Latest news with #Anduril
Hindustan Times
3 days ago
- Business
- Hindustan Times
Trump Is Taking Credit for New U.S. Factories. Does He Deserve It?
The White House has an explanation for the nearly $2 trillion of manufacturing-related projects announced since the start of the year. It's the Trump Effect. 'They're really coming in fast,' Trump said at an April event with business leaders. 'Some of them don't bother calling us. Some of them don't even want meetings. They just start their plants and start their factories.' The White House maintains a running list of U.S.-based investments it says have been spurred by Trump's commitment to revitalizing American industry. Nearly 80 projects are included, from factories to data centers to a liquefied natural gas facility. The Wall Street Journal examined the manufacturing-related projects on the administration's list that involved investments of at least $1 billion. Of those 33 projects, some involve R&D, equipment and machinery investments that are in line with the companies' typical spending. Others were in the works well before Trump was elected. A White House spokesman said Trump has been 'a critical catalyst converting hypothetical discussions into firm investment commitments.' Drones, AI and ketchup Defense technology company Anduril Industries, founded by Trump supporter Palmer Luckey, said last August that it had raised more than $1 billion to build a plant that will make autonomous weapons systems. Just before Trump's January inauguration, Anduril said it would put the factory in Ohio. The White House later added the project to its list of manufacturing wins. An Anduril spokeswoman said while planning for the factory preceded Trump's presidency, he helped to build momentum around the project. 'The Trump administration is creating conditions for innovation and manufacturing to thrive,' she said. In February, Apple said it would spend $500 billion in the U.S. over the next four years to support efforts in artificial intelligence, silicon engineering and skills development for students and workers. Apple's spending pledge, which later made the White House list, is roughly on track with its recent investments. The company has spent about $1.1 trillion over the past four fiscal years on operating expenses and capital expenditures, and analysts project about $1.3 trillion in spending over the next four years. About 40% of Apple's revenue comes from the Americas, and a similar proportion of projected expenses would equal a little over $500 billion. 'Some of that's just existing R&D that would have been spent anyway,' said William Kerwin, senior equity analyst at Morningstar. Apple didn't respond to a request for comment. Ketchup and macaroni maker Kraft Heinz in May told Reuters it would spend $3 billion to upgrade its U.S. plants, seeking efficiency gains that could help offset Trump's tariffs. The company, which normally invests $1 billion a year on capital projects, said the investment would stretch over five years but wouldn't result in new jobs beyond construction work. The White House a day later included the company's planned investment among a number of corporate announcements that it said showed that Trump's policies are paying off. Doubling down on Trump Some companies on the White House list have name-checked Trump in their announcements. Taiwan-based GlobalWafers, which makes the silicon wafers used in semiconductor manufacturing, said in May it intends to spend $4 billion to expand a just-opened, $3.5 billion Texas factory 'in alignment with market growth and Trump administration priorities.' Brent Omdahl, the company's senior vice president for government affairs, said the Trump administration has simplified reporting requirements and trimmed other red tape around a $406 million Chips Act grant awarded during former President Joe Biden's tenure. 'This is saving us time and money,' Omdahl said. Kraft Heinz, which normally invests $1 billion a year on capital projects, said it would spend $3 billion to upgrade its U.S. plants. Pratt Industries, a packaging manufacturer owned by Trump backer Anthony Pratt, said at a White House event in April that it would invest $5 billion and create 5,000 U.S. manufacturing jobs to support Trump's call to reindustrialize America. In 2022, when Biden was president, Pratt pledged to invest $5 billion, spread over 10 years. Since then, according to the company's website, it has opened four new plants, spending between $120 million and $700 million on each. The April commitment, Pratt said, comes on top of its earlier pledge. 