General Atlantic, Lead Edge Bet on Nerdio at $1.2 Billion Valuation
Lead Edge Capital and StepStone Group Inc. have also agreed to participate in the agreed-upon transaction, Chief Executive Officer Vadim Vladimirskiy said in an interview. The transaction values Chicago-based Nerdio at $1.2 billion, quadruple the $300 million that the company was valued at in a round announced in December 2022, according to people with knowledge of the matter, who asked not to be identified discussing private information.
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Business Upturn
7 minutes ago
- Business Upturn
Faraday Future Reminds the Public That it Will Announce a Major Strategy Upgrade With its Dual-Flywheel & Dual-Bridge Eco Strategy on August 16th, at Pebble Beach
By GlobeNewswire Published on August 15, 2025, 18:00 IST FF wraps up its 5-day countdown today, leading up to the August 16 announcement. The 5 teasers each uniquely defined specific components of the Company's new strategy and will unveil respective updates. LOS ANGELES, Aug. 15, 2025 (GLOBE NEWSWIRE) — Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or the 'Company'), a California-based global shared intelligent electric mobility ecosystem company, reminds the public that a major strategic upgrade for the Company will be announced this coming Saturday August 16th, at Pebble Beach, to kick off the second chapter of FF's Bridge Strategy. This will not only be a major milestone in the evolution of FF's Bridge Strategy, and FF expects that it may create new opportunities for growth. The announcement is part of a series of activities that FF and the FX brands will host and participate in, centered around the famed 2025 Monterey Car Week, held in Pebble Beach from August 14-17. The Company also wrapped up its 5-day countdown today, leading up to the August 16 announcement. The 5 teasers will each uniquely highlight specific components of the Company's new strategy. Day 1 – Treasury The meta-chemistry of Web2 and Web3, a systematic approach to centralized management of corporate funds and assets. More than just reserve and allocation, it's a capital structure enhancer. C? Treasury How will FFAI redefine the treasury? Last Countdown Day to Dual-Flywheel & Dual-Bridge Eco-Strategy Unveiling August 16, 7:30 PM PDT at Pebble Beach, California. FF will unveil 'C? Treasury.' Join us and witness the moment! Day 2 – Index A statistical measure of the overall performance of a group of assets. It tracks assets like stocks and bonds. Inclusion may help boost visibility, liquidity, and capital appeal. FFAI is part of the Nasdaq Composite and, in 2025, the Russell 3000® and Microcap® indexes. Day 3 – Eco-chemistry A business model in which a company builds a cross-sector ecosystem that enables deep integration, synergy, and mutual reinforcement across different business units—triggering chemical reactions that generate new elements and new value, ultimately creating outcomes where 1 + 1 > 2, and unlocking significant returns. Day 4 – Flywheel Effect A management and growth framework that builds a self-reinforcing loop through a few key actions. Continuous investment strengthens product capabilities, user satisfaction, and operational efficiency, each driving the others forward like a flywheel, spinning faster and steadier as momentum builds. Day 5 – FF Bridge Strategy Launched in May 2024, the FF Bridge Strategy leverages our ' Light 4, Swift 4, Focused 5, Empowering 5 ' Model to unite global supply chain strengths with the innovation in the U.S. This approach powers FX, our scalable mass-market brand, and unlock four blue ocean opportunities in the U.S. AIEV market. Pebble Beach activities will include: Company update and announcement Location: Pebble Beach, CA Date/time: Saturday August 16, 7:30pm PDT FF & FX Futurists' Experience Monterey Car Week Vehicles included: FF 91 2.0 + FX Super One Event: Monterey Car WeekLocation: Pebble Beach, CA Date: Friday, August 15 to Sunday, August 17 Online Campaigns Join the Ride — On the Road or Online FF invites you to witness FF 91 and FX Super One as they embark on their scenic journey from Los Angeles to Monterey. FF encourages the public to capture and share their encounters with the FF 91 and FX Super One along the route or during the event in Monterey. Selected photography and video content may be featured across FF and Faraday X official social platforms, offering contributors the opportunity to be part of this exciting event. FX Super One F.A.C.E. Co-Creation Challenge The FX Super One made its first global debut in Los Angeles on July 17, revealing the world's first Super EAI F.A.C.E. (Front AI Communication Ecosystem). FF cordially invites the public to join its Co-Creation initiative: Design Its Face. Define Its Soul. Unleash your imagination and upload your creative designs for the Super EAI F.A.C.E. Create your own unique vehicle EAI Avatar for the future—and give every vehicle a soul, emotion, and personality. ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes 'forward looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'plan to,' 'can,' 'will,' 'should,' 'future,' 'potential,' and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the investment in crypto currency, the Dual-flywheel, Dual-bridge Eco Strategy, Bos Auto, and Super One crash tests, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: possible legal challenges to the executive order allowing for 401(k) investments in crypto currencies; the Company's ability to successfully execute on a new strategy; the inherent volatility and regulatory uncertainty associated with cryptocurrency investments; the number of Super One vehicles Bos Auto ultimately purchases, which could be as few as one; the ability of the Super One to successfully pass necessary crash tests; the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its 'at-the-market' program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 'Risk Factors' section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC. CONTACTS: Investors (English): [email protected] Investors (Chinese): [email protected] Media: [email protected] Photos accompanying this announcement are available at: Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Newsweek
7 minutes ago
- Newsweek
Photos Show US Sea Drone's Encounter With Chinese Aircraft Carrier Group
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A United States autonomous surface vessel encountered a Chinese aircraft carrier group in June during its transit from California to Japan, the drone's operator told Newsweek. The unmanned vessel known as Lightfish traveled more than 7,500 miles across the Pacific Ocean over 150 days, the San Diego-based company Seasats announced on July 30. The Chinese Foreign Ministry did not immediately respond to a request for comment. Why It Matters The value of unmanned systems in modern warfare has been demonstrated since the start of the Russia-Ukraine war in 2022, during which Ukrainian forces have deployed maritime drones in the Black Sea against Russian targets, pushing Russia's fleet farther from Ukraine. Recognizing the importance of drone warfare and the gap with major adversaries Russia and China in this field, U.S. Defense Secretary Pete Hegseth has ordered an overhaul of the military's drone strategy, including accelerated modernization and expanded production. Earlier this month, the U.S. Marine Corps announced that the deployment of an unmanned logistics vessel in Japan will be extended indefinitely to counter China's military buildup. What To Know The "unexpected encounter" between the Lightfish and the Chinese navy was first reported by news outlet Breaking Defense on Wednesday, citing Seasats chief executive Mike Flanigan. The incident took place in the Philippine Sea, approximately 330 miles northwest of Guam. Seasats' Lightfish autonomous surface vessel sails near the Chinese destroyer CNS Nanchang, left, while transiting the Philippine Sea near Guam. Seasats' Lightfish autonomous surface vessel sails near the Chinese destroyer CNS Nanchang, left, while transiting the Philippine Sea near Guam. Seasats In a set of photos provided by Seasats to Newsweek on Thursday, the American sea drone photographed a Chinese warship with the hull number "101," identifying it as China's first Type 055 destroyer, CNS Nanchang, regarded as the country's "premier surface combatant." Seasats told Newsweek that the Chinese destroyer was part of a naval group led at the time by the country's aircraft carrier, CNS Liaoning. According to a Newsweek map, the Liaoning carrier strike group was deployed in the Philippine Sea from late May to mid-June. The Japanese Defense Ministry also confirmed the Nanchang's presence in the Philippine Sea, tracking and reporting the warship's movements between late May and early June. Flanigan told Breaking Defense that the Chinese destroyer shadowed the sea drone "very closely" for 20 minutes. The Lightfish, a 12-foot-long, 350-pound solar-powered vessel, departed from San Diego to mainland Japan via Hawaii and the Japanese island of Okinawa. While a publicly accessible tracking page was available throughout the Lightfish's voyage, Seasats told Newsweek that it removed the data from the page at the time of the encounter and provided a report to the U.S. Navy, which distributed it within government circles. Seasats' Lightfish autonomous surface vessel sails near the Chinese destroyer CNS Nanchang, right, while transiting in the Philippine Sea near Guam. Seasats' Lightfish autonomous surface vessel sails near the Chinese destroyer CNS Nanchang, right, while transiting in the Philippine Sea near Guam. Seasats "The ability to capture high resolution imagery of potential adversaries, and in real time transmit accurate location data back to shore, is key for the U.S. Navy in the Pacific," it said. "Doing that with a commercial [unmanned surface vessel] as compared to a traditional satellite or ship offers huge improvements in persistence, accuracy, cost, and scalability." What People Are Saying Seasats told Newsweek: "This encounter is also relevant given the recent budget allocation of billions of dollars to [unmanned surface vessels]. This speaks to the increasing presence of drones at sea and how they are shifting the balance of traditional naval power." Seasats chief executive Mike Flanigan told Breaking Defense: "Look at what just happened with us in the middle of the Pacific. We have a $250,000 [unmanned surface vessel] coming within meters of a $900 million Chinese destroyer with close to 100 sailors on risk posture is just insanely skewed with these autonomous robots." What Happens Next It remains to be seen how the U.S. military will expand the use of unmanned combat systems—whether in the air, on the ground, or at sea—in the Indo-Pacific amid China's threat.
