Snapchat’s vanishing market cap

The millennial’s social media app Snapchat announced its “earnings” Tuesday after the bell. The company uses a ghost as a company icon, since many of its messages vanish after being viewed.

The mascot has a design similarity to another infamous corporate ID, the sock puppet used by Pets.com, which can be used as the icon for the 2000 Internet bubble busting. Continue reading

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Miranda Kerr turns over $8.1M to feds in Malaysian fund ‘gifts’

The Malaysian sovereign wealth fund scandal has claimed another celebrity figure.

Miranda Kerr surrendered more than $8.1 million worth of jewelry to the Justice Department a week after civil lawsuits said it was purchased for her by Malaysian financier Jho Low with allegedly stole the funds.

Low has been tied to actor Leonardo DiCaprio, who also had to fork over artwork, after also being sued by the Justice Department.

Justice seized a Picasso and Jean-Michel Basquiat paintings given to Leonardo DiCaprio, as well as rights to two Hollywood film comedies, in complaint filings to claw back $540 million they say was “stolen” from the Malaysian sovereign wealth fund, 1MDB.

Kerr dated Mr. Low for about a year in 2014 as the Malaysian money man was blowing through some $400 million by buying gifts for the somewhat rich and famous to launder the money stolen from 1MDB, according to the feds.

The Justice Department says that during that time he gave her four gifts of jewelry. Ms. Kerr was married last month to Snap co-founder Evan Spiegel.

Low also had connections with a former Goldman Sachs Far East director Tim Leissner, who helped the government set up the sovereign wealth fund and profited from its many bond offerings to allegedly funds airports, roadsĀ  and other infrastructure projects.

Leissner also had a Hollywood connection with his second wife Kimora Lee Leissner, the ex-wife of Russell Simmons, the cofounder of Def Jam Records. Leissner resigned from Goldman in 2016 has been barred from the securities industry in Malaysia for 10 years.