Stock market news today September 5

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Goldman Sachs is ditching near-term plans to open a
bitcoin trading desk

Even Goldman Sachs, the Wall Street behemoth that trades in
markets’ most esoteric assets, can’t find a way to trade bitcoin.

The bank is
ditching plans to open a desk for trading cryptocurrencies in the
foreseeable future, according to people familiar with the matter,
as the regulatory framework for crypto remains unclear.

As part of that decision, Goldman has moved plans to open a desk
for trading cryptocurrencies further down a list of priorities
for how it can participate in cryptocurrency markets, the people
said. It may revive these plans later, they added.

Theranos is about to shut down for good

Theranos is
shutting down, The
Wall Street Journal said on Tuesday night,
citing a shareholder email.

According to the email,
Theranos said it plans to spend the next few months repaying
creditors with its remaining resources.

The news comes as Theranos founder Elizabeth Holmes and her
second-in-command face
criminal charges on accusations that they
defrauded investors, doctors, and patients.

Once a Silicon Valley darling, the startup blood-testing company
became mired
in scandal over the last few years.

John Studzinski, one of the most prominent figures in global
finance, has been appointed as the managing director of Pimco,
the fixed-income-focused investment giant founded by the
legendary investor Bill Gross.

Pimco announced on Wednesday that Studzinski, often known by
friends as Studs, would take up the role as managing director and
also become the firm’s vice chairman.

Previously, Studzinski was one of the most senior figures at the
private-equity behemoth Blackstone, where he was vice chairman
focusing on investor relations and business development. Prior to
2015, he was focused on Blackstone’s business restructuring and
mergers advisory businesses.

Tesla sinks to its lowest level since June 

After falling 4.2% in trading Tuesday,
shares of Tesla opened down another 2%
Wednesday at $281.76,  the stock’s lowest price since June
1. 

With CEO Elon Musk’s 16-day go-private saga now more than a week
behind it, the company is facing increased pressure on its
fundamentals from investors and analysts.
Goldman Sachs on Tuesday reiterated its
skepticism, saying that a double-whammy of
increased competition and ending tax credits could be a problem
for Tesla. 

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