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☆ The alleged architect of a multibillion-dollar fraud that shook Wall Street heads to trial
▼ + stars: | 2024-05-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —In the spring of 2021, you might have heard about a small investment firm with an odd name, Archegos, that imploded practically overnight and left big Wall Street banks sweating over billions of dollars in losses. Put simply, prosecutors say Hwang had used financial instruments called “total return swaps” to gain exposure to the stocks without actually owning them. Over the course of a year, prosecutors say, Hwang grew his $1.5 billion portfolio into a $35 billion portfolio. Why the case mattersWhite-collar crime on Wall Street may seem like a distant problem for most Americans, and that may be true. And sometimes, as in the financial crisis of 2008, it was a bit of Wall Street tinkering in derivatives contracts that blew up in banks’ faces and collapsed the housing market.

Persons: CNN Business ’, Bill Hwang, Hwang, Matt Egan, Banks, Archegos, ” Hwang, Hwang didn’t, ”, isn’t, Dennis Kelleher Organizations: CNN Business, New York CNN, Archegos, Management, Viacom, Discovery, Warner Bros, CNN, Term Capital Management, Credit Suisse, Employees, Bloomberg, Tiger Asia Management Locations: New York, Korean, York City, ’

☆ Trump Media fires accounting firm after old one accused of being a ‘sham audit mill’
▼ + stars: | 2024-05-06 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

The accounting firm did not respond to a request for comment. Trump Media said in a filing that it “dismissed” BF Borgers as its independent registered public accounting firm on Friday. Firing BF Borgers wasn’t optional for Trump Media or any other public company that used the firm. BF Borgers served as Trump Media’s independent registered accounting firm before the company went public in March. Later in March, Trump Media hired BF Borgers as the public company’s accounting firm.

Persons: Borgers, “, ” BF, ”, Semple, Cooper, BF Borgers Organizations: New, New York CNN, Truth, Trump Media & Technology Group, Trump Media, Securities and Exchange Commission, ” Trump Media, Marchal, BF, SEC, Trump Locations: New York

☆ Trump Media’s accounting firm charged with ‘massive fraud’
▼ + stars: | 2024-05-03 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

“Trump Media looks forward to working with new auditing partners in accordance with today’s SEC order,” Trump Media spokesperson Shannon Devine told CNN in a statement. According to filings, Borgers served as Trump Media’s independent registered accounting firm before the social media company went public in March. Later in March, the audit committee of Trump Media approved the hiring of Borgers as the public company’s accounting firm. The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included. Trump Media is chaired and majority owned by former President Donald Trump, who is also the most popular user on Truth Social.

Persons: BF, Benjamin Borgers, “ Borgers, ” Gurbir Grewal, Trump Media , “, ”, Shannon Devine, Borgers, BF Borgers, Donald Trump Organizations: New, New York CNN, Trump Media & Technology, Securities and Exchange Commission, SEC, Truth Social, Trump Media, BF Borgers, “ Trump Media, ” Trump Media, CNN, Trump, Borgers Locations: New York

☆ DJT stock: Truth Social keeps shrinking despite the Trump trial and looming election
▼ + stars: | 2024-05-03 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Yet new data shows its main product — the conservative-friendly social network Truth Social — remains a very tiny player in its industry, and it’s getting even smaller. “If your entire social circle is on a social media platform, that’s a strong pull to sign up. ‘Meme stock’ argumentTrump recently received another 36 million shares of Trump Media as part of a bonus known as earnout shares. Including those new shares, Trump owns 114.75 million shares of Trump Media — a stake valued at $5.6 billion. Of course, Kennedy notes that there is a counter argument that Trump Media is not a typical social media stock, and so traditional metrics like growth and revenue don’t really matter.

Persons: Donald Trump, it’s, ”, Matthew Kennedy, Kennedy, “, Trump, Shannon Devine, ” Devine, Similarweb, Mark Zuckerberg’s Meta, Gettr, Tom Liu, Musk, ” Kennedy Organizations: New, New York CNN, Trump Media & Technology, Trump Media, CNN, Trump, Truth, Renaissance, Social, ” Trump Media, Elon Musk Locations: New York, Similarweb

☆ Restaurants are competing for frugal diners’ dollars
▼ + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.

