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Why MicroStrategy shares surged after Tesla's $1.5 billion bitcoin buy – CNBC

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An illustration of bitcoin on Euro banknotes.
Nicolas Economou | NurPhoto via Getty Images

MicroStrategy‘s stock is up more than 700% since August, when the Virginia-based enterprise software company became an early adopter of buying bitcoin for its corporate treasury.

Michael Saylor, its chairman and CEO, is an outspoken evangelist for bitcoin and encouraged other companies to follow MicroStrategy’s lead — including Tesla CEO Elon Musk in a Twitter conversation.

On Monday, a little more than a month since Saylor tweeted at Musk, Tesla revealed in a regulatory filing it had bought $1.5 billion worth of bitcoin and plans to accept the digital coin as payment in the future. The price of bitcoin — and MicroStrategy’s stock — soared following the news.

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CPP Investments CEO Mark Machin resigns after travelling to UAE for COVID-19 vaccine – CTV News

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TORONTO —
The chief executive of the fund that manages Canada Pension Plan investments has resigned after it was revealed that he decided to travel to the United Arab Emirates, where he arranged to be vaccinated against COVID-19.

CPP Investments said Friday that Mark Machin tendered his resignation after discussions with the board Thursday night.

The resignation comes after Machin on Thursday evening sent a memo to staff, in which he said he received a COVID-19 vaccination while on a “very personal” trip to Dubai.

Machin said in the email viewed by The Canadian Press that he remains in Dubai with his partner “for many reasons, some of which are deeply personal.”

“This was a very personal trip and was undertaken after careful consideration and consultation,” the memo reads.

The federal government is actively discouraging Canadians from travelling abroad and recently implemented stricter quarantine measures for those returning home.

Machin told staff he followed all travel protocols related to his role as head of the pension fund while on the trip.

“This trip was intended to be very private and I am disappointed it has become the focus of public attention and expected criticism,” he wrote.

Several politicians and health-care officials have become high profile flashpoints in recent months for leaving the country despite public health advice to the contrary.

Among them, the former CEO of the London Health Sciences Centre is now embroiled in litigation after his travel to the U.S. prompted the hospital to terminate his contract.

Rod Phillips, Ontario’s former finance minister, resigned from his post in late December after taking a personal trip to St. Barts.

A spokeswoman for Finance Minister Chrystia Freeland said that while CPPIB is an independent organization, the revelation is “very troubling.”

“The federal government has been clear with Canadians that now is not the time to travel abroad,” Katherine Cuplinskas said in an emailed statement.

“We were not made aware of this travel and further questions should be directed to the CPPIB on this matter.”

CPP Investments said Friday it has no comment beyond the statement announcing Machin’s departure.

The fund’s board has appointed John Graham as its new CEO. Graham was its global head of credit investments.

CPP Investments, which had $475.7 billion in assets under management as of Dec. 31, invests money on behalf of retired and active employees covered by the Canada Pension Plan.

Machin joined CPP Investments in 2012 and was appointed president and chief executive in June 2016. Before joining the pension fund manager, he spent 20 years at investment bank Goldman Sachs.

“The board wishes to thank Mr. Machin for his global perspective, leadership and commitment to excellence and we offer him our sincere best wishes for the future.”

This report by The Canadian Press was first published Feb. 26, 2021

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CPP Investments CEO Mark Machin resigns after travelling to UAE for COVID-19 vaccine – CTV News

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The chief executive of the fund that manages Canada Pension Plan investments has resigned after it was revealed that he decided to travel to the United Arab Emirates, where he arranged to be vaccinated against COVID-19.

CPP Investments said Friday that Mark Machin tendered his resignation after discussions with the board Thursday night.

The resignation comes after Machin on Thursday evening sent a memo to staff, in which he said he received a COVID-19 vaccination while on a “very personal” trip to Dubai.

Machin said in the email viewed by The Canadian Press that he remains in Dubai with his partner “for many reasons, some of which are deeply personal.”

“This was a very personal trip and was undertaken after careful consideration and consultation,” the memo reads.

The federal government is actively discouraging Canadians from travelling abroad and recently implemented stricter quarantine measures for those returning home.

Machin told staff he followed all travel protocols related to his role as head of the pension fund while on the trip.

“This trip was intended to be very private and I am disappointed it has become the focus of public attention and expected criticism,” he wrote.

Several politicians and health-care officials have become high profile flashpoints in recent months for leaving the country despite public health advice to the contrary.

Among them, the former CEO of the London Health Sciences Centre is now embroiled in litigation after his travel to the U.S. prompted the hospital to terminate his contract.

Rod Phillips, Ontario’s former finance minister, resigned from his post in late December after taking a personal trip to St. Barts.

A spokeswoman for Finance Minister Chrystia Freeland said that while CPPIB is an independent organization, the revelation is “very troubling.”

“The federal government has been clear with Canadians that now is not the time to travel abroad,” Katherine Cuplinskas said in an emailed statement.

“We were not made aware of this travel and further questions should be directed to the CPPIB on this matter.”

CPP Investments said Friday it has no comment beyond the statement announcing Machin’s departure.

The fund’s board has appointed John Graham as its new CEO. Graham was its global head of credit investments.

CPP Investments, which had $475.7 billion in assets under management as of Dec. 31, invests money on behalf of retired and active employees covered by the Canada Pension Plan.

Machin joined CPP Investments in 2012 and was appointed president and chief executive in June 2016. Before joining the pension fund manager, he spent 20 years at investment bank Goldman Sachs.

“The board wishes to thank Mr. Machin for his global perspective, leadership and commitment to excellence and we offer him our sincere best wishes for the future.”

This report by The Canadian Press was first published Feb. 26, 2021

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Machin out at CPPIB following trip abroad to get COVID vaccine – BNN

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Mark Machin resigned as head of Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a COVID-19 vaccine, defying guidance from Justin Trudeau’s government to avoid international travel.

“After discussions last evening with the board, Mr. Machin tendered his resignation and it has been accepted,” CPPIB said in a written statement Friday morning. John Graham was named to replace him as chief executive officer.

The office of Finance Minister Chrystia Freeland criticized Machin after the Wall Street Journal revealed the trip Thursday evening. Canada is still struggling to ramp up its own immunization campaign against the virus.

‘Very Troubling’

“While the CPPIB is an independent organization, this is very troubling,” Katherine Cuplinskas, a spokeswoman for Freeland, said by email. “The federal government has been clear with Canadians that now is not the time to travel abroad.”

The finance department was unaware of Machin’s trip, Cuplinskas said, referring further questions to the CPPIB.

Despite securing more doses per capita than any other nation, Canada has administered enough shots to vaccinate just 4.5 per cent of its population one time, compared with 29 per cent in the U.K. and 20.6 per cent in the U.S., according to Bloomberg’s vaccine tracker. That’s because Canada has to import the vaccines, and shipments have lagged.

Travel Scandals

Recent public opinion has turned against officials who defy the government’s pleas to not leave the country: Rod Phillips, Ontario’s finance minister, was forced to resign on Dec. 31 after it was revealed he took a Caribbean vacation at a time when many businesses in the provinces were ordered to shut their doors to contain the virus.

With vaccine deliveries now accelerating after delays caused in part by export controls in the European Union, Trudeau maintains that every Canadian will be inoculated by the end of September.

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