Please ensure Javascript is enabled for purposes of website accessibility

Breeden VP returns from retirement

Retired Co. Barry Tomlin has rejoined the and property management company as its of and , The Breeden Co. announced Dec. 5.

Tomlin initially joined Breeden in 2007, working as vice president of property management at the time of his 2022 retirement.

In his new role, Tomlin will focus on customer satisfaction and engagement and will oversee marketing initiatives, including efforts to strengthen the company’s local branding.

“Barry’s unparalleled experience and deep understanding of our company’s values and goals make him the perfect leader in elevating our global and community-specific customer service and marketing efforts,” Bonnie Moore, president of property management at The Breeden Co. said in a statement.

Ramon W. Breeden Jr. founded the real estate development company in 1961. The company includes , property management and general contracting divisions. Its  portfolio boasts over 20,000 apartments.

George Mason’s Fuse tech hub opens to public

On the third floor of ‘s new state-of-the-art Fuse tech hub, robots jumped, begged, rolled over and offered a mechanical paw to shake Friday while a small drone hovered above.

The endearing welcome by ‘s RobotiXX Lab robots offered a brief glimpse into the future for the group of academics and students who are developing the next generation of intelligent robots built to work on behalf of humans in challenging environments. When RobotiXX completes its move from its current home on the ‘s Fairfax campus in May 2025, it will not only have a bigger, better space in which to build and demonstrate its robots, but it will also be settled among partners who can provide a lifeline as RobotiXX develops its technologies.

“We want to be connected with industry so that we can push these robots from our academic lab out there to the wild,” says Xuesu Xiao, RobotiXX Lab’s director and an assistant professor of computer science at George Mason.

Two years after its groundbreaking, Mason offered the first public look inside Fuse, the new, 345,000-square-foot high-tech building on its Mason Square campus in Arlington County’s Ballston-Rosslyn neighborhood, on Friday, announcing its commercial launch as industry partners begin to move into the space in coming months.

Classes at Fuse, which will include undergraduate and graduate-level students, are expected to begin in the fall 2025 semester. within Fuse is expected to begin by June 2025.

The building, a public-private partnership developed by -based Infrastructure and Real Estate, which owns the building, will offer a mix of space for commercial businesses working in digital technologies, as well as high-tech lab, classroom, collaborative and incubator spaces and dining. The spaces are divvied up nearly into thirds, split among , private businesses and collaborative and conferencing spaces, says Edgemoor Managing Director Brian Naumick.

Fuse cost a little more than $250 million to construct, with $90 million each contributed by Mason and Virginia’s Tech Talent Investment Program, as well as $78 million from Edgemoor.

Liza Wilson Durant, George Mason University's associate provost for strategic initiatives and community engagement, speaks at the Dec. 6, 2024, grand opening of the university's Fuse tech hub. Photo by Courtney Mabeus-Brown
Liza Wilson Durant, George Mason University’s associate provost for strategic initiatives and community engagement, speaks at the Dec. 6, 2024, grand opening of the university’s Fuse tech hub. Photo by Courtney Mabeus-Brown

Construction of Fuse is still ongoing, and commercial spaces will be outfitted as those tenants move in, says Liza Wilson Durant, George Mason associate provost for strategic initiatives and community engagement.

In October, Mason announced that the building’s first tenant, Cybastion, a cybersecurity and digital IT company focused on emerging markets, would move into Fuse in spring 2025.  About 75% of the commercial space has been committed, but officials declined to give a list of tenants or say how many companies are part of the initial slate, citing future announcements.

“Imagine how exciting it’s going to be for our students to come into the building in the fall and be able to walk past corridors with industry names where they’re going to want to work, and to have opportunities for internships and capstone projects, and even just shadow someone for the day,” Wilson Durant said during her keynote remarks Friday.

