Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Federal Reserve Chairman Jerome Powell said the he does not see the Fed using negative interest rates in the future.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
President Barack Obama spoke at an event in San Francisco on Wednesday hosted by software company Splunk and addressed how tech can help solve problems.Technologyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle, Washington. While there, he's scheduled to meet with Boeing executives and...Airlinesread more
Steve Dowling, the head of Apple's public relations department, announced he will be leaving this week.Technologyread more
Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett's business model, the Wall Street Journal reported.Marketsread more
Stocks closed little changed after the Federal Reserve failed to signal it will cut rates again in 2019, disappointing traders.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
A 1963 Ferrari just sold for $70 million, believed to be the highest price ever paid for a car, according to sources.
The 1963 Ferrari GTO — one of only 36 that were made — was sold in a private deal, according to Marcel Massini, the world's top collectible Ferrari expert. Sources said the car was sold by a German collector to David MacNeil, the founder of WeatherTech, the maker of car floor mats.
Previously the highest price for a car was $52 million, paid for another 1963 Ferrari GTO in 2013.
Ferrari GTOs are considered the biggest trophies in the car-collecting world for their rarity, power, beauty and success on the race track. A 1962-63 GTO sold at auction in California in 2014 for $38 million.
The $70 million GTO that was purchased by MacNeil won the 1964 famed Tour de France race and came in fourth at Le Mans, Massini said. It's painted in silver and yellow and despite a winning record on the track was never crashed, unlike many other GTOs.
MacNeil didn't immediately respond to requests for comment. But he is already an avid Ferrari collector, with several multimillion-dollar cars, sources said. Owning a GTO will put him in the most elite club in car collecting — the "GTO Club" of billionaires and multimillionaires who own what many consider to be the greatest Ferrari ever made. The club includes Ralph Lauren, fashion mogul Lawrence Stroll, and Walmart heir Rob Walton.
Massini predicts that GTO prices will continue climbing, since the number of billionaire Ferrari collectors is growing but the number of top-quality GTO's remains constant — with very few willing sellers.
"We will see a GTO sell for $100 million in the next two to three years," he said. "I have little doubt."