Tag Archives: founder

Kitesurfing founder of Revolut rides fintech wave to $33bn valuation

The first time Revolut became Britain’s most valuable fintech, Nikolay Storonsky was disappointed.

A fundraising round last year lifted his company’s valuation well ahead of any British peers to $ 5.5bn, but the chief executive “really wanted to get $ 10bn or more”, according to one person who worked with him on the deal. “In some ways, his view was ‘it was too cheap before’ . . . he’s got a pretty bullish mentality.”

This week, the digital bank Storonsky co-founded six years ago went several steps further. An $ 800m fundraising gave Revolut a $ 33bn valuation, making it the biggest private technology company in British history, and one of the largest in the world.

Revolut was hailed by senior figures — including Rishi Sunak, the UK’s chancellor of the exchequer — as a “great British fintech success story”, though Storonsky himself did not stick around to celebrate.

While the company’s chief financial officer, Mikko Salovaara, announced the fundraising to reporters early on Thursday morning, his chief executive was already en route to a rare holiday — kitesurfing in Rhodes.

“Even when it’s super intense, that’s his way of keeping straight under pressure,” said Martin Mignot, an early Revolut investor with Index Ventures. “He is totally unflappable . . . I don’t think he ever doubted his success.”

The trip speaks to the priorities of the 36-year-old former investment banker, who has developed a reputation among colleagues and peers as a ferociously hard worker who is obsessed with data and takes a hands-on approach to building Revolut’s products, but has less interest in the showmanship and sales skills of some high-profile tech entrepreneurs.

“I never agreed with the role of CEO as salesperson, or just a person with vision,” Storonsky told the Financial Times. “You need to have a vision we all want to achieve . . . [but] every manager needs to know the details. If they don’t, they can’t change the direction of the company, they can’t distinguish what is good and what is bad.”

A former equity derivatives trader who studied physics and was a competitive swimmer at university, Storonsky founded Revolut with chief technology officer, Vlad Yatsenko, in 2015. It launched in London as a prepaid debit card offering cheap foreign exchange for frequent travellers, but has since expanded into more than 30 countries, and services from commodity trading to business banking.

His long-term ambition is to create a “superapp” that would provide all the financial services a customer might need in a single place. That concept showed Storonsky’s “contrarian” thinking, said Mignot, at a time when other fintechs were focused on narrow niches.

“People in Britain are very conservative,” Storonsky said. “People don’t make big, ambitious goals. It’s preferred to set moderate goals with a high probability of success. But in order to be really large, you really need to strive for huge goals, which seem like they’re low probability.”

His drive has been key to attracting investors — he said the latest fundraising round was completed in less than three weeks — and securing Revolut’s $ 33bn valuation.

Revolut launched as a prepaid debit card offering cheap foreign exchange for frequent travellers, but has since expanded into more than 30 countries, © Charlie Bibby/FT

One former staff member said: “Does what Revolut do at the moment justify the number? Hell no. But they produce so much new product so rapidly . . . it’s a bet that Storonsky is a beast who has created this product machine that’s going to take over Europe or the world.”

Storonsky said the company pulled ahead of rivals because it “outworked everyone else”. Still, what supporters see as high standards and drive have been viewed by some critics as an aggressive approach that encouraged an exhausting workplace culture, particularly in Revolut’s early days.

John Doran, partner at TCV, who was the lead investor in Revolut’s 2020 fundraising, said: “Nik is a visionary with a high bar and extraordinary ambition. His management style perhaps isn’t everyone’s preferred method, but he is data driven, methodical and always fair”.

He added that “Nik has grown massively as a leader over the years we’ve known each other”.

Storonsky has formed an unlikely duo with Martin Gilbert, founder of Aberdeen Asset Management and Revolut’s chair, whose reputation is the polar opposite of Storonsky’s — Gilbert is a City grandee known for throwing whisky-filled parties at the World Economic Forum in Davos.

Storonsky has said he appreciated advice from someone with decades of experience founding and running a large financial company, in contrast to many “expert” investors in the technology industry who have little real experience of building companies. Gilbert, for his part, this week said “people misunderstand [Storonsky] quite dramatically”.

“He’s got a great sense of humour . . . [and] he’s a good listener, which a lot of people don’t see. He doesn’t make the mistake of saying too much — he has the ability to just answer a question, and won’t then fill an awkward silence. People mistake that for other traits.”