Fuse is opening as the region looks to become a tech stronghold and as GMU’s reputation as a research university grows nationally. Fuse is being viewed as a catalyst to spark more of that growth as well as an economic driver for Arlington’s Ballston-Rosslyn sections, including as a source for building a greater tech worker pipeline.

Ryan Touhill, the county’s economic development director and a 2006 graduate of GMU, said in opening remarks that Arlington’s newest economic development strategy focuses on tech. “We’re going all in on the tech economy,” Touhill said.

Wilson Durant says several of Fuse’s new tenants are companies that have worked with the university as partners previously, adding that bringing academia and industry together into a collaborative space to work on a joint proposal on a project for a federal government agency, like the U.S. Department of , might help accelerate the work.

“An academic environment, it fuels exchange of information and knowledge,” she says. “It’s less about selling a product and more about innovating and advancing the knowledge body. That’s a very attractive ecosystem for industry to be part of. It’s different.”

Caesars delays Danville casino’s opening by 5 days

The $750 million resort in will host grand opening festivities on Dec. 17 instead of Dec. 12 as previously announced, Nevada’s announced Friday afternoon.

On hand will be retired Chicago Bulls basketball star and five-time NBA champion Dennis Rodman, who will lead a parade of race cars supplied by Virginia International Raceway, Kaizen Autosport and Foreign Cars Italia. The parade will kick off at 10:15 a.m., beginning at the corner of Main and Craghead Street and ending at Caesars Virginia, according to Friday’s announcement.

“We know that there is tremendous excitement for our grand opening, and we appreciate everyone’s patience with this short delay,” Chris Albrecht, senior and general manager of Caesars Virginia, said in a statement. “The team has been working around the clock to officially open the doors of Caesars Virginia, and we cannot wait to begin welcoming guests on Dec. 17.” 

When asked whether the opening date had been pushed back due to construction not being completed or another reason, Fatima Osborne, public relations and social media specialist for Caesars Virginia, did not specify a cause, “just delay overall.”

The 63-year-old Rodman was named to the NBA All-Defensive First Team seven times and was inducted into the Naismith Memorial Basketball Hall of Fame. Before joining the legendary 1990s Chicago Bulls led by Michael Jordan, Rodman played forward for the Detroit Pistons from 1986 to 1993. Away from the basketball court, he attracted international attention for his visits to North Korea and his friendship with the country’s leader Kim Jong Un.

Caesars Entertainment and Eastern Band of Cherokee Indians executives will offer remarks with community leaders at 11 a.m. at the resort’s main entrance. Doors to the resort casino officially open at noon. Rodman will make a “ceremonial first bet” in Caesars Sportsbook.

At 8 p.m. visitors can enjoy a firework and drone show that will light the sky above the resort and Danville’s historic Three Sisters smokestacks beginning at 8 p.m.

Last month, Caesars announced guests could begin booking room reservations at the Danville resort and casino for stays beginning Dec. 13. A message to Caesars Virginia asking whether the resort will honor reservations for the days prior to the new opening date was not immediately returned Friday.

A $750 million, 587,000-square-foot casino and resort hotel in Danville’s Schoolfield neighborhood, the permanent casino will replace the temporary Caesars casino that opened nearby in May 2023. The new casino — which will be the state’s third permanent casino and the most expensive yet — will have more than 90,000 square feet of gaming space with 1,500 slot machines, 79 live-action table games, 48 electronic table games, a poker room and sportsbook. The resort will have a 320-room hotel and a full-service spa and pool. A 50,000-square-foot meeting and convention space will serve double duty as a 2,500-seat entertainment venue.

An array of restaurants and bars will be located at the casino resort including celebrity chef Gordon Ramsay’s restaurant, Ramsay’s Kitchen.

A temporary casino opened in Danville in May 2023. It has paid more than $66 million to the city and state in gaming taxes since then, according to Caesars Virginia, which is owned by Caesars Entertainment and venture partners EBCI Holdings and Eastern Band of Cherokee Indians.

About 69% of Danville voters voted in support of allowing casino gaming in 2020.

