Power Corp. CEO defends investments in financial technology companies amid sector downturn

Power Corp.  CEO defends investments in financial technology companies amid sector downturn

Power Corporation of Canada holds, through various entities, a 42.5-per-cent stake in Wealthsimple. It first bought into the online investment platform in 2015.Mark Blinch/The Canadian Press Power Corporation of Canada’s POW-T chief executive officer, Jeffrey Orr, is defending the company’s investments in financial technology startups, despite a downturn in the sector that has resulted in … Read more

Wealthsimple valuation slashed nearly in half by largest shareholder, Power-controlled IGM

Wealthsimple valuation slashed nearly in half by largest shareholder, Power-controlled IGM

A Wealthsimple Trade app icon is shown on a smartphone on Dec. 15, 2020.Jesse Johnston/The Canadian Press The largest shareholder of one of Canada’s most prominent startups, Wealthsimple Technologies Inc., has slashed the valuation of its holding for the second quarter in a row, as technology companies continue to face growing pressure. IGM Financial Inc., … Read more

Don Lindsay to retire after 17 years as CEO of Canadian mining giant Teck

Don Lindsay to retire after 17 years as CEO of Canadian mining giant Teck

Don Lindsay, CEO of Vancouver-based Teck Resources, in Vancouver, on June 23.JENNIFER GAUTHIER/The Globe and Mail Don Lindsay will be retiring in September as Teck Resources Ltd.’s chief executive officer after 17 years at the helm, with Canada’s largest diversified mining company pursuing a strategy designed to attract environmentally conscious investors. “So it’s tough to … Read more

Wealthsimple cuts 13% of workforce as tech job woes deepen

Wealthsimple valuation slashed nearly in half by largest shareholder, Power-controlled IGM

Online bank challenger Wealthsimple Technologies Inc. has laid off 13 per cent of its employees as market conditions rock the technology sector, prompting a flood of job cuts in recent weeks. During a company-wide meeting on Wednesday, Wealthsimple chief executive officer Michael Katchen announced that 159 employees, out of 1,262 who work for the company, … Read more

Twitter co-founder Jack Dorsey takes aim at board in series of tweets as it weighs Elon Musk’s takeover offer

Twitter co-founder Jack Dorsey takes aim at board in series of tweets as it weighs Elon Musk’s takeover offer

Twitter CEO Jack Dorsey speaks during a town hall at the Indian Institute of Technology, in New Delhi, India, on Nov. 12, 2018.ANUSHREE FADNAVIS/Reuters Twitter Inc TWTR-N co-founder Jack Dorsey took aim at the social media company’s board in a series of tweets late on Monday as it weighs Elon Musk’s $43-billion takeover offer. Dorsey, … Read more

Twitter says billionaire Elon Musk not joining its board, warns of ‘distractions ahead’

Twitter says billionaire Elon Musk not joining its board, warns of ‘distractions ahead’

Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022.POOL/Reuters Elon Musk rejected Twitter Inc’s TWTR-N offer to join its board, a dramatic turn in a week when the billionaire became its biggest shareholder, with the social media company warning of “distractions ahead.” The company’s … Read more