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☆ Jamie Dimon calls bitcoin a 'fraud' and a 'Ponzi scheme' — and says the crypto is hopeless as a currency
▼ + stars: | 2024-04-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Bitcoin is a "fraud" and "Ponzi scheme" and cannot serve as a currency, Jamie Dimon said. Dimon has dismissed bitcoin as a "pet rock" in the past and slammed it for enabling criminals. AdvertisementBitcoin is a scam and fails as a currency, Jamie Dimon said. "If you mean crypto like bitcoin, I've always said it's a fraud," the JPMorgan CEO told Bloomberg TV on Wednesday. It's a Ponzi scheme," he added.

Persons: Jamie Dimon, Dimon, bitcoin, —, I've Organizations: JPMorgan, Service, Bloomberg

☆ Donald Trump's Truth Social has crashed 70% from its peak — and experts say the meme stock may fall further
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Donald Trump's meme stock has plunged by 70% from its peak last month. Trump Media & Technology Group, which owns Truth Social, soared after it went public. AdvertisementDonald Trump's meme stock skyrocketed in March but has now crash-landed. Advertisement"Given Donald Trump's substantial fanbase, particularly during election cycles, he could wield significant influence over specific stocks, such as Truth Social stock," he said. The sharp rise in Truth Social price will definitely be a short-run phenomenon because it is not fully backed by fundamentals."

Persons: Donald Trump's, —, Donald, Trump, Michele Costola, Costola, Imran Yousaf, Warren Buffett, Yousaf, it's, TMTG, they'll, Devin Nunes Organizations: Trump Media & Technology Group, Service, Bloomberg, Foscari University of Venice, Kean University, GameStop Locations: Tuesday's

☆ Elon Musk's wealth has crashed by $160 billion from its peak as Tesla's problems pile up
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The stock drop has fueled an estimated $160 billion decline in Elon Musk's net worth. AdvertisementTesla's mounting troubles have dealt a heavy blow to Elon Musk's net worth. However, Musk's net worth has plunged by about $160 billion since then to $178 billion at Tuesday's close. Musk's net worth has taken a big hit from the decline because his 13% stake in the automaker makes up a big chunk of his wealth. He topped the Bloomberg rich list with a $229 billion fortune in January, but his net worth has crashed by $51 billion, or 22%, since then.

Persons: —, Elon, Warren Buffett, LVMH's Bernard Arnault, Jeff Bezos, Meta's Mark Zuckerberg, Musk, He's, Zuckerberg, isn't Organizations: Service, Bloomberg, SpaceX, Buffett, Tesla, Twitter Locations: Elon Musk's

☆ Jamie Dimon made $183 million from selling JPMorgan stock
▼ + stars: | 2024-04-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Jamie Dimon has raked in $183 million from his planned sale of 1 million JPMorgan shares. JPMorgan's CEO sold stock worth $33 million on Monday, after selling a $150 million tranche in February. Dimon's first disposals in 19 years were for diversification and tax planning, JPMorgan said. AdvertisementJamie Dimon has wrapped up his planned sale of 1 million JPMorgan shares, pocketing $183 million in total proceeds. The boss of America's biggest bank disposed of about 178,000 shares for about $33 million on Monday, regulatory filings show.

Persons: Jamie Dimon, Dimon's, — Organizations: JPMorgan, JPMorgan's, Service, Business

☆ Brace for the S&P 500 to crash 30% before an even bigger collapse after the election, markets guru David Brady warns
▼ + stars: | 2024-04-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Expect the S&P 500 to tumble 30%, recover, then suffer a historic crash, David Brady warned. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPrepare for stocks to plunge 30%, rebound before the presidential election, then crash to their lowest level in 14 years, a markets analyst warned. The S&P 500 is poised to plummet from over 5,000 points to an 18-month low of 3,500 points, David Brady said on the latest "Thoughtful Money" podcast episode.