Hard Rock Hotel & Casino Bristol opened its facility Nov. 14, making it the state’s first casino/resort combo.

Paver manufacturer to invest $47M for Pittsylvania facility

Cambridge Pavers, a New Jersey-based manufacturer of pavers, slabs and wall systems, will invest $47.35 million to establish a 150,000-square-foot facility at Ringgold East Industrial Park in Pittsylvania County, announced Friday.

Virginia competed with North Carolina, South Carolina, New Jersey, and Massachusetts for the project, which is expected to create 55 jobs.  

, which boasts seven other facilities and employs 370 workers, manufactures hardscape products for patios, landscaping and pool decks. Cambridge paving stones are made with the company’s trademarked ArmorTec, a proprietary mix of sand, aggregate, cement, pigment and a limited amount of water, making the stones stronger than poured concrete and skid- and slip-resistant, according to the company.

“Cambridge Pavers’ decision to establish its first manufacturing facility outside New Jersey in Pittsylvania County demonstrates the commonwealth’s competitive advantages for manufacturers,” Youngkin said in a statement.

Ringgold East Industrial Park is located just outside and adjacent to , a 900-acre industrial park jointly owned by the City of Danville and Pittsylvania County.

Cambridge Pavers, which was founded by Charles H. Gamarekian in 1994, will be hiring technical, manufacturing and workers in Pittsylvania. The average pay of the positions will be $58,151 annually, according to Steve Oberfield, at Cambridge Pavers.

He estimates the facility will be operational in 18 to 24 months.

“This expansion represents a significant milestone in the continued evolution of Cambridge Pavers, reinforcing our commitment to innovation, precision and excellence in every aspect of our business,” Gamarekian, founder and CEO of Cambridge Pavers, said in a statement.

The Virginia Economic Partnership worked with Pittsylvania County and the Southern Virginia Regional Alliance to secure the manufacturing facility. Youngkin approved a $220,000 grant from the Commonwealth’s Opportunity Fund, a deal-closing fund employed at a ‘s discretion to incentivize a company moving to or expanding in the commonwealth, to assist Pittsylvania County with the project.

Additionally, Cambridge Pavers will receive support from the Virginia Talent Accelerator Program, a program, created by the VEDP in collaboration with higher education partners, that provides recruitment and training services at no cost to the companies served.

Last month, Tennessee-based Microporous announced plans to invest $1.3 billion to build its battery separator manufacturing facility at the Southern Virginia Megasite at Berry Hill in Pittsylvania, a project expected to create 2,015 jobs.

In September, Youngkin announced that education consulting company TECHnista, which develops curriculum for K-12 programs for and advanced manufacturing industries, planned to invest about $1.56 million to establish a National Training and Technology Center at the Ringgold East Industrial Park. Netherlands-based paper honeycomb producer Axxor, which began production in Ringgold in 2012, is also located in the park.

Editor’s note: This story has been updated with the project’s timeline and other details.  

Earle-Sears, Spanberger talk biz credentials in Va. Chamber forum appearances

They didn’t meet face-to-face, but the presumptive and Democratic nominees for Virginia’s 2025 governor race addressed the same audience Friday at the 2024 Virginia Economic Summit and Forum on International Trade in Richmond.

, the frontrunner for the GOP nomination, spoke just after 9 a.m. at the event co-sponsored by the Virginia Chamber of Commerce and the Virginia Partnership, while , who is running unopposed for the Democratic nomination for governor, addressed the audience in the afternoon.

focused her remarks on Virginia’s right-to-work status, which prohibits employers from requiring employees to belong to a union, saying that repealing the state’s law “will cost us billions in capital investments and tens of thousands of jobs,” and arguing that Spanberger has not answered questions about her views on the state’s right-to-work policy and could repeal the law as governor.

