Connect with us

Business

Pump.fun raised $600 million in 12 minutes—are crypto ICOs back?

Published

on



Eye-watering crypto raises are back. On Saturday, Pump.fun, a popular website that lets anyone launch and buy memecoins, raised $600 million in 12 minutes through a public sale of its cryptocurrency. And it drummed up $720 million through private sales of the company’s tokens, according to a spokesperson. In total, Pump.fun is sitting on a stash of about $1.3 billion.

That’s big money, and arguably the largest crypto fundraise of 2025. But how Pump.fun raised money was also extraordinary. Any small-time trader—though not those in the U.S., U.K, and countries like Iran—could get in on the action through the public sale after verifying their identity. That’s a far cry from the last five years of crypto, when a harsher regulatory climate restricted the first-time sale of tokens almost exclusively to wealthy investors.

Pump.fun’s token offering is a novel development in the current crypto environment. But it was also a throwback to a more free-wheeling era nearly ten years ago when everyone and their mother (quite literally) were launching their own cryptocurrencies to the public to raise millions. Those offerings, known as initial coin offerings or ICOs, gave rise to some of the most famous projects in crypto—but also a torrent of fly-by-night offerings and outright scams. Does the Pump.fun sale mean ICOs are back? 

IPOs, ICOs, and securities

For traditional startups, there’s a well-trodden path to the public markets. Raise money from private investors, grow your business, and, if you’re lucky, file for an IPO, or initial public offering. This is usually a yearslong process, involves high-priced investment bankers, and requires scrutiny from financial regulators.

Initial coin offerings, by contrast, offer a shortcut that involves minting millions of tokens and then distributing them to those who contribute capital to the effort. That’s what crypto companies—both legitimate and illegitimate—did in the 2010s. In 2014, the founders of the blockchain Ethereum raised over $18 million after they let the public buy up its cryptocurrency, which has since become the second most valuable token, only below Bitcoin

Soon, others were raking in millions, even billions, for blockchain companies through token launches. Those included boondoggles like Shopin, a blockchain shopping scheme that somehow raised over $42 million in an ICO, and whose tokens are today worth basically nothing.

Unsurprisingly, the Securities and Exchange Commission began cracking down, alleging that many tokens were akin to securities, or financial assets like stocks or bonds that must adhere to decades-old disclosure and registration requirements. 

The agency soon forced companies to return billions raised through ICOs. In addition to Shopin, it targeted the popular messaging app Telegram. After Telegram founder Pavel Durov drummed up $1.7 billion in an offering in 2018, the SEC sued Durov’s company to force it to return the cash to investors.

As financial regulators cracked down, companies looked for other ways to legally launch cryptocurrencies, which they claimed were more akin to commodities, or financial assets like gold or oil. They engaged in free “airdrops” to loyal users or sold them to wealthy investors who agreed to lengthy lock-up periods before reselling them. 

But, now, the legal winds have shifted again. Under former President Joe Biden, the SEC regulated crypto with a heavy hand, suing even the most prominent companies like Coinbase and Binance for alleged securities violations. Under President Donald Trump, the federal government has pulled back. “The fear of getting smacked down by law enforcement or the regulators, at least right now, isn’t there in the market,” Scott Armstrong, a white-collar defense attorney at McGovern Weems and former Justice Department prosecutor, told Fortune.

Déjà vu

Over the past year, crypto outfits have launched portals where qualified investors, not just well-known VCs, can access early funding rounds for startups. And Cobie, a longtime, pseudonymous crypto investor, is even developing what he’s dubbed an ICO platform. In July, the crypto startup Plasma said it planned to raise $50 million through Cobie’s project. Add in Pump.fun’s mammoth raise, and it seems like it’s déjà vu all over again. “We absolutely believe this sets the stage for a new era of ICOs,” Alon Cohen, cofounder of Pump.fun, said in a statement. 

While Cohen said he believes ICOs are one of the best ways to decentralize a crypto project, others are more cautious. “There’s the real prospect that history repeats itself, and there will be similar fraudulent and problematic offerings this time around,” Armstrong told Fortune.

Scams were rampant in the ICO era. Founders would release a jargon-filled academic paper, promise revolutionary technology, raise millions, and never deliver. But crypto industry adherents say this time is different. 

