Cryptocurrency Live News & Updates : Strategy Boosts Preferred Stock Offering to $2B
Strategy has raised $2 billion through a preferred stock offering, significantly increasing its Bitcoin holdings amid strong institutional interest. In a significant move, Strategy has raised $2 billion through a preferred stock offering, reflecting a growing institutional interest in Bitcoin as a reserve asset. This capital raise positions Strategy as the largest corporate holder of Bitcoin, with a market cap of $116 billion. Meanwhile, the cryptocurrency ETF landscape is evolving as firms push for in-kind creation and redemption mechanisms, aiming to enhance operational efficiency and align with global practices. The SEC is showing signs of flexibility in approving these changes, which could improve pricing and transparency for Bitcoin ETFs. Additionally, Celestia has acquired 43.4 million TIA from Polychain, raising questions about the inclusivity of staking rewards in the crypto economy. Lastly, WOO X has paused withdrawals following a $14 million exploit, highlighting ongoing security challenges in the crypto space. As Sei Network experiences a bullish breakout, integrating USDC and gaining traction in the gaming sector, the overall landscape of cryptocurrency continues to evolve rapidly. Show more
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Time of India
10 hours ago
- Time of India
Jeff Bezos sells $1.5 billion in Amazon shares: Here's how much he still owns
Jeff Bezos has sold another large chunk of his Amazon holdings, just days before the company's Q2 earnings announcement on 31 July. A total of 6.6 million shares, valued at roughly $1.5 billion, were sold on 21 and 22 July. The transactions were disclosed in a filing with the US Securities and Exchange Commission (SEC), as reported by Barron's. The sale was carried out under a prearranged trading plan known as Rule 10b5-1 . Explore courses from Top Institutes in Please select course: Select a Course Category Technology Leadership Public Policy healthcare Digital Marketing Management Data Analytics Design Thinking Artificial Intelligence Operations Management Cybersecurity MBA Healthcare MCA Finance Data Science PGDM Others Product Management CXO Data Science Project Management Degree others Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details The timing and structure of the sale are entirely legal under US financial regulations, as the trades were planned in advance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee Surgeon: Suffering From Pain After Age 50? Do This Every Morning Wellnee Undo How rule 10b5-1 Works Rule 10b5-1 is a regulation from the SEC that allows company insiders to set up a trading plan in advance for buying or selling shares. This rule provides a legal safeguard against accusations of insider trading. These plans only work if they're created and executed in good faith, and long before the insider has access to any material non-public information. Live Events 'Insiders use the plans, which automatically execute trades when preset conditions, such as price, volume, and timing, are met, to remove the appearance that they might benefit from their access to nonpublic information,' according to Barron's. The rule itself is meant to clarify a broader anti-fraud provision under the Securities Exchange Act of 1934, known as Rule 10b-5. More sales on the horizon Bezos is far from done. According to the same SEC filing, the Amazon founder still holds 4.6 million shares, valued at around $1 billion, and has outlined plans to sell up to 25 million shares by 29 May 2026. The filing refers to this as a plan 'intended to satisfy Rule 10b5-1(c)'. As Barron's put it plainly: 'Bezos isn't done.' This is his fourth such trading plan in the past 18 months. A steady offload since June Bezos has been selling shares aggressively in recent weeks. Since his wedding in late June, he's sold nearly $5.7 billion worth of Amazon stock. Earlier this month alone, he offloaded shares worth $737 million. These sales are part of a broader trend. In total, Bezos has now sold 95 million Amazon shares across 2024 and 2025, totalling $18.2 billion. Since 2002, his total cashouts have exceeded $50 billion. In contrast, Bezos has only bought Amazon stock once on record: a single share two years ago at $114.77. Still holding a stake, still giving it away Despite the recent sell-off, Bezos still owns a sizeable chunk of Amazon. His remaining shares are valued at approximately $232 billion. Alongside selling, he's been donating. Over 2024 and 2025, Bezos gave away 4.5 million shares to charity, with a combined value of about $1 billion. This latest sale lands just ahead of Amazon's Q2 earnings announcement. Analysts expect the company to report earnings of $1.32 per share and revenue of $162 billion. That's an increase of 4 percent and 9 percent, respectively, compared to the same quarter last year. However, Amazon's performance is still trailing behind other big tech firms in the so-called 'Magnificent Seven'. According to market forecasts, Meta, Microsoft and Nvidia are leading the S&P 500 growth into 2025. Apple is lagging, primarily due to uncertainty around its AI strategy. Bezos's stock sales, while substantial, fit a well-documented pattern. He's gradually pulling back his personal stake while funding new ventures and philanthropic projects, using a legally sound structure that limits any speculation of insider advantage.