Lt. Gov. Winsome Earle-Sears. Photo by Ash Daniel

“We Virginians deserve a straight answer from Congresswoman Spanberger,” the lieutenant governor said. “Does she support our right-to-work law? I don’t have to tell you that if the effort to repeal right to work is ever successful, it will destroy Virginia’s economy and our workforce in several ways. No more new businesses will be moving to Virginia.”

Spanberger, who completes her third term in Congress at the end of the year, did not address Virginia’s right-to-work legislation or mention Earle-Sears by name in her speech Friday.

According to an October story in the Richmond Times-Dispatch, Spanberger, through her spokeswoman, declined to say whether she supported or opposed the state’s right-to-work law. In Congress, she joined more than 200 House Democrats in supporting legislation from U.S. Rep. Bobby Scott protecting workers’ right to unionize. Spanberger’s congressional office directed a request for comment to her campaign, which did not immediately respond to an email Friday morning.

Instead, she laid out a list of priorities if elected governor, including investing more money in Virginia’s K-12 schools, its universities and community colleges, site , and marketing the state’s economic development opportunities. She added that recruiting and retaining more teachers, easing the cost of child care and boosting workforce training efforts were also key priorities for her.

“I consistently hear over and over and over again the issue of … developing and building a skilled workforce,” Spanberger said. “Investing in our workforce shouldn’t start when someone turns 18, and I know this organization understands that.” Although as governor she couldn’t prevent President Donald Trump’s proposed tariffs in his second term, Spanberger vowed, “I will work to maintain a stable, predictable business climate for Virginia. As governor, I will work to mitigate as much uncertainty as I can through transparency, collaboration and by working directly with Virginians.”

U.S. Sen. Tim Kaine made a surprise appearance at the forum and said that he has spoken with Trump’s transition staffers about Trump’s proposed tariffs, particularly the 25% levees against Canada and Mexico, which he said would be “very, very painful.” Kaine added that tariffs imposed by Trump in his first term impacted agriculture workers in Virginia particularly harshly, and farmers are currently dealing with “low commodity prices. You impose retaliatory tariffs on their products, making it harder to ship them elsewhere.”

Kaine said he would let Spanberger’s campaign respond to Earle-Sears’ comments on right-to-work laws, but added that his fellow has “been an amazing champion for infrastructure development, for and for rural broadband, and those are really powering an awful lot of job announcements in Virginia.”

U.S. Rep. Abigail Spanberger. Photo by Ash Daniel

Earle-Sears declared her candidacy for governor in September, and in November, Virginia Attorney Gen. Jason Miyares, who was rumored to have been considering a run for the GOP nomination for governor, declared he would instead run for a second term as AG, leaving the path clear for Earle-Sears, who has received Gov. Glenn Youngkin’s endorsement. Youngkin is not permitted to seek a second, consecutive term as governor under state law.

In her speech Friday, Earle-Sears claimed credit as part of the Youngkin administration’s economic development wins since 2022, including Lego Group’s $1 billion project in Chesterfield County, and the launch of more than 10,000 “high-growth, high-wage startups in Virginia.” She also praised the current administration’s streamlining of business regulations and removal of red tape.

On a personal note, Earle-Sears said her entrepreneurial background and her father’s hard work as a Jamaican immigrant to the United States means the right-to-work law in Virginia “is more than a policy for me. When I was an employee, I valued the freedom to decide how to spend my wages that I worked hard for, and as a business owner, I respected that a good worker deserves this same freedom.”

In her speech, Spanberger said that she attended business school in Germany following her graduation from the of Virginia and fully intended to enter the private sector, but she felt the calling to enter public service following the 9/11 attacks. In the early 2000s, she became a postal inspector and worked on narcotics and money laundering cases, before becoming an operations officer at the CIA. She noted that her experience in Congress has allowed her to hear from many business and other stakeholders in Virginia.

