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British tech entrepreneur Mike Lynch found in Sicily yacht wreckage

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4 months ago

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Mike Lynch, former chief executive officer at Hewlett-Packard Co.’s Autonomy unit, speaking at a conference on Thursday, April 25, 2013. 

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LONDON — The body of British technology entrepreneur Mike Lynch, 59, has been retrieved from the wreckage of a yacht that sank off the coast of Sicily, a source familiar with the matter told CNBC Thursday, confirming earlier reporting by Sky News.

Lynch’s daughter, Hannah, remains unaccounted for, according to the source, who asked not to be identified due to the sensitive nature of the situation. Sky News earlier reported that five bodies pulled from the wreck had been identified by the Italian coastguard, and that Lynch was among the dead.

Lynch, who was reported missing Monday, was one of 22 passengers aboard the Bayesian superyacht, which capsized while anchored in the small fishing village of Porticello, in the province of Palermo in Italy.

On Wednesday, Salvatore Cocina, the head of the civil protection agency in Sicily confirmed to NBC News that five bodies had been recovered from the wreckage of the yacht. It comes after one person — Recaldo Thomas, a Canadian-Antiguan chef — was confirmed dead earlier this week.

Lynch was the founder of enterprise software firm Autonomy. He became the target of a protracted legal battle with Hewlett Packard after the firm accused Lynch of inflating Autonomy’s value in an $11.7 billion sale. HP took an $8.8 billion write-down on the value of the company within a year of buying it.

Lynch was acquitted in June of fraud charges in a surprise victory in U.S. court following a trial that lasted for three months. He had faced charges of wire fraud and conspiracy for allegedly scheming to inflate Autonomy’s revenue. Lynch denied wrongdoing and told jurors HP botched Autonomy’s integration.

Lynch was also the founder of Invoke Capital, a venture capital firm endorsing European tech startups. He became a key voice supporting the U.K. technology industry, backing key names like cybersecurity firm Darktrace and legal tech firm Luminance.

CNBC has contacted the Italian coastguard and is awaiting a response.

This is a breaking news story, please check back later for more.

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Traders work at the New York Stock Exchange on Dec. 31, 2024.

NYSE

Crypto trades jumping. Roaring Kitty boosting meme stocks. Broader market ripping on no apparent catalysts.

Animal spirits are on the run at the dawn of 2025 trading.

Many speculative pockets of the stock market surged in early trading Thursday, the first session of the new year, right after the S&P 500 closed out the best two-year run since 1998.

Stocks tied to the price of bitcoin jumped as the cryptocurrency climbed back over $96,000. Microstrategy added 4% premarket after climbing more than 360% in 2024. Crypto-related companies Coinbase, Robinhood, Mara Holdings and Riot Platforms also traded higher after a big 2024.

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Meanwhile, semiconductor stocks — 2024’s big winners — helped lead the market again after the artificial intelligence trade lost some steam at the end of last year. Broadcom jumped 2% Thursday, while Nvidia gained 1.6%.

What’s more, golf stock Topgolf Callaway Brands jumped 8.5% on the back of an upgrade at Jefferies to buy from hold. The investment bank said shares of the golf equipment maker looked oversold and raised its price target to 65% above where the stock closed the year.

With a pickup in market speculation, broad stock futures were on the rise to kick off 2025. Dow futures advanced as much as 300 points. S&P 500 futures added 0.8%, and Nasdaq-100 futures rose 1%.

Thursday’s dramatic moves resembled the initial rallies on the back of Donald Trump’s election victory in November, as investors bet his pro-business policies would drive companies and the economy to strong growth. Those gains slowed toward the end of 2024 as concern grew that the president-elect’s protectionist policies could stir inflation or disrupt chains, and as the Federal Reserve signaled fewer interest rate cuts in 2025.

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