Long known to be a bit of a cynic in regards to artificial intelligence, SpaceX and Tesla CEO Elon Musk decided to do what he does best and put his wealth to good use.Along with Y Combinator president Sam Altman, LinkedIn co-founder Reid Hoffman, and Musk’s PayPal co-founder Peter Thiel, Musk hopes that this donation will to allow OpenAI to function freely without worrying about generating a financial return.In the company’s eyes, this fact alone is paramount to it prioritizing a “good outcome” over its own “self-interest.”“As a non-profit, our aim is to build value for everyone rather than shareholders,” OpenAI representatives said in a press release.“Researchers will be strongly encouraged to publish their work, whether as papers, blog posts, or code, and our patents (if any) will be shared with the world.We’ll freely collaborate with others across many institutions and expect to work with companies to research and deploy new technologies.”Despite the $1 billion pledge and celebrity affiliation, it isn’t completely obvious exactly how OpenAI intends to build value or collaborate outside of just plain research.“It’s hard to fathom how much human-level AI could benefit society, and it’s equally hard to imagine how much it could damage society if built or used incorrectly.”In addition to the founders, OpenAI plans on initially functioning with nine world-class research engineers and scientists, headlined by research director and Google Brain Team alum Ilya Sutskever.
For young people pursuing a career in Silicon Valley, enrollment can be a golden ticket to elite technology companies.Over the years, Stanford has educated some of the biggest names in tech, including Google's Larry Page and Sergey Brin and Yahoo's Marissa Mayer.Founded in 1891, Stanford University has built a reputation as a feeder school for Silicon Valley.Source: Silicon Valley Business JournalIn CoHo, a coffee house where I found many students sitting on couches with laptops in hand, portraits of alumni hang on the wall.Stanford has educated titans of tech including Yahoo's Marissa Mayer; Google's Larry Page and Sergey Brin; cofounder of PayPal, Peter Thiel; former Microsoft CEO, Steve Ballmer; and cofounders of Hewlett-Packard, Bill Hewlett and David Packard.
Android Pay can be used at any wireless payment point so if it supports your contactless card or Apple Pay then you re good to go with Android Pay.Google s new contactless payment service joins an increasing number of apps and services including Samsung Pay and PayPal which are trying to encourage people to move away from using their conventional bank cards as a means of paying.Recently released Android smartphones should come with Android Pay pre-installed but if you think you re missing out you can always head over to the Google Play Store and download the app separately from there.While many of the big players are in there it s hard not to notice the glaring omission that is Barclays.If you have multiple Google Accounts in Android Pay: At the top left of the app, touch your name, then choose the account you want to add a card to.While both are equally secure not all Android phones have this hardware advantage that Apple s products do so Google had to find an alternative solution.
The show is set to air at 7:30PM ET tonight but in some locations it will air a bit earlier.said that any money he wins will be going towards the Fistula Foundation, a charity that offers up medical care for women in poor countries who suffer from the childbirth related injury, obstetric fistula.responded:I did a show on my website years ago and I made a lot of money very quickly so I wanted to give a bunch away and I was looking for charities that take Paypal.A friend had told me about Fistula Foundation so I went on their site and saw they take Paypal so I just sent a bunch of money to them and they were very sweet nice people.I ve stayed in touch and anytime I do anything that s a charity thing I usually end up giving it to them.Thanks to the sharing economy, living in five different cities in five years has never been more doable.
The flourishing online shopping industry is fostering the need for business owners to facilitate easier and more varied payment methods to cater to their growing range of customers, as evidenced by the following statistics: Data from Statista suggests that in 2015, the number of online shoppers in the U.S. reached 205 million, with figures projected to reach 224 million in 2019.From $231 billion in 2012, Forrester Research predicts that U.S. online retail sales volume will steadily increase to $370 billion in 2017.In a study enumerating the payment methods most popular with E-commerce customers, debit card preference topped the list at 43 percent, credit card preference followed at 35 percent, while PayPal and other online wallets trailed behind at three percent.So if you re in the market for payment tools to try, here s a list of payment processing applications to consider: Related Article: Payments Suck: Breaking Down the Current Landscape of Payment Processing1.Dwolla Founded in Iowa in 2008, money transfer services company Dwolla launched in the U.S. in 2010, effectively positioning itself as an alternative to then payments processing giant PayPal.Opening an account with Dwolla is free, and it lets you avail of their money transfer services for one-time, recurring, and even mass payments.For faster, next-day money transfers and other features, users will have to pay a flat monthly fee that starts at $25 per month, instead of per-transaction fees.Established in 2008, from being mainly used for money-pooling, donation initiatives, WePay pivoted to focus on lending its intuitive, user-friendly payments processing platform to businesses.Venmo Venmo is a PayPal-owned payment processing service that allows you to request for, send to, and receive money from other Venmo users.