“Whether you’re a business looking to grow or a locality trying to bring in investment, or a massive employer recruiting and retaining the workforce, you know that your challenges are complex in nature,” Spanberger said. “When I meet with Virginia business leaders and the local chambers, I always ask questions. I hear their concerns, and I take their criticism about how things can or should be improved.”

Spanberger announced her gubernatorial run in 2023 and did not seek re-election to her seat in Congress this year; Democrat Eugene Vindman will succeed her as U.S. representative in the state’s 7th congressional district in January 2025. In April, Richmond Mayor Levar Stoney announced he would drop his bid for governor and instead run for the Democratic nomination for lieutenant governor, sparing the party a primary battle.

Although others could decide to enter the race before next spring’s primaries, as the race appears now, Virginia is poised to elect its first female governor next year.

Previously, the only other woman in Virginia’s history to receive a major party’s gubernatorial nomination was Mary Sue Terry, a Democrat from Martinsville who served two terms as the state’s attorney general. She ran for governor in 1993 but lost that race to Republican George Allen, who later also served as a U.S. senator.

Earle-Sears is also a history maker, as the first woman to serve as Virginia’s lieutenant governor and the first Black woman and immigrant to hold statewide office. A U.S. Marine Corps veteran and former state delegate, the Jamaican-born Earle-Sears took an unusual path to the Virginia State Capitol in a career that has included owning an appliance, plumbing and electrical company and managing a homeless shelter.

Spanberger has served three terms in Congress, first beating Republican incumbent U.S. Rep. Dave Brat in 2018 in a traditionally GOP-leaning district, and maintaining her seat in 2022 after congressional redistricting. She currently represents Fredericksburg, Caroline County and part of Prince William County, and is viewed as a moderate Democrat.

Customer bankruptcy, severance charges push Hooker’s loss in Q3

Martinsville-based reported consolidated net sales of $104.4 million in the third quarter ended Oct. 27, a decrease of $12.5 million, or 10.7%, from last year. It also reported an operating loss of $7.3 million, marking its third quarterly loss in a row.

The company attributed ongoing low demand as a reason for the loss, as well as $7.5 million in charges – which came from $3.1 million in severance (from 44 layoffs announced last quarter), $2.4 million from the bankruptcy of a significant customer and $2 million in trade-name impairment charges related to its Home Meridian (HMI) segment.

For the first nine months of the year, sales were $293 million, a 12.9% decline from last year. This was attributed to “persistent low demand affecting the home furnishings ” and the absence of $11 million in liquidation sales from the unprofitable ACH product line which Hooker exited last year. Hooker saw a $15.4 million operating loss for the period.

Still, there are positives. The company says it should exceed its goal of saving $10 million in annual costs in 2026; Home Meridian reported its highest ever gross margin of 20.5%; and macro-economic conditions are trending positively.

“Despite the charges recorded in Q3 and the sustained macro-economic and retail challenges, we’re encouraged by the sequential quarterly improvement in our core business profitability and by the progress of our cost reduction efforts, which will be more fully realized beginning in the fourth quarter,” CEO Jeremy Hoff said in a statement.

“There are positive developments in the macro-economic environment, such as cooling inflation and recent interest rate cuts in September and November, which should begin to increase demand for furnishings as lower mortgage rates boost the housing market,” he added.

In Hooker Branded, sales fell 10.7% to $4.2 million due to lower average selling prices, the company said. Unit volume decreased by 2.1% from last year but exceeded the first and second quarters of this year. Hoff said the company has increased the segment’s inventories by nearly $11 million in anticipation of increased demand.

“We are aggressively producing our top collections to ensure we will be in during the first quarter of fiscal 2026,” he said, adding that “these inventories are high-quality assortments, centered on our best-selling and most-profitable SKUs.”

In HMI, sales fell $5.1 million, or 11.8%, 40% of which Hoff said was due to the bankruptcy of a major customer. Sales through major furniture chains and independent furniture stores decreased, “though these decreases were partially offset by an 8% increase in sales within the hospitality business, marking two consecutive quarters of higher revenues.” Incoming orders increased by 8.1% compared with the previous year’s third quarter.