'Because of our confidence in President Trump, we're doubling down on the investment, in the same period of time,' a company spokesman said. Chipping in In April last year, semiconductor company Micron Technology said it received $6.1 billion in Chips Act funding to support its roughly $50 billion investment in manufacturing facilities in New York and Idaho, part of a potential $125 billion investment over the next two decades. The company thanked the Biden administration for supporting investments that 'will ensure U.S. semiconductor competitiveness for generations to come.' This June, Micron announced an expanded U.S. investment commitment of approximately $200 billion. That included $30 billion in manufacturing investment beyond its earlier plans, along with $50 billion for research and development. The company thanked President Trump for his support. The Trump administration added Micron's $200 billion total to its list. The company declined to comment further. Chip maker Taiwan Semiconductor Manufacturing Co. last year received $6.6 billion in funding from the Chips Act. In March, TSMC announced plans to invest an extra $100 billion in chip-manufacturing plants in the U.S. over the coming years, which the White House added to its list. The company made the move based on the needs of customers, who value geographic flexibility, Chief Executive C.C. Wei said in an April earnings call. He said that the investment came with 'strong collaboration and support from our leading U.S. customers and the U.S. federal, state and city government.' Solar winds Trump is far from the first politician to claim credit for economic gains and corporate investment that already were under way. Biden touted creating millions of jobs during his administration, though the economy also benefited from the U.S.'s postpandemic rebound and stimulus efforts passed in Trump's first term. One project highlighted by the Trump White House could be challenged by the president's policies. Glass manufacturer Corning this year said it would increase its investment to $1.5 billion in a Michigan factory that will make solar components. Wendell Weeks, Corning's CEO, said during the April announcement that the expansion was a response to increasing demand for U.S.-made solar products. The White House added the project to its list. Trump's recently passed budget bill will end tax credits for residential and large-scale solar projects. Analyst Paula Mints said the bill and a subsequent executive order targeting green energy will add economic risks for solar manufacturers. Corning said solar remains one of the fastest-growing energy sources, and that 80% of the new factory's capacity is spoken for through 2030. Write to John Keilman at and Harriet Torry at
Mint
4 days ago
- Business
- Mint
Trump is taking credit for new US factories. Does he deserve it?
The White House has an explanation for the nearly $2 trillion of manufacturing-related projects announced since the start of the year. It's the Trump Effect. 'They're really coming in fast," Trump said at an April event with business leaders. 'Some of them don't bother calling us. Some of them don't even want meetings. They just start their plants and start their factories." The White House maintains a running list of U.S.-based investments it says have been spurred by Trump's commitment to revitalizing American industry. Nearly 80 projects are included, from factories to data centers to a liquefied natural gas facility. The Wall Street Journal examined the manufacturing-related projects on the administration's list that involved investments of at least $1 billion. Of those 33 projects, some involve R&D, equipment and machinery investments that are in line with the companies' typical spending. Others were in the works well before Trump was elected. A White House spokesman said Trump has been 'a critical catalyst converting hypothetical discussions into firm investment commitments." Defense technology company Anduril Industries, founded by Trump supporter Palmer Luckey, said last August that it had raised more than $1 billion to build a plant that will make autonomous weapons systems. Just before Trump's January inauguration, Anduril said it would put the factory in Ohio. The White House later added the project to its list of manufacturing wins. An Anduril spokeswoman said while planning for the factory preceded Trump's presidency, he helped to build momentum around the project. 'The Trump administration is creating conditions for innovation and manufacturing to thrive," she said. In February, Apple said it would spend $500 billion in the U.S. over the next four years to support efforts in artificial intelligence, silicon engineering and skills development for students and workers. Apple's spending pledge, which later made the White House list, is roughly on track with its recent investments. The company has spent about $1.1 trillion over the past four fiscal years on operating expenses and capital expenditures, and analysts project about $1.3 trillion in spending over the next four years. About 40% of Apple's revenue comes from the Americas, and a similar proportion of projected expenses would equal a little over $500 billion. 