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Bitcoin attempts to close in on $40,000 after Elon Musk said he spoke to miners about energy usage

In this articleTSLATesla, led by Elon Musk, confirmed that it purchased about $ 1.5 billion in bitcoin in January and expects to start accepting it as a payment in the future.Artur Widak | NurPhoto | Getty ImagesThe price of bitcoin is approaching $40,000 once again after Tesla CEO Elon Musk tweeted that was having active discussions with bitcoin miners regarding the sustainability of the digital coin.Bitcoin was trading around $38,767.62 at 3:30 a.m. ET on Tuesday and its price has risen over 9% in the last 24 hours, according to data from CoinDesk.Almost all of the other major cryptocurrencies are also higher.Ethereum’s price has risen more than 15% in the last 24 hours to $2,634.79, while Dogecoin has seen its price rise more than 8% to 35 cents a coin.A small handful of less well-known cryptocurrencies such as Tether and Dai have seen their price fall in the last 24 hours, but the declines are negligible.Bitcoin, the world’s most popular cryptocurrency jumped minutes after Musk tweeted: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”The coin initially popped 4% to hit $39,824.81 a few hours later, before falling back to almost $38,000. Microstrategy CEO Michael Saylor followed up on Musk’s tweet, saying he hosted a meeting between the Tesla CEO and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which will promote sustainability.Bitcoin mining requires vast amounts of energy. As a result, bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.Musk has been a big supporter of cryptocurrencies, sparking rallies in the prices of digital coins, including bitcoin, several times in the past year. His tweets and comments around cryptocurrency often send the prices soaring or plunging.In an SEC filing in February, Tesla revealed that it bought $1.5 billion worth of bitcoin and would accept it as a form of payment. The company later said it registered a net gain of $101 million from sales of bitcoin during the quarter, helping to boost its net profits to a record high in the first quarter.However, Musk’s relationship with the digital coin appeared to change earlier this month. He tweeted on May 12 that the company “suspended vehicle purchases” using bitcoin, out of concern over “rapidly increasing use of fossil fuels” for bitcoin mining.Bitcoin’s rally this week comes after turmoil in the crypto markets that saw its price fall below $32,000 on Sunday. Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies.Chinese authorities called for tighter regulation on crypto mining and trading on Friday, and the U.S. Treasury announced Thursday that it would require stricter crypto compliance with the IRS.— Additional reporting by CNBC’s Jessica Bursztynsky.

How Jeffrey Epstein led to fallout at Apollo Global Management

Jeffrey Epstein was a key reason for tensions at the top of Apollo Global Management that recently spurred the exit of two of its three remaining co-founders — and the awkwardness began a decade ago, The Post has learned. 

It was in 2011 that billionaire Leon Black — who on March 22 revealed he was stepping down from the helm of the giant buyout firm sooner than expected amid controversy over his Epstein ties — first floated the idea of working with the now-dead pedophile to his fellow co-founders Josh Harris and Marc Rowan, according to sources close to the situation. 

That’s despite the fact that Epstein had been convicted three years earlier for soliciting prostitution from a 14-year-old girl. In the meantime, Black had continued to associate with him — and was prodding Harris and Rowan to hire Epstein to do some work for them and possibly for Apollo, according to the sources. 

“Leon affirmatively recommended Epstein — it was more than a passing comment,” one source said. “He wanted Apollo to hire him.” 

Leon Black is stepping down from Apollo Global Management amid controversy over his connection to Jeffrey Epstein.REUTERS/Lucy Nicholson/File Photo

Harris and Rowan — repelled by Epstein and concerned about damage to Apollo’s reputation — said no, and the conversations never advanced, according to the sources. Nevertheless, tensions between the co-founders over Epstein — particularly between Black and Harris — persisted, and became a key issue as Black announced his surprise exit from the firm in March. 

Last week, Harris said he was exiting the firm, leaving Rowan, the sole remaining co-founder, to serve as chairman and chief executive. 

“These assertions, made by an unnamed source, are completely untrue,” said a spokesman for Black. 

“Apollo never discussed or considered hiring Jeffrey Epstein,” an Apollo spokesman said. 

According to sources, however, Black had been pitching Harris and Rowan on Epstein’s prowess when it comes to tax- and estate-planning — the same services for which, it was revealed earlier this year, Black had racked up an eye-popping tab of $158 million with Epstein. Beyond that, insiders said Black was signaling that Apollo might hire Epstein as a consultant on investments — or possibly enter into investments with him, the sources said. 

