Noun. A decent, upright, mature and responsible person.
Noun, slang. An awkward, clumsy, or unlucky person whose endeavors tend to fail. A loser.
Mensch of the Week: Masayoshi Son
Masayoshi Son continues to invest in AI
SoftBank’s Masayoshi Son invests $164 million in Mapbox, a location data platform for mobile and web applications, this Tuesday.
Masayoshi Son has a passion for artificial intelligence and invests in it whenever possible. Mapbox is an ideal investment because their company brings mapping and data together to create convenience for its users. This latest investment is one in a long list of tech investments.
The investment was funded by Son’s Vision Fund a project that he created with help from Saudi Arabia and others. The fund’s purpose is to invest in tech companies and is worth $100 billion. Son is the CEO of SoftBank and people often refer to him as the Bill Gates of Japan.
Son has invested in HuffPost, Buzzfeed, Sprint, and Yahoo. As the largest shareholder of Yahoo, Son created Yahoo Japan in 1996. All of these investments are made in an effort to progress technology and artificial intelligence. Son has made it clear that he believes the future of our world and economy will be heavily reliant on robots. The world needs tech pioneers like Son to keep our world on the path to success and growth in the tech world.
Schlemiel of the Week: John Paulson
Paulson’s prediction for Puerto Rican economy is a flop
John Paulson, a hedge fund manager and leader of Paulson & Co., overestimates Puerto Rico’s economy. In 2014 Paulson professed his high hopes for Puerto Rico’s hotel sector and even purchased two San Juan hotels. But as it turns out, Paulson and other billionaire investors are likely to lose millions after Hurricane Maria.
Paulson famously bet against the U.S. housing market back in 2007 but put a lot of faith in billionaires restoring Puerto Rico’s economy. The faith stems from a 2012 law allowing investors to pay little to no taxes on properties. That sounds like a dream for hedge fund managers, but it did not impress enough investors. Paulson jumped at this opportunity and expected other billionaire investors to do the same. Some investors did make moves, Blackstone Group and Lone Star Funds properties have both suffered damages.
Over the years Paulson has acquired millions of dollars worth of Puerto Rican properties. A few hotels include St. Regis Bahia Beach Resort, Bahia Beach Resort and Golf Club, Condado Vanderbilt Hotel and La Concha Renaissance Resort in San Juan.
Many hotels have suffered damage and some are shut down completely. Hotels that have not lost power are being used to house relief workers. The new going rate for one of these five-star resorts is $167.