'Some of that's just existing R&D that would have been spent anyway," said William Kerwin, senior equity analyst at Morningstar. Apple didn't respond to a request for comment. Ketchup and macaroni maker Kraft Heinz in May told Reuters it would spend $3 billion to upgrade its U.S. plants, seeking efficiency gains that could help offset Trump's tariffs. The company, which normally invests $1 billion a year on capital projects, said the investment would stretch over five years but wouldn't result in new jobs beyond construction work. The White House a day later included the company's planned investment among a number of corporate announcements that it said showed that Trump's policies are paying off. Some companies on the White House list have name-checked Trump in their announcements. Taiwan-based GlobalWafers, which makes the silicon wafers used in semiconductor manufacturing, said in May it intends to spend $4 billion to expand a just-opened, $3.5 billion Texas factory 'in alignment with market growth and Trump administration priorities." Brent Omdahl, the company's senior vice president for government affairs, said the Trump administration has simplified reporting requirements and trimmed other red tape around a $406 million Chips Act grant awarded during former President Joe Biden's tenure. 'This is saving us time and money," Omdahl said. Kraft Heinz, which normally invests $1 billion a year on capital projects, said it would spend $3 billion to upgrade its U.S. plants. Pratt Industries, a packaging manufacturer owned by Trump backer Anthony Pratt, said at a White House event in April that it would invest $5 billion and create 5,000 U.S. manufacturing jobs to support Trump's call to reindustrialize America. In 2022, when Biden was president, Pratt pledged to invest $5 billion, spread over 10 years. Since then, according to the company's website, it has opened four new plants, spending between $120 million and $700 million on each. The April commitment, Pratt said, comes on top of its earlier pledge. 'Because of our confidence in President Trump, we're doubling down on the investment, in the same period of time," a company spokesman said. In April last year, semiconductor company Micron Technology said it received $6.1 billion in Chips Act funding to support its roughly $50 billion investment in manufacturing facilities in New York and Idaho, part of a potential $125 billion investment over the next two decades. The company thanked the Biden administration for supporting investments that 'will ensure U.S. semiconductor competitiveness for generations to come." This June, Micron announced an expanded U.S. investment commitment of approximately $200 billion. That included $30 billion in manufacturing investment beyond its earlier plans, along with $50 billion for research and development. The company thanked President Trump for his support. The Trump administration added Micron's $200 billion total to its list. The company declined to comment further. Chip maker Taiwan Semiconductor Manufacturing Co. last year received $6.6 billion in funding from the Chips Act. In March, TSMC announced plans to invest an extra $100 billion in chip-manufacturing plants in the U.S. over the coming years, which the White House added to its list. The company made the move based on the needs of customers, who value geographic flexibility, Chief Executive C.C. Wei said in an April earnings call. He said that the investment came with 'strong collaboration and support from our leading U.S. customers and the U.S. federal, state and city government." Trump is far from the first politician to claim credit for economic gains and corporate investment that already were under way. Biden touted creating millions of jobs during his administration, though the economy also benefited from the U.S.'s postpandemic rebound and stimulus efforts passed in Trump's first term. One project highlighted by the Trump White House could be challenged by the president's policies. Glass manufacturer Corning this year said it would increase its investment to $1.5 billion in a Michigan factory that will make solar components. Wendell Weeks, Corning's CEO, said during the April announcement that the expansion was a response to increasing demand for U.S.-made solar products. The White House added the project to its list. Trump's recently passed budget bill will end tax credits for residential and large-scale solar projects. Analyst Paula Mints said the bill and a subsequent executive order targeting green energy will add economic risks for solar manufacturers. Corning said solar remains one of the fastest-growing energy sources, and that 80% of the new factory's capacity is spoken for through 2030. Write to John Keilman at and Harriet Torry at
Yahoo
5 days ago
- Business
- Yahoo
