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☆ Trump’s social media stock plunges 20%, flirting with its worst day since going public
▼ + stars: | 2024-10-30 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —After a ridiculous spike over the past five weeks that had absolutely nothing to do with the company’s actual business, former President Donald Trump’s social media stock is suffering a sudden setback. Truth Social owner Trump Media & Technology Group’s share price plunged about 20% on Wednesday afternoon. If Trump Media finishes with a loss of more than 21%, it would qualify as its worst one-day loss since going public in March. Trump Media did not release any major news that would explain the nosedive. Trump Media’s stock has been extraordinarily volatile all year.

Persons: Donald Trump’s, It’s, “, ” Dan Ives, ” Matthew Tuttle, Wednesday’s selloff, ” Tuttle Organizations: New, New York CNN, Social, Trump Media & Technology, Trump Media, Trump, White, Elon Musk, CNN, CBS, Paramount Global, GameStop, Wedbush Securities, Tuttle Capital Management Locations: New York

☆ One of Republicans’ biggest inflation cudgels against Democrats has evaporated
▼ + stars: | 2024-10-29 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

It’s a crucial trend that undercuts one of the biggest arguments Republicans have used to hammer Democrats over the cost of living. Although gas prices are down and the rate of inflation has cooled sharply, consumers are still hurting from years of price hikes. After Russia invaded Ukraine, oil prices skyrocketed due to fears of massive supply disruptions. Drivers rolling up to gas stations in some battleground states are enjoying significant price drops, including Nevada (79 cents cheaper than a year ago), Arizona (78 cents cheaper), Pennsylvania (36 cents cheaper) and Wisconsin (32 cents cheaper). But for now the markets appear to be bracing for muted prices, a situation that should keep a lid on gas prices.

Persons: Harris, ” Patrick De Haan, It’s, we’re, ”, De Haan, Donald Trump, Kamala Harris, Biden, Trump, Tom Kloza, Kloza, Brent, “ Organizations: New, New York CNN, Biden, CNN, AAA, Drivers, Iran, Oil Price Information Service, Citigroup, ClearView Energy Partners Locations: New York, Nevada, Arizona, Russia, Ukraine, Pennsylvania, Wisconsin, Israel, Iran, Persian, China, United States

☆ Trump’s social media company has tripled in value in five weeks
▼ + stars: | 2024-10-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Trump Media & Technology Group is losing money, generating very little revenue and its main product Truth Social remains a relatively small player in social media. And yet Wall Street is valuing former President Donald Trump’s social media company at nearly $8 billion, a price tag that has tripled in the span of just five weeks. Since plunging to record lows on September 23, Trump Media’s share price has skyrocketed. Trump Media’s share price saw a sharp decline in July after President Joe Biden ended his reelection bid. “If this were called Joe’s Media Company, we wouldn’t even be talking about it and it wouldn’t have a value anywhere close to this.

Persons: New York CNN —, Donald Trump’s, “ I’ve, ” Gene Munster, Munster, Trump, ” Munster, “, it’s, ” Trump, George Kailas, ” Kailas, Kailas, “ There’s, Joe Biden, Kamala Harris, Harris, ”, Steve Sosnick, Sosnick, ” Sosnick, he’s Organizations: New, New York CNN, New York CNN — Trump Media & Technology Group, Trump, White, Trump Media, Republican, Asset Management, CNN, Democratic, Interactive Brokers, Munster, “, Joe’s Media Company Locations: New York, Munster, Trump’s

☆ Trump’s McDonald’s visit highlights a significant problem for workers
▼ + stars: | 2024-10-22 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

Former President Donald Trump’s visit on Sunday to a McDonald’s in Pennsylvania highlights the longest period without a national increase in the federal minimum wage since it was established in 1938. It’s not economics,” Reich said of the record-long period of time without a federal minimum wage increase. Reich, who has testified before Congress on the minimum wage, said there’s no question the federal minimum wage is not a livable wage. Members of the Service Employee International Union organized the rally in support of striking McDonald's workers who are demanding a wage increase. States hike minimum wagesAlthough the federal minimum wage hasn’t budged, many state minimum wages have.

Persons: Lehman, Bear Stearns, Patrick Mahomes, Kamala Harris, Donald Trump’s, Trump, ” Trump, Donald Trump, Doug Mills, Harris, “, ” “, ” Harris, Michael Reich, ” Reich, Anna Kelly, ”, ” Kelly, Reich, Kevin Dietsch, ” Nina Turner, ” McDonald’s, That’s, Chandan Khanna Organizations: New, New York CNN, Lehman Brothers, Getty, Monday, Trump, Dynamics, University of California, CNN, Republican National, America, MIT, ” Labor, Service Employee International Union, Bureau of Labor Statistics, Labor Department Locations: New York, Francisco’s, United States, Pennsylvania, Feasterville, Trevose , Pennsylvania, Birmingham , Michigan, Berkeley, Communist, Washington ,, Alabama, California, Florida, Arkansas, West Virginia, Texas, Wisconsin, North Carolina, Ohio, Fort Lauderdale , Florida

☆ AI helped Uncle Sam catch $1 billion of fraud in one year. And it’s just getting started
▼ + stars: | 2024-10-17 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —The federal government’s bet on using artificial intelligence to fight financial crime appears to be paying off. The Treasury Department credited AI with helping officials prevent and recover more than $4 billion worth of fraud overall in fiscal 2024, a six-fold spike from the year before. US officials quietly started using AI to detect financial crime in late 2022, taking a page out of what many banks and credit card companies already do to stop bad guys. The Treasury’s use of AI to fight financial crime is just getting started. Officials are testing new data sources to better spot fraud and shady payments, and they are teaming up with state agencies to fight unemployment insurance fraud.