“Our strategic focus to support sustained profitability through restructuring Home Meridian’s business is yielding meaningful results, including significantly reduced allowances, improved product margins and lower fixed costs across nearly all areas of this segment,” Hoff said.

In Domestic Upholstery, net sales decreased by $3.2 million, or 9.9%, due to decreased sales at Shenandoah, Bradington-Young and HF Custom, which the company attributed to persistent low demand. This decrease was partially offset by a 9.1% increase in sales at Sunset West, which has delivered year-over-year quarterly sales growth for three consecutive quarters this fiscal year.

The segment reported an operating loss of $281,000, a sequential improvement versus $1.3 million in operating losses recorded in each of this year’s earlier quarters. This quarter’s loss included $560,000 in severance charges. Incoming orders decreased by 4.8% during the quarter.

Cash and cash equivalents were $20.4 million at the end of the third quarter, a decrease of $22.7 million for the year-end in January. Inventory levels increased by $4.7 million from year-end, primarily driven by a $6.2 million increase in Hooker Branded inventories.

Hoff gave some concluding remarks:

“While the macro-economic outlook is improving, our team will continue to focus on the controllables and improvements already underway at Hooker Furnishings,” he said. “Our balance sheet, financial condition and seasoned management team should well-equip us to navigate any remaining challenges as we focus on maximizing efficiencies with the cost reductions while simultaneously investing in expansion strategies that will position us for revenue and profitability growth when demand fully returns.”

Hope For The Warriors: Robin Kelleher

Virginia Glenn Youngkin recently announced the appointment of Robin Kelleher, founder and CEO of Hope For The Warriors, to the Joint Leadership Council (JLC) of Veterans Service Organizations. Composed of Commonwealth veteran services organizations, the JLC identifies veterans’ needs and advocates in support of veterans’ issues.

Announce your new employees, promotions, board positions, community notes and leaders in your organization to our influential audience. The information in the Professional Announcements section is provided by the submitter.

Click here to make a Professional Announcement submission and to find out more.

Click here to see more Professional Announcements

HII division lands $6.7B Air Force contract

The U.S. has awarded ‘ McLean-based Mission Technologies division a $6.7 billion contract to provide electronic warfare engineering and technical services support, according to a Thursday announcement from the

The indefinite-delivery, indefinite-quantity contract is the largest Mission Technologies has yet landed, according to HII. 

“We have a team of subject matter experts with deep expertise in all aspects of electromagnetic spectrum and electronic warfare, and we are committed to staying a step ahead of our adversaries alongside our customers as the complexity of warfare changes,” Andy Green, HII and president of Mission Technologies, said in a statement.

Additionally, HII announced Wednesday that it had entered into a definitive agreement to acquire substantially all of the assets of W International SC and Vivid Empire SC. Collectively known as W International, the South Carolina complex metal fabricator specializes in structures, modules and assemblies.

Aerial shot of manufacturing facility that sits next to water.
W International facility in South Carolina. Photo courtesy HII.

A spokesperson for HII declined to provide terms of the deal. 

After the closes, the manufacturing facility in Goose Creek, South Carolina, will operate within HII’s Shipbuilding division. The site will support construction of nuclear-powered submarine and aircraft carrier modules and structures for U.S. programs. NNS is one of only two U.S. shipyards capable of designing and building nuclear‐powered submarines.

“Substantially all current employees will be offered positions with HII to continue to work on-site,” the release stated.

“HII is committed to increasing build rates for our Navy customer, and this investment in capacity alongside the Navy will help us do that,” said HII President and CEO Chris Kastner. “It lets us efficiently add trained talent and state-of-the-art manufacturing capabilities to the urgent job of building ships.”

The acquired assets include advanced production facilities that are located on a leased 45-acre site with more than 480,000 square feet of manufacturing space as well as barge and rail access.