The executives behind Palmer Luckey's new digital banking startup Erebor include banking, Big Law, and tech vets
Anduril cofounder Palmer Luckey is launching Erebor, a bank that will serve crypto clients and startups. BI obtained a memo that describes leadership at the neobank. The executives have ties to traditional banking, politics, and Big Law. Palmer Luckey, CEO of defense tech giant Anduril Industries, is quietly building a new digital banking venture — and we now know more about who will be helping him. The startup, Erebor, is raising $225 million at a $2 billion valuation, Business Insider reported in July. It has backing from Peter Thiel's Founders Fund and Joe Lonsdale's 8VC. It filed for a national bank charter in June, and will serve clients like crypto companies and startups — a niche once occupied by Silicon Valley Bank. While little has been publicly revealed about Erebor so far, documents obtained by Business Insider shed some light on the team behind it. Luckey and four cofounders — Trevor Capozza, Jacob Hirshman, Aaron Pelz and Owen Rapaport — are at the helm, according to a fundraising memo that described the company's leadership and plans. Hirshman and Rapaport are listed as co-CEOs of Erebor, per the memo. Three other executives — chief risk officer Joshua Rosenberg, chief financial officer Ricky Grant, and chief credit officer Vlad Dubinsky — have backgrounds in banking and bank regulation, and their involvement with the company hasn't previously been reported. A banking lawyer at Skadden who appears on Erebor's bank charter application and is listed as its spokesperson didn't respond to a request for comment. Here's what we know about the names. Luckey is the founder of Erebor, according to the memo. He previously cofounded Anduril, a defense tech company that makes AI-powered autonomous military systems, in 2017. Founders Fund led the latest Anduril round — a $2.5 billion fundraise at a $30.5 billion valuation — with a $1 billion investment, the largest check the firm has ever written, Tech Crunch reported in June. Before Anduril, Luckey launched Oculus, a virtual reality company, when he was 19. He sold it to Facebook, now Meta Platforms, for $2 billion in cash and stock in 2014. In 2016, Luckey was fired from Meta after donating $10,000 to a pro-Donald Trump group. Meta and CEO Mark Zuckerberg have denied that Luckey left over his politics. Anduril partnered with Meta in May to make headsets and wearable devices for the military. Luckey didn't respond to requests for comment. Capozza is listed as a cofounder of Erebor in the memo. His LinkedIn profile says he is a cofounder of a "stealth startup," a term used to describe a company before it has officially launched. He serves as the head of operations of Luckey's family office, according to LinkedIn. Capozza began his career at Optimozo, a private company, where he did asset management, his LinkedIn profile shows. His name has appeared in tax forms filed by a Luckey-linked nonprofit, the Pacific Treasure Foundation, as well as in registration paperwork for a virtual-reality news website, a firm called Trisolaris LLC, and another business called Project Passive LLC. Capozza declined to comment. Hadegorn is Erebor's president, his LinkedIn shows. According to his profile, the fintech startup "seeks to revolutionize banking services for the innovation economy." Hadegorn has held executive positions at UMB Financial Corporation and Valley National Bank. He started his career at Wells Fargo, where he worked for nearly 17 years. At Wells Fargo, Hagedorn led the Midwest banking group for five years, his LinkedIn profile shows. Hagedorn didn't respond to a request for comment. Rapaport is listed as a co-founder and co-CEO of Erebor focused on "product, credit, and customer success," the memo says. Before joining Erebor, Rapaport cofounded and served as CEO at crypto-monitoring company Aer Compliance, which merged with StarCompliance in 2024. Before that, he worked at Electrum, a bitcoin wallet company, and was a consultant at Bain & Company, according to his LinkedIn. Rapaport didn't respond to a request for comment. Hirshman is listed as a cofounder and co-CEO of Erebor and is focused on "sales, marketing, and regulatory" work, the memo says. Hirshman's LinkedIn profile lists him as a cofounder of a "stealth startup." Hirshman works at stablecoin issuer Circle, which debuted on the New York Stock Exchange in early June, as an advisor, according to his LinkedIn. Before that, Hirshman spent almost a year as an associate at Sullivan & Cromwell after graduating from law school at the University of Pennsylvania, his LinkedIn profile says. Hirshman declined to comment. Pelz is listed as a cofounder and chief technology officer of Erebor, according to the memo. He previously worked at Pinwheel, a fintech startup, where he led engineering, according