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News roundup: Forget profit from tech, start a hedge fund instead

A roundup of the week’s technology news including out of place conservatives, Apple leaks, and spying on fish.

 

One way to make profits

Profits aren’t exactly the main consideration of most tech firms – it 12 years for Twitter to finally announce a profit – but AirBnB has a novel way to make money: start an internal hedge fund.

According to a piece on Bloomberg, the company’s former CFO Laurence Tosi –  previously CFO at the Blackstone Group – built a hedge fund within the company’s finance department using some of the capital from the balance sheet to ‘buy stocks, currencies and fixed-income securities’. This fund reportedly made $5 million a month and ‘represented 30% of the company’s cash flow last year’.

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Dan Swinhoe

Dan is a journalist at CSO Online. Previously he was Senior Staff Writer at IDG Connect.

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