Economic Times
15 hours ago
- Economic Times
Kerala's culinary identity in crisis as major coconut crunch throws cooking out of gear
Synopsis When thieves start forming organised gangs to steal coconuts from trees, you know something has gone wrong with the commodity market. In Kerala, a coconut that once cost Rs 25 now commands Rs 77— an over 200% price jump that has turned the state's most essential ingredient into an object of desire, desperation and even crime. As coconut prices soar, Kerala's farmers form vigilante squads to protect the precious fruit, restaurants measure coconut oil like liquid gold and memes mock the madness. Once G Jayapal used to sleep peacefully at night. These days, the general secretary of the Kerala Hotel and Restaurant Association tosses and turns, haunted by visions of coconuts— not the kind you sip pina coladas from, but the humble brown orbs that have suddenly become more valuable than precious metals on India's spice coast.'My members are measuring coconut oil like it's liquid gold,' says Jayapal, whose federation represents nearly every eatery in Kerala, except the fancy restaurants in star hotels. 'We have gone from using coconut oil like water to rationing it drop by drop.'When thieves start forming organised gangs to steal coconuts from trees, you know something has gone wrong with the commodity market. In Kerala, a coconut that once cost Rs 25 now commands Rs 77— an over 200% price jump that has turned the state's most essential ingredient into an object of desire, desperation and even six months, retail prices of coconut oil have rocketed from Rs 200 a litre to about Rs 400 and Rs 500-750 in the case of premium brands — an increase that has left the state's food industry and consumers reeling. That's a bull run like Bitcoin, but unlike the abstract financial instrument, people need this stuff to eat. On a coast where coconut oil isn't just a cooking medium but cultural identity, the price explosion has created chaos that would be comedic if it weren't so economically devastating. Memes flood social media showing people fainting upon hearing coconut prices, while others joke about storing coconuts in bank lockers alongside jewellery and cash. The humour took a dark turn when dawn raids by coconut thieves became so common that farmers have formed vigilante committees to protect their groves. Coconut is central to Malayali life. Unlike in other Indian states where multiple cooking oils compete, Kerala's culinary identity revolves around the coconut palm. 'Look at a typical Kerala meal,' says Jayapal. 'Rice with sambar, fish curry, vegetable thoran, chicken fry, or even beef roast and parotta — nearly every dish uses coconut meat, coconut milk, or coconut oil.'The local saying 'enth thengayaanu' (what coconut)— an expression of exasperation that literally references coconuts—has never felt more his Ernakulam-based mill, which makes the Keradhara brand coconut oil, Venugopal PP stares at storage tanks that once held thousands of litres. His operation, like that of many local oil producers across Kerala, faces an existential threat. 'We used to get copra—dried coconut meat— for Rs 100-120 per kilo,' he says. 'Now it's Rs 280-300, when we can find it at all.'Venugopal needs 6-7 kg of copra to produce 1 litre of oil. At current prices, the raw material cost alone is Rs 1,620-1,960 per litre, before factoring in processing and labour charges and profit margins. Small wonder that premium, branded coconut oil now retails for Rs 770 per litre at supermarkets, if you can find it.'Only giants like Marico can survive this,' sighs Venugopal, referring to the consumer goods corporation behind the Parachute coconut oil. 'They buy in enormous bulk and maintain huge inventories that can weather crises like this. Many local producers are getting squeezed out of the traditional business.'The ripple effects cascade through Kerala's food ecosystem like a dropped coconut shattering on concrete. A medium-sized restaurant that once used 30 coconuts daily — some establishments use up to 100 — agonises over every kernel. Even small eateries cough up Rs 2,000 more every day, according to Jayapal, while larger establishments bleed Rs 5,000-6,000 crisis couldn't have come at a more brutal time. Already reeling from post-pandemic revenue drops and inflation squeezing customers' wallets, restaurants now face impossible arithmetic. Raise prices and they lose price-sensitive daily wage workers who depend on affordable meals. Keep prices stable and their profit margins will evaporate.'We are trapped,' sighs a restaurant owner in Thiruvananthapuram, who serves Rs 80 biryanis daily to office workers. 