Persons: ”, Laxman Narasimhan, “, we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, —, Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia

☆ Scott Sheffield, former Pioneer CEO, accused of trying to conspire with OPEC to inflate prices
▼ + stars: | 2024-05-02 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Scott Sheffield, the founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. Regulators say Sheffield, then the CEO of Pioneer Natural Resources, used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia. Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players. The FTC said that while Sheffield was discussing efforts to coordinate output with other Texas producers, the Pioneer CEO said: “If Texas leads the way, maybe we can get OPEC to cut production. Exxon said that in response to the FTC’s concerns, it will not add Sheffield to its board.

Persons: New York CNN — Scott Sheffield, “ Mr, —, Kyle Mach, Sheffield “, Douglas Farrar, Sheffield, ”, Exxon Organizations: New, New York CNN, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, FTC, ExxonMobil, Competition, CNN, Railroad Commission, Texas, Exxon Locations: New York, American, Saudi, Sheffield, Texas, OPEC, Russia, FTC’s, Saudi Arabia

☆ Good news: The worst could be over for gas prices this spring
▼ + stars: | 2024-04-30 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

US gas prices have stopped rising and even briefly dipped in recent days. Now, there is growing hope that gas prices are at or near a peak for the spring – or perhaps even for the year. ‘Could have been much worse’Of course, none of this is to say gas prices are cheap. A spike in gas prices would be the last thing President Joe Biden needs as he struggles to convince voters of his economic message before November. Why gas prices have cooledThere are multiple reasons why gas prices have stopped rising for the moment.

Persons: Patrick De Haan, “ I’m, ” De Haan, Tom Kloza, ”, Andy Lipow, “, De Haan, Joe Biden, Lipow, ” Lipow, Kloza Organizations: New, New York CNN, OPEC, AAA, CNN, “, Oil Price Information Service, Lipow Oil Associates, Drivers, Federal Reserve, Biden, US Strategic Petroleum Reserve, Coast, Colorado State University Locations: New York, Israel, Iran, Covid, California, De Haan ., Washington, Syria, West Texas, New Mexico, Saudi Arabia, Russia

☆ Donald Trump just got another $1.8 billion worth of Trump Media stock
▼ + stars: | 2024-04-30 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —Former President Donald Trump just landed another $1.8 billion worth of stock in the corporate owner of Truth Social. Trump Media & Technology Group disclosed the windfall for Trump in a filing Tuesday, saying the former president has received another 36 million shares in the company. That bonus, known as “earnout” shares, was triggered by the company’s share price staying above certain levels. Trump now holds an even more dominant stake in Trump Media, amounting to 114.75 million shares, or 64.9% of the total outstanding. Even though Trump Media plunged since late March, it never came close to breaching levels that would have threatened this bonus.

Persons: Donald Trump, “, Trump Organizations: CNN, Truth Social, Trump Media & Technology Group, Trump, Trump Media, SEC

☆ What the pro-Palestinian protesters on college campuses actually want
▼ + stars: | 2024-04-26 | by ( Matt Egan | Ramishah Maruf | ) edition.cnn.com time to read: +8 min

“We are not going anywhere until our demands are met,” Khymani James, a student at Columbia University, said during a news briefing Wednesday. Student demonstrators occupy the pro-Palestinian "Gaza Solidarity Encampment" on the West Lawn of Columbia University on April 24, 2024 in New York City. The Columbia protesters are also calling for the university to “disclose and sever all ties” with the New York Police Department. For example, Columbia protesters want the university to sever ties with the school’s center in Tel Aviv and a dual degree program with Tel Aviv University. New York University protesters use the school’s Tel Aviv center as a rallying cry as well.

Persons: ” Khymani James, Michael M, “, Mike Johnson, Charlie Eaton, ”, It’s, Mark Yudof, it’s, ” Yudof, Yudof, he’s, Jonathan Macey, Macey, ” Lauren Post, don’t, Cary Krosinsky, Lockheed Martin, Basil Rodriguez, Rodriguez, ” Rodriguez, John Towfighi Organizations: New, New York CNN — College, Hamas, Universities, Columbia University, Student, Lawn of Columbia University, Getty, University of Southern, ”, Princeton University, Ivy League, Columbia University Apartheid, Columbia, New York Police Department, Students, Tel Aviv University . New York University, Republican, University of California, “ Bankers, Yale Law School, Defamation League, Post, ADL, Yudof, BDS, Universities don’t, Yale, Lockheed, Raytheon, CNN Locations: New York, America, Israel, Gaza, Palestinian, New York City, University of Southern California, Harlem, Columbia, Tel Aviv, South Africa, Merced, Ivory, Iran, Russia

☆ Americans are falling behind on their payments
▼ + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.