Seats are limited--secure yours now Building a business from the ground up can be a slog.To convince people to use your service, consider giving something away.Is your value proposition hard to understand?You can't dip your toe into the water and expect to see results.Content often goes hand in hand with building an email list, and having a large database can easily translate into more traffic and more money.Airbnb managed to figure things out with a bit of coding wizardry.
This means that these computerized advisors can offer both mass affluent and wealthy investors a variety of benefits, such as lower fees.Respondents to the survey also said that robo-advisors would by far have the greatest effect on the financial services industry both one year from now particularly in the Americas and five years from now.This is all further evidence that we ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts and partnerships will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.As you can see, this very fluid environment is creating winners and losers before your eyes…and it s also creating the potential for new cost savings or growth opportunities for both you and your company.After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies.These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:Retail banking Lending and Financing Payments and Transfers Wealth and Asset Management Markets and Exchanges Insurance Blockchain Transactions If you work in any of these sectors, it s important for you to understand how the fintech revolution will change your business and possibly even your career.And if you re employed in any part of the digital economy, you ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.The blockchain is a wild card that could completely overhaul financial services.This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.This exclusive report also:Explains the main growth drivers of the exploding fintech ecosystem.Frames the challenges and opportunities faced by incumbents and startups.Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintechExplains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.And much more.The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.To get your copy of this invaluable guide to the fintech revolution, choose one of these options:Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more.BUY THE REPORTThe choice is yours.But however you decide to acquire this report, you ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.
Philippe Laffont s Coatue Management LLC, which manages more than $7 billion, has backed China s biggest ride-hailing app Didi Chuxing as it competes with Uber Technologies Inc.Coatue participated in the Chinese firm s $3 billion funding round last month through a co-investment vehicle, Laffont wrote in a letter to investors obtained by Bloomberg News.Apple Inc. also announced a $1 billion investment in Didi, which operates in 400 Chinese cities, Laffont wrote.We believe Apple s investment in the company reaffirms our bullish stance on Didi as well as the prospects for the China ride-sharing market overall, Laffont wrote in the letter.The last funding round has swelled the company s valuation to about $26 billion, people familiar have said.Didi, already backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd., has reached break even in about half of the 400 cities it operates in, as Uber spends heavily to win both drivers and riders.Coatue also added Paypal Holdings Inc. in the first quarter, betting that prices of technology, media and telecom stocks will be driven more by innovation than macroeconomic events, according to the letter.Coatue s flagship fund fell 2.5 percent in the first quarter while the MSCI World Index dropped 0.3 percent.It cut its short portfolio from 227 to 127 companies during the quarter."While never good enough, we are encouraged that our short portfolio is hanging in there in what continues to be a challenging environment for short-selling," the letter said.
The cybersecurity industry could see a boost in venture capital, thanks to new threats the Internet of Things IoT provide to smart homes, autonomous cars, and future factories.Investment in cybersecurity rose by 78 percent in 2015 to $228 million and Lux Research expects it to reach $400 million this year, in part because of the rapid adoption of IoT devices.Over $800 million has been raised since 2000 for the 77 startups assessed in research and advisory firm s report.Better security is a necessity as we move toward a connected age, where our cars, homes, and money are all controlled by computers.The stakes are much higher, as hackers will be able to attack not just our PayPal and Facebook accounts but our cars and homes.Analysts suspect on the hacker s side that ransomware, a hacker s favorite that invades your system and forces you to pay to take back control, might become more prevalent as hackers attempt to hack your electricity or smart car.