'If I increase prices, my customers will just walk 50 metres to the next restaurant. These are daily wage workers and office employees— they can't afford luxury. But I can't keep absorbing these costs either. Some days I wonder if I should just close down.'The desperation has forced creative adaptations. Some restaurants advertise 'limited coconut oil preparation' as a selling point to justify higher prices. Others have switched to cheaper oils for certain dishes, though food safety departments have started warning about the use of adulterated oils. A few establishments charge separately for coconut-based gravies—treating it like a premium add-on rather than a standard Vadakara, Kozhikode, seasoned copra trader Suresh Babu explains the supply-side nightmare from his modest trading office surrounded by empty warehouses. 'Domestic production has crashed,' he says. 'First, Indonesia saw its output decline, so they started buying from us. Then our own production started falling. This year everything converged.'Babu, who has traded copra for over two decades, has never seen anything like the current shortage. 'The good-quality copra we used to get has become impossible to source,' he says. He suspects some traders are exploiting the crisis. 'People are buying coconuts from here and selling them abroad at inflated prices. Some are making extra profit from the shortage.'Kerala's coconut production follows a seasonal rhythm: peak harvest from December to June, followed by high demand from July to December when festivals like Onam drive consumption. This year, when demand has peaked for the festival season, supply has hit rock reports indicate coconut production has dropped by more than 40% this year, with the Coconut Development Board noting a 50% decline over the past decade, with climate change identified as the primary K Surendran, chairman of Kerafed, Kerala's apex coconut cooperative, explains the temperature impact: 'If temperature goes above a certain range when coconuts are forming, it affects yield,' says Surendran, whose organisation handles 14,000 tonnes of Kerala's coconut oil production annually. 'Climate change is slowly affecting every commodity, but coconut got hit first and hardest.'Meanwhile, in Tamil Nadu's copra-producing regions near Coimbatore, unprecedented rains ruined quality copra for the first time in six decades. 'Proper copra requires moisture content below 6%, which is impossible when traditional drying areas face unexpected deluges,' says nature only tells part of the story. Decades of farmer neglect created conditions for this crisis. When coconut prices were Rs 20-25 for years, well below the minimum support price of Rs 34, says Surendran, many farmers abandoned proper tree care. Pest control declined, nutrient management stopped, and manjappu (yellowing disease) spread through neglected palms show the cumulative effects of neglect only after five-six years. 'We stopped treating coconut farming seriously,' says Surendran. 'For too long, average prices were too low to justify intensive care. The cumulative effect comes later.'Urbanisation also accelerated the decline. Kerala's coconut-growing area shrank from 10 lakh hectares to 7.5 lakh hectares in two decades, according to the Coconut Development Board. 'Young people prefer five-cent plots for modern homes to maintaining 1-acre ancestral compounds with coconut palms,' Surendran shortage has spawned unexpected consequences. Real estate prices of coconut farms have skyrocketed as investors from Tamil Nadu and Karnataka scout for agricultural land in Kerala. Suddenly, almost-abandoned coconut groves have become investment newspapers report multiple thefts of the suddenly precious fruit. In Palakkad's Elappully panchayat, one of Kerala's largest coconut-farming regions, at least 30 farmers complained of theft in a single month. Thieves strike at dawn, breaking locks and stealing up to 200 coconuts at a time, not just taking harvested coconuts but climbing trees to pluck fresh districts like Kozhikode and Malappuram, farmers have formed vigilante committees against these agricultural pirates, pooling resources for CCTV cameras and coordinated sur- veillance. Farmers around Kuttiady— dubbed the state's coconut capital— have formed action committees monitoring the markets are compounding Kerala's pain. Increased demand from China