to his LinkedIn, which says he left the company in March. Pelz previously worked in software engineering at Quorum, which makes public affairs software. Pelz didn't respond to a request for comment. Ricky Grant is listed as Erebor's chief financial officer, according to the memo. He spent nearly two years at Customer Bank, a fast-growing Philadelphia bank, as its head of investor relations and strategic finance, according to his LinkedIn profile. Customers Bank was faulted by the Federal Reserve in 2024 over shortfalls related to crypto risks. The bank's CEO said it has since spent millions of dollars to come into compliance. The American Banker reported that it holds dollar-denominated deposits for large crypto exchanges and has a large venture lending portfolio. Before working at Customers, Grant worked in investment banking for JP Morgan Chase and Goldman Sachs, according to his LinkedIn profile. Goldman listed him in its managing director class of 2019. He didn't respond to requests for comment. Rosenberg listed on his LinkedIn that he is working with Erebor after completing a nearly two-year stint at United Texas Bank, a Dallas financial institution that is a key cog in the crypto business. His LinkedIn and the memo describe him as Erebor's chief risk officer. He joined United Texas Bank in 2023 after a 22-year career at the Federal Reserve Bank of New York. In April, The Information reported that Rosenberg was brought on by UTB to "beef up" its compliance efforts amid regulatory scrutiny from the Federal Reserve over its crypto-related activity. Previously, Rosenberg was an assistant finance professor at the NYU Stern School of Business, according to his LinkedIn. He has a Ph.D. in economics from the University of California San Diego. Rosenberg didn't respond to a request for comment. Vlad Dubinsky is listed as Erebor's chief credit officer in the memo. Dubinsky's LinkedIn profile says he joined The Bancorp Bank in May as a managing director, credit markets. Bancorp is known for working with fintech companies that issue payment cards. According to his LinkedIn profile, Dubinsky spent over three years working for Blue Foundry Bank, a New Jersey bank with a market capitalization of about $200 million that has been gravitating "away from residential and multifamily lending and toward higher-yielding commercial loans," according to the American Banker. He didn't respond to requests for comment. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
5 days ago
- Business
- Business Insider
The executives behind Palmer Luckey's new digital banking startup Erebor include banking, Big Law, and tech vets
Palmer Luckey, CEO of defense tech giant Anduril Industries, is quietly building a new digital banking venture — and we now know more about who will be helping him. The startup, Erebor, is raising $225 million at a $2 billion valuation, Business Insider reported in July. It has backing from Peter Thiel's Founders Fund and Joe Lonsdale's 8VC. It filed for a national bank charter in June, and will serve clients like crypto companies and startups — a niche once occupied by Silicon Valley Bank. While little has been publicly revealed about Erebor so far, documents obtained by Business Insider shed some light on the team behind it. Luckey and four cofounders — Trevor Capozza, Jacob Hirshman, Aaron Pelz and Owen Rapaport — are at the helm, according to a fundraising memo that described the company's leadership and plans. Hirshman and Rapaport are listed as co-CEOs of Erebor, per the memo. Three other executives — chief risk officer Joshua Rosenberg, chief financial officer Ricky Grant, and chief credit officer Vlad Dubinsky — have backgrounds in banking and bank regulation, and their involvement with the company hasn't previously been reported. A banking lawyer at Skadden who appears on Erebor's bank charter application and is listed as its spokesperson didn't respond to a request for comment. Here's what we know about the names. Founder: Palmer Luckey Luckey is the founder of Erebor, according to the memo. He previously cofounded Anduril, a defense tech company that makes AI-powered autonomous military systems, in 2017. Founders Fund led the latest Anduril round — a $2.5 billion fundraise at a $30.5 billion valuation — with a $1 billion investment, the largest check the firm has ever written, Tech Crunch reported in June. Before Anduril, Luckey launched Oculus, a virtual reality company, when he was 19. He sold it to Facebook, now Meta Platforms, for $2 billion in cash and stock in 2014. In 2016, Luckey was fired from Meta after donating $10,000 to a pro-Donald Trump group. Meta and CEO Mark Zuckerberg have denied that Luckey left over his politics. Anduril partnered with Meta in May to make headsets and wearable devices for the military. Luckey didn't respond to requests for comment. Co-Founder: