Worthless?

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Image courtesy of Sira Anamwong/FreeDigitalPhotos.net

The verdict is in and it’s a big giant “NO.” As in, NO!, Yahoo will not spin off its pricey stake in Chinese e-commerce site Alibaba. The stake, which is reported to be worth an estimated $30 billion, will stay put and instead, all of Yahoo’s assets and liabilities will be cast-off into the sunset to go and form their very own company. That, my friends, is what they call a “reverse-spin off.” Turns out, the IRS couldn’t be trusted NOT to tax an Alibaba spin-off, which would potentially leave shareholders to foot a $10 billion tax bill. Yahoo, whose shares are currently trading at under $34 yet is apparently worth nothing, will keep its internet biz and its 35% stake in Yahoo Japan. The company, despite being one of the top five most-visited websites every single day, just couldn’t seem to compete with Google and Facebook when it came down to selling search and display ads. Although shares of Yahoo are down 30% this year, this reverse spin-off is likely to draw a lot of interest for companies looking to make an acquisition. But don’t hold your breath as this reverse spin-off process could take a year to complete.

Bad day, mate…

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Image courtesy of Sira Anamwong/FreeDigitalPhotos.net

In other parts of the world, Australian police raided the home and office of Craig Steven Wright – a name that in all likelihood means absolutely nothing to you. Unless of course you’re a bitcoin enthusiast. Following leaked emails and other assorted information, investigations by both Wired magazine and Gizmodo have concluded that Wright is likely Satoshi Nakamoto, the pseudonym for the creator of bitcoin, the crypto-currency that has captivated the world. Sort of. In March of 2014, a Japanese American man who goes by the name Dorian Satoshi Nakamoto was falsely identified as bitcoin’s reclusive creator while he also steadfastly denied it. As for the police raid, well, here’s where things get weird-er. Australian Federal Police are saying that the bitcoin reports that have been surfacing about the creator’s true identity have nothing to do with its current operation and raid and referred media calls to the Australian Tax Office, which also could not comment. Naturally.  The home in question, which was being rented by Wright, is considered to be relatively modest, especially for someone who is potentially sitting on about one million bitcoins.  Incidentlly, the Australian government doesn’t much care for the crypto-currency. As stricter rules were imposed for Australian banks to impede money laundering and terror financing, bitcoin operators bore the brunt and major banks in Australia closed the accounts of bitcoin companies back in September.  If Wright really and truly is Satoshi Nakamoto, then his bitcoin stash amounts to about $400 million, which should be more than enough to pay his legal fees.

Get your resume ready…

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Image courtesy of iosphere/FreeDigitalPhotos.net

If you’re currently not working at Airbnb, then maybe you need to ask yourself why. According to Glassdoor’s 2015 list of best places to work, the home-sharing company takes the number one spot with one employee quoted as saying, “Fast growth, amazing people.” Can you say that about your company? Hmmm. Airbnb wasn’t even on the list last year but this year more than made up for it as it not only pushed Google out of the top spot but kicked it down to number eight. Or maybe Google did that all on its own. In any case, business management consulting group came Bain & Company came in at number two, while Guidewire snagged third place. Social media giant Facebook took the five spot, while LinkedIn ranked number six. Curious to see where else you’d rather be working? Well, there are 50 companies listed and surely you could find gainful employment by at least a few of them.

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