Pump.fun is a real project and has generated nearly $800 million in revenue since early 2024, according to Blockworks. Plus, public and private investors in the token launch were given the same financial terms, a company spokesperson told Fortune. “It is a much fairer situation now as compared to that moment in time,” said Omar Shakeeb, cofounder of SecondLane, a newer investment bank that caters towards crypto and private markets.

Austin Federa, cofounder of the crypto startup DoubleZero, echoed Shakeeb. “I don’t see today a bunch of projects that are vaporware or have no revenue or have no sort of substance behind them raising crazy numbers,” he told Fortune.

In fact, Federa and his startup have creeped back into the U.S. In April, he and his team conducted a limited token offering to select buyers beyond just venture capitalists. He is cautiously optimistic that the return to more public cryptocurrency offerings is a boon for the industry. Still, he was careful not to be too bullish. 

“A universal truth of crypto,” he said, “is that everything good can turn bad given enough forces.”



Source link

Continue Reading

Business

The ‘Mister Rogers’ of Corporate America shows Gen Z how to handle toxic bosses

Published

on



After two decades of climbing the corporate ladder at companies ranging from ABC, ESPN, and Charter Communications (commonly known as Spectrum), Timm Chiusano quit it all to become a content creator. 

He wasn’t just walking away from high titles, but a high salary, too. In his peak years, Chiusano made $600,000 to $800,000 annually. But in June of 2024, after giving a 12-week notice, he “responsibility fired himself” from his corporate job as VP of production and creative services at Charter.

He did it all to help others navigate the challenges of a workplace, and appreciate the most mundane parts of life on TikTok.

@timmchiusano

most people are posting their 2024 recaps; these are a few of my favorite moments from the year that was, but i need to start reintroducing myself too i dont have a college degree, no one in my life knew that until i was 35 when i eventually got my foot in the door in my early 20’s after a few years of substitute teaching and part time jobs, i thought for sure i had found the career path of my dreams in live sports production i didn’t think i had a chance of surviving that first college football season but i busted my ass, stuck around and got promoted 5 times in 5 years then i met a girl in Las Vegas, got married in 7 months, and freaked out about my career that had me travelling 36 weeks a year i had to find a more stable “desk job”, i was scared shitless that i was pigeonholed and the travel would eventually destroy my marriage i crafted a narative for espn arguing they needed me on their marketing team because of my unique perspective coming from the production side i got rejected, but kept trying and a year i got that job the 7 years with espn were incredible, but also exhausting and raised all kinds of questions about corporate america, toxic situations, and capitalism in general why was i borderline heart attack stressed so often when i could see that my ideas were literally generating 2,000 times the money that i was getting paid? in 2012 i had a kid and in 2013 i got the biggest job of my career to reinvent how to produce 20,000 commercials a year for small business it took 12 rounds of interviews, a drug test i somehow passed, and a background check that finally made me tell my wife of 8 years that i didnt have a college degree they brought me in the thursday before my first day and told me what i told grace in that clip the next decade was an insane blur; i saw everything one would ever see in their career from the perspective of an executive at a fortune 100 i started making tiktoks, kinda blacked out at some point in 2019 and responsibly fired myself in 2024 to see what i might be capable of on my own with all the skills i picked up along my career journey now the mission is pay what i know forward, and see if i can become the mr rogers of corporate america cc: @grace beverley @Ryan Holiday @Subway Oracle

♬ original sound – timm chiusano

What started as short-video vlogs on just about anything in 2020 (reviews on protein bars, sushi, and sneakers) later transitioned to videos on growing up, and dealing with life’s challenges, like coming to terms when you have a toxic boss. Today, his platform on TikTok has over 1 million followers

With the help of going viral from his “loop” format where videos end and seamlessly circle back to the beginning, he began making more videos as a side-hustle on top of his day-to-day tasks in the office.

“How can I get people to be smarter and more comfortable about their careers in ways that are gonna help on a day-to-day basis?” Chiusano told Fortune.

Today, he could go by many titles: former vice president at a Fortune 100 company, motivational speaker, dad, content creator, or as he labels himself, the Mister Rogers of Corporate America. 

Just as the late public television icon helped kids navigate the complexities of childhood, Chiusano wants to help young adults think about how to approach their careers and their potential to make an impact. 

“Mister Rogers is the greatest of all time in his space. I will never get to that level of impact. But it’s an easy way to describe what I’m trying to do, and it consistently gives me a goal to strive for,” he said. “There are some parallels here with the quirkiness.”