Persons: David Brady, —, Brady Organizations: Service, Business

☆ The average US home price could spike 20% to a record $500,000 if the Fed cuts interest rates too soon, expert says
▼ + stars: | 2024-04-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The median US home price could surpass $500,000 for the first time, one expert says. Housing guru Bill Pulte said prices could jump 20% if the Fed cuts rates before crushing inflation. AdvertisementThe average price of a home could soar to over $500,000 if the Federal Reserve cuts interest rates without crushing inflation first, a housing expert says. "I predict if rates go down, housing prices will go through the roof," Bill Pulte recently told Fox Business. This story is available exclusively to Business Insider subscribers.

Persons: Bill Pulte, —, Louis Organizations: Service, Federal Reserve, Fox Business, Louis Fed, Business Locations: St

☆ Goldman crushes revenue and earnings forecasts as investment-banking fees soar
▼ + stars: | 2024-04-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Goldman Sachs reported first-quarter earnings on Monday that trounced Wall Street's forecasts. The investment bank generated over $14 billion in net revenue and $11.58 in earnings per share. Goldman reported strong growth in investment-banking fees and asset and wealth management. Goldman's asset and wealth management arm posted an 18% rise in net revenue to $3.8 billion, helped by record quarterly management and other fees. AdvertisementIn the earnings release, Goldman CEO David Solomon said: "Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs.

Persons: Goldman Sachs, Goldman, —, David Solomon Organizations: Wall, Service

☆ 'Bluey' fans worry the hit TV show is about to end. A lot of money's at stake — and there are challenges ahead.
▼ + stars: | 2024-04-13 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"Bluey" fans are worried the series could end with its third-season finale on Sunday. The kids TV show ranked among the most-watched streaming series in America last year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFans of the children's TV sensation "Bluey" fear their favorite show will end with the third season's finale this Sunday. There's a lot of money at stake and if the series does continue, it faces challenges down the line.

Persons: —, Bingo, Joe Brumm, It's, Ludo Studio, There's, Elsa, Olaf, Uhls Organizations: Service, Nielsen, Center, Scholars, UCLA, Disney, Bloomberg Locations: America, Australian

☆ JPMorgan beats on earnings as CEO Jamie Dimon rings the alarm on global trouble
▼ + stars: | 2024-04-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The banking giant grew revenue by 9% and net income by 6%. CEO Jamie Dimon, however, rang the alarm on geopolitical and economic challenges. AdvertisementJPMorgan reported first-quarter earnings on Friday that surpassed Wall Street's expectations, as CEO Jamie Dimon rang the alarm once again on a troublesome geopolitical and economic backdrop. America's biggest bank posted a 9% year-on-year rise in revenue to $41.9 billion, which helped to drive its net income up 6% to $13.4 billion. Dimon hailed JPMorgan's strong performance in the earnings release, but also issued a stark caution about the current global backdrop.

Persons: Jamie Dimon, —, Dimon Organizations: JPMorgan, Service, CIB, CB, First Locations: CCB

☆ BlackRock just reported a record $10.5 trillion in assets under management as client cash poured in and markets delivered
▼ + stars: | 2024-04-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Assets under management grew by 15% in 12 months to a record $10.5 trillion. The world's largest asset manager cited big net inflows of client cash and a strong market. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementBlackRock's assets under management surged 15% year-on-year to a record $10.5 trillion in the first quarter, as more people trusted the company to put their cash to work and markets performed well. Indeed, BlackRock's net inflows were $76 billion in the first quarter versus $183 billion in all of 2023.

Persons: —, Larry Fink Organizations: BlackRock, Service Locations: Thursday's

☆ Nvidia is in a bubble, stocks will disappoint for a decade, and a recession will strike this year, markets guru warns
▼ + stars: | 2024-04-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Nvidia is in a bubble, stocks will falter, and a recession will hit this year, Jesse Felder said. The markets guru said the microchip frenzy would fade, and stock-market returns would drop off. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNvidia hype is a bubble that will burst, stocks will disappoint for the next decade or longer, and a recession will strike this year, Jesse Felder said.

Persons: Jesse Felder, —, outsize, Felder, Jeff Bezos, Meta's Mark Zuckerberg, Jamie Dimon Organizations: Nvidia, Service, Micron

☆ 'Big Short' investor Michael Burry warned inflation would spike again. Prices just jumped.
▼ + stars: | 2024-04-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Michael Burry predicted a second inflation surge, and price growth reaccelerated in March. The "Big Short" investor first warned of inflation in April 2020, over two years before it peaked. AdvertisementMichael Burry of "The Big Short" fame warned inflation would make a comeback — and it's on the rise again. Headline price growth accelerated to 3.5% in March, up from 3.2% in February and 3.1% in January. This story is available exclusively to Business Insider subscribers.

