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The Convoluted History Between Billionaire Behind SoCal Rail And Trump
SOUTHERN CALIFORNIA — Construction continues on a $12 billion high-speed rail project that will transport passengers between the Inland Empire and Las Vegas. The Trump administration gave the work a thumbs up at the same time it announced an investigation into California's controversial high-speed rail project between Los Angeles and San Francisco. One major difference: the billionaire behind the Las Vegas high-speed rail project co-founded the investment firm that loaned Donald Trump $130 million to help build Trump International Hotel and Tower, Chicago, and then forgave the loan. The Las Vegas to IE rail project, named Brightline West, has been embraced from the start. During an April 22 groundbreaking ceremony with a large gathering of VIPs in Nevada, then President Joe Biden's U.S. Secretary of Transportation Pete Buttigieg praised the project. "People have been dreaming of high-speed rail in the U.S. for decades. Thanks to the President’s leadership and that of members of Congress like those here, as well as our state partners in Nevada and California, the men and women of organized labor, and the terrific work of Brightline West, it’s happening," Buttigieg said. "So, on behalf of the Biden Administration, it is my great honor to help break ground on what will be the first high-speed rail in American history," Buttigieg continued. "It's really happening this time." In total, the Brightline West project will see 218 miles of new track laid between a to-be-constructed terminal just south of the Las Vegas Strip and another new facility in Rancho Cucamonga. With its trains traveling up to 200 mph, Brightline West is slated to be in service in time for the 2028 Olympics in Los Angeles. In addition to the Rancho Cucamonga station, two other Inland Empire stations are planned along the Brightline West route: Hesperia and the Victorville area. Additionally, Rancho Cucamonga offers connections to existing Metrolink routes. The project's current construction work includes geotechnical borings and sampling, utility potholing, and land surveying in San Bernardino County. The project has received billions in federal funding, and unlike the fate of another California high-speed rail project, there are no signs of trouble brewing with the administration of U.S. President Donald Trump. On Thursday, current U.S. Secretary of Transportation Sean P. Duffy announced that the Federal Railroad Administration has launched a review of the California High-Speed Rail Authority and its proposed bullet train project. If completed, the long-promised and costly endeavor would shuttle riders between San Francisco and Los Angeles. Trump appears to be done with it, as are many Californians. "For too long, taxpayers have subsidized the massively over-budget and delayed California High-Speed Rail project," Duffy said last week. "President Trump is right that this project is in dire need of an investigation. That is why I am directing my staff to review and determine whether the CHSRA has followed through on the commitments it made to receive billions of dollars in federal funding. If not, I will have to consider whether that money could be given to deserving infrastructure projects elsewhere in the United States." Conversely, the Brightline West project received approval from Duffy. It was the only other infrastructure project named in the secretary's remarks. "The slow progress by CHSRA contrasts with the impressive work of Brightline West to build a high-speed rail system," Duffy said. Besides taxpayer dollars, Brightline West has big money behind it. Wes Edens founded the Brightline company. The venture currently operates a rail system in Florida, with dozens of passenger trains running between Miami and Orlando. In addition to being a private equity investor and co-owner of the Milwaukee Bucks NBA team, Edens is co-founder of New York City-based Fortress Investment Group. The billionaire businessman also has complex financial ties to Trump. Fortress was spotlighted after New York Attorney General Letitia James launched an investigation in 2019 into Trump’s finances. Court documents revealed the president received a multi-million-dollar loan during the aughts from Fortress for his Trump International Hotel and Tower, Chicago, project. Fortress issued the Trump Organization a $130 million loan for the project, but Trump did not repay the bulk of the loan, according to the complaint filed by James in 2020. Trump subsequently defaulted on the loan and sued Fortress, according to a 2020 New York Times report. Fortress forgave more than $100 million in debt owed by the Trump Organization, court documents show. The A.G.'s office wanted to know if Trump documented the loan forgiveness as income, as required by the Internal Revenue Service, and paid taxes on the money. It was part of a much broader investigation into Trump's business dealings that ultimately led to a Feb. 16, 2024, court ruling against Trump and his company. In total, the defendants were ordered to pay more than $450 million. Neither Edens nor Fortress were accused of any wrongdoing. In addition to loaning Trump's company money, Fortress reportedly made at least one multi-million-dollar loan to the president's son-in-law, Jared Kushner.
