FOR some of the world’s biggest tech companies, it’s a wonderful life.
The share prices of Amazon, Apple, Microsoft, Google owner Alphabet and Facebook owner Meta are soaring, adding billions to their values.
But while British politicians crave some of that digital dough not all has been calm or bright in Silicon Valley.
We look at some of the tech turkeys who have been properly plucked this year.
SAM ALTMAN – OPENAI
THE boomerang boss of OpenAI was at the heart of a bizarre boardroom blow-up.
Sam Altman’s ChatGPT launched last year. But he was ousted by the board in November over a loss of confidence.
It triggered a mass resignation threat by staff who said they would follow to Microsoft.
In five days, he returned to OpenAI as chief executive.
The events did not soothe anxieties about whether AI players are responsible.
JOSE NEVES – FARFETCH
JOSE Neves, founder of luxury marketplace Farfetch, reportedly made the thick end of £1billion when it listed in New York in 2018.
And with its headquarters on the Silicon Roundabout in East London, Farfetch was meant to ooze tech coolness.
Its value soared to £18billion in the online shopping boom during Covid.
But after a spectacular fall this year, it was saved from bankruptcy in a £395million deal with South Korea’s Coupang.
MASAYOSHI SON – SOFTBANK
BILLIONAIRE Masayoshi Son — who once compared himself to Jesus — this year lost a record £25billion from his tech-focused Softbank Vision Fund.
The biggest blow was his backing of office rental business WeWork, which filed for bankruptcy protection in November.
It has cost Softbank billions in equity losses and the huge loan it provided when things were getting wonky.
Son says he has shed tears over a crisis of confidence.
SAM BANKMAN-FRIED – FTX
HE was the “King of Crypto” but this year Sam Bankman-Fried, 31, known as SBF, turned convicted fraudster.
His firm, FTX, the world’s biggest crypto currency exchange, went bust in a stunning fall from grace.
The billionaire was found guilty of lying to investors and stealing billions of dollars to fund reckless trading, his lifestyle, extravagant properties and political donations.
He now faces decades in jail.
GREG BECKER – SILICON VALLEY BANK
SILICON VALLEY BANK’S former chief executive Greg Becker was fired after the tech-focused lender collapsed in March.
SVB, which specialised in providing finance to high-growth UK start-ups, was brought down by social media rumours.
It led to customers withdrawing $42billion in just 24 hours — and SVB had to be rescued by HSBC.
In May Mr Becker was hauled in front of Congress and accused of “fatal mismanagement” over the collapse.
CHANGPENG ZHAO – BINANCE
BINANCE’S boss Changpeng Zhao, commonly known as CZ, pleaded guilty to money laundering charges in the US.
The crypto bro agreed to pay a £39.9million fine and step down from the company he founded.
Binance had to pay a £3.7billion fine after the US Treasury said that its “wilful failures allowed money to flow to terrorists, cybercriminals and child abusers”.
It included transactions by Hamas’s military wing.
FRASERS SNAP UP MATCHES
FRASERS GROUP will become even more upmarket with a takeover of luxury site Matches Fashion.
The online designer retailer, which sells £6,350 gowns and £4,000 handbags, has been loss-making for years.
Nick Beighton, the former boss of ASOS, was parachuted in last year and will remain with the company.
Mike Ashley’s Frasers Group is buying the business for £52million in cash although the assets are worth £170million, according to a January valuation.
Frasers Group, under new boss, Mr Ashley’s son-in-law Michael Murray, has shifted away from budget trainers at Sports Direct and into the world of luxury with Flannels and Frasers department stores.
The takeover comes despite a drop in luxury sales.
Mr Murray said the acquisition would help with access to the “world’s best brands” and he was confident Matches would become profitable.
SHARES
BARCLAYS up 4.18 to 151.84p
BP up 3.80 to 467.45p
CENTRICA up 1.60 to 142.95p
HSBC up 6.60 to 619.70p
LLOYDS up 0.81 to 47.53p
M&S up 8.00 to 272.50p
NATWEST down 1.50 to 217.50p
ROYAL MAIL up 3.00 to 282.80p
SAINSBURY’S up 4.40 to 299.30p
SHELL up 39.00 to 2,581.50p
TESCO up 2.70 to 288.80p
LSE RULE SHAKE-UP
THE financial watchdog is pressing ahead with a shake-up of the London Stock Exchange listing rules in an effort to make it more attractive to companies.
The Financial Conduct Authority wants to merge the premium listing segment on the LSE and scrap shareholder votes on big deals.
Critics argue that it places even greater risk on investors and waters down good governance rules.