Dropbox has announced its latest move to woo Europeans with its cloud-based file-hosting service, with the launch of a new office in Germany to cater to the DACH region — namely Switzerland, Austria, and of course Germany.As a result of this highly competitive field, questions have emerged about Dropbox s longer-term viability, and such concerns haven t been entirely without merit — the company shuttered a couple of apps last year, and it reportedly cut-back on a number of employee perks lately.But it has also been on a major product development push of late — it launched Project Infinite, which shows all company files locally while storing them remotely, introduced support for Facebook Messenger, and rolled out a cheaper pricing plan for educational institutions.However, around three-quarters of Dropbox s 500-million-plus user-base is based outside the U.S., with a significant portion of those in Europe, which is why the company is continuing to double-down on its efforts on the continent.One in three internet users in DACH are now on Dropbox, and they ve created over 163 million connections to date by sharing documents and folders, said Thomas Hansen, global vice president for revenue at Dropbox, in a blog post.But converting free users into paid users is a perennial challenge for most businesses that adopt a freemium business model, so to help reduce that friction it launched localized payments last year, kicking off in 12 European markets.This effectively saw Dropbox move beyond bank cards, PayPal, and Discover, and into direct debit, which is a popular way of setting up recurring payments in Europe.Dropbox s move to open a base in Germany is notable for one over-arching reason.
The temporary establishment will let potential customers view a demo of the company's app, create a sample investment portfolio, and consult with a financial advisor.The store will also entice customers with free events such as wine tastings, coding classes for children, and breakfast sessions with financial news reviews.The pop-up shop opened on May 20 and will remain open until July 6 in Milan, at which point it will move to London.Robo-advisors must scale in order to succeed because their business models depend on working with a significant number of assets.To compensate for this, robo-advisors are bringing in new customers through partnerships.U.S. firm SigFig, for example, has partnered with multiple legacy wealth managers and now claims that it has no acquisition costs whatsoever.The rise of robo-advisors shows that we ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts and partnerships will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.As you can see, this very fluid environment is creating winners and losers before your eyes…and it s also creating the potential for new cost savings or growth opportunities for both you and your company.After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies.These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:Retail banking Lending and Financing Payments and Transfers Wealth and Asset Management Markets and Exchanges Insurance Blockchain Transactions If you work in any of these sectors, it s important for you to understand how the fintech revolution will change your business and possibly even your career.And if you re employed in any part of the digital economy, you ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.The blockchain is a wild card that could completely overhaul financial services.This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.This exclusive report also:Explains the main growth drivers of the exploding fintech ecosystem.Frames the challenges and opportunities faced by incumbents and startups.Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintechExplains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.And much more.The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.To get your copy of this invaluable guide to the fintech revolution, choose one of these options:Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more.
"Familiar tracks and traditions are like clichés: They are everywhere, they may sometimes be correct, but often they are justified by nothing except constant repetition," the PayPal cofounder and "Zero to One" author told the graduating class during Hamilton College's commencement on Sunday."If we choose to believe that we're powerless to do anything that is not familiar, we will be right, but only in a sort of self-fulfilling way," he said.Thiel confessed during his speech that, from middle school through law school, he had been stuck on the competitive track the outspoken entrepreneur is famous for comparing higher education to "the final stage of a competitive tournament" ."Looking back at my ambition to become a lawyer, it looks less like a plan for the future and more like an alibi for the present.But it turned out in retrospect that my biggest problem was taking the track without thinking really hard about where it was going," Thiel said.He said he took the opposite approach a few years later when he cofounded PayPal: He and his cofounders consciously set "very definite, very big plans" to change the world by replacing the US dollar with a new, digital currency.And while Thiel admitted that he ultimately failed at the greater goal of replacing the dollar, he proved the global financial industry wrong by creating a company that allows people around the world to move more than $200 billion a year.Go out and do what your teachers and parents thought could not be done, and what they never thought of doing," he advised graduates.Watch the full commencement speech below:NOW WATCH: This couple left everything behind to travel the world togetherLoading video...