Trevor Capozza Capozza is listed as a cofounder of Erebor in the memo. His LinkedIn profile says he is a cofounder of a "stealth startup," a term used to describe a company before it has officially launched. He serves as the head of operations of Luckey's family office, according to LinkedIn. Capozza began his career at Optimozo, a private company, where he did asset management, his LinkedIn profile shows. His name has appeared in tax forms filed by a Luckey-linked nonprofit, the Pacific Treasure Foundation, as well as in registration paperwork for a virtual-reality news website, a firm called Trisolaris LLC, and another business called Project Passive LLC. Capozza declined to comment. President: Michael Hagedorn Hadegorn is Erebor's president, his LinkedIn shows. According to his profile, the fintech startup "seeks to revolutionize banking services for the innovation economy." Hadegorn has held executive positions at UMB Financial Corporation and Valley National Bank. He started his career at Wells Fargo, where he worked for nearly 17 years. At Wells Fargo, Hagedorn led the Midwest banking group for five years, his LinkedIn profile shows. Hagedorn didn't respond to a request for comment. Co-Founder/Co-CEO: Owen Rapaport Rapaport is listed as a co-founder and co-CEO of Erebor focused on "product, credit, and customer success," the memo says. Before joining Erebor, Rapaport cofounded and served as CEO at crypto-monitoring company Aer Compliance, which merged with StarCompliance in 2024. Before that, he worked at Electrum, a bitcoin wallet company, and was a consultant at Bain & Company, according to his LinkedIn. Rapaport didn't respond to a request for comment. Co-Founder/Co-CEO: Jacob Hirshman Hirshman is listed as a cofounder and co-CEO of Erebor and is focused on "sales, marketing, and regulatory" work, the memo says. Hirshman's LinkedIn profile lists him as a cofounder of a "stealth startup." Hirshman works at stablecoin issuer Circle, which debuted on the New York Stock Exchange in early June, as an advisor, according to his LinkedIn. Before that, Hirshman spent almost a year as an associate at Sullivan & Cromwell after graduating from law school at the University of Pennsylvania, his LinkedIn profile says. Hirshman declined to comment. Pelz is listed as a cofounder and chief technology officer of Erebor, according to the memo. He previously worked at Pinwheel, a fintech startup, where he led engineering, according to his LinkedIn, which says he left the company in March. Pelz previously worked in software engineering at Quorum, which makes public affairs software. Pelz didn't respond to a request for comment. Ricky Grant is listed as Erebor's chief financial officer, according to the memo. He spent nearly two years at Customer Bank, a fast-growing Philadelphia bank, as its head of investor relations and strategic finance, according to his LinkedIn profile. Customers Bank was faulted by the Federal Reserve in 2024 over shortfalls related to crypto risks. The bank's CEO said it has since spent millions of dollars to come into compliance. The American Banker reported that it holds dollar-denominated deposits for large crypto exchanges and has a large venture lending portfolio. Before working at Customers, Grant worked in investment banking for JP Morgan Chase and Goldman Sachs, according to his LinkedIn profile. Goldman listed him in its managing director class of 2019. He didn't respond to requests for comment. Chief Risk Officer: Joshua Rosenberg Rosenberg listed on his LinkedIn that he is working with Erebor after completing a nearly two-year stint at United Texas Bank, a Dallas financial institution that is a key cog in the crypto business. His LinkedIn and the memo describe him as Erebor's chief risk officer. He joined United Texas Bank in 2023 after a 22-year career at the Federal Reserve Bank of New York. In April, The Information reported that Rosenberg was brought on by UTB to "beef up" its compliance efforts amid regulatory scrutiny from the Federal Reserve over its crypto-related activity. Previously, Rosenberg was an assistant finance professor at the NYU Stern School of Business, according to his LinkedIn. He has a Ph.D. in economics from the University of California San Diego. Chief Credit Officer: Vlad Dubinsky Vlad Dubinsky is listed as Erebor's chief credit officer in the memo. Dubinsky's LinkedIn profile says he joined The Bancorp Bank in May as a managing director, credit markets. Bancorp is known for working with fintech companies that issue payment cards. According to his LinkedIn profile, Dubinsky spent over three years working for Blue Foundry Bank, a New Jersey bank with a market capitalization of about $200 million that has been gravitating "away from residential and multifamily lending and toward higher-yielding commercial loans," according to the American Banker.