Persons: Michael Burry, Burry, — Organizations: Service, Business

☆ Stocks, Real Estate Will Crash When 'Everything Bubble' Pops: Kiyosaki
▼ + stars: | 2024-04-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Robert Kiyosaki warned an "everything bubble" spanning stocks, bonds, and real estate would pop. The "Rich Dad Poor Dad" author touted gold, silver, and bitcoin for riding out the storm. "The EVERYTHING BUBBLE, stocks, bonds, real estate SET to CRASH," he said in a recent X post. Please buy more real gold, silver, Bitcoin." The Rich Dad Company founder's latest crash warning should be treated with skepticism as his previous ones have failed to pan out.

Persons: Robert Kiyosaki, Dad, —, — he's, bitcoin, Rich Dad, founder's, Kiyosaki, Lehman Organizations: Service, Nasdaq, Federal Reserve, Credit Suisse, UBS Locations: Swiss

☆ Donald Trump crashes out of the Bloomberg rich list due to his meme stock nosediving
▼ + stars: | 2024-04-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth. AdvertisementDonald Trump has crashed out of the ranks of the world's 500 wealthiest people after the value of his meme stock nosedived. The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. AdvertisementTMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company.

Persons: Donald Trump, —, Forbes, Trump, George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, Bernie Marcus, Ralph Lauren, TMTG Organizations: Service, Bloomberg, Trump Media & Technology, TMTG, Paramount, Etsy, Hasbro, American Airlines Locations: Monday's

☆ Jamie Dimon had a lot to say in his annual letter to shareholders
▼ + stars: | 2024-04-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Jamie Dimon's annual letter to shareholders and why this edition is so different . The big storyDimon sounds offWin McNamee/Getty Images; Chelsea Jia Feng/BIWhen Jamie Dimon talks, people tend to listen. Dimon's annual letter to shareholders grabs the business world's attention in ways most executives can only imagine. Dimon described the tech as just as innovative and impactful as the printing press, steam engine, electricity, and the internet, writes Business Insider's Jyoti Mann. The polarization of politics was something Dimon touched on in his letter, urging people to resist being "weaponized."

Persons: —, Jamie Dimon's, Jamie's, Win McNamee, Chelsea Jia Feng, Jamie Dimon, Larry Fink, Dimon, Insider's Jyoti Mann, BI's Theron Mohamed, BI's Juliana Kaplan, Alex Brandon, Rebecca Zisser, he's, it'd, David Rosenberg, Jenny Chang, Rodriguez, Elon Musk, Tesla, Musk, Gabor Cselle, Brooks Kraft, Zers, they'll, they've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, JPMorgan, Democratic, Monetary Fund, Microsoft, Google, Twitter, Brooks Kraft LLC, Getty, Warner Bros, Oxford High, Boeing Locations: Pennsylvania, Asia, Hong Kong, Singapore, Dubai, Abu Dhabi, London, New York

☆ Microchip giant TSMC strikes $11.6 billion deal with Biden to boost production in Arizona
▼ + stars: | 2024-04-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Taiwan Semiconductor is set to receive almost $12 billion in grants and loans from the US government. The Biden administration is eager to onshore production and rely less on China as tensions mount. AdvertisementThe White House is giving the world's largest chipmaker government grants and loans worth almost $12 billion to expand production in Arizona. The agreement with Taiwan Semiconductor Manufacturing Co. (TSMC) announced an initial deal in a press release on Monday. TSMC generated about $67 billion in revenue last year and and $26 billion of net income.

