Tech Story

T-Mobile to Buy Up to $3.3 Billion of Airwaves From Comcast

In a strategic move set to reshape the telecommunications landscape, T-Mobile US Inc. has announced its plans to acquire airwaves from Comcast Corporation in a deal valued at up to $3.3 billion.

The agreement signifies a significant shift in the competitive dynamics of the wireless industry and comes as Comcast pivots its focus in the 5G spectrum arena. Comcast initially unveiled ambitious plans to establish a 5G network for its Xfinity Mobile service last year, relying on spectrum in the 600MHz band and the Citizens Broadband Radio Service (CBRS) spectrum in the 3.5GHz range. However, Comcast’s recent experiences with 5G field tests using CBRS spectrum have exceeded expectations, leading the company to reevaluate its spectrum assets.

In a blog post published on Comcast’s website, the company acknowledged the impressive efficiency and importance of the CBRS band within its 5G network strategy, prompting a strategic shift. Consequently, Comcast now views its 600MHz spectrum holdings as surplus to requirements, paving the way for the groundbreaking deal with T-Mobile.

Under the terms of the agreement, T-Mobile will lease the 600MHz spectrum from Comcast, with a plan to make quarterly lease payments, followed by a final purchase payment of approximately $3.3 billion. The deal, however, remains subject to approval by the Federal Communications Commission (FCC) and is expected to close by 2028, assuming regulatory clearance.

The spectrum acquisition is set to extend T-Mobile’s network footprint, covering major metropolitan areas such as New York, Orlando, and Kansas City, among others. For T-Mobile, this represents an opportunity to bolster its existing 600MHz-based 5G network, which was initially launched in 2019. This move follows T-Mobile’s substantial $3.5 billion investment in an additional 600MHz spectrum in August of the previous year.

Notably, Comcast retains the option to reclaim the 600MHz airwaves if future needs arise. The company’s willingness to retain flexibility underscores the rapidly evolving nature of the telecommunications industry and the importance of spectrum assets in delivering high-quality 5G services.

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The acquisition of these airwaves aligns with T-Mobile’s commitment to expanding its 5G capabilities and providing enhanced connectivity to customers across the United States. With this strategic move, T-Mobile aims to solidify its position as a formidable player in the ever-evolving 5G landscape. At the same time, Comcast pivots towards optimizing its 5G network with newfound spectrum efficiency.

As the telecommunications sector continues to undergo rapid transformations, this agreement between T-Mobile and Comcast exemplifies the industry’s adaptability and willingness to collaborate for the benefit of consumers, ensuring the delivery of cutting-edge 5G services in the years to come.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Flexport Founder Ryan Peterson to Return as CEO Following Dave Clark’s Resignation

In a surprising turn of events, Dave Clark, the Chief Executive Officer of Flexport Inc., is stepping down from his role, making way for the return of the company’s founder, Ryan Petersen.

Clark, who joined Flexport from Amazon.com Inc. just a year ago, cited Petersen’s desire to focus on the core freight business as the reason for his departure.

The announcement came as a shock to many in the tech industry, as Clark had recently posted about his upcoming speaking engagement at a Flexport “exclusive launch event” in Seattle, scheduled for next week. Additionally, Flexport made headlines in May by agreeing to acquire Shopify Inc.’s logistics unit in exchange for a 13% stake in the startup.

Clark’s transition from Amazon to Flexport proved to be challenging, with insiders noting the stark differences between the two companies’ business models. Amazon primarily relies on its website and minimizes direct customer interaction, while Flexport requires a more hands-on approach and personalized engagement with clients. Clark’s resignation followed criticism of his leadership style at Flexport, according to sources familiar with the situation.

Adding intrigue to Clark’s departure, there were reports that he is considering a gubernatorial campaign in Texas. Clark had moved to Texas with his family before leaving Amazon, and he had sparked speculation among colleagues in Seattle about a potential political career.

Flexport, a high-profile startup in the logistics industry, has raised over $2 billion in funding and achieved a valuation of $8 billion. Earlier this year, the company announced a 20% reduction in its workforce, which had approximately 3,000 employees on LinkedIn. Clark and Petersen attributed this move to a decline in shipping volumes after the pandemic-induced surge.

The logistics industry, once buoyed by the pandemic, is now facing challenges in 2023 as shipping capacity exceeds consumer demand, leading to plummeting cargo rates. Oxford Economics even raised concerns about the possibility of a global goods trade recession.

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Flexport’s founder, Ryan Petersen, who temporarily stepped away from the company to join the Peter Thiel-backed venture capital firm Founders Fund as a partner, expressed his return with excitement, posting on social media, “I’m back!!!”

