Here’s what’s been happening on Wall Street overnight

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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 – a key figure in one of the biggest deals of the financial crisis – is joining Pimco

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 $US281.76, 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 scepticism, saying that a double-whammy of increased competition and ending tax credits could be a problem for Tesla.

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