Business Insider
5 days ago
- Business
- Business Insider
The executives behind Palmer Luckey's new digital banking startup Erebor include banking, politics, and Big Law vets
Anduril cofounder Palmer Luckey is launching Erebor, a bank that will serve crypto clients and startups. BI obtained a memo that describes leadership at the neobank. The executives have ties to traditional banking, politics, and Big Law. Palmer Luckey, CEO of defense tech giant Anduril Industries, is quietly building a new digital banking venture — and we now know more about who will be helping him. The startup, Erebor, is raising $225 million at a $2 billion valuation, Business Insider reported in July. It has backing from Peter Thiel's Founders Fund and Joe Lonsdale's 8VC. It filed for a national bank charter in June, and will serve clients like crypto companies and startups — a niche once occupied by Silicon Valley Bank. While little has been publicly revealed about Erebor so far, documents obtained by Business Insider shed some light on the team behind it. Luckey and four cofounders — Trevor Capozza, Jacob Hirshman, Aaron Pelz and Owen Rapaport — are at the helm, according to a fundraising memo that described the company's leadership and plans. Hirshman and Rapaport are listed as co-CEOs of Erebor, per the memo. Three other executives — chief risk officer Joshua Rosenberg, chief financial officer Ricky Grant, and chief credit officer Vlad Dubinsky — have backgrounds in banking and bank regulation, and their involvement with the company hasn't previously been reported. A banking lawyer at Skadden who appears on Erebor's bank charter application and is listed as its spokesperson didn't respond to a request for comment. Here's what we know about the names. Founder: Palmer Luckey Luckey is the founder of Erebor, according to the memo. He previously cofounded Anduril, a defense tech company that makes AI-powered autonomous military systems, in 2017. Founders Fund led the latest Anduril round — a $2.5 billion fundraise at a $30.5 billion valuation — with a $1 billion investment, the largest check the firm has ever written, Tech Crunch reported in June. Before Anduril, Luckey launched Oculus, a virtual reality company, when he was 19. He sold it to Facebook, now Meta Platforms, for $2 billion in cash and stock in 2014. In 2016, Luckey was fired from Meta after donating $10,000 to a pro-Donald Trump group. Meta and CEO Mark Zuckerberg have denied that Luckey left over his politics. Anduril partnered with Meta in May to make headsets and wearable devices for the military. Co-Founder: Trevor Capozza Capozza is listed as a cofounder of Erebor in the memo. His LinkedIn profile says he is a cofounder of a "stealth startup," a term used to describe a company before it has officially launched. He serves as the head of operations of Luckey's family office, according to LinkedIn. Capozza began his career at Optimozo, a private company, where he did asset management, his LinkedIn profile shows. His name has appeared in tax forms filed by a Luckey-linked nonprofit, the Pacific Treasure Foundation, as well as in registration paperwork for a virtual-reality news website, a firm called Trisolaris LLC, and another business called Project Passive LLC. Capozza declined to comment. President: Michael Hagedorn Hadegorn is Erebor's president, his LinkedIn shows. According to his profile, the fintech startup "seeks to revolutionize banking services for the innovation economy." Hadegorn has held executive positions at UMB Financial Corporation and Valley National Bank. He started his career at Wells Fargo, where he worked for nearly 17 years. At Wells Fargo, Hagedorn led the Midwest banking group for five