Persons: New York CNN —, Austan Goolsbee, ’ ”, ”, Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, “ Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss

☆ Truth Social owner Trump Media asks Congress to investigate ‘troubling’ market manipulation claims
▼ + stars: | 2024-04-24 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Trump Media & Technology Group is asking Congress to investigate its suspicions that illegal activity is driving down its share price. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. Nunes suggested there are signs of “naked” short selling, which involves someone selling shares they don’t own or have not borrowed. Jay Ritter, a finance professor at the University of Florida, said there are more obvious explanations for why some traders are betting against Trump Media. Last week, Nunes wrote a letter to Nasdaq, where Trump Media shares trade, alerting the exchange to concerns about market manipulation.

Persons: New York CNN —, Devin Nunes, ” Nunes, Nunes, ” Jonathan Macey, Jay Ritter, ”, Jay Ritter, Ritter, Jane Street, Ken Griffin, “ Devin Nunes, ‘ Organizations: New, New York CNN, New York CNN — Trump Media & Technology Group, Truth Social, Trump Media, Financial Services, Republican, Traders, Yale Law School, CNN, University of Florida, ” Trump Media, Trump, Citadel Securities, Virtu, Jane, Capital, Citadel, Nasdaq, CNBC Locations: New York, California, Virtu Americas, America

☆ Columbia University protesters given midnight deadline on talks to dismantle encampment, president says
▼ + stars: | 2024-04-23 | by ( Ramishah Maruf | Samantha Delouya | ) edition.cnn.com time to read: +7 min

New York CNN —Columbia University student organizers were given a midnight deadline Tuesday to resolve talks with the university over dismantling the pro-Palestinian encampment that has cast its campus into days of turmoil and unease, the school’s president said. Though the outcome of the negotiations is still unclear, Columbia President Minouche Shafik said the university would consider “alternative options” if no agreement was reached by midnight. As of 12:10 a.m., the NYPD had not been asked by Columbia University to respond to the campus, a police spokesperson told CNN. Harvard University has closed Harvard Yard and officials at the university suspended a pro-Palestinian student organization for allegedly violating school policies. The encampment at Columbia University was lively early this week, with many students congregating in circles, eating and talking.

Persons: Minouche Shafik, Shafik, ” Shafik, Joe Biden, Mike Johnson, Barnard, Lisa Rosenbury, –, Eric Adams, Cameron Jones, “, Jacob Schmeltz, it’s, ”, Biden, Andrew Bates, Bates, Hakeem Jeffries, It’s, ” CNN’s Kate Sullivan, John Towfighi, Melanie Zanona, Taylor Romine, Omar Jimenez, Sara Smart, Matt Egan, Nic F, Anderson, Isabel Rosales Organizations: New, New York CNN — Columbia University, Columbia, New York Police Department, NYPD, Columbia University, CNN, Barnard College, New York University, NYU, Yale University, University of New, University of Minnesota’s, Massachusetts Institute of Technology, Emerson College, University of California, University of Michigan . Harvard University, Harvard, Columbia Columbia, New York City, Democratic Locations: New York, Columbia, United States, New Haven , Connecticut, Gaza, University of New Mexico, University of Minnesota’s Twin Cities, Berkeley, Israel

☆ Truth Social: Donald Trump is on the verge of another $1 billion windfall
▼ + stars: | 2024-04-22 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

As long as Trump Media & Technology Group’s share price doesn’t spectacularly implode before Tuesday’s closing bell, Trump is on track to receive another 36 million shares as the owner of Truth Social. Even though Trump Media is losing money and Truth Social is very tiny, those new shares Trump is in line to receive would be valued at about $1.3 billion at current prices. Of course, Trump Media’s share price is subject to extreme volatility, meaning the value of this stake can swing wildly. ‘Grossly overvalued’Even though Trump Media’s share price has retreated since spiking to $66 last month, experts warn it remains overvalued based on fundamental metrics. Ritter, who has been studying IPOs for four decades, expects Trump Media’s share price to eventually plunge to just $1 or $2 per share.