Persons: Biden, —, They've, Warren Buffett's Berkshire Hathaway, Buffett Organizations: Taiwan Semiconductor, Service, Taiwan Semiconductor Manufacturing Co, Apple, Nvidia, Rivals, Intel, Samsung, Technology Locations: Taiwan, Phoenix , Arizona, China, Arizona, TSMC

☆ JPMorgan's Jamie Dimon warns the world is on fire — and plenty of people are way too bullish
▼ + stars: | 2024-04-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

In his annual letter to JPMorgan shareholders, Jamie Dimon rang the alarm on geopolitical tensions. The bank's CEO said investors were too optimistic about inflation, interest rates, and the economy. AdvertisementJamie Dimon is deeply concerned about international relations — and worries investors are too optimistic about threats such as inflation, interest rates, and recession. AdvertisementIndeed, Dimon said JPMorgan was ready for rates of 2% to 8% or even higher. He flagged the possibility of stagflation, which could usher in higher rates, large credit losses, a slump in business volumes, and tough markets.

Persons: Jamie Dimon, —, Dimon, Sharp, he's Organizations: JPMorgan, Service, Federal, Wall Locations: Ukraine, China

☆ Michael Bloomberg is worth an estimated $106 billion — but you won't find him on the Bloomberg rich list
▼ + stars: | 2024-04-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewThe release of Forbes' annual rundown of the world's billionaires has underlined a glaring omission from the Bloomberg Billionaires Index: Michael Bloomberg himself. Forbes ranked the 82-year-old Bloomberg LP founder in 12th place with an estimated $106 billion fortune as of March 8. Based on Forbes' wealth estimate, Bloomberg would be in joint 12th position with Michael Dell (also $106 billion) as of Thursday. Related storiesThe Bloomberg Index's methodology explains why the boss is missing: "Bloomberg News editorial policy is to not cover Bloomberg LP. As a result, Michael Bloomberg, the founder and majority owner of Bloomberg LP, isn't considered for this ranking."

Persons: —, Michael Bloomberg, Sergey Brin, Amancio Ortega, Carlos Slim Helu, Michael Dell, isn't, Forbes, Jensen Huang, Salomon Brothers, He's Organizations: Service, Forbes, Bloomberg, Business, Nvidia, Waltons, CVS Health, GM, New York City's Locations: Inditex, New York

☆ Here are 5 secrets of Netflix's success, according to Reed Hastings
▼ + stars: | 2024-04-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Reed Hastings, the streaming giant's cofounder and executive chair, walked through five key elements of Netflix's corporate culture on the latest episode of "The Tim Ferriss Show." Team, not familyNetflix is run like a top-tier sports team that aims to fill each position with the best person who's also a team player, Hastings said. Stacking its roster with exceptional performers maximizes Netflix's chance of success and also motivates, educates, and draws in even more talent. Advertisement"The reward for adequate performance is a generous severance package," Hastings said. "Sometimes if to help them grow I've got to be willing to argue with my manager, then that's okay," Hastings said.

Persons: —, Reed Hastings, Tim Ferriss, who's, Hastings, I've Organizations: Service, Business, Netflix

☆ Wall Street seems worried about Apple — and divided over its stock
▼ + stars: | 2024-04-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewApple's decision to cut more than 600 employees in California speaks to the challenges facing the technology titan and affecting its stock price — and why analysts are divided over its outlook. At the same time, reports suggest Apple is looking into building robots that help people with household tasks. Related storiesWorries that Apple has lost its way have weighed on its stock price. Even so, Apple is a mainstay of many stock portfolios and unlikely to fall much further, Craig Johnson, chief market technician at Piper Sandler, told Bloomberg.

Persons: —, Gene Munster, Dan Ives, Cook, Apple, Craig Johnson, Piper Sandler, Warren Buffett, they've, Johnson Organizations: Service, Apple, Business, Deepwater Asset Management, CNBC, Big Tech, Microsoft, Bloomberg, Berkshire Hathaway, Yahoo Finance Locations: California, China, Europe, Berkshire

☆ Reed Hastings says he kept losing money as an investor so he sticks to owning Netflix stock and index funds
▼ + stars: | 2024-04-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In late January, he gifted 2 million Netflix shares worth $1.1 billion to the Silicon Valley Community Foundation. The donation slashed his direct stake in Netflix by about 40% to just under 3 million shares — a position valued at about $1.9 billion. The tech veteran's net worth is still around $6 billion, as he holds 3 million Netflix stock options and has sold about $2 billion worth over the years, per the Bloomberg Billionaires Index. Hastings has also donated vast amounts of money to education providers like charter schools and historically Black colleges and universities (HBCUs).