Marc Rowan was concerned about damage to Apollo’s reputation with ties to Jeffrey Epstein.REUTERS/Kevork Djansezian/File Photo

Black, despite being turned down by Rowan and Harris, “doesn’t like taking ‘No’ for an answer,” according to a source briefed on the situation. And for years he continued to float doing various projects with Epstein to his cohorts at Apollo. 

That, in turn, helped heighten tensions between the three executives — particularly Black and Harris, who were locked in a rising power struggle as Harris steadily took on more day-to-day responsibilities running the $455 billion private-equity powerhouse, sources said. 

“It’s been a slow burn between Josh and Leon since,” a source said. “Leon would bring Jeffrey [up] and he was rebuffed in ways big and small.” 

Tensions over Epstein came to a head in January, when Harris demanded that Black step down over concerns that his Epstein ties would tarnish the firm, sources said. 

In response, Black named Rowan his successor as CEO — a surprise move given that Harris had been taking on an increasingly crucial operational role while Rowan had been taking on fewer duties at the firm, according to sources.

Joshua Harris revealed last week he will be leaving Apollo Global Management.Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images

An investigation by the law firm Dechert whose results were made public in January concluded that “while Black did not try to pressure his co-founders to use Epstein, he did positively comment on the substantial value of Epstein’s services and, at Epstein’s repeated request, did try to introduce Epstein to his co-founders.” 

“In the end, neither co-founder hired Epstein or consulted with him on their personal matters,” the report released Jan. 22 said. 

While the report did not give a specific timeline for the disagreements over Epstein, “Dechert has also determined that Epstein unsuccessfully sought to pitch business opportunities to certain Apollo senior executives, none of which were pursued by Apollo or those executives,” according to the report. 

As previously reported by The Post, Epstein was listed as a director on the board of Black’s charity, the Black Family Foundation, between 2001 and 2012. 

At the time, Black’s reps insisted that Epstein had been listed as a director for the four years following his conviction solely because of a clerical error.

Patios are in full bloom as NYC eateries are bolstering outdoor areas

In the race to attract diners, Big Apple restaurateurs are spending big bucks to transform their newly expanded outdoor seating areas from urban jungle to the South of France. 

Ugly city scaffolding at Marea on Central Park South has disappeared under an intricate swath of vines popping with blue and white flowers. 

The Catch rooftop in the Meatpacking District and Lola Taverna in the West Village are both literally dripping flowers, while Fresco by Scotto, which reopens next month, has been transformed into a Capri lemon grove. 

The striking installations can cost $30,000 to $40,000, but it’s worth it, restaurateurs say, because it boosts revenue by drawing in diners eager to forget they’re eating in a former parking spot. 

Plus, the new nature-meets-urban landscapes are the perfect draw for social media pics. 

At Fresco by Scotto, which reopens in June, the Scotto family has spent more than $100,000 on their new outdoor space, which is filled with lemon trees to resemble Da Paolino, a famous Italian restaurant in Capri. 

“Midtown is dead. We knew we had to up our game and build a spectacular place,” Elaina Scotto told Side Dish. “A designer could take a year, so we called our friend Larry Scott.” 

Scott, a top event planner, told Side Dish he created a “Europe-meets-the-Hamptons-meets-New York City vibe.” for after the pandemic. 

“It’s an escape from the city, a jewel of tranquility — until you turn around and see Duane Reade and the cement,” Scott quipped. 

The lemon trees at Fresco by Scotto’s outdoor dining area.James Messerschmidt

The exterior of Fresco by Scotto’s outdoor dining set up.James Messerschmidt

Although $100,000 sounds like a big investment, Scotto says “it will pay back almost immediately,” including through rentals for private parties. 

Marea on Central Park South was a leader of the urban floral trend taking over Manhattan, having installed its vines last July during a dark time for the industry. 

“The idea came from our circumstance, the scaffolding and a bus lane,” said Ahmass Fakahany, founder and CEO of the Altamarea Group, which owns Marea. 

“I spent some time walking around Central Park and decided not to give up and close Marea but to see if we could turn it around into something beautiful.” 

“It was a time when people wanted positivity,” Fakahany said of the period when restaurants were first allowed to resume limited sit-down dining outdoors. “It was an investment in our survival and our future, and it brought in a lot of new clients who wanted to be part of the experience.” 

