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Tag: worth

Man offering to purchase landfill to find lost Bitcoin hard drive worth millions

MARA CEO Fred Thiel weighs in on MARA getting debanked, the digital currency industry and President Donald Trump’s efforts to make the U.S. the ‘crypto capitol of the world.’

A man is raising the stakes in his years-long battle to get back a hard drive that contains a discarded bitcoin key worth somewhere around $800 million by offering to purchase a landfill in Great Britain in an effort to find the wallet before it closes down.

James Howells has begged and pleaded with the Newport City Council, in South Wales, to gain access to the mountains of waste to find the hard drive that was accidentally thrown away in 2013, the New York Times reported.

“Seems like a better plan for me and the city,” Howells told the newspaper, noting that he envisions clearing out the trash and converting the site to a park, or possibly making it a dump site again. “The landfill gets cleaned. I get to dig for my hard drive.”

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Bitcoin is the world’s largest cryptocurrency. (Photo illustration by Chesnot/Getty Images / Getty Images)

He previously offered to fully fund the excavation process and share 25% of the recovered Bitcoin with the Newport City Council. At the time, a judge stated that Howells had “no reasonable grounds” for bringing the claim and that there was “no realistic prospect” of success if the case were to proceed to a full trial.

Now the city is planning to close the landfill for good.

Howells, a computer science analyst, accidentally discarded the hard drive with a pile of trash. He was cleaning out his office in 2013 when he left it with other items destined for the dump. A miscommunication with his partner at the time led to the drive being gathered up and taken to the landfill, the Times reported.

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To his misfortune, the hard drive, a backup from an old gaming computer, contained the only copy of his 51-character private key, used to access Bitcoin wallets. In the late 2000s, when cryptocurrency was in its infancy, Howell had mined it as a hobbyist.

However, he realized his mistake months later, as well as the fact that the Bitcoin wallet was worth millions. He’s been trying to get it back ever since.

Despite his attempts, the Newport City Council has suggested that the chances of Howells recovering the 12-year-old wallet are slim.

A novelty Bitcoin token during the NFT. A man in Britain is offering to purchase a local landfill in an effort to search for a lost Bitcoin hard drive he accidentally threw away more than a decade ago. (Photographer: Timothy Fadek/Bloomberg via Getty Images / Getty Images)

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“This needle is very, very, very valuable — $800 million,” Howells said “which means I’m willing to search every piece of hay in order to find the needle.”

FOX Business’ Sarah Rumpf-Whitten contributed to this report.

February 13, 2025
Spirit Airlines rejects another Frontier Airlines acquisition worth $2.16B
The Points Guy founder Brian Kelly discusses how Spirit Airlines’ bankruptcy could impact travel.
- Spirit Airlines rejected an acquisition offer worth about $2.16 billion from Frontier Group.
- Spirit and Frontier have been in merger talks since at least 2022, even before Spirit filed for bankruptcy in 2024.
- Spirit Airlines filed for bankruptcy due to prolonged periods of financial losses and a substantial debt load.
Spirit Airlines on Tuesday rejected Frontier Group’s acquisition offer, worth about $2.16 billion, saying the bid from its fellow ultra-low-cost carrier was less beneficial to shareholders than its ongoing reorganization plan.

Frontier’s offer was a reiteration of its proposal from earlier this month in which it proposed Spirit’s shareholders would get $400 million in debt and a 19% stake in Frontier.

However, it dropped a requirement that Spirit complete a $350 million equity rights offering and use the proceeds to retire its debtor-in-possession facility. It also requires the bankruptcy court-approved $35 million termination fee be waived.

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Spirit, which filed for bankruptcy protection last year and expects to complete its restructuring in the first quarter, said the revised proposal did not address certain material risks and issues it had previously identified.