Persons: —, Reed Hastings, Tim Ferriss, I've, Hastings, Warren Buffett, Ferriss, Buffett, priding, Charlie Munger, Hastings —, he's Organizations: Service, Netflix, Business, Berkshire Hathaway, Hastings, Community Foundation, Bloomberg

☆ Robert Kiyosaki, David Einhorn, and Gary Shilling are all worried about inflation — and so is the Fed
▼ + stars: | 2024-04-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The central bank's current chief, Jerome Powell, is yet to defeat his mythical beast — and Wall Street is getting worried. Powell warned on Wednesday that the Fed's fight against inflation isn't over after annualized price growth accelerated to 3.2% in February. AdvertisementRaising the alarmBank of America analysts have suggested that stubborn inflation could mean the Fed doesn't start cutting rates until March next year. It's no wonder, then, that investors are waiting impatiently for the Fed to cut rates. Fundstrat's famously bullish boss, Tom Lee, proclaimed this week that it's dropping "like a rock" and the first rate cut is still likely to be in June.

Persons: —, Paul Volcker, Jerome Powell, Powell, Greenlight Capital's David Einhorn, Einhorn, Greenlight, Dad, Robert Kiyosaki, Gary Shilling, Julia La Roche, We've, Merrill Lynch's, they've, Shilling, It's, Fundstrat's, Tom Lee Organizations: Service, Federal, Business, of America, CNBC, Trust, Wall Street, Fed

☆ Some people are being given thousands of dollars with no strings attached in universal basic income trials. They mostly spend the cash wisely.
▼ + stars: | 2024-04-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +7 min

Interest in universal basic income has grown due to the pandemic, Elon Musk, Sam Altman, and economic pain. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementYet a common question and concern about UBI remains how people spend the money. Related storiesThe Guaranteed Income Pilots Dashboard , a joint project from the Stanford Basic Income Lab and the Center for Guaranteed Income Research, pulls together data from more than 30 pilot programs in the US involving nearly 8,300 participants. GiveDirectly, a nonprofit, is providing universal basic income to 20,000 people across 200-odd royal villages in Kenya over 12 years.

Persons: Elon Musk, Sam Altman, —, It's, Karl Widerquist, Fabian Wendt, Rebecca Hasdell, UpTogether, Monique Gonzalez, Stephanie Hendon, Widerqist, Matt Bruenig, Douglas MacKay, Chapel Hill, MacKay Organizations: Service, Georgetown University, Qatar, Stanford, Income, Center, Research, UNC, Chapel Locations: Virginia, Kenya, San Antonio , Texas

☆ Taylor Swift, Magic Johnson, and Sam Altman made Forbes' billionaires list for the first time. Here are the newcomers to know.
▼ + stars: | 2024-04-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Taylor Swift, Magic Johnson, and Sam Altman are among the new additions to Forbes' billionaire list. Swift's "The Eras Tour," Johnson's business deals, and Altman's startup bets have paid off hugely. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTaylor Swift, Magic Johnson, and Sam Altman are among the 265 new faces on Forbes' annual list of billionaires, published this week. This story is available exclusively to Business Insider subscribers.

Persons: Taylor Swift, Magic Johnson, Sam Altman, Forbes, Lisa Su, Todd Graves, Christian Louboutin, —, Swift Organizations: Service, Forbes, Business

☆ Bumper corporate profits helped prevent mass layoffs and a recession, says leading economist
▼ + stars: | 2024-04-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

After-tax profits hit a record high of $2.8 trillion in the fourth quarter, per the Commerce Department. "The gangbuster gain in profits helps explain why businesses have been able and willing to hold the line on layoffs, which was key to avoiding recession," he said. Advertisement"It also helps explain the record stock market, and the resulting positive wealth effects and resilient consumer spending." Related storiesAs for stocks, they're generally valued at a multiple to company profits so they've hit record highs too. That has made stockholders feel wealthier and more comfortable spending, Zandi said.

Persons: —, Mark Zandi, That's, Zandi Organizations: Service, Corporate America, Corporations, Commerce Department, Business, Federal Reserve, Companies

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