Flexport’s significant presence in the industry, combined with the return of its founder as CEO, will undoubtedly be closely watched as the company navigates the evolving landscape of the logistics sector in the post-pandemic era.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Charlie Munger Pockets $70,000 a Year From a $1,000 Investment He Made in 1962 – And Has Likely Raked in Over $1 Million in Total

Leave a Comment / Inspiration, Story, Tech Story / By Deepshikha

In a remarkable display of the power of long-term investing, Charlie Munger, the esteemed business partner of Warren Buffett, has been cashing in on a $1,000 investment he made over six decades ago.

During Berkshire Hathaway’s annual shareholder meeting, Munger disclosed the details of his lucrative oil royalty investment, which now nets him a cool $70,000 yearly, possibly accumulating to over $1 million in total earnings.

The story of Munger’s savvy investment began in 1962 when he crossed paths with a businessman named Al Marshall during a husband-and-wife golf tournament. At the third hole, Marshall divulged his plan to participate in a local oil royalty auction. Munger, known for his candidness, immediately offered his perspective, stating, “You’re doing it all wrong.”

Munger didn’t stop at offering advice; he joined Marshall’s bid, bringing his expertise to manage the intricate legal and financial aspects of their purchases. His investment was structured using an ABC trust, a tax shelter that has since been prohibited.

Marshall, reflecting on the investment, revealed in Janet Lowe’s book, “Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger,” “We only put up $1,000 each and we’ve each probably made a half a million out of it.”

Munger himself corroborated the story during Daily Journal’s shareholder meeting in 2016, shedding light on the unusual dynamics of the oil royalty market. “I soon realized that under the peculiar rules of an idiot civilization, the only people who were going to bid for these oil royalties were oil royalty brokers, who were a scroungy, dishonorable, cheap bunch of bastards who realized that nobody would ever bid at their price,” he quipped.

While the exact annual income from these royalties might vary—ranging from $70,000 to $100,000—Munger’s substantial earnings over the years are undeniable. This passive income stream partly explains why Munger has accepted a modest $100,000 salary from Berkshire Hathaway for many decades. Furthermore, he maintains most of his approximately $2 billion fortune in Berkshire stock, which doesn’t pay dividends.

Warren Buffett added another intriguing layer to the story during the same shareholder meeting. He disclosed that Munger isn’t the only one benefiting from age-old oil royalties within their circle. Buffett’s own father invested $1,000 to $1,500 in similar royalties before his passing. Today, these royalties are held by Buffett’s younger sister, who continues to receive monthly checks, reinforcing the enduring appeal of such investments.

Charlie Munger’s journey from a $1,000 investment to a consistent annual income of $70,000 exemplifies the remarkable potential of long-term investments and the power of compounding. It serves as a valuable reminder that in the world of finance, patience and astute decision-making can yield incredible rewards over time.

Deepshikha

A Paper Boy Surviving At $3 A Day: How This US Entrepreneur Turned Millionaire At 23

Leave a Comment / Inspiration, Story, Tech Story / By Suhani Jain

48-year-old Tomas Gorny, an immigrant from Poland who arrived in the United States with nothing, is now an entrepreneur and creator of a technology company.

But his capacity to emerge from the ashes best characterizes him. After quitting college, he relocated to Los Angeles and began working on a website hosting company, which was acquired in 1998 for a couple of million dollars, thereby making him a billionaire. This was his first significant success soon before the start of the millennium. Gorny, who was 23 at the time, ought to have been executed. But like every other one of his early ventures, his next endeavor was a company selling Internet ads. failed miserably. He was back where he started, failing to cover his mortgage.

But Gorny wasn’t deterred by beginning anew since he was determined to succeed in the United States. In October 2001, he created the online hosting platform IPOWER, which was eventually purchased for a rumored approximately one billion dollars. His latest company, Nextiva powered by the cloud corporate communications software company that received 200 million dollars in backing from the United States financial behemoth Goldman Sachs in 2021, according to a Fortune article, is one of three web hosting firms that he has subsequently co-founded.

He said that he had left school two months prior to receiving his diploma and had traveled in March 1996 to Los Angeles to work as a sweat equity partner in the startup of a web hosting company.

He survived for almost three years on three dollars each day. Surviving on even three dollars per day was not difficult. He frequently traveled to Sizzle, an all-you-can-eat, with a friend. In essence, it was a seven-dollar dinner. They pooled their cash, and one of them frequented the buffet regularly. That served as my weekly pleasure.

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He finally sold the company in 1998, which is how he earned his first million dollars and a lot more.

“When asked about his wealth, as per the report, the millionaire said, “I don’t know. I generally don’t pay attention to this. I also don’t want to talk about it because I don’t talk about it to my children. But it’s substantial.”
indiatimes.com

Suhani Jain

I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person

Gin Bothy Founder on Why She is Moving Distillery to Forfar

Leave a Comment / Story, Tech Story / By Suhani Jain

Gin Bothy, a maker of spirits, is relocating to new facilities in Forfar, adding many new jobs in the process.