Persons: Donald Trump, Trump, ”, Michael Ohlrogge, ‘, Matthew Kennedy, Kennedy, Jay Ritter, University of Florida . Ritter, Peter Byrne, Cooley Organizations: New, New York CNN, Trump Media & Technology, Truth, Trump Media, Trump, SEC, NYU School of Law, Renaissance, Facebook, Meta, University of Florida, NYU Locations: New York

☆ Tensions are so high at Columbia ahead of Passover that all classes will be virtual today
▼ + stars: | 2024-04-22 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Officials at Columbia University, facing surging tensions on campus that have raised safety concerns, have announced all classes will be virtual on Monday as Passover begins. Shafik has faced new calls for her resignation, and a rabbi linked to the university even urged Jewish students to stay home due to concerns about their safety. The crisis at Columbia amounts to a massive test for Shafik, who took the helm of the university less than a year ago. “It is crystal clear that Columbia University -previously a beacon of academic excellence founded by Alexander Hamilton - needs new leadership,” Stefanik said in a statement on Sunday. As Passover begins Monday, Jewish student organizations have increased security for their upcoming events and services.

Persons: Minouche Shafik, “, Shafik, Kathy Hochul, Eric Adams, Adams, New York Police Department “, ”, Elise Stefanik, Alexander Hamilton, ” Stefanik, Virginia Foxx, “ Columbia’s, ” Foxx, Brian Cohen, Chabad, CNN’s Elizabeth Wolfe, Paradise Afshar, Caroll Alvarado, Shimon Prokupecz Organizations: CNN, Columbia University, Columbia, Ivy League, Jewish, , New, New York City, New York Police Department, New York Republican, Harvard University, University of Pennsylvania, Police, Kraft Center, Barnard College Locations: ,, , New York, New, ” Columbia, Columbia, Jewish

In video from WCBS, pro-Palestinian protesters could be seen clashing with police and some had lit small fires. Police officers detain pro-Palestinian demonstrators who had set up an encampment on the South Lawn at Columbia University in New York, on Thursday afternoon. Protestors demonstrate at Columbia University, on Thursday, April 18, 2024. Hirsi, an organizer with Columbia Students for Justice in Palestine, said earlier Thursday she and two other students at Barnard College – located across the street from Columbia University – were suspended for participating in pro-Palestinian protests. Barnard is an official college of Columbia University, but also an independently incorporated educational institution.

Persons: Nemat “, Shafik, –, ”, ” “, ” Shafik, Joshua Briz, Attorney Alvin Bragg, Ilhan, Isra Hirsi, Ilhan Omar, Hirsi, Columbia University –, “, ” Hirsi, Barnard, Israel, CNN’s Matt Egan, Ramishah Maruf Organizations: CNN, New York Police, Columbia University, Columbia, Israel, WCBS, NYPD, Police, Lawn, New York Times, University, Attorney, Metropolitan Transportation, Rep, Columbia Students, Justice, Barnard College –, Barnard College, Education Locations: Washington , DC, Manhattan, New York, C.S . Muncy, Columbia, Palestine, Israel

☆ Three takeaways from the Columbia University president’s testimony on antisemitism
▼ + stars: | 2024-04-17 | by ( Matt Egan | Ramishah Maruf | ) edition.cnn.com time to read: +4 min

Columbia University President Minouche Shafik tried to avoid the firestorm of controversy that pushed out two of the three university presidents who testified on Capitol Hill in December. While the other university presidents provided lawyerly answers that went viral, Shafik and her three Columbia colleagues all unequivocally stated that such calls would violate the code of conduct at Columbia. For instance, the Columbia president was asked by Rep. Lisa McClain whether mobs shouting “from the river to the sea” or “long live the intifada” qualify as antisemitic comments. Some people don’t.”Only after David Schizer, the co-chair of Columbia’s task force on antisemitism, indicated it would qualify as antisemitism did Shafik agree. Davidai called Shafik a “coward” in a fiery speech last year criticizing the university president for failing to quiet “pro-terror” voices at the school.