The facility in South Carolina will be known as Newport News Shipbuilding – Charleston Operations.

Matt Needy, currently Newport News Shipbuilding’s vice president and chief transformation officer, will become general manager of the site. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other factors.

Newport News-based HII is the nation’s largest military shipbuilder and the largest industrial employer in Virginia. The Fortune 500 company employs more than 44,000 workers. The Mission Technologies division has more than 7,000 employees and more than 100 facilities globally. HII reported $11.5 billion in revenues for 2023.

As bitcoin breaches $100K, MicroStrategy holdings, Saylor’s wealth surge

MicroStrategy, the -based company chaired by whale , has pursued bitcoin as an investment strategy since 2020. Now, it appears to have paid off as bitcoin breached the $100,000 threshold.

Bitcoin rose above $100,000 per coin Wednesday night, after previously breaching $99,000 on Nov. 21. At 11:45 a.m. Thursday, bitcoins were trading for $101,293.94, according to Coinbase, the nation’s largest exchange, although the cryptocurrency had breached $103,000 earlier in the day.

As of Dec. 1, and its subsidiaries held approximately 402,100 bitcoins, which were worth $40.37 billion at 11:45 a.m. The company’s 402,100 bitcoins were purchased for approximately $23.4 billion, and at an average purchase price of $58,263 per bitcoin, including fees and expenses.

At 11:45 a.m. Thursday, MicroStrategy shares were trading for $402.78, although shares were trading for $439.60 at market open. The ‘s value has been climbing since September, up from  $114.30 on Sept. 6 and reaching a six-month high of $473.83 on Nov. 20, the first time bitcoin came near the $100,000 mark.

Now the world’s largest corporate holder of the cryptocurrency, MicroStrategy announced its first bitcoin purchase in August 2020, making it one of the first public companies to convert its cash treasury reserves into cryptocurrency as a store of value. Since 2020, MicroStrategy has bought bitcoin about 42 times, Saylor said on CNBC’s “Squawk Box” on Tuesday.

Between Nov. 25 and Dec. 1, MicroStrategy bought approximately 15,400 bitcoins for about $1.5 billion in cash, averaging about $95,976 per bitcoin, including fees and expenses.

Saylor, who has made bold pronouncements and statements about bitcoin in the past, in September told CNBC that he thought the cryptocurrency could rise as high as $13 million per bitcoin by 2045, a prediction he repeated Wednesday on Fox Business.

“Digital capital is what happens when your long-term store of value goes from a building, or goes from a portfolio of stocks, to a digital asset like bitcoin. Bitcoin represents the digital transformation of hundreds of trillions of dollars of capital in the world,” Saylor said on Fox Business.

Appearing on CNBC’s “Squawk Box” on Tuesday, Saylor said Microsoft could add up to $4 trillion to its valuation by investing in bitcoin.

As of Sept. 30, Saylor held more than 19.998 million Class A shares of MicroStrategy, 9.9% of the company’s Class A stock. As of 11:45 a.m., his shares were worth a total of $8.05 billion.

He’s also put his own money where his mouth is. In October 2020, Saylor said in a tweet that he held 17,732 bitcoins. In August, Saylor said on Bloomberg Television he owned about $1 billion worth of bitcoin and continued to buy more. On that day, bitcoin was trading around $56,000.

The bitcoin rally began with Donald Trump’s presidential election victory, and on Nov. 11, bitcoin breached $87,000 a coin. At 7 p.m. on Nov. 5, before the election outcome was known, bitcoin was trading for 69,378.53. Although Trump previously called cryptocurrencies a “scam” in 2021, he made pro-bitcoin comments and promises during his campaign, including calls to establish a national strategic bitcoin reserve.

Before bitcoin breached $100,000 on Wednesday, Trump announced he would nominate Paul Atkins, CEO of consultancy Patomak Global Partners, to chair the Securities and Exchange Commission. Atkins was an SEC commissioner from 2002 to 2008 and is a cryptocurrency advocate.