reydix Names Aspa Lekka as Chief Operating Officer
HAMBURG, Germany and ATHENS, Greece, Jan. 21, 2025 /PRNewswire/ -- reydix, the pioneering entertainment-tech and lifestyle start-up, is thrilled to announce the appointment of Aspa Lekka as Chief Operating Officer (COO). With her global expertise and an exceptional track record in scaling businesses, Lekka will be instrumental in driving reydix's growth and innovation. Lekka's background bridges academia and industry. She holds a mathematics degree and PhD from the University of Ioannina and an MBA from Harvard University, combining analytical precision with strategic expertise. As co-founder and COO of JOKR, she led the company to unicorn status. At foodpanda and Delivery Hero, she helped transform the business from a Series B-funded start-up to a publicly listed company. She has also served as Vice President at SoftBank and Operating Partner at Alpine Investors, specializing in software investments. "Aspa is an extraordinary leader who combines operational excellence with visionary thinking. Her expertise will be crucial as we continue our mission to revolutionize the fan experience," said Fotios Karamanidis, CEO of reydix. reydix: Redefining Fan Engagementreydix is building the first fully integrated ecosystem in live entertainment, revolutionizing how fans connect with their idols. By making fan engagement measurable, visible, and mutually rewarding, reydix empowers fans while strengthening the connection between artists, brands, and communities. "I'm thrilled to join reydix at such an exciting time," said Lekka. "Fans are at the core of everything we do, and our mission is to elevate their passion and create meaningful connections through innovative technology. Reydix has limitless potential, and I'm honored to work with such an accomplished team and visionary founders." Reydix's innovative platform connects fans, artists, and brands through two dedicated apps and the LiveTime® Wristband, capturing and rewarding engagement both digitally and physically. Global Footprint with Renowned Partnersreydix has piloted its platform at major events in Ibiza, Berlin, London, Tulum, and Miami. With headquarters in Hamburg and Athens and a team of 35 professionals, reydix is set to redefine live entertainment under Lekka's leadership. About reydixFounded by Fotios Karamanidis, Daniel Schoeps, and star DJ Solomun, reydix pioneers innovation in live entertainment, using its LiveTime® Wristband and platform to create a fully integrated fan journey with exclusive access, payment functions, and personalized rewards. Find us online:Click Here Press contact:M&C Saatchi Sport & Entertainment GmbHLisa Wegner[email protected] Photo: Click Here Click Here
SoftBank Group downgraded to Hold from Buy at Jefferies
Jefferies downgraded SoftBank Group to Hold from Buy with a price target of $32.20, up from $31.50. SoftBank's $100B-$200B U.S. investment pledge over four years raises concerns about funding sources and impact on its stock, the analyst tells investors in a research note. The firm says the spending may hinder SoftBank's ability to conduct share buybacks, widening the gap between its stock price and net asset value. Jefferies does not see investors "lining up to invest in another vision fund" alongside SoftBank.
Arm: SoftBank Ownership, Licensing Growth, and Global Reach with CFO Jason Child
In this episode of After Earnings, Arm CFO Jason Child joined to talk about the company's growth since its IPO, its relationship with SoftBank, and its approach to AI. He shared insights on Arm's engineering culture, key partnerships with tech giants like Google and Microsoft, and how going public has impacted recruitment. Jason also discussed Arm's strategies in mergers and acquisitions, as well as managing investor relations.
Arm: SoftBank Ownership, Licensing Growth, and Global Reach with CFO Jason Child
In this episode of After Earnings, Arm CFO Jason Child joined to talk about the company's growth since its IPO, its relationship with SoftBank, and its approach to AI. He shared insights on Arm's engineering culture, key partnerships with tech giants like Google and Microsoft, and how going public has impacted recruitment. Jason also discussed Arm's strategies in mergers and acquisitions, as well as managing investor relations.
Eutelsat, SoftBank Team Up to Boost Connectivity: Stock to Gain?
EUTLF joins forces with SoftBank to bolster satellite communications in Japan by deploying the advanced OneWeb LEO constellation.
SoftBank: A Cheap Way To Buy Great Companies
SoftBank offers a high price discount over its NAV per share, providing an investment opportunity with double value. The Company serves as an instrument to buy private technological companies, offering access to high-growth potential investments. SoftBank's active share buyback program and conglomerate discount suggest a substantial premium in value over its current price, making it a compelling investment opportunity.
SoftBank in talks to invest in Sharp but feasibility unclear, Kyodo reports
Japanese telecom company SoftBank Corp is in talks to invest about 100 billion yen ($684 million) in electronics maker Sharp Corp , but the feasibility of the deal remains unclear, Kyodo news agency reported on Thursday.
Tempus AI Soars To New Highs, Investments From Google And SoftBank Boost Bullish Sentiment
Tempus AI Inc. TEM, a cutting-edge healthcare diagnostics company, has been on a tear. The stock established a new high of $47.81 on Thursday.
SoftBank and Intel reportedly plotted rival AI chip until discussions collapsed
Japanese conglomerate SoftBank was in talks with Intel Corp (NASDAQ:INTC, ETR:INL) to produce an artificial intelligence-focused chip to rival market-leading designs from dominant AI chipmaker Nvidia Corp. According to a Financial Times report citing “people familiar with the matter”, SoftBank planned to rope in the efforts of its portfolio companies Arm Holdings PLC (NASDAQ:ARM) and Graphcore to design the chip.
SoftBank scraps AI chips tie-up plan with Intel, FT reports
Japanese technology investor SoftBank dropped plans of producing an artificial intelligence chip with Intel to compete with Nvidia, the Financial Times reported on Thursday.
SoftBank Group Corp. (SFTBY) Q1 2024 Earnings Call Transcript
SoftBank Group Corp. (OTCPK:SFTBY) Q1 2024 Earnings Conference Call August 7, 2024 3:30 AM ET Company Participants Yoshimitsu Goto - Board Director & CFO Conference Call Participants Minoru Satake - Nikkei Newspaper Daisaku Masuno - Nomura Securities Operator Thank you very much for waiting, everyone. Now we would like to start SoftBank Group Corp. Earnings Results Announcement for the three-month period ended June 30, 2024.
