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Bitcoin Is Now Bigger Than Buffett, Boeing and New Zealand

Bitcoin’s extraordinary price surge means its market capitalization now exceeds the annual output of whole economies, and the estimated worth of some of the world’s top billionaires. With the debate over its bubble status still raging, the flagship cryptocurrency continued its march higher on Monday, solidifying above $11,000 and bringing its climb this year to more than 1,000 percent. With market tracker avocados. Here are five things that have been eclipsed by bitcoin in terms of market capitalization: New Zealand’s GDP The South Pacific nation’s farm-and-tourism-led economy is valued at $185…

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Meredith to Buy Time Inc. With Koch Backing

Meredith Corp. agreed to acquire Time Inc. for $2.8 billion including debt, swallowing the once-mighty home of Fortune and Sports Illustrated after the internet age wreaked havoc on even the most prestigious magazine titles. The $18.50-a-share offer is an all-cash one, Meredith said in a statement Sunday. The deal gives Meredith, publisher of Better Homes & Gardens, a larger audience at a time when publishers need to get bigger to compete with Facebook and Google in advertising. The acquisition also gives the billionaire Read more about print media’s enduring appeal…

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Da Vincis Christ Portrait Shatters Art Record With $450 Million Sale

“Jesus Christ.” That was the reaction of mega art dealer Larry Gagosian after a rediscovered painting by Leonardo da Vinci became the most expensive work ever sold, soaring to $450.3 million at a Christie’s auction in New York on Wednesday. Alex Rotter, the auction house’s co-chairman of postwar and contemporary art in the Americas, placed the winning bid on behalf of an unidentified client after a 19-minute war that saw offers at $200 million, $300 million and $350 million fall short. The result obliterated previous world records for an art sale of…

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Crackdown on Billionaires and Other Top Officials Shakes Up Saudi Arabia

Even by the standards of Crown Prince Mohammed bin Salman, whose meteoric ascent has put him on the cusp of the Saudi throne at the age of 32, the Saturday night crackdown was stunning. In just a few hours, security forces arrested princes, billionaires, ministers and former top officials as soon as King Salman announced a sweeping anti-corruption drive. Those detained included billionaire Prince Alwaleed bin Talal, who was picked up at his desert camp outside Riyadh, according to a senior Saudi official. Before midnight, the suspects’ names were already…

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Razer CEO to Become a Billionaire With Li Ka-shing Backing

After raising funds from Asia’s biggest investors, including Hong Kong tycoon Razer Inc. is turning to the market for an initial public offering that will make its co-founder Bloomberg Billionaires Index. Razer’s plan to list shares comes amid robust growth in the global gaming market, which is expected to reach $160 billion by 2021, a 52 percent jump from last year, according to data from Euromonitor. The company said in its

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