Storonsky’s reputation for coldness has also, in the views of some investors and staff, been exacerbated by xenophobia — he is a British citizen, but was born in Russia and his father worked for a division of state-owned gas company Gazprom.

His Russian links have caused particular controversy in Lithuania, where Revolut provoked anger among some politicians after it received its first banking licence in 2018.

The company has also faced scrutiny over whether its rapid growth would be too much for compliance staff to keep up with, prompting substantial investment in strengthening systems and recruiting staff to reassure regulators and help it secure new licences.

This week’s fundraising pushed Revolut’s valuation a nose ahead of NatWest, one of the UK’s largest high street banks with £453bn in customer deposits to Revolut’s £4.6bn. The comparison led several bankers to describe the investment as “madness”, but Storonsky said he was happy for traditional banks to keep doubting the company.

“It makes our path much easier if people and banks don’t take us seriously, we can be hidden and steal in and move faster. Hopefully one day they wake up and don’t have a business.”

Additional reporting by Tim Bradshaw

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This post originally posted here International homepage

The Virgin Galactic founder became the first billionaire

The Virgin Galactic founder became the first billionaire to reach suborbital flight in his own rocket-powered plane. He called it ‘the experience of a lifetime.’

Getting Richard Branson to space is a two-step process — and frankly, it’s weird.

If you know anything about quirky aerospace visionary Burt Rutan and his early involvement in Virgin Galactic, you’ll understand why.

There are no NASA-esque rocket towers or launch pads being used here.

SpaceShipTwo is a winged, rocket-powered spaceplane that takes off from an airport runway, attached beneath the conjoined wings of a mammoth mothership, called WhiteKnightTwo, which is essentially a twin-fuselage airplane. That must sound strange, and that’s because it is indeed a very strange looking setup:

The Virgin Galactic founder became the first billionaire
SpaceShipTwo VSS Unity flies in New Mexico airspace in October 2020. Virgin Galactic

The two vehicles fly conjoined up to about 50,000 feet altitude, at which point the spacecraft, with its four occupants inside, drops from its mothership. SpaceShipTwo’s single rocket motor will fire up as soon as the spacecraft detaches in order to blast the vehicle up to nearly 300,000 feet in just one minute.

If all goes according to plan, of course. Though Virgin Galactic has successfully sent a crew to the edge of outer space three times, it was forced to abort a test as recently as December of 2020, when the rocket failed to ignite.

Here’s an overview of the flight path Virgin Galactic previously shared:

SpaceShipTwo, controlled by two pilots, can house up to eight paying passengers in its cabin, offering them panoramic views of the Earth and the star-speckled expanse of the cosmos through its twelve circular windows.

The SpaceShipTwo that will be used for today’s flight is VSS Unity, the only SpaceShipTwo that has previously flown to space.

Soapbox: The Founder Of Newgrounds Will Receive An Award At GDC – Here’s Why That Matters

Newgrounds

There are things that I could say right now to accurately determine the age of most of our readers. “But I am le tired.” “Badger badger badger.” “Wiggle jiggle, yellow middle.” But, more than anything else, I can ask: which website did you visit the most in the early 2000s? If the answer is anything other than Neopets, EBaum’s World, Homestar Runner, YTMND, Something Awful, MySpace, Albino Black Sheep, A Softer World, or Newgrounds — well, you’re still welcome on this article! We’ll have no ageism here.

But pretty much anyone under the age of 25 who had the internet and a love for games in the early 2000s was on Newgrounds. Browsing goofy Flash videos like The Ultimate Showdown of Ultimate Destiny and playing Flash games like The Crimson Room was my lunchtime dose of fun, before YouTube was a thing. Now, Flash is dead — dead like my dreams of being a tall marine biologist one day, which was my goal at the time. Now I am merely a short games journalist. Ah well.

The Crimson Room was an early example of an escape-the-room game
The Crimson Room was an early example of an escape-the-room game

But Flash’s legacy lives on, and so does Newgrounds, which is still going, and is still run by creator Tom Fulp. In fact, the Game Developers’ Conference just announced that Fulp, alongside industry veteran Laralyn McWilliams, would be receiving a special honour this year at the Game Developers’ Choice Awards.

So, as promised: here’s why that matters.