NBC News
37 minutes ago
- NBC News
Warren Buffett's Berkshire Hathaway reveals new stake in beleaguered insurer UnitedHealth
Warren Buffett's Berkshire Hathaway revealed a new stake in troubled insurer UnitedHealth last quarter, according to a regulatory filing, a surprising buy because of the company's current reputation, but perhaps not considering his history of bargain investing. The Omaha-based conglomerate bought more than 5 million shares in the health care firm for a stake worth about $1.6 billion at the end of June. The stake puts it as the 18th biggest position in the Berkshire portfolio behind Amazon and Constellation Brands, according to VerityData. Berkshire's equity portfolio is worth about $300 billion, so it is possible that Buffett's two investing lieutenants Todd Combs and Ted Weschler were more responsible for this purchase rather than the 'Oracle of Omaha' himself. Buffett said one of his investment managers was behind the Amazon investment in 2019. The insurer's stock shot up 6% in extended trading following Berkshire's disclosure. Shares of UnitedHealth were down nearly 50% for 2025 through Thursday's close before Buffett's filing. The largest private health insurer has become the face of a public blowback in this country against the rising costs of health care. UnitedHealth is currently facing a Justice Department investigation into its Medicare billing practices. In May, the company pulled its annual earnings outlook and CEO Andrew Witty stepped down. Last month, UnitedHealth gave a new 2025 outlook that was well short of Wall Street estimates, hitting the stock further. Buffett, who's turning 95 this month, has been critical of the healthcare system in the U.S., calling it a 'tapeworm' on the economy due to its high costs. In 2018, he, along with Jeff Bezos and Jamie Dimon, launched a joint venture to improve healthcare for their employees and potentially for all Americans, but it was eventually shut down. UnitedHealth isn't the only stock Berkshire picked up recently. In fact, the conglomerate also took small stakes in steel manufacturer Nucor, outdoor advertising company Lamar Advertising and security firm Allegion. Berkshire also got back into homebuilders Lennar and DR Horton. Shares of Nucor jumped nearly 8% in afterhours trading, while Lennar and DR Horton popped about 3% each. Buffett also pared his positions in Bank of America and Apple. The Apple stake was cut by about 7%. Berkshire's largest positions as of the end of the second quarter were Apple, American Express, Bank of America, Coca-Cola and Chevron. The legendary investor is stepping down as Berkshire CEO at the end of the year, handing over the reins to Greg Abel. Buffett will stay on as chairman of the board. It's still unclear who will be in charge of Berkshire's gigantic equity portfolio, though Buffett has alluded that Abel will be making all capital allocation decisions at the conglomerate. UnitedHealth attracted other buyers last quarter, according to filings, including Michael Burry and Appaloosa Management's David Tepper. Shares of the insurer are trading at a price-earnings ratio of just under 12, near its lowest in more than a decade. There was speculation regarding a mystery stock Buffett was buying as Berkshire had asked for permission to keep certain holdings secret last quarter. It turns out the secret stock was a combination of multiple positions and likely the stakes added in DR Horton, Nucor and Lennar 'A' shares.
