The Staples Center, the home of the Los Angeles Lakers and other professional sports teams, said on Tuesday it would rebrand as Crypto.com Arena, a cryptocurrency platform based in Singapore.
The rebranding is the latest example of a company at the center of a technology boom paying to rename a well-known sports arena. The change will take effect on Christmas Day, the arena said in a statement released late on Tuesday in Los Angeles but dated Wednesday.
The statement did not say how much Crypto.com, which was founded in 2016, had paid for the deal.
Crypto.com struck the 20-year naming-rights agreement with A.E.G., an entertainment company based in Los Angeles that operates the venue. A.E.G. is controlled by Philip F. Anschutz, the billionaire investor.
The arena has been named after the Staples office supply company based in Massachusetts since it opened in 1999. In addition to the Lakers, it hosts another NBA team, the Los Angeles Clippers, as well as the Los Angeles Kings of the National Hockey League and the Los Angeles Sparks of the WNBA.
Erin Griffith (@eringriffith) and Erin Woo (@erinkwoo), two of our tech reporters, are covering the trial of Elizabeth Holmes, who dropped out of Stanford University to create the blood testing start-up Theranos at age 19 and built it to a $9 billion valuation and herself into the world’s youngest self-made female billionaire — only to flame out in disgrace after Theranos’s technology was revealed to have problems.
Follow along here or on Twitter as she is tried on 12 counts of wire fraud and conspiracy to commit wire fraud. The trial is generally held Tuesdays, Wednesdays and Fridays.
Erin Griffith
Grossman and jury are dismissed for the day and its time for our usual lawyer chat. Downey wants to talk about an issue in camera and the judge is lightly ribbing Wade for how long his cross-exam is going. Back tomorrow!
Erin Griffith
Wade continues to press this point which is a question I have too — Grossman did all the right stuff regarding diligence, and yet he still invested.
Erin Griffith
Wade hits Grossman over the fact that he invested in Theranos even after the refused to let him talk to Walgreens or United in diligence. Grossman says that forced his firm to rely on information from Theranos.
Erin Griffith
We now see a PFM email summarizing the Theranos discussion during a Walgreens earnings call. Point being that PFM took other information into account beyond what Holmes said to decide on the investment.
Erin Griffith
We got a brief glimpse of an email from Grossman re WAG and Theranos: “Wowzer. That’s quite an endorsement.”
In the first 11 weeks of the trial of Elizabeth Holmes, who founded of the blood-testing start-up Theranos, jurors have only heard from about 25 witnesses in proceedings that have been mired by delays, including a coronavirus scare, a broken water main and technical issues.
Despite the interruptions, the trial has pressed forward. Jurors are being asked to decide whether Ms. Holmes, 37, misled investors by appealing to their egos and withholding crucial information or whether investors simply failed to do their due diligence, ignoring red flags as they poured money into the Silicon Valley start-up.
Ms. Holmes has pleaded not guilty to multiple counts of wire fraud and conspiracy to commit wire fraud. Prosecutors have said they are likely to rest their case against her this week.
Here are some highlights from the prosecution’s case so far:
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Sept. 14: Erika Cheung, a key whistle-blower, testified that she had joined Theranos because she was dazzled by Ms. Holmes’s charisma. “She was very articulate and had a strong sense of conviction about her mission,” Ms. Cheung said of Ms. Holmes.
Ms. Cheung eventually resigned over her misgivings about Theranos’s testing services. “I was uncomfortable processing patient samples,” she said. “I did not think the technology we were using was adequate enough to be engaging in that behavior.”
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Sept. 22: James Mattis, the retired four-star Marine Corps general and former defense secretary under President Donald J. Trump, said he was excited by the prospect of the military using Theranos’s blood analyzers. He joined the company’s board but became disillusioned, testifying that Ms. Holmes had not been forthcoming with Theranos’s directors about the problems.
“We were unable to help her on the fundamental issues that she was grappling with if we only saw them in the rearview mirror,” Mr. Mattis said.
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Sept. 28: Dr. Adam Rosendorff, a former lab director at Theranos, emerged as a key witness for the prosecution, providing greater detail about the range of problems and patient complaints. He said Ms. Holmes had been aware of his concerns but pressed forward with Theranos’s commercial launch anyway.
In his testimony, he said he became increasingly uncomfortable with the failure rate of Theranos’s blood-testing machines and the volume of physician complaints about inaccurate test results. “The company was more about P.R. and fund-raising than patient care,” he said.
FedEx said Wednesday that it would close its Hong Kong crew base and relocate its pilots, citing an evolving global business environment and the strict pandemic requirements in the Asian financial hub.
FedEx said that it would continue delivery services as usual in Hong Kong. It did not specify where its crew would move. The South China Morning Post, citing a FedEx memo, reported that the routes would be flown by staff based in Oakland, Calif., where 180 Hong Kong-based pilots had relocated early this year.
Hong Kong has been successful at controlling the spread of the coronavirus, with just 213 deaths in a city of 7.5 million. But the tough restrictions on travel have grated on many and spurred criticism from some businesses that rely on the swift movement of goods and people.
This week Hong Kong ordered 130 Cathay Pacific cargo pilots to undergo three weeks of quarantine because they had stayed at a hotel near Frankfurt where three crew members who tested positive for the coronavirus had also resided.
Carrie Lam, Hong Kong’s chief executive, acknowledged Tuesday that the quarantine orders put strains on freight companies and highlighted the city’s dependence on goods brought in from overseas and mainland China.
“If there are one or two more such incidents, our freight planes will have no pilots,” she said Tuesday.
Also on Wednesday, Tara Joseph, the president of the American Chamber of Commerce in Hong Kong, said that she was stepping down, a decision she partly attributed to the difficulties created by the city’s coronavirus control measures.
“I think the quarantine rules are a huge red line for many people, including myself,” said Ms. Joseph, who is currently in the United States. She said planned to stay in her role until the chamber found a replacement.
Earlier this year, Alan Beebe and Ker Gibbs, the presidents of the American chambers of commerce in Beijing and Shanghai, said they were resigning from their roles.
Hong Kong’s quarantine rules have weighed on global companies with a presence in the city. The restrictions were making it hard to retain talent, Jamie Dimon, the chief executive of JPMorgan Chase, said this week during a short visit to the city. He was one of a small number of executives who have been granted a quarantine exemption.
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