If you’ve been around for Flash games since the beginning, you’ve probably seen many of them graduate from browser games to full-fledged console games, many of which are on the Nintendo Switch: Super Meat Boy, N++, and even Hollow Knight, which was originally a game jam game made in Flash. You may even know that Among Us developers Innersloth began their career with the mega-popular Henry Stickmin games!

Among Us' new Airship map is actually a reference to the Henry Stickmin games
Among Us’ new Airship map is actually a reference to the Henry Stickmin games

But more than that: Newgrounds was the breeding ground for the indie game scene we have today. Everything weird, quirky, experimental and unusual wasn’t to be found on consoles — it was on the internet, and just as Neopets was the place to be for anyone that loved small animals and free omelettes, Newgrounds was the place to be for playing games.

The sheer number of janky-looking games with stickmen as their main characters speaks volumes about the people who were making these games: small teams, or even just one person, with little artistic skill (sorry!) but easy access to Flash, a development tool which made game-making more possible than ever.

Meat Boy is the Flash-based precursor to Super Meat Boy
Meat Boy is the Flash-based precursor to Super Meat Boy

These days, development tools are even more accessible. Flash wasn’t actually free — though we could speculate that many indie developers found ways around that — but modern tools like Unity, Unreal Engine, and Blender are all free, with plenty of online tutorials to help you learn the ropes. Accessibility is a huge reason for the indie explosion that Switch has benefitted from, and without accessible tools, we might not have the diversity and creativity visible on the eShop today.

Would any of that exist without the groundwork that Flash laid? I don’t know! I’m not a historian! I just really like Flash games! But my guess is that the landscape of indie games on the Switch (and in general) would be entirely different if Newgrounds, Flash games, and even Xbox Live Indie Games (XBLIG) hadn’t proved that there was a huge, hungry market for them.

So: congratulations to Tom Fulp on the Pioneer Award (and Laralyn McWilliams on the Lifetime Achievement Award!), and thank you for your contribution to video games. Without your work, I may have actually become a marine biologist.

Rest in peace, Flash. Ya did good.
Rest in peace, Flash. Ya did good.

Author:
Read more here >>> Nintendo Life | Latest News

Soapbox: The Founder Of Newgrounds Will Receive An Honor At The GDC Awards. Here’s Why That Matters

Newgrounds

There are things that I could say right now to accurately determine the age of most of our readers. “But I am le tired.” “Badger badger badger.” “Wiggle jiggle, yellow middle.” But, more than anything else, I can ask: which website did you visit the most in the early 2000s? If the answer is anything other than Neopets, EBaum’s World, Homestar Runner, YTMND, Something Awful, MySpace, Albino Black Sheep, A Softer World, or Newgrounds — well, you’re still welcome on this article! We’ll have no ageism here.

But pretty much anyone under the age of 25 who had the internet and a love for games in the early 2000s was on Newgrounds. Browsing goofy Flash videos like The Ultimate Showdown of Ultimate Destiny and playing Flash games like The Crimson Room was my lunchtime dose of fun, before YouTube was a thing. Now, Flash is dead — dead like my dreams of being a tall marine biologist one day, which was my goal at the time. Now I am merely a short games journalist. Ah well.

The Crimson Room was an early example of an escape-the-room game
The Crimson Room was an early example of an escape-the-room game

But Flash’s legacy lives on, and so does Newgrounds, which is still going, and is still run by creator Tom Fulp. In fact, the Game Developers’ Conference just announced that Fulp, alongside industry veteran Laralyn McWilliams, would be receiving a special honour this year at the Game Developers’ Choice Awards.

So, as promised: here’s why that matters.

If you’ve been around for Flash games since the beginning, you’ve probably seen many of them graduate from browser games to full-fledged console games, many of which are on the Nintendo Switch: Super Meat Boy, N++, and even Hollow Knight, which was originally a game jam game made in Flash. You may even know that Among Us developers Innersloth began their career with the mega-popular Henry Stickmin games!

Among Us' new Airship map is actually a reference to the Henry Stickmin games
Among Us’ new Airship map is actually a reference to the Henry Stickmin games

But more than that: Newgrounds was the breeding ground for the indie game scene we have today. Everything weird, quirky, experimental and unusual wasn’t to be found on consoles — it was on the internet, and just as Neopets was the place to be for anyone that loved small animals and free omelettes, Newgrounds was the place to be for playing games.