The current SEC chair, Gary Gensler, has announced he will step down on Jan. 20, when Trump is inaugurated. The is no fan of Gensler, who has led the SEC to be aggressive in enforcement.

Saylor’s strategy hasn’t always led to fortune. He stepped down as CEO after MicroStrategy’s August 2022 earnings report, when the company disclosed that it had paid a total of $3.977 billion for its bitcoin, which at that time had fallen to a market value of about $2.451 billion. At that point, MicroStrategy also had taken on about $2.4 billion in loans and debt to acquire bitcoin. At points in 2022, the currency fell below $20,000 to prices it had not seen since 2020. Nevertheless, on Thursday, Saylor’s strategy seemed less a part of science fiction and more a result of visionary strategy, though time will tell.

FAA certification clears way for DroneUp to scale up

Virginia Beach-based drone delivery company has received a Federal Aviation Administration certificate that will allow it to grow its delivery operations.

On Tuesday, the company announcedi t received an FAA Part 119 air carrier certificate under Part 135. The certificate allows DroneUp to carry third-party property as an air carrier and to fly up to 5 miles without maintaining a visual line of sight.

“With this certification, and with actual beyond visual line of sight certification,” said DroneUp founder and CEO Tom Walker, “you’re going to see this start to scale very, very quickly, because the cost of doing delivery by drone is not only going to be better and more efficient than some of the other traditional modalities, but it’s safer.”

Previously, DroneUp couldn’t carry cargo owned by others and had to have special arrangements with retailers, limiting their partnerships. Also under the previous Part 107 certification, the company had to maintain sight of the drone, with either the drone operator or a visual observer in contact with the operator watching, and the minimum weather visibility required was 3 miles from the control station.

“It allows us to scale much, much quicker,” Walker said, “and also we can do it more affordably for the customers, because we can fly beyond visual line of sight. We don’t have the additional overhead of the visual observers that we had before.”

DroneUp is the sixth U.S. drone operator to receive a Part 135 Air Carrier Certificate, according to the FAA. The company submitted its initial application in May, Walker said.

DroneUp is beginning operations under the Part 135 certification at its location in Murphy, Texas, near Dallas. The company will then work to get FAA approval to append the certification to add other locations, starting with the remaining 10 in the Dallas-Fort Worth area.

“The first thing we’re going to do is we’re going to get all 11 of those locations in the DFW area operating Part 135 … and then after that, we intend to continue to expand across the Dallas-Fort Worth area until we can successfully cover 80% of that area with drones, demonstrate our ability to do that at scale under Part 135, and then we’ll be expanding into another metro area yet to be announced,” Walker said.

DroneUp will start expanding Part 135 operations in the first quarter of 2025, “and if I have my way, we’ll have all of the entire DFW area that we have now operating as Part 135 by the end of Q1,” Walker said, and then start expanding into new Dallas-Forth Worth locations under Part 135 in the second quarter.

Under the previous certification, the Murphy location could serve 6,000 households, but under the Part 135 certification, it will be able to serve 25,000 households, and with fewer personnel, according to Walker.

DroneUp provides retail delivery services and has conducted several medical supplies delivery projects. The company partnered with Walmart in 2021, and in May 2022, the two announced plans to expand drone delivery services to 4 million homes in six states. In August, DroneUp said it would end Walmart drone delivery in three states to focus on perfecting its service in the Dallas-Fort Worth area.

In August 2023, DroneUp announced it would launch an 18-month project to deliver medical supplies and hypertension medication to patients on the Eastern Shore and Tangier Island, in partnership with Riverside Health System, Old Dominion and others.

Founded in 2006, DroneUp has about 250 employees, of which about 100 are in Virginia. In August 2022, DroneUp announced it planned to add 655 jobs as part of an expansion that includes establishing a $20 million drone testing, training and and center at Richard Bland College in Dinwiddie County.