Flowers outside of the entrance to Marea in Manhattan.Marea

The outdoor dining area at Marea in Manhattan.Marea

After transforming Cafeteria’s white, modern outdoor space, which seats 200 people outside and 100 people inside, with branches and a romantic pergola, sales increased 30 percent, said restaurateur Mark Amadei of the Chelsea eatery. 

“The streets were getting a little bleak,” Amadei said. “New York is about reinventing itself again and again and again.” 

Spiro Menegatos, of Nerai, also says his $40,000 floral installation above his pandemic-inspired outdoor eating pergola will pay for itself. 

“I don’t have a baseline to compare it to because we never had the space before, but I think people come here because of it,” Menegatos said. “If you stand here for an hour, you’ll see 20 people stop and take pictures. We have a bench with a sign and it definitely helps create buzz.” 

The outdoor dining area for Nerai restaurant in Manhattan.Courtesy of Javier Romero

The floral installations at Marea, Cafeteria, Nerai, Lola Taverna and Catch were created by Carlos Franqui, a fashion stylist-turned-founder of Floratorium, whose striking floral exteriors seem to serve as sirens to people walking by. 

“People walking by will stop to take photographs,” Franqui said. “It’s free advertising. People share pictures, and it brings in more business.” 

Even Martha Stewart has stopped to snap a few shots of his work, he said. 

“When Mother Martha stopped to snap and share our work, that was a very reassuring moment,” Franqui said.

Peloton introduces handheld gadget amid treadmill recall

Peloton may be angling to sidestep its woes with a new gadget that has nothing to do with riding on a stationary bike. 

The fitness company, forced this month to recall thousands of its $4,300 exercise treadmills over customer injuries and the death of a child, is quietly testing a new device called The Tiger, sources told The Post. 

The handheld gadget, about the size of an old Sony Walkman, can be attached to a TV or computer and provides instant feedback on customers’ workouts, said a source close to the company. 

It was not clear what sort of workouts Peloton would be offering, but The Tiger is equipped with software that will assess customers’ form and movements. 

A small child got pulled underneath the moving Peloton treadmill.U.S. Consumer Product Safety Commission/YouTube

There is also a cover that slides over the lens when it’s not in use, presumably so customers don’t feel like they are being watched. 

The Tiger was well underway before the recall, the source said, and is likely to be unveiled in the fourth quarter of this year. 

“While our R&D team is always working on ideas, we have no new products to announce at this time,” Peloton spokeswoman Jessica Kleiman said. 

Analysts have expressed concern about Peloton’s post-pandemic growth as people return to gyms. 

Peloton had to recall 125,000 of its Tread + treadmills due to reports of a child’s death and others being injured.Adam Glanzman/Bloomberg via Getty Images

Elon Musk says he talked to 'North American Bitcoin miners,' sending bitcoin price surging

The price of bitcoin jumped about 4% Monday afternoon after Tesla CEO Elon Musk tweeted that he was having active discussions regarding the sustainability of the digital coin.Bitcoin was trading around $38,074, according to Coindesk, when at about 3:42 p.m. ET Musk posted on Twitter: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”Within minutes, the price had shot up to more than $39,500. Overall, the coin is up more than 17% in the last 24 hours.Microstrategy CEO Michael Saylor followed up on Musk’s tweet, saying he hosted a meeting between the Tesla CEO and some bitcoin miners that led to the formation of the Bitcoin Mining Council, which will promote sustainability.Musk has been a big supporter of cryptocurrencies, helping rally the prices of digital coins, including bitcoin, several times in the past year. His tweets and comments around cryptocurrency often send the prices soaring or plunging.In an SEC filing in February, Tesla revealed that it bought $1.5 billion worth of bitcoin and would accept it as a form of payment. The company later said it registered a net gain of $101 million from sales of bitcoin during the quarter, helping to boost its net profits to a record high in the first quarter.However, his relationship with the digital coin changed earlier this month. He tweeted on May 12 that the company “suspended vehicle purchases” using bitcoin, out of concern over “rapidly increasing use of fossil fuels” for bitcoin mining. Subscribe to CNBC on YouTube.