The sheer number of janky-looking games with stickmen as their main characters speaks volumes about the people who were making these games: small teams, or even just one person, with little artistic skill (sorry!) but easy access to Flash, a development tool which made game-making more possible than ever.

Meat Boy is the Flash-based precursor to Super Meat Boy
Meat Boy is the Flash-based precursor to Super Meat Boy

These days, development tools are even more accessible. Flash wasn’t actually free — though we could speculate that many indie developers found ways around that — but modern tools like Unity, Unreal Engine, and Blender are all free, with plenty of online tutorials to help you learn the ropes. Accessibility is a huge reason for the indie explosion that Switch has benefitted from, and without accessible tools, we might not have the diversity and creativity visible on the eShop today.

Would any of that exist without the groundwork that Flash laid? I don’t know! I’m not a historian! I just really like Flash games! But my guess is that the landscape of indie games on the Switch (and in general) would be entirely different if Newgrounds, Flash games, and even Xbox Live Indie Games (XBLIG) hadn’t proved that there was a huge, hungry market for them.

So: congratulations to Tom Fulp on the Pioneer Award (and Laralyn McWilliams on the Lifetime Achievement Award!), and thank you for your contribution to video games. Without your work, I may have actually become a marine biologist.

Rest in peace, Flash. Ya did good.
Rest in peace, Flash. Ya did good.

Author:
Read more here >>> Nintendo Life | Latest News

Founder of TikTok’s Chinese Owner Stepping Down As CEO

BEIJING (AP) — The founder of TikTok’s Chinese owner said Thursday he will give up his job as CEO to focus on longer-term initiatives, a step that comes amid uncertainty over whether the Biden administration will force the sale of the popular short video service’s U.S. arm.

Zhang Yiming said Liang Rubo, a co-founder, will succeed him as ByteDance Ltd. CEO. Zhang said leaving day-to-day management will “enable me to have greater impact on longer-term initiatives,” but gave no details of his next role.

ByteDance is waiting to find out whether the Biden administration will revive former President Donald Trump’s efforts to force the sale of TikTok’s U.S. arm. Trump said the service was a security threat because it gathered too much personal information about millions of American users.

Regulators also are stepping up anti-monopoly enforcement against Chinese e-commerce giants and other internet companies, though there is no indication ByteDance has been targeted.

Zhang founded ByteDance in 2012. Its first short-video platform, Douyin, was launched in 2016. TikTok was launched outside China the following year. The company said last year that TikTok had 700 million users globally.

ByteDance, headquartered in Beijing, says it operates in 150 markets and has more than 60,000 employees.

The Trump administration’s plan called for ByteDance to be required to sell TikTok’s U.S. arm to the software maker Oracle and retailer Walmart. The Biden administration, which took office in January, suspended that while it reviewed potential security threats posed by Chinese tech companies.

Author: AP News The Associated Press
This post originally appeared on Snopes.com

ByteDance founder to step down as CEO, hand over to college roommate

ByteDance founder to step down as CEO, hand over to college roommate© Reuters. FILE PHOTO: Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. Picture taken March 4, 2020. REUTERS/Shannon Stapleton

By Echo Wang and Yingzhi Yang

(Reuters) – Zhang Yiming will step down as chief executive of TikTok-owner ByteDance, leaving the task of navigating a rising number of Big Tech regulations worldwide to college roommate, long-time colleague and current human resources head Liang Rubo.

In an employee memo on Thursday – first reported by Reuters and later disclosed by the firm – Zhang said the change would “enable me to have greater impact on longer-term initiatives”.

He will move to a “key strategy” position at the end of the year, ByteDance said in a statement.

Zhang, who did not address his role as chairman, in the memo called Liang “an invaluable partner” with “strengths in management, organization, and social engagement”.

ByteDance’s biggest management shake-up since its launch in 2012 comes less than a month after its chief financial officer, Shouzi Chew, became CEO of flagship short-video app TikTok.

It also comes as Chinese regulators increase scrutiny of the country’s biggest technology firms. In April, they slapped e-commerce giant Alibaba (NYSE:) Group Holding Ltd with a $ 2.8 billion fine for anti-competitive practices, and last year suspended fintech affiliate Ant Group’s initial public offering.

Anti-trust regulators have also told Tencent Holdings (OTC:) Ltd they are preparing to fine the gaming giant as much as $ 1.55 billion, Reuters reported that last month.