The new location’s 14,000 square meters makes it twice as big as the business’s original Kirriemuir location. With the opening of a new shop in the coming months, it will be able to increase manufacturing capacity and unify all Bothy products under one roof.

The company, which was established in 2015 by ‘accidental gin-maker’ Kim Cameron, is going to continue to run its Glamis shop and tourist experience, and the new location will enable more manufacturing of Gin Bothy, Hipflask Spirits, as well as the Jam Bothy.

Cameron said: “With a growing team and demand for our products, our office and storage space simply needed to grow to support demand.

“This is an incredibly exciting move for the team as the Forfar facility gives us room to expand, create several more jobs and means we don’t have to outsource warehousing.”

Cameron added: “There are several upcoming collaborations planned, with new flavours and products the Bothy team are working on which we’re really excited to announce later this year.”
insider.co.uk

The firm first operated from a bothy kitchen in Kirriemuir, where Cameron created raspberry gin using the residual juice from the jam she prepared. The old Agricar property in Forfar marks a turning point for the company.

Today, Gin Bothy manufactures over 65,000 units annually, which are distributed throughout the United Kingdom and shipped abroad.

Following the recent signing of export agreements in the US, Germany, as well as Switzerland, growth does not appear to be going down.

Gin Bothy favors the traditional method after being inspired by previous Bothies. They use seasonal produce from the surrounding area to impart flavor to gins in incredibly tiny amounts, each stage of the process being done by hand.

For their Gunshot gin, they received three Great Taste Awards in 2016, were chosen as among Scotland’s top 18 spirits, and were honored by the industry when they won Best Product at the Trade Fair of Scotland in 2017.

The business owner claimed that the wholesale clients have also enjoyed the Jam Bothy line of preserves, which was introduced this year. She stated that it was crucial to preserve manufacturing in Angus while aiming to expand the company.

“The move means we are still in Angus where we source our fruit from local farmers, but it allows us to triple production and gives us the space to take fruit straight from the field to a jar of jam as we have more storage.

“It also means a new Bothy Larder shop with our full range across all brands will open its doors this October.
thecourier.co.uk

Suhani Jain

Japan’s Newest Billionaire is a College Dropout Who Built a Global Udon Noodle Empire

Leave a Comment / Inspiration, Story, Tech Story / By Sandhya Gupta

In a tale of culinary entrepreneurship, a college dropout has achieved billionaire status, propelling Japan’s noodle scene to global prominence.

Takaya Awata, the visionary founder and CEO of Toridoll Holdings, has risen to prominence with a 48% stake in the company valued at an impressive $1.1 billion.

The catalyst for Awata’s remarkable journey was his brainchild, the Marugame Seimen restaurant chain, renowned for its delectable “udon noodles.” The chain has witnessed a remarkable resurgence, with shares surging by nearly 50% this year, riding the wave of post-pandemic dining fervor. As of the latest market data, Toridoll’s shares were exchanging hands at 3,930 Japanese yen, equivalent to around $27.

Awata’s ascent reads like a modern-day fable. After leaving Kobe City University of Foreign Studies in 1985, he plunged headlong into the restaurant business. Although his initial venture—a grilled chicken eatery—faced initial setbacks, fate intervened during a visit to his father’s hometown in Kagawa prefecture, renowned for its bustling udon noodle shops. The sight of eager customers queuing for this toothsome wheat-flour delight ignited a culinary epiphany within Awata. He described it as an “emotional experience of food,” which ignited the spark to launch his noodle venture.

In 1990, Awata founded Toridoll, distinguishing it by a commitment to serving freshly cooked, aromatic dishes crafted with care, as opposed to mass-produced noodles. Toridoll’s affordable self-service eateries, famously named Marugame Seimen, offer a unique interactive dining experience, allowing patrons to witness the culinary artistry behind their meals. Awata’s leadership steered Toridoll’s expansion onto the global stage, with the first Marugame Udon restaurant opening in Hawaii in 2011. This expansion fervor extended across China, Indonesia, and other parts of the world.

The year 2021 saw Toridoll’s London debut, a testament to Awata’s dedication to tailoring offerings to local palates. Even during the pandemic, Awata’s goodwill shone as his food truck distributed free udon noodles to underprivileged children and healthcare workers. He articulated his mission as “discovering hidden things and offering them as new value to generate joy in our customers.”

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The Toridoll empire now spans close to 1,900 eateries worldwide, embracing not only udon noodle joints but also diverse offerings like spicy Chinese rice noodles, ramen, and tempura. The company’s emphasis on authenticity and sensory experiences has captivated diners globally. With a strategic outlook, Toridoll envisions further expansion, earmarking over $650 million for mergers and acquisitions across Europe, Asia, and Greater China. Within the next five years, their ambition is to exceed 5,500 eateries and surge revenue to an impressive $2 billion.

Awata’s journey from a university dropout to a billionaire exemplifies the power of passion and perseverance.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

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