Firing himself after 25 years in the corporate world

Even with years in corporate, Chiusano doesn’t resemble the look of a typical buttoned-up executive. Today, he has more of a relaxed Brooklyn dad attire, with a sleeve of tattoos and a confidence to blend in with any trendy middle aged man in Soho. During our interview, he showed off one of the first tattoos he got: two businessmen shaking hands, a reference to Radiohead’s OK Computer album.

“This is a dope ass Monday in your 40s,” began one of his videos.

It consisted of Chiusano doing everyday things such as eating leftovers, going to the gym, training for the NYC marathon, taking out the trash, dropping his daughter off at school, a rehearsal for a Ted Talk, eating lunch with his wife, and brand deal meetings. Though the content sounds pretty normal, that’s the point. 

“The reason why I fired myself in the first place was to be here,” he says in the video while picking his daughter up from school.

Today, Chiusano spends his days making content on navigating workplace culture, public speaking, brand deals, brand partnerships, executive coaching, writing a book, and the most important job: being a dad to his 13-year-old daughter Evelyn.

“I’m basically flat [in salary] to where I was, and this is everything I could ever want in the world,” he said. “The ability to send my kid to the school she’s been going to, eat sushi takeout almost as much as I’d like, and do nice things for my wife.”

In fact, when sitting inside one of his favorite New York City spots, Lure Fishbar, he keeps getting stopped by regulars who know him by name. He points out that one of his favorite interviews he filmed here was with legendary filmmaker Ken Burns.

Advice to Gen Z

In a time where Gen Z has been steering to more unconventional paths, like content creation or skill trades rather than just a 9-to-5 office job, Chiusano opens up a lens to what life looks like when deciding to be present rather than always looking for what’s next—a mistake he said he made in his 20s. 

Instead, he wants to teach the younger generation to build skills for as long as you can, but “if you are unhappy, that’s a very different conversation.”

“I think some people will make themselves more unhappy because they feel like that’s what’s expected of a situation,” he said.

“I would love to be able to empower your generation more, to be like somebody’s gonna have to be the head of HR at that super random company to put cool standards and practices in place for better work-life balance for the employees.” 





Source link

Continue Reading

Business

Mark Zuckerberg says the ‘most important thing’ he built at Harvard was a prank website

Published

on



For Mark Zuckerberg, the most significant creation from his two years at Harvard University wasn’t the precursor to a global social network, but a prank website that nearly got him expelled.

The Meta CEO said in a 2017 commencement address at his alma mater that the controversial site, Facemash, was “the most important thing I built in my time here” for one simple reason: it led him to his wife, Priscilla Chan.

“Without Facemash I wouldn’t have met Priscilla, and she’s the most important person in my life,” Zuckerberg said during the speech.

In 2003, Zuckerberg, then a sophomore, created Facemash by hacking into Harvard’s online student directories and using the photos to create a site where users could rank students’ attractiveness. The site went viral, but it was quickly shut down by the university. Zuckerberg was called before Harvard’s Administrative Board, facing accusations of breaching security, violating copyrights, and infringing on individual privacy.

“Everyone thought I was going to get kicked out,” Zuckerberg recalled in his speech. “My parents came to help me pack. My friends threw me a going-away party.”

It was at this party, thrown by friends who believed his expulsion was imminent, where he met Chan, another Harvard undergraduate. “We met in line for the bathroom in the Pfoho Belltower, and in what must be one of the all time romantic lines, I said: ‘I’m going to get kicked out in three days, so we need to go on a date quickly,’” Zuckerberg said.

Chan, who described her now-husband to The New Yorker as “this nerdy guy who was just a little bit out there,” went on the date with him. Zuckerberg did not get expelled from Harvard after all, but he did famously drop out the following year to focus on building Facebook.

While the 2010 film The Social Network portrayed Facemash as a critical stepping stone to the creation of Facebook, Zuckerberg himself has downplayed its technical or conceptual importance.

“And, you know, that movie made it seem like Facemash was so important to creating Facebook. It wasn’t,” he said during his commencement speech. But he did confirm that the series of events it set in motion—the administrative hearing, the “going-away” party, the line for the bathroom—ultimately connected him with the mother of his three children.

Chan, for her part, went on to graduate from Harvard in 2007, taught science, and then attended medical school at the University of California, San Francisco, becoming a pediatrician.

She and Zuckerberg got married in 2012, and in 2015, they co-founded the Chan Zuckerberg Initiative, a philanthropic organization focused on leveraging technology to address major world challenges in health, education, and science. Chan serves as co-CEO of the initiative, which has pledged to give away 99% of the couple’s shares in Meta Platforms to fund its work.