has reportedly led to significant coconut exports from Tamil Nadu, reducing the supply available for Kerala's domestic processing needs. Virgin coconut oil exports to healthconscious American and European consumers, who have embraced coconut oil as a superfood, compete with domestic produces less than 2% of global coconut oil by volume, according to Surendran, but international demand still affects local supermarket chains, managers stock coconut oil like a luxury good rather than an everyday commodity. Oil companies like Keradhara report sales dropping by 50% as consumers stretch usage by buying 500 ml instead of 1 litre, or switch to alternatives like rice bran oil which, they sigh, rob the food of its traditional crisis exposes Kerala's coconut dependency. The state consumes 3 lakh tonnes of India's annual production of 5.5 lakh tonnes of coconut oil— more than half the national output is devoured by just 3% of the country's crisis extends beyond home kitchens. At Thiruvananthapuram's Pazhavangadi Ganapathy Temple, where thousands of coconuts are offered daily, coconut offerings have reportedly dropped by nearly 30%. Many temples have posted notices announcing fee hikes for coconut-breaking managements struggle to keep lamps burning. Vendors are refusing to supply coconut oil at earlier contract prices, forcing temples to pay premium rates. The timing couldn't be worse — the Karkidaka Pooja at Sabarimala has begun and pilgrims typically carry multiple coconuts as offerings.'This commodity has become more precious than gold,' says Surendran, noting that coconut oil prices rose 110% in six months while gold managed barely 15%.Relief may come by October, when fresh harvest traditionally stabilises supply. The July production has already shown marginal improvement, and industry players expect prices to moderate when Onam festival demand in August subsides and the new crop then, Kerala remains trapped in its coconut conundrum. The bitter irony runs deep for a state whose very name derives from 'kera,' the Malayalam word for coconut. The land that literally means 'the place of coconuts' now finds itself rationing its namesake fruit, watching helplessly as global markets and climate chaos conspire against what once seemed as reliable as the reversal of fortunes isn't lost on people like Surendran as they survey empty storage facilities. 'Farmers are the only ones really happy,' he notes. After decades of selling coconuts for Rs 25 and struggling to make ends meet, they are finally getting Rs 77 per world has indeed turned on its head: Malayalis are struggling to afford parotta and beef roasted in coconut oil even as Americans liberally drizzle it over their salads. What coconut! The writer is a Kerala-based journalist (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of
Economic Times
15 hours ago
- Economic Times
Sundar Pichai net worth: How rich is the Google CEO - is he a billionaire?
Google CEO Sundar Pichai becomes a billionaire in 2025 with $1.1 billion net worth, driven by Alphabet shares, AI growth, and disciplined stock sales. Synopsis Sundar Pichai, Alphabet's CEO, has officially become a billionaire, with his net worth reaching $1.1 billion. This milestone is attributed to his Alphabet shares and long-term compensation, boosted by the company's AI-driven growth. Despite selling shares over the years, Pichai's strategic approach and Alphabet's success have solidified his billionaire status. Sundar Pichai, the CEO of Alphabet Inc., which owns Google, has officially become a billionaire. As of now, Pichai's net worth is estimated at $1.1 billion, according to the Bloomberg Billionaires Index. ADVERTISEMENT This billionaire status comes mainly from: His 0.02% ownership stake in Alphabet. Large cash reserves he's built up. Alphabet, the parent company of Google, has a market value of over $2.3 trillion, which helped boost the value of Pichai's shares. In the past month alone, Alphabet's Class A stock jumped by 13%, which gave a fresh boost to Pichai's personal fortune, as per the report by Bloomberg. Unlike other tech billionaires like, Mark Zuckerberg, Elon Musk and Jensen Huang. Pichai did not start Google himself. Because of that, Pichai never had a massive stockholding from the early days of the company — which is why his net worth is much lower than those founders. His billionaire status came only after years of compensation packages and steady stock gains at Alphabet, as per the report by Fortune. ALSO READ: SpaceX launches 28 Starlink