Elizabeth Holmes’ taste for travel, celebrity admissible evidence in Theranos trial

Federal prosecutors will be allowed to highlight Theranos founder Elizabeth Holmes’ taste for globe-trotting and celebrity in her upcoming fraud trial, a judge ruled, after her attorneys argued that such details could enflame jurors’ “class prejudice.”

Holmes’ glamorous lifestyle included traveling by private jet, driving an expensive SUV and staying in pricey hotels while hobnobbing with influential friends and backers like former US Secretary of State Henry Kissinger and former Defense Secretary James Mattis.

US prosecutors in Holmes’ upcoming trial, which is slated to start in August after Holmes’ attorneys requested a delay due to her pregnancy, argued that the disgraced businesswoman’s lavish lifestyle and relationships with powerful people incentivized her to commit fraud. 

Holmes’ attorneys retorted in February that details about Holmes’ lifestyle should not be admitted because they could spark “class prejudice” in jurors.

Theranos was once valued at $9 billion and Elizabeth Holmes’ standard of living reflected wealth on that scale.BACKGRID

Judge Edward Davila, who is overseeing the case, threaded the needle between prosecution and defense by determining that information about Holmes’ travel, salary and taste for celebrity are admissible evidence, but that details on other aspects of her lifestyle are not. 

“The Government may introduce evidence that Holmes enjoyed a lifestyle as Theranos CEO that is comparable to those of other tech company CEOs. This includes salary, travel, celebrity, and other perks and benefits commensurate with the position,” Davila wrote in a court document filed Saturday in the United States District Court for the Northern District of California.

“However, references to specific purchases or details reflecting branding of clothing, hotels, or other personal items is not relevant, and the prejudicial effect of that evidence outweighs any probative value.” 

Elizabeth Holmes enjoyed luxe accommodations before her downfall for making false claims about her company’s technology.BACKGRID

Holmes, who was indicted for fraud alongside former Theranos chief operating officer Ramesh Balwani in 2018, was once the world’s youngest female self-made billionaire. Her now-defunct company, which falsely claimed it had developed technology to perform rapid medical tests using minuscule amounts of blood, was once valued at $9 billion. 

Square closes up 5.5% after report that it plans to offer checking and savings accounts

A trader works the floor of the New York Stock Exchange (NYSE) in New York.Yana Paskova | Bloomberg | Getty ImagesPayments company Square rose more than 5% in afternoon trading Monday after Bloomberg News reported the payments company could offer savings and checking accounts in the near future.The report said a code within a Square app update revealed the company’s plans including details about checking and savings accounts.Square closed up 5.5%.Zoom In IconArrows pointing outwardsThe hidden code uses rhetoric that leads Bloomberg to believe Square will offer a  a 0.5% interest rate for its savings account through 2021.Square did not immediately respond to CNBC’s request for comment.Shares of Square are down 3% this year and are off more than 25% from their most recent high.The payments company saw blowout earnings earlier this month. Square reported first-quarter earnings of 41 cents a share, well above the FactSet estimate of 17 cents. Revenue of $5.06 billion also came in above expectations of $3.36 billion.— with reporting from CNBC’s Michael Bloom.

Amazon nears deal to buy MGM Studios for nearly $9 billion

Amazon is nearing a deal to acquire MGM Studios, the co-owner of the “James Bond” franchise and other TV and film series, for between $8.5 billion and $9 billion, according to people familiar with the matter. The deal is expected to be announced as soon as Tuesday.The Wall Street Journal reported earlier Monday that the deal could be announced this week.A deal could be announced this week, said the person, who asked not to be named because the talks are private. It would mark Amazon’s biggest acquisition since it bought Whole Foods in 2017 for $13.7 billion.Amazon is interested in acquiring more TV and film content for its Prime Video service as it competes with Netflix, Disney and other streaming video services. MGM is a natural fit for any streaming service because of its plethora of content.MGM, which is a private company, has been seeking a buyer for several years. Its owners include Anchorage Capital, Highland Capital Partners, Davidson, Kempner Capital Management, Solus Alternative Asset Management and Owl Creek Investments — funds that took control of the studio when it emerged from bankruptcy in 2010.MGM owns a number of famed movie and TV franchises, including “Rocky,” “Legally Blonde,” “The Pink Panther,” and “Stargate.” It also owns a studio, which has made more current TV hits including “The Handmaind’s Tale” and “Fargo.”MGM also owns a number of popular reality TV shows, including “Shark Tank,” “Survivor,” “The Real Housewives” series and “The Voice.”MGM also owns Epix, a premium pay-TV service valued at about $1.3 billion in 2017.MGM and Amazon representatives weren’t immediately available to comment.