The fund has already put more than $100 million into over 15 companies across the world, and it will continue to invest both locally and globally.Big data, machine learning, and artificial intelligence will be a big focus.Collectively they have more than 50 years of experience investing hundreds of millions of dollars in venture capital and private financings.They have separately participated in investments in PayPal, The Rubicon Project, Internet Brands, and CrowdStrike.As for VR and AR, Mandal said the markets should hit a critical juncture in the next 12 to 18 months, as the price of hardware comes down and new players like Google and the Chinese come into the market.March Capital Partners invested in Dojo Madness, an esports coaching platform that leverages big data and machine learning.Mandal said investments have to be global now.March Capital portfolio companies include AppCito, App lariat, BillDesk, Bridg, CarTrade, Coho Data, Deep Forest Media sold to Rakuten , Dojo Madness, E8 Security, OpenHouse, Pensa Networks, Perspica, quick.ly, VeloCloud Networks, Vyng, and ZowDow.
During its keynote, the company today announced a number of new products and updates, all of which focus on making life a little bit easier and collaborative for developers.Atlassian recently consolidated all of its Git services under the Bitbucket brand and with the launch of the beta version of Pipelines, it now offers a continuous delivery service that s built right into the Atlassian-hosted Bitbucket Cloud service.Thanks to this, developers can easily automate their workflow of building and deploying their code every time they push an update to their Bitbucket repositories.Today, however, the company is launching its first native apps for the Confluence team collaboration service and JIRA Software, the company s project management service for software teams.Atlassian also today announced that it is joining the Open API Initiative, a consortium that includes Apiary, Apigee, Google, IBM, Mashape, Microsoft, PayPal and others and that aims to build a common way for describing APIs.Other updates include the launch of Connect for JIRA Service Desk, which now allows third-party developer to build embeddable add-ons for that services, and the open-sourcing of RADAR, Atlassian s internal tool for generating API documentation, which unsurprisingly follows the Open API Initiative s specs.
Photograph: Bloomberg/Bloomberg via Getty ImagesBillionaire Silicon Valley investor Peter Thiel is secretly funding lawsuits to financially ruin journalist Nick Denton and his media empire Gawker, according to a new report from Forbes.Thiel – who co-founded PayPal, was an early investor in Facebook and has an estimated wealth of $2.7bn – is allegedly paying the legal bills for former wrestler Hulk Hogan s fight against Gawker.Denton had told the New York Times on Tuesday that he had a personal hunch someone in Silicon Valley was backing the lawsuit, which has been carefully orchestrated to avoid allowing Gawker s insurance to pay for damages.If you re a billionaire and you don t like the coverage of you, and you don t particularly want to embroil yourself any further in a public scandal, it s a pretty smart, rational thing to fund other legal cases, he told the New York Times on Tuesday.Denton suspects power in Silicon Valley is more sensitive than in New York or Los Angeles, where those in control are more accustomed to an adversarial press.There are powerful people in Silicon Valley and the power of Silicon Valley is a relatively new phenomenon.
The company has proposed a system it calls "trust scores" to remove the need to remember usual numerical and linguistic credentials using a 'Trust API' on Android phones.The API would factor in a number of personal identifiers including the way your voice sounds, facial recognition, location in relation to known Wi-Fi networks and Bluetooth devices and typing speed.Trust scores would vary – games, for example, would require a low trust score to run but more advanced scores would be in place for high-risk apps such as banking apps or anything involving secure data.Kaufman is head of Google's Advanced Technology and Projects group, who is responsible for experiments within the company.In April 2015, PayPal outlined a range of "biometric" solutions – passwords you can swallow, for example, or technology that embeds under the skin, while start-up Chaotic Moon told WIRED UK last year that under-the-skin 'biotech tattoos' could be used to replace passwords.Google said it will begin testing the Trust API next month with "large financial institutions" and hopes to have fully rolled out the system on Android phones by 2017.