Zhang, who turned ByteDance into a social media force, in the memo said he was not a social person and lacked the skills of an ideal manager. He also blamed the day-to-day challenges of a CEO as being a hurdle to research and innovation.

“I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people,” Zhang, 38, wrote in the memo.

“Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible.”

TRANSITION

Zhang owns 20% to 30% of ByteDance and holds over 50% of voting rights, people with knowledge of the matter previously told Reuters. ByteDance did not comment on Zhang’s stake.

Zhang in the memo said he will work with Liang over the next six months to ensure a smooth transition. He did not mention whether he would give up his voting rights.

“Based on previous experience it’s likely we could see a slowdown of investment in new businesses, while they could pay more attention to old businesses as the new management team needs some time for adjustment,” said Shawn Yang, managing director of Blue Lotus Capital Advisors.

Liang, not a household name in China, studied and roomed with Zhang at Nankai University in Tianjin, China. He also worked with Zhang at real estate website 99fang.com prior to joining ByteDance. Liang on his LinkedIn profile https://www.linkedin.com/in/rubo-liang-54744824 said he is a ByteDance co-founder.

In an internal memo seen by Reuters, Liang said he looked forward to continuing working with his colleagues, and that the new role represents a “huge challenge” and places “a lot of pressure” on him.

IPO

ByteDance, which employs over 100,000 people worldwide, had been preparing for a much-anticipated initial public offering (IPO) this year, but halted plans in April.

“I think it’s possible that Zhang is concerned that after the IPO he would see a ballooning of his wealth and get a lot of attention from the media. It is hard to be a rich person in China. You don’t get as much recognition,” said Beijing-based technology analyst Li Chengdong.

Zhang is the latest in a small group of founders of Chinese tech firms to move away from day-to-day management.

Colin Huang, founder of e-commerce firm Pinduoduo (NASDAQ:) Inc, stepped down as chief executive in 2020 and as chairman in March. The 41-year-old, who owns about 30% of Pinduoduo, will also give up his super voting rights.

Nine-year-old ByteDance’s previous big organizational shake-up occurred last year, when Zhang appointed Chairman Zhang Lidong and Chief Executive Kelly Zhang at ByteDance’s China business.

ByteDance’s TikTok has sought to distance itself from Beijing after the United States raised national security concerns over the safety of the personal data it handles.

Former U.S. president Donald Trump’s administration sought to force ByteDance to divest control of the app. A U.S. plan to sell TikTok’s American operations to a consortium that included Oracle Corp (NYSE:) and Walmart (NYSE:) Inc languished, however, after ByteDance launched successful legal challenges.

Author: Reuters
This post originally appeared on Stock Market News

Elon Musk blasted by crypto exchange founder for 'counterproductive' Bitcoin suspension

The Tesla CEO announced on Wednesday the company would temporarily be suspending payments of Bitcoin over fears about its environmental impact. Nick Spanos, founder of the Bitcoin Center NYC in 2013, has challenged Mr Musk’s decision to suspend the payments.
Mr Spanos said Mr Musk’s suspension of bitcoin payments is “counterproductive”.

Speaking to Express.co.uk, he said: “I challenge Elon that if Bitcoin is too dirty for him to accept as payment for his electric vehicles, then it should also be too dirty to ‘hold’ for profits based on everyone else using it.

“At least Climate Czar John Kerry divested from his millions in the oil industry before taking his position of virtue.

“Curiously, Elon wants to deny green-conscious consumers the ability to trade their supposedly dirty coin for a clean car.

“That seems counterproductive.”

READ MORE: Bitcoin future ‘unclear’ as Elon Musk turns his back

The founder of the Bitcoin Center and prominent crypto investors then supported Bitcoin’s energy consumption.

He told Express.co.uk: “A huge component of Bitcoin’s power consumption is sustainable due to the reactivation and construction of new hydroelectric sources.”

On Wednesday, Mr Musk announced Tesla would be suspending Bitcoin payments for the company’s vehicles over fears about its environmental impact.

He said, in a statement, Tesla was also potentially interested in accepting payments in cryptocurrencies with less than one percent of Bitcoin’s energy footprint.

Mr Musk added: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

The price of Bitcoin fell as much as 15 percent following Tesla’s decision to stop accepting the token.

According to crypto site Coindesk, the value of Bitcoin fell from $ 54,602.77 (£38,838.30) at 11pm to $ 52,466.99 (£37,319.15) just 15 minutes after Mr Musk’s tweet.