You can watch the entirety of Zuckerberg’s Harvard commencement speech below:

For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing. 



Source link

Continue Reading

Business

Senate Dems’ plan to fix Obamacare premiums adds nearly $300 billion to deficit, CRFB says

Published

on



The Committee for a Responsible Federal Budget (CRFB) is a nonpartisan watchdog that regularly estimates how much the U.S. Congress is adding to the $38 trillion national debt.

With enhanced Affordable Care Act (ACA) subsidies due to expire within days, some Senate Democrats are scrambling to protect millions of Americans from getting the unpleasant holiday gift of spiking health insurance premiums. The CRFB says there’s just one problem with the plan: It’s not funded.

“With the national debt as large as the economy and interest payments costing $1 trillion annually, it is absurd to suggest adding hundreds of billions more to the debt,” CRFB President Maya MacGuineas wrote in a statement on Friday afternoon.

The proposal, backed by members of the Senate Democratic caucus, would fully extend the enhanced ACA subsidies for three years, from 2026 through 2028, with no additional income limits on who can qualify. Those subsidies, originally boosted during the pandemic and later renewed, were designed to lower premiums and prevent coverage losses for middle‑ and lower‑income households purchasing insurance on the ACA exchanges.

CRFB estimated that even this three‑year extension alone would add roughly $300 billion to federal deficits over the next decade, largely because the federal government would continue to shoulder a larger share of premium costs while enrollment and subsidy amounts remain elevated. If Congress ultimately moves to make the enhanced subsidies permanent—as many advocates have urged—the total cost could swell to nearly $550 billion in additional borrowing over the next decade.

Reversing recent guardrails

MacGuineas called the Senate bill “far worse than even a debt-financed extension” as it would roll back several “program integrity” measures that were enacted as part of a 2025 reconciliation law and were intended to tighten oversight of ACA subsidies. On top of that, it would be funded by borrowing even more. “This is a bad idea made worse,” MacGuineas added.

The watchdog group’s central critique is that the new Senate plan does not attempt to offset its costs through spending cuts or new revenue and, in their view, goes beyond a simple extension by expanding the underlying subsidy structure.

The legislation would permanently repeal restrictions that eliminated subsidies for certain groups enrolling during special enrollment periods and would scrap rules requiring full repayment of excess advance subsidies and stricter verification of eligibility and tax reconciliation. The bill would also nullify portions of a 2025 federal regulation that loosened limits on the actuarial value of exchange plans and altered how subsidies are calculated, effectively reshaping how generous plans can be and how federal support is determined. CRFB warned these reversals would increase costs further while weakening safeguards designed to reduce misuse and error in the subsidy system.

MacGuineas said that any subsidy extension should be paired with broader reforms to curb health spending and reduce overall borrowing. In her view, lawmakers are missing a chance to redesign ACA support in a way that lowers premiums while also improving the long‑term budget outlook.

The debate over ACA subsidies recently contributed to a government funding standoff, and CRFB argued that the new Senate bill reflects a political compromise that prioritizes short‑term relief over long‑term fiscal responsibility.

“After a pointless government shutdown over this issue, it is beyond disappointing that this is the preferred solution to such an important issue,” MacGuineas wrote.

The off-year elections cast the government shutdown and cost-of-living arguments in a different light. Democrats made stunning gains and almost flipped a deep-red district in Tennessee as politicians from the far left and center coalesced around “affordability.”

Senate Minority Leader Chuck Schumer is reportedly smelling blood in the water and doubling down on the theme heading into the pivotal midterm elections of 2026. President Donald Trump is scheduled to visit Pennsylvania soon to discuss pocketbook anxieties. But he is repeating predecessor Joe Biden’s habit of dismissing inflation, despite widespread evidence to the contrary.

“We fixed inflation, and we fixed almost everything,” Trump said in a Tuesday cabinet meeting, in which he also dismissed affordability as a “hoax” pushed by Democrats.​

Lawmakers on both sides of the aisle now face a politically fraught choice: allow premiums to jump sharply—including in swing states like Pennsylvania where ACA enrollees face double‑digit increases—or pass an expensive subsidy extension that would, as CRFB calculates, explode the deficit without addressing underlying health care costs.



Source link

Continue Reading

Trending

Copyright © Miami Select.