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Legal experts are debating if Elizabeth Holmes' testimony helps or hurts her defense.
The high-stakes trial of the founder of the collapsed medical start-up Theranos is about to end. After the prosecution rested its case, she took the stand in her own defense. She testified for an hour, and is expected to continue today. Up to 20 years in prison is possible on each of the 11 counts of fraud that Holmes has been charged with. She has denied the charges.
One of the biggest questions of the trial was whether or not the man was going to testify. Legal experts had predicted that she wouldn't. The experts argued that the benefits of doing so could be offset by the risks.
Her testimony raised concerns for her defense. Her lawyers have been trying to paint the former Theranos C.E.O. as inexperienced, led astray by others like her former boyfriend and business partner. On the stand, she said she was very much in control. She presented herself as an expert in the technology Theranos was developing and detailed how she used that knowledge to attract investors.
She rebutted a key argument. The prosecution wanted to show that the information was not given to investors. On the stand, he detailed the diligence process of Don Lucas, a legendary venture capitalist who eventually invested in Theranos and became its chairman. The defense presented an email that was sent to Lucas by Holmes. This may undermine the argument that investors were careless and at least partially to blame.
The trial is about Silicon Valley's start-up culture. If he is found guilty, start-up founders would be on notice. If she is acquitted, the tech industry would benefit. Jeffrey Cohen of Boston College Law School said that a non-guilty verdict will vindicate a Silicon Valley culture of celebrating aggressive innovation at the expense of the complete and whole truth.
The trial in San Jose, Calif., is expected to resume this morning with the second day of testimony from the accused.
This year has surpassed 2020's toll. The Delta variant contributed to the milestone. Disney stopped requiring vaccine for employees at Disney World after Florida banned the requirement, and Australian Open officials ordered all players to be inoculated, raising questions about whether Novak Djokovic will be allowed to participate.
Republican donors are going to two Democratic senators. According to The Times, prominent G.O.P. moguls have endorsed Joe Manchin and Kyrsten Sinema. Manchin and Sinema are trying to cut down on Democratic spending and tax proposals.
Pressure is put on Olympics organizers and sponsors because of concern about a Chinese tennis star. The International Olympic Committee said its chief spoke over video with the woman who accused the former Chinese government official of sexual assault. The I.O.C. should move the Winter Olympics out of Beijing in protest because the Women's Tennis Association hasn't been able to reach Peng.
Two European banking giants have new chairmen. Colm Kelleher, who was No. 2 at Morgan Stanley, was proposed as the new head of Morgan Stanley. Alexander Wynaendts was put up byDeutsche Bank to follow Paul.
Ford and Rivian were going to partner on electric vehicles. Ford said it will produce its own computer chips, and this move signals its confidence in developing its own models. Rivian's shares are trading at nearly double their I.P.O. price, and Ford will remain a big investor.
Low interest rates and high stock prices have led to record deal making. According to a Harvard Business Review report, companies are using M.&A. to prepare for the postpandemic economy. HBR surveyed 500 executives to find out what is driving deals.
Bigger is better. Large companies can better manage labor shortages and supply chain troubles. A majority of survey respondents said they had seen or expected to see consolidation in their industry, and just over half said their top priority in making deals was adding market share.
A premium for new technologies. Digital technology was a focus before the outbreak, but it has become more important because of the events of the past year. The need to acquire new technologies would help drive M.&A over the next two years, according to half of respondents.
Realigning for a new place. Almost 60 percent of respondents agreed that the Pandemic had led executives to look outside their industry for deals. The need to pivot into new business lines would be the most popular driver of deals in the coming years, according to respondents.
Business groups and the Biden administration are at odds because of the Biden administration making reining in corporate power a priority.
The Mayor of Miami is interested in electric flying taxis.
President Biden is expected to announce his nominee to lead the Federal Reserve. The term of Jay Powell as chairman ends in February. Powell, a Republican who was appointed as a Fed governor by Barack Obama and made chair by Donald Trump, has a good chance of being reappointed. Lael Brainard, a Fed governor supported by progressive Democrats who has pushed for the Fed to take a more active role in climate finance policy, could be the next Fed governor.
It has been a challenging year for retailers as the Pandemic altered shopping habits and led to labor shortages and supply chain disruptions. Walmart and Home Depot both reported strong earnings last week, raising expectations for reports from other retailers this week. Black Friday may not feel exceptional to customers, as retailers are expecting a record holiday shopping season, but the deals aren't likely to be stellar.
The New York Stock Exchange and the bond markets will be closed on Thanksgiving. The exchanges close early on Friday. There are some Thanksgiving recipe ideas that are still being planned.
A Chinese conglomerate is building a new mine in the Democratic Republic of Congo.
The Democratic Republic of Congo has abundant quantities of the metalcobalt, which is used in solar panels and electric car batteries. The U.S. had long recognized the Central African nation as a strategic importance, yet recent administrations have done little to maintain ties, leaving China to step in.
An international cycle of exploitation, greed and gamesmanship characterizes the global race to tap Congo's mineral resources according to a new investigation by The Times. The clean energy revolution began with the Americans taking out the Uranium from the Democratic Republic of the Congo and continues with the Chinese taking over the supply of the precious metal.
The auto industry is shifting to battery-powered vehicles from gas-burning ones, so the country is taking center stage. Electric cars rely on minerals and metals that are not plentiful in the U.S. or the oil-rich Middle East.
Americans dropped out of the country as the green energy race grew. As demand for cobalt has gone up, U.S. interest has waned. The son of the president helped facilitate China's expansion in the country by owning a firm that helped a state-backed Chinese conglomerate buy one of the world's richest cobalt mines from an American company. The Biden administration warned this year that China might use its growing dominance of cobalt to disrupt America's retooling of its auto industry. A White House spokesman denied that the president had been made aware of his son's connection to the sale.
The clean energy revolution is taking off and the key findings from the multipart investigation of the global demand for raw materials as it takes off can be found here.
There are deals.
CVC and HPS Investment Partners will buy equity stakes in Authentic Brands at a $12.7 billion valuation after the company scrapped plans for an I.P.O. CNBC
Vivendi, Telecom Italia's biggest shareholder, is opposed to KKR's proposal to take the company private at a valuation of $33 billion. The Financial Times and the Financial Times are part of the same group.
The maker of Corona beer is said to be in talks with Monster Beverage. The story was reported by theBloomberg
The founder of SPAC is dissolving one of his blank check funds. The story was reported by theBloomberg
IPOs keep moving higher. How long will the ride last? The Wall Street Journal.
Policy.
President Biden has a plan to spend $2 trillion on social spending. The New York Times.
Amazon has an enormous lobbying operation. There is a report about this.
The MIT Technology Review has a story about how Facebook and Google fund global misinformation.
The city will be powered by a volcano. (FT)
Scott Gottlieb, a former F.D.A. commissioner, says it is likely that booster shots will be required for fully-vaccinated children. The person is an Insider.
The best of the rest.
Bobby Kotick, the C.E.O. of the video game company, told top executives that he would consider leaving if he couldn't fix the company's cultural problems. The Wall Street Journal.
The ban on cryptocurrencies in China has led exiled miners to move their equipment to other countries.
Jack Dorsey gives large gifts to relatively small celebrity charities. The story was reported by theBloomberg
Corporate executives couldn't agree on what the word "metaverse" means in the third quarter. CNBC
How do you make teens come to you? Buy a high school. The New York Times.
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