Uber launches program offering $25 discount on rides to vax sites

Uber Technologies on Monday launched its COVID-19 vaccine rides program in partnership with the White House, offering all Americans an up to $25 discount for each of their trips to and from a vaccination site.

Customers who have booked a vaccine appointment can request a ride through the Uber app and either incur no charges if the trip costs less than $25, or receive a $25 discount for their journey, the company said.

Drivers will receive the full payment for the trip, Uber said.

With two of the three COVID-19 vaccines available in the United States requiring two separate shots, Uber would pay a maximum of $100 per passenger under the program. A company spokesman said Uber does not have an estimate for the number of vaccine rides it expects to provide.

U.S. President Joe Biden two weeks ago announced the partnership with Uber and its rival Lyft in an effort to boost COVID-19 vaccination rates at a time when U.S. demand for vaccines has declined.

Many states are offering incentives, from free food and drinks to a chance at winning a lottery, in order to get more Americans to roll up their sleeves for a COVID-19 shot.

Biden has set a target of getting 70 percent of U.S. adults inoculated by July 4 so the country can be safely reopened for celebrations and small Independence Day holiday gatherings. As of Thursday, 48% of Americans have received at least one vaccine dose, according to the U.S. Centers for Disease Control and Prevention.

For Uber and Lyft, the vaccine efforts also come as the companies seek to have drivers and riders return to the road and recover revenue lost during the pandemic.

Lyft has said customers booking a vaccine ride will receive a $15 discount per trip.

The nationwide rides discounts build on existing vaccination programs Uber and Lyft launched at the end of last year to assist vulnerable communities lacking healthcare and transportation access.

Discovery shareholder John Malone says 'there's no question' Comcast CEO Brian Roberts wanted to acquire WarnerMedia

In this articleDISCATCMCSACount John Malone among those anticipating a potential future tie-up between a combined WarnerMedia-Discovery and Comcast’s NBCUniversal.The billionaire media mogul and controlling Discovery shareholder told CNBC on Monday he’s already held discussions with Comcast Chief Executive Officer Brian Roberts about different combinations of corporate relationships regarding NBCUniversal. (Comcast-owned NBCUniversal is the parent company of CNBC.)”My comment to Brian was that this is the pickle out of the jar,” Malone said in an interview with CNBC’s David Faber. “If the regulatory environment permitted, down the road, all kinds of relationships could be contemplated between this enterprise that we’re creating and Brian’s enterprise. I think there are many opportunities for this Discovery-[WarnerMedia] enterprise to work with NBCUniversal to develop successful businesses.”Telecom giant AT&T announced May 17 a deal to combine its content unit WarnerMedia with Discovery. Under the agreement, AT&T will unwind its $85 billion acquisition of the then-named Time Warner, which closed just under three years ago, and form a new media company with Discovery. The deal will create a new business, separate from AT&T.Malone said “there’s no question” Roberts wanted to acquire WarnerMedia, but AT&T felt a transaction with Comcast would have been problematic from a regulatory perspective and complicated with regard to ownership structure. It’s unclear if Roberts would have been willing to give up control of NBCUniversal in a deal — a move Malone made with Discovery.”At this point in time, assessing the regulatory environment, the competitive environment and people’s requirements for control, I believe AT&T made the judgment they were better off at this point in history working with Discovery than other potential spinoff partners,” Malone said. “I’m sure NBCU was very much in their minds as an alternative.”Discovery CEO David Zaslav, who is expected to take over as the combined company’s CEO, told CNBC last week he believes Warner-Discovery can one day reach 400 million global streaming subscribers. But it’s also possible the company will still struggle to compete against Netflix, Amazon Prime Video and Disney for eyeballs. That could lead to another transaction — potentially with NBCUniversal — to combine content and gain international scale.Roberts and former NBCUniversal CEO Steve Burke held preliminary conversations more than three years ago on a joint streaming service that would have combined WarnerMedia’s content with NBCUniversal’s, according to people familiar with the matter. AT&T nixed that idea at the time, the people said. Since then, WarnerMedia has launched HBO Max, and Comcast has debuted Peacock.A Comcast spokesman didn’t immediately respond to a request for comment.Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.