satellites after rare network outage — Here what you need to know Over the last 10 years as CEO, Pichai has sold about $650 million worth of Alphabet shares. If he had kept those shares, they could be worth more than $1 billion today, and his total net worth would be around $2.5 billion instead of $1.1 billion. ADVERTISEMENT For example, in June 2025, Pichai sold about 33,000 Class C Alphabet shares at $169 each, earning about $5.5 million. But now those same shares are worth around $193 each, meaning they'd be worth over $6.4 million. Despite these sales, Pichai has stayed disciplined and transparent — and follows a legal rule called Rule 10b5-1, as stated by Fortune report. Pichai's stock sales are made under Rule 10b5-1, a SEC-approved rule that lets executives plan their stock sales in advance. ADVERTISEMENT This rule: Prevents insider trading. Uses a pre-set formula to decide how many shares to sell, at what price, and on what date. Requires an independent third party to handle the sales. His recent sales on June 4 and July 16, 2025, were both made under this rule. Other top CEOs like Jensen Huang of Nvidia also use this same method. Fortune reported last summer that Huang was selling around $14 million in stock almost daily using Rule 10b5-1. ADVERTISEMENT James Reda, a compensation expert from Gallagher's HR consulting firm, explained this approach makes sense. He said, 'If you don't sell stock, you may end up like Elon Musk—borrowing big loans using stock as collateral.' Selling some shares regularly is a safer way to manage wealth, according to Reda.A big reason for Alphabet's recent stock growth is the AI boom. On Alphabet's Q2 earnings call, the word 'AI' was used around 90 times, showing how important it is to the company's strategy. The company reported 14% revenue growth year-over-year, reaching $96.4 billion in Q2, according to the report by Fortune. Google Search, YouTube ads, Google Cloud, and subscriptions all saw double-digit growth in the quarter. The stock rally—and Pichai's wealth jump—are part of a larger trend. In 2023, tech billionaires like Musk, Zuckerberg, and Larry Ellison added $585 billion combined to their fortunes, mostly thanks to AI. ADVERTISEMENT Investors are concerned about whether big AI companies can hold on to their best people, especially after some staff left OpenAI to join Meta's AI team. But Pichai seemed confident on the earnings call. He said, 'We've always invested deeply in talent, including AI, for over a decade now.' ALSO READ: JD Vance torches Microsoft for axing US jobs while doubling down on H-1B visas Working on cutting-edge technology Having access to top computing power Collaborating with the best people in the industry Pichai added that Google is competitive in all these areas and expects to keep attracting and retaining top AI talent. Sundar Pichai is now officially a billionaire. His wealth mostly comes from a small stake in Alphabet and steady compensation. He has sold a large number of shares over time—but in a legal, well-planned way. The AI boom has boosted Alphabet's value and helped grow his fortune. Pichai's path to billionaire status is different from that of the founders, but still impressive, according to the report by Fortune. Q1. Is Sundar Pichai a billionaire now? Yes, Sundar Pichai is officially a billionaire with a net worth of $1.1 billion, thanks to his Alphabet shares and long-term compensation. Q2. .How did Sundar Pichai become so rich if he didn't start Google? He became wealthy through years of stock awards, a 0.02% stake in Alphabet, and the company's AI-driven growth, despite regularly selling shares. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. 8 video games Twitch turned into global hits: Dune Awakening, GTA 5, Fortnite, Among Us, Phasmophobia and more 8 video games Twitch turned into global hits: Dune Awakening, GTA 5, Fortnite, Among Us, Phasmophobia and more Jessica Alba and Danny Ramirez spark romance rumors after West Hollywood dinner date Jessica Alba and Danny Ramirez spark romance rumors after West Hollywood dinner date Heatwave alert: Brutal heat wave grips Eastern US, pushing temperatures past 110°F Heatwave alert: Brutal heat wave grips Eastern US, pushing temperatures past 110°F Inter Miami vs FC Cincinnati live stream, predictions, start time: When will Lionel Messi play again in MLS? Inter Miami vs FC Cincinnati live stream, predictions, start time: When will Lionel Messi play again in MLS? 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