Stefan Qin was just 19 when he claimed to have the secret to cryptocurrency trading. The self-proclaimed math prodigy from Australia dropped out of college in 2016 to start a hedge fund in New York he called Virgil Capital. He become so flush with cash that by 2019 he had a condo in a 64-story luxury building overlooking Lower Manhattan. In reality, prosecutors said, the operation was a lie — essentially a Ponzi scheme that stole $90 million from more than 100 investors to help pay for Qin's lavish lifestyle and personal investments. Read the full story at the link in bio. 📷: The 50 West building in Manhattan.
What business were you part of or saw first hand that made an absolute killing?
I early in my career was part of a tire recycling business, they would charge tire shops and dealerships to pick up their tires $1-$2 each. The company would when extract all the metal from the tires sell that and the rubber too every tire was leaving a $3-4 profit. We would process 85,000 tires a month. Owner was in a car accident and was not able to keep working so it all closed down, they guy that bought him out now processed 3 million tires last year.
Mario Draghi has officially agreed to become Italy's next prime minister. Draghi is credited with saving the eurozone back when he was president of the European Central Bank during the financial crisis. Now, he has been called upon to form a national government in Italy that will be tasked with marshalling a recovery from the Covid-19 pandemic. On Friday evening, Draghi met with Sergio Mattarella, Italy’s head of state, to formally accept his request to form a government, having won the backing of almost every large political party. As one of Europe's most highly regarded public officials, Draghi hopes to provide Italy with a stable government and some well-needed competence at a time of crisis. Tap the link in our bio to read more. 📸: Alessandro Di Meo
Looking to purchase a new car and register under my LLC
Hi everyone, This has been on my mind for a while now. I’ve been looking to purchase a new car to use for work and for leisure. I’ve gotten some advice that under tax code 179 you are able to deduct a vehicle from your business if it meant a certain criteria. I’ve read mixed reviews on this topic. Some say you should ever place a vehicle under your business name while others say it’s the best way to go about purchasing a car. I’m wondering how many of you have gone thru this process? If so, do you recommend registering the car under your business name or the traditional way? What was your experience?
I've got this idea for business SaaS but I need your input
I've got the idea to synchronise all different business functions into a single flow, like CRM + back office + finance etc. But I would like to get your feedback first on the tools that are already in use, what are their pros and cons. Also, could you tell me about the processes in your company (a simplified flow, like customer orders an item, then happens this and that and after that we charge the customer; or the process of working with vendors/contractors)? Or else could you fill in the survey about the tools you use for business processes? [https://1hzksj992ik.typeform.com/to/jctDL4P4](https://1hzksj992ik.typeform.com/to/jctDL4P4) Appreciate your help!
Does an IRS 941 apply to me?
I need tax or payroll documentation to show Q1 2020 profit for a PPP loan. I’m a self employed independent contractor with no employees. Can I still file a 941? All I have are invoices, 1099s, and bank statements. The lender keeps on asking for an IRS 941. Any advice? Thanks
No email. No maps. No videos, flight bookings or recipes. It's difficult to think of a world without Google — but in Australia that might just become the reality. The tech giant is threatening to disable its search engine in the country if it’s forced to pay local publishers for news, taking a months-long standoff with the government to a new level. Google insists the threat is real. But with rivals circling, the ultimatum could backfire. Link in bio for more. 📷: David Gray/AFP via Getty Images