More FILE - In this Thursday, March 8, 2012, file photo, Clarium Capital President Peter Thiel speaks during his keynote speech at the StartOut LGBT Entrepreneurship Awards in San Francisco.AP Photo/Ben Margot, File Here's some biographical information on billionaire tech investor Peter Thiel, who has been secretly funding Hulk Hogan's lawsuit against Gawker Media, according to published reports:BORN: Oct. 11, 1967, in Frankfurt, Germany.COMPANY CONNECTIONS: Thiel co-founded PayPal in 1998 and was its chairman and CEO.He has also donated to the campaigns of former GOP presidential candidate Carly Fiorina and Sen. Mike Lee, R-Utah, according to the Center for Responsive Politics, which tracks political fundraising and spending.He's backed other unusual projects, including an effort to try new forms of government on man-made islands that would float outside the territory of current nations.He's also supported the Human Rights Foundation, the Committee to Protect Journalists and the Singularity Institute for Artificial Intelligence.
Rumors had been swirling that a prominent Silicon Valley VC is funding a high profile lawsuit by Hulk Hogan against the online news site Gawker.On Monday, even Gawker's founder Nick Denton, in an interview with The New York Times, seemed to buy into what was once considered a far-fetched conspiracy theory.And on Tuesday, a new report from Forbes by Ryan Mac and Matt Drange said that venture capitalist Peter Thiel was the behind-the-scenes benefactor helping to finance the case.The Forbes report only cited anonymous sources "familiar with the situation."Request for comment from multiple Thiel-associated entities went unreturned.Hogan, a professional wrestler whose real name is Terry Gene Bollea, sued Gawker for publishing a video clip in 2013 of him having sex.That claim would apparently have required Gawker's insurance to pay for its defense and its potential payouts.Dropping the claim meant Gawker would have to pay out of its own pocket, but it also would have potentially resulted in a lower payday for Hogan.A separate report in The New York Times late Tuesday, citing a "person briefed on the arrangement," said that Thiel helped fund the expenses of Hogan's legal team.What links Hogan to Thiel, the cofounder of PayPal, is unknown, beyond a shared hatred toward the gossip-heavy site.Thiel once compared the site to al-Qaeda.That prompted Thiel to compare Gawker to a terrorist organization during a 2009 interview."I think they should be described as terrorists, not as writers or reporters.I don t understand the psychology of people who would kill themselves and blow up buildings, and I don t understand people who would spend their lives being angry; it just seems unhealthy," Thiel said at the time.You can read the full Forbes report hereNOW WATCH: Billionaire entrepreneur Peter Thiel explains precisely how Mark Zuckerberg changed the worldLoading video...
Yet by publicly outing him as gay in 2007, Gawker founder Nick Denton shattered the privacy of Thiel s fiercely guarded personal life and techno-libertarian vision.With the story in the public domain for 24 hours, his aides have neither confirmed nor denied the assertion, first reported by Forbes.The episode marks the latest unexpected twist in Thiel s political efforts, which are both representative of and at odds with Silicon Valley s broader political awakening; people close to the billionaire describe his worldview as a mix of extreme laissez-faire and mainstream Republicanism.Thiel has backed a variety of causes, from Ron Paul s and Trump s presidential bids, to government-less forms of currency such as bitcoin and 3D-printed gun startups.Thiel was one of 13 men, including Tesla s CEO, Elon Musk, who founded the digital payments company PayPal in 1998.A few years ago Thiel told associates that he saw promise in young entrepreneur Cody Wilson, a self-described antiestablishment techie working on a project to make bitcoin untraceable for authorities.
For months, Gawker Media owner Nick Denton had suspected PayPal co-founder Peter Thiel was out to get him.Thiel — the uber-rich Silicon Valley investor — had been financially backing Hulk Hogan in his fight against Denton and Gawker.Citing people familiar with the situation who agreed to speak on the condition of anonymity, Forbes claimed Thiel played a lead role in funding Hogan s case.Reportedly, Hogan had no real incentive to take Gawker to court — the company had offered him as much as $10 million to go away, after all.Thiel, wanted to plant a dagger firmly in the back of the company that had wronged him years earlier, and offered to take the lead in funding Hogan s case, in an effort to seemingly stick it to Gawker.Read next: Report: Apple is saying 'me too' with a Siri-powered connected home speaker
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