Persons: Minouche Shafik, Shafik, Shafik waffled, Lisa McClain, McClain, “, David Schizer, ” Shafik, Joseph Massad, Tim Walberg, Massad, Mohamed Abdou, Shai Davidai, Davidai, ”, Abdou, Eden Yadegar, CNN’s Elisabeth Buchwald Organizations: New, New York CNN, Ivy League, Columbia University, Harvard, Massachusetts Institute of Technology, University of Pennsylvania, Columbia, ”, CNN, Columbia Business School Locations: New York, Columbia

☆ Americans are savings less these days. Here’s why and what that means
▼ + stars: | 2024-04-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. Put together, this may have resulted in “a structurally lower saving rate,” according to the report. What does the lower saving rate of nowadays say about the US consumer? Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.

Persons: haven’t, “, Wells, Bell, Shannon Seery Grein, There’s, they’ve, we’ve, Matt Egan, ” Paul Knopp, Read, Goldman Sachs, Charles Schwab, Lorie Logan, Mary Daly, Johnson, Morgan Stanley, Jerome Powell, Loretta Mester, John Williams, Raphael Bostic, Austan Goolsbee Organizations: Washington CNN, Wells, KPMG, CNN, Gallup, T Bank, US Commerce Department, National Association of Home Builders, China’s National Bureau of Statistics, Johnson, Bank of America, PNC, The Bank of New York Mellon, Northern Trust, United Airlines, Federal Reserve, Abbott Laboratories, Discover, Citizens, Cleveland Fed, Taiwan Semiconductor Manufacturing, Netflix, Alaska Air, National Association of Realtors, Fed, US Labor Department, Procter & Gamble, American Express . Chicago Fed Locations: Wells Fargo, United States, Europe, UnitedHealth, Blackstone

☆ Burnout fears force bosses to explore a four-day workweek
▼ + stars: | 2024-04-12 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Burnout is such a problem for workers that some bosses are considering shrinking the length of the workweek. “It’s way too early to declare the four-day work week part of the future. Some companies that have experimented with shorter workweeks are sticking with it. “My guess is a widespread four-day workweek could be years away – if ever,” he said. “It’s possible that generative AI might make the four-day workweek more realistic,” Knopp said.

Persons: ” Paul Knopp, Knopp, It’s, ”, “, don’t, haven’t, ” Knopp Organizations: New, New York CNN, KPMG, CNN, Gallup Locations: New York, United States, Europe, United Kingdom

☆ Some Trump stock investors have already lost half their money
▼ + stars: | 2024-04-12 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of Trump Media & Technology Group are in free fall. Trump Media is now trading below $31. Trump owns a dominant stake of 78.8 million shares in the company, which generates little revenue and is losing users. At the closing high for Trump Media’s stock price, the former president’s stake was valued at $5.2 billion. Trump Media disclosed losing $58 million in 2023 on very light revenue of just $4.1 million.

Persons: Donald Trump’s, Trump, ”, Shannon Devine, Capital’s Matthew Kennedy, Billionaire Barry Diller, ” Shannon Devine, it’s Organizations: New, New York CNN, Trump Media & Technology Group, Trump Media, Nasdaq, Trump, Big Tech, ” Trump Media, CNN, Expedia, People Magazine, IAC, CNBC Locations: New York

☆ Energy stocks are hot again. The rally could have more fuel to burn
▼ + stars: | 2024-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

These robust gains come after a lackluster year for energy stocks. The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand. Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience. Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production. Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.

Persons: Nancy Curtin, “, ”, Bob Doll, he’s, Donald Trump, Trump, Matt Egan, ” Alex Durante, Read, Alicia Wallace, Price Organizations: CNN Business, Bell, New York CNN — Energy, Marathon Petroleum, Exxon Mobil, Occidental Petroleum, Halliburton, West Texas, Brent, Federal Reserve, Energy, RBC Capital Markets, Crossmark Global Investments, Organization of, Petroleum, Clean Energy, SolarEdge Technologies, Enphase Energy, Tax Foundation, CNN, Trump, of Labor Statistics, PPI Locations: New York, Ukraine, OPEC, China, Mexico

☆ How Trump’s tariff plans could kill jobs and worsen inflation
▼ + stars: | 2024-04-11 | by ( Matt Egan | ) edition.cnn.com time to read: +10 min

Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.

Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, ”, Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, “, Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, “, Obama Locations: New York, China, Mexico, Beijing, United States

☆ Why Trump Media & Technology Group’s stock price is so volatile
▼ + stars: | 2024-04-09 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

You might miss a massive move in Trump Media & Technology Group’s stock price. Trump Media is so turbulent that it makes bitcoin’s volatility look tame. There are many reasons why Trump Media shares have been so volatile, including the fact that the company is inextricably linked to the former president. This dynamic makes it easier for investors to place bullish bets, sending Trump Media shares surging. But that has been trickier with Trump Media, allowing its stock to spike in its early days.

Persons: Donald Trump, it’s Trump, ”, Matthew Tuttle, Michael Ohlrogge, Matthew Kennedy, Kennedy, “, it’s, Bob Sloan, Tuttle, Charles Schwab, ” Tuttle, Ohlrogge, Trump, Renaissance’s Kennedy, Jonathan Macey, ” Macey Organizations: New, New York CNN, Trump Media & Technology, Trump Media, Trump, Tuttle Capital Management, Trump Media’s, NYU School of Law, Similarweb, Renaissance, Facebook, Meta, “ Traders, Companies, S3 Partners, CNN, NYU, MBT, Yale Law School Locations: New York

☆ The stock market is shrinking and Jamie Dimon is worried
▼ + stars: | 2024-04-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Jamie Dimon, one of the world’s most influential business leaders, is worried. The PE boom: The shrinking public market has private equity to blame — funds that pool money from investors to acquire or invest in companies. When a PE fund buys a public company, it takes that company private. The number of private companies in the US backed by PE firms has grown from 1,900 to 11,200 over the last two decades, according to JPMorgan data. Dimon’s company, of course, makes a huge amount of money from taking companies public, so he’s not exactly an impartial observer.

Persons: Jamie Dimon, ”, Matthew Kennedy, Dimon, “, it’s, Russell, Lewis, Glass Lewis, Wells, aren’t, Matt Egan, Donald Trump’s, That’s, Reddit, —, Read, Biden, Joe Biden’s, Sam Fossum, Anna Cooban, ” Biden Organizations: CNN Business, Bell, New York CNN, JPMorgan Chase, JPMorgan, Renaissance, PE, ” Companies, Companies, Harvard Law, Corporate, Institutional, Services, Deutsche Börse, Peloton Capital, CNN, ISS, Social, Trump Media & Technology Group, Trump, Trump Media, Twitter, White, Taiwan Semiconductor Manufacturing Company Locations: New York, United States, America, German, Arizona, ”

☆ Trump’s net worth has tumbled by $2 billion since Truth Social stock peaked last month
▼ + stars: | 2024-04-08 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Shares of Trump Media & Technology Group continue to rapidly fall back to Earth. Trump owns a dominant stake of 78.8 million shares in Trump Media, which launched in 2021. Last week, Trump Media disclosed losing $58 million last year on very light revenue of just $4.1 million. After its first day of trading, Trump Media was valued at as much as $11 billion. Despite the recent losses, shares of Trump Media and the blank check company it merged with have more than doubled this year.

Persons: Donald Trump’s, That’s, Reddit, – Organizations: New, New York CNN, Trump Media & Technology Group, Trump, Trump Media, Twitter Locations: New York

☆ Oil price surge is the No. 1 threat to the US economy, Moody’s economist warns
▼ + stars: | 2024-04-08 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

But there is a growing threat to that sunny economic backdrop: surging oil prices. Global oil prices are flirting with $92 a barrel amid worries about a wider war in the Middle East. US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. First, drone attacks on oil refineries deep inside Russia helped lift oil prices last month. Beyond the Middle East tensions, oil and gas prices have been boosted by OPEC and its allies, which continue to restrain supply.

Persons: “, ”, Mark Zandi, Moody’s, Donald Trump, Trump, ” Zandi, hasn’t, Andy Lipow, Brent, ” Helima Croft, Joe Brusuelas, ” Brusuelas, Brusuelas, Vincent Reinhart, Mellon, ” Reinhart, he’s, Patrick De Haan, ” De Haan Organizations: New, New York CNN, Federal Reserve, Wall, CNN, “, Iranian Revolutionary Guards, Lipow Oil Associates, CIA, RBC Capital Markets, RSM, AAA, OPEC, Lipow Locations: New York, Iran, Russia, Syria, Israel, Quds, “

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