As of publishing, the value of Bitcoin has hit $ 50,034.05 (£35484.90).

DON’T MISS…

It followed an index compiled by Digiconomist, which publishes estimates of the token’s climate impact, showing Bitcoin consumes around 115 Twh per year.

A study by the research platform claimed the Bitcoin network could consume as much energy as all data centres globally, with an associated carbon footprint matching London’s footprint size.

Mr Musk has been a vocal supporter of Dogecoin and other digital currencies, which have surged in value over the last year.

Dogecoin in particular rose by a staggering 12,000 percent from January to May 5.

Technology company TRG Datacenters also holds Dogecoin consumes 0.12 Kilowatt-hour or KWh per transaction, meaning it meets Mr Musk’s desire for a more efficient cryptocurrency.

Author:
This post originally appeared on Daily Express :: Finance Feed

Preschool founder under investigation for human trafficking opens another school

Author: Kevin Clark
This post originally appeared on KXAN Austin

AUSTIN (KXAN) — The founder of a preschool under state investigation for human trafficking has opened another school.

Several parents reached out to KXAN with concerns about the new school’s affiliations. Nido Verde Di Reggio Emilia is described on its website as a “bilingual preschool” for infants through first grade. The school is located on West Anderson Lane.

One mom, who asked us not to use her name, said she came across it when she was looking at preschools for her son.

“I googled the school, I looked at them on Texas Childcare Licensing, everything seemed to check out,” she told us over Zoom.

She says a neighbor then told her the school had ties to Austin Eco Bilingual School and its founder, Adriana Rodriguez.

“I was just curious, so I started to look into Austin Eco Bilingual School,” she said. “And that was frankly very disturbing.”

That included our investigation from last year, where we reported the Texas Attorney General’s Office was looking into allegations of human trafficking against Austin Eco Bilingual School.

The state accused Rodriguez of “labor trafficking” employees by threatening them with arrest or deportation in order force them to continue working at the school. A lawsuit claims the school didn’t release records on the matter. The AG’s investigation remains open.

Adriana Rodriguez (Source: Austin Eco Bilingual School website).
Adriana Rodriguez (Source: Austin Eco Bilingual School website).

Nido Verde Di Reggio Emilia is located about one mile from Austin Eco Bilingual School’s North Austin location. We found it closed and empty, with no activity. But when we called the number for that old location, listed on Austin Eco’s website, an outgoing voicemail message told us we’d reached Nido Verde Di Reggio Emilia school.

Austin Eco Bilingual School has a South Austin location, but we found it to still be operating when our crew went by.

According to state childcare facility records, Verde di Reggio Emilia got its license last month and is registered to Enrique Rodriguez. Online articles we found referenced him as the husband of Adriana Rodriguez. He is also listed in the state’s lawsuit last year, as the General Operations Director of the now closed North Austin Eco location. He is listed as the Financial Director of both the North and the South locations.

“You want to know that the people you’re entrusting with the love and care of your children, that it’s going to be a good environment, that the people are honest and trustworthy,” the mom we spoke with said.

Adriana Rodriguez could not be reached Friday.

“Disappointed to hear anyone is concerned about the proprietary of Austin Eco-Bilingual School,” said Rodriguez’ attorney, Randy Leavitt, in a statement to KXAN. “It is a first rate Spanish immersion facility with 100s of satisfied parents. The allegations of trafficking are ludicrous and proof of such is the State investigation has gone nowhere. For over a year AEBS has sought to have the issue resolved in a court of law and the AG has failed to move forward with any action.”

Leavitt added: “The new school Nido Verde Di Reggio Emilia will be run in the same professional manner.”

With regard to the trafficking allegations, a spokesperson for the Attorney General’s Office tells us it can’t comment on any active investigations.

Jimmy Page children: Does Led Zeppelin founder have children?

According to Led Zeppelin 1968-1980: The Story Of A Band And Their Music by Keith Shadwick, the press generated from this intervention only helped the band’s image.

It was reported that Jimmy told the press: “We shall call ourselves the Nobs when we go to Copenhagen.”

This did in fact take place, and in February 1970, the band were billed as The Nobs at a performance in Copenhagen.

As for the music of the album, it was self-funded by the band’s manager Peter Grant and Jimmy, costing £1,782.

Today, this is worth £27,747.60, showing this was no small amount they had to put down.