Spirit Airlines rejected Frontier Group’s latest acquisition offer, worth about $2.16 billion, on Feb. 12, 2025. (Reuters/Mike Blake/File Photo / Reuters)

Instead, the Florida-based airline offered a counterproposal in which Spirit shareholders would get $600 million in debt and $1.185 billion in equity — which Frontier rejected.

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The two companies had been in merger talks since at least 2022, even before Spirit filed for bankruptcy due to prolonged periods of financial losses and a substantial debt load.

However, JetBlue Airways jumped into the fray and prevailed. But that deal was scrapped after a U.S. judge blocked it on anti-competition concerns.

Frontier revived its takeover efforts earlier this year, but Spirit had said the first offer was inferior to the one the two companies had discussed last year and sought an assurance that the deal would close and Frontier would not walk away.
February 12, 2025
CNN’s net worth cut in half between 2021 and 2023, forensic economist reveals during defamation trial

Dominari Financial CEO Kyle Wool explains how President Trumps economic policies will influence the stock market on Varney & Co.

A Florida jury found that CNN defamed U.S. Navy veteran Zachary Young last week, allowing a rare peek in the network’s books that revealed its net worth was cut in half from 2021 to 2023.

Young successfully alleged CNN smeared him by implying he illegally profited when helping people flee Afghanistan on the “black market” during the Biden administration’s military withdrawal from the country in 2021. The six-person jury ruled Young was to be awarded $4 million in lost earnings and $1 million in personal damages, and it also found punitive damages were warranted against CNN.

Before punitive damages were awarded, both sides had a chance to argue their case to the jury. The plaintiff called acclaimed forensic economist Robert W. Johnson to break down the current condition of CNN’s finances and the network’s ability to pay punitive damages.

JURY FINDS CNN COMMITTED DEFAMATION AGAINST NAVY VETERAN, SETTLEMENT REACHED ON PUNITIVE DAMAGES

A Florida jury found that CNN defamed U.S. Navy veteran Zachary Young last week.

Johnson, who was a paid witness, used the “standard method of economic analysis” that is “used and relied upon by economists to quantify the financial condition” of CNN. He said in a perfect world he would have seen CNN’s balance sheets and income statements, but those were “never provided.”

Instead, CNN provided 1120 U.S. Corporate Income Tax returns for the years 2021 through 2023. Johnson said he would have preferred to also receive the 2024 tax statement, but he would rely on the information that was provided.

“We believe them to be accurate, valid and truthful,” Johnson said of the documents he was provided.

CNN was worth $4.4 billion in 2021 but dropped to $2.3 billion in 2023, according to Johnson.

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Before punitive damages were awarded in Zachary Young’s victory over CNN, both sides had a chance to argue their case to the jury. The plaintiff’s paid witness showed the jury CNN financial data from 1120 U.S. Corporate Income Tax returns for the yea

CNN’s net worth was cut in half from 2021 to 2023, according to data shown to jurors.

During that time, CNN has had multiple leadership changes as it struggled to attract viewers during the Biden administration. CNN has seen significant turnover since 2021, with high-profile hosts like Don Lemon and Chris Cuomo out the door.

Former parent company WarnerMedia merged with Discovery to create Warner Bros. Discovery in 2022.

Johnson’s data also showed that CNN’s revenue dropped from $2.2 billion in 2021 to $1.8 billion in 2023. CNN’s net income over the same period dropped from $0.6 billion in 2021 to $0.4 billion in 2023, according to the network’s tax returns provided to Johnson.

Washington Post media reporter Jeremy Barr responded to the data on X, writing “these are not numbers we normally get.”

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Forensic economist Robert W. Johnson.

CNN still had a $424.9 million cash flow profit in 2023 despite widespread struggles to attract an audience. CNN and Young reached a settlement before the jury could decide on punitive damages.

CNN dismissed Johnson’s findings.

“The numbers represent the Plaintiff’s interpretation of a subset of data as presented in litigation, and they do not represent financial data for the whole of CNN’s business,” a CNN spokesperson told Fox News Digital.

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January 23, 2025