” Curtis’ father Nick, a mining entrepreneur and major shareholder, told The Australian last week. "Firmus earned about $US50 million ($73 million) in revenue last financial year. It asked to be valued at about 600 times that. ... "The price had climbed quickly. Firmus sought a $1.2 billion valuation in late 2024 and raised money at $15 billion in August. Then it asked public investors for almost three times that. "The road to Friday was rocky, to put it lightly. This week Firmus confirmed that a $73 billion partnership with CDC, an established Australian data centre operator, was over. The Financial Review reported that a test of Firmus’ prized cooling system had flooded part of CDC’s Melbourne data centre earlier this year. ... "The banks running the float, JPMorgan, Bank of America, Morgan Stanley and Morgans, told investors on Monday that demand at $11 a share was “well in excess” of what was on offer. One Morgans adviser emailed clients that demand had been “enormous”. "By Wednesday, the banks were discussing cutting the price to about $9. On Thursday morning, they told fund managers that bids made that morning were “not held”, then went quiet. “Bankers gone to ground,” read one message doing the rounds of brokers and investors. By midday the offer documents had been pulled from view." https://www.smh.com.au/technology/two-tech-outsiders-tried-to-sell-a-44bn-tech-company-it-didn-t-work-20261009-p6145h.html #business #AI #LLM #DataCenter #DataCentre #Firmus #capitalism #AIBubble
Two tech outsiders tried to sell a $44b tech company. It didn’t work
The Sydney Morning Herald

Two tech outsiders tried to sell a $44b tech company. It didn’t work

Oliver Curtis’ comeback was meant to end with the biggest float since Telstra. It ended with bankers going to ground and a plan B in New York.

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Brave-Smoke @makouzen@mastodon.social
· 6d ago
"Ace In The Hole" part 13. A #video series about helping people start a freelance home #business using the power of #web3 and #fediversehttps://blurt.media/w/dFNvp6KgN31aqCW4LyeAU4 #fedibird #blog #art #music #uk #cat #monsterdon #usa #linux #gaming #photography #books #writing #europe #life #silentSunday #mastoart #fediart #food
[13] Ace In The Hole: Lateral Victory
Blurt.media

[13] Ace In The Hole: Lateral Victory

[1] Ace In The Hole: Financial Freedom For All [2] Ace In The Hole: The Set-Up [3] Ace In The Hole: The Correct Attitude [4] Ace In The Hole: The Fediverse & The Fedi-Knight! [5] Ace In The Hol...

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Bich Nguyen @bich@apobangpo.space
· 1w ago
Boosted by @MaryAustinBooks@mstdn.social
"The Pharmaceutical Research and Manufacturers of America, one of the most powerful lobbies in Washington, has selected former Majority Leader Eric Cantor as its next president." https://www.politico.com/news/2026/09/29/pharmas-new-top-lobbyist-is-a-former-house-majority-leader-01097057 #healthcare #PhRMA #AI #technology #biomedical #business #HealthPolicy #UScongress
POLITICO

Pharma's new top lobbyist is former Majority Leader Eric Cantor

Deposed from his House seat by the tea party in 2014, the Virginia Republican has landed one of Washington's most lucrative lobbying jobs.

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