years, his LinkedIn profile shows. Hagedorn didn't respond to a request for comment. Co-Founder/Co-CEO: Owen Rapaport Rapaport is listed as a co-founder and co-CEO of Erebor focused on "product, credit, and customer success," the memo says. Before joining Erebor, Rapaport cofounded and served as CEO at crypto-monitoring company Aer Compliance, which merged with StarCompliance in 2024. Before that, he worked at Electrum, a bitcoin wallet company, and was a consultant at Bain & Company, according to his LinkedIn. Co-Founder/Co-CEO: Jacob Hirshman Hirshman is listed as a cofounder and co-CEO of Erebor and is focused on "sales, marketing, and regulatory" work, the memo says. Hirshman's LinkedIn profile lists him as a cofounder of a "stealth startup." Hirshman works at stablecoin issuer Circle, which debuted on the New York Stock Exchange in early June, as an advisor, according to his LinkedIn. Before that, Hirshman spent almost a year as an associate at Sullivan & Cromwell after graduating from law school at the University of Pennsylvania, his LinkedIn profile says. Pelz is listed as a cofounder and chief technology officer of Erebor, according to the memo. He previously worked at Pinwheel, a fintech startup, where he led engineering, according to his LinkedIn, which says he left the company in March. Pelz previously worked in software engineering at Quorum, which makes public affairs software. Pelz didn't respond to a request for comment. Chief Financial Officer: Ricky Grant Ricky Grant is listed as Erebor's chief financial officer, according to the memo. He spent nearly two years at Customer Bank, a fast-growing Philadelphia bank, as its head of investor relations and strategic finance, according to his LinkedIn profile. Customers Bank was faulted by the Federal Reserve in 2024 over shortfalls related to crypto risks. The bank's CEO said it has since spent millions of dollars to come into compliance. The American Banker reported that it holds dollar-denominated deposits for large crypto exchanges and has a large venture lending portfolio. Before working at Customers, Grant worked in investment banking for JP Morgan Chase and Goldman Sachs, according to his LinkedIn profile. Goldman listed him in its managing director class of 2019. He didn't respond to requests for comment. Chief Risk Officer: Joshua Rosenberg Rosenberg listed on his LinkedIn that he is working with Erebor after completing a nearly two-year stint at United Texas Bank, a Dallas financial institution that is a key cog in the crypto business. His LinkedIn and the memo describe him as Erebor's chief risk officer. He joined United Texas Bank in 2023 after a 22-year career at the Federal Reserve Bank of New York. In April, The Information reported that Rosenberg was brought on by UTB to "beef up" its compliance efforts amid regulatory scrutiny from the Federal Reserve over its crypto-related activity. Previously, Rosenberg was an assistant finance professor at the NYU Stern School of Business, according to his LinkedIn. He has a Ph.D. in economics from the University of California San Diego. Chief Credit Officer: Vlad Dubinsky Vlad Dubinsky is listed as Erebor's chief credit officer in the memo. Dubinsky's LinkedIn profile says he joined The Bancorp Bank in May as a managing director, credit markets. Bancorp is known for working with fintech companies that issue payment cards. According to his LinkedIn profile, Dubinsky spent over three years working for Blue Foundry Bank, a New Jersey bank with a market capitalization of about $200 million that has been gravitating "away from residential and multifamily lending and toward higher-yielding commercial loans," according to the American Banker.
