Allegations Of Fraud Have Now Wiped over $100bn From The #AdaniGroup, potentially making this the world’s largest corporate fraud as alleged and published by short-seller Hindenburg last week.
Hindenburg claims the Adani family has used offshore entities to artificially inflate Adani's listed company share prices, enabling them to take on more debt and leaving the group — according to the report — in a highly precarious position.
Hindenburg’s targets, which in the past have included convicted fraudulent trucking company Nikola, often see a swift share-price drop & Adani has been no exception. Indeed, the 10 listed Adani firms have now collectively lost more than $100bn in market cap since the allegations,
with the flagship company, Adani Enterprises, shedding nearly 60% of its value. That has derailed a planned share offering and resulted in the founder, Gautam Adani, losing his place as the world's second-richest individual.
Rockefeller + Carnegie = Adani
It is hard to overstate how much the group resembles a modern day industrial empire. It runs India’s largest ports, operates ~20% of its power-lines, warehouses 30% of the country’s grain, accommodates ~25% of its commercial air traffic, & produces about 20% of its cement.
When an empire of this size is accused of being “the largest con in corporate history”, the concern can quickly spread to other sectors.
Adani himself, who has close ties to Prime Minister Modi, has attempted to paint the short-seller’s report as a nationalistic attack on Indian business. So far, that rebuttal hasn’t convinced investors…
One cold night a billionaire met an old poor man outside. He asked him, "don't you feel cold being outside, & not wearing any coat?" The old man replied, "l don't have it but I got used to that." The billionaire replied, "Wait for me. I will enter my house now & bring you one. '
The poor man got so happy and said he will wait for him.The billionaire entered his house and got busy there and forgot the poor man. In the morning he remembered that poor old man and he went out to search for him but he found him dead because of cold,
but he left a NOTE, "When I didn't have any warm clothes, I had the power to fight the cold because I was used to that. But when you promised me to help me, I got attached to your promise and that took my power of resisting.
Interesting but scary Predictions for the Future (Part 2)
In 1980, Kodak had 170k employees worldwide & sold 85% of all film-rolls across the world.
Within just a few decades, their business model crashed & Kodak went bankrupt. Who would have thought of that ever happening ??
What happened to Kodak & Polaroid will happen to a lot of industries in the next 5-10 years & most don't see them coming.
Did you think in 2000 that five years later you would never take pictures using film again? With today’s smart phones, who owns a Camera these days ??
Digital Cameras* were invented around 1975. The initial models only had clarity/resolution of 10,000 pixels, but improved vastly following Moore's laws, as it happens with all futuristic technologies
1. Training. To train a ChatGPT model, there are two stages:
- Pre-training: In this stage, we train a GPT model (decoder-only transformer) on a large chunk of internet data.
The objective is to train a model that can predict future words given a sentence in a way that is grammatically correct and semantically meaningful similar to the internet data.
After the pre-training stage, the model can complete given sentences, but it is not capable of responding to questions.
- Fine-tuning: This stage is a 3-step process that turns the pre-trained model into a question-answering ChatGPT model:
For example, the user data for a standard #Web2 service, like Twitter, is stored on centralized servers and is managed by a single organisation. Web2 apps are therefore vulnerable to censorship and one-sided control of user data, which makes them vulnerable to security flaws.
In contrast, #Web3 dApps are permissionless, open-source protocols that spread user data throughout the network. Dapps are therefore less vulnerable to security concerns and resistant to censorship because there is no single point of failure.