Persons: That’s, “ It’s, Renata Miskell, ” Miskell, it’s, It’s, Janet Yellen, Yellen, Miskell, ” Organizations: New, New York CNN, US Treasury Department, CNN, Treasury, Treasury Department, Social Security, Internal Revenue Service, Juniper Research Locations: New York, Hong Kong

☆ Just ignore the word ‘tariff’ — it’s a tax
▼ + stars: | 2024-10-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Especially when you hear words like “tariffs.”But, given the economy’s central importance in the 2024 race, it’s worth hammering on an Econ 101 fact: Tariffs are a tax on Americans. Very simply: When the US government decides to put a tariff (read: tax) on, say, Chinese goods, the actual money going to the US Treasury comes from the American company doing the importing. “To me, the most beautiful word in the dictionary is tariff,” Trump said at one point. But it’s important to judge Trump’s first-term trade policies and the Biden-Harris approach against context of the unprecedented tariff wave Trump is planning if he gets to Round Two. Bottom line: Tariffs might be a beautiful word to Trump’s ear, but he’s telling a fictional story about what they do in practice.

Persons: CNN Business ’, New York CNN —, Donald Trump, It’s, —, Annette Choi, Katie Lobosco, podcaster Sean Kelly, David Pakman, Kelly, he’s, ” Kelly, Pakman, “, Trump, ” Trump, John Micklethwait, Micklethwait, it’s, Joe Biden, Kamala Harris, Trump’s, Harris, ”, Scott Lincicome, United States —, ” David Kelly, Matt Egan Organizations: CNN Business, New York CNN, CNN, US Treasury, Bloomberg, Economic, of Chicago, Biden, Trump, Republican, Cato Institute, Peterson Institute for International Economics, Federal, Peterson Institute, Asset Management Locations: New York, China, United States, States

☆ Trump Media stock mysteriously plunges
▼ + stars: | 2024-10-15 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

Nasdaq paused trading for Trump Media at 2:42 p.m. The owner of social media platform Truth Social ended the day down 10%, and 20% below its high of the day. But Trump Media is a notoriously volatile stock. University of Florida professor Jay Ritter noted that trading volume in shares of Trump Media was “enormous” on Tuesday. Trump Media shares climbed 2% higher in after-hours trading.

Persons: Donald Trump’s, Matthew Tuttle, Trump, “, ” Tuttle, Jay Ritter, ” Ritter, Ritter Organizations: New, New York CNN, Social, Trump Media & Technology Group, Nasdaq, Trump Media, Tuttle Capital Management, CNN, University of Florida, GameStop, AMC, New York Stock Exchange Locations: New York

☆ Why so many Florida gas stations are still out of gas
▼ + stars: | 2024-10-14 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —Hurricane Milton passed through Florida days ago, but the devastating storm is still causing chaos at gas stations. Hundreds of gas stations in Florida still don’t have gas, including roughly half of the stations in the hard-hit Tampa area. Meanwhile, the number of gas stations without gas has fallen sharply. This represents a significant improvement, although it still means that more than 1,300 Florida gas stations remain dry five days after Hurricane Milton made landfall. Florida gas stations are out of fuel following the storm that made landfall as a Category 3 hurricane in the Siesta Key area of Florida, causing damage and flooding throughout Central Florida.

Persons: Milton, ”, Patrick De Haan, De Haan, Hurricane Milton, Chris O'Meara, Andy Lipow, Lipow, “, Ron DeSantis, Joe Raedle, where, Tom Kloza, ‘, we’ve, ” Kloza Organizations: New, New York CNN, Tampa, Hurricane, Florida Highway Patrol, Fla . Gas, Gulf, FEMA, Port, Port Tampa Bay, Port Manatee, Lipow Oil Associates, Pasco Sheriff’s, Wawa, Fox, Florida Gov, Tampa Bay Times, Oil Price Information Service, “ Locations: New York, Florida, Tampa, Plant City, Fla, Port Tampa Bay, Gulf Coast, Port Tampa, Port, Tampa Bay, Pasco, Pasco County, St . Petersburg, Englewood , Florida . Florida, Central Florida

☆ Trump’s social media stock is making an epic comeback as election nears
▼ + stars: | 2024-10-14 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Former President Donald Trump’s social media company is on fire on Wall Street. Up until very recently, Trump Media & Technology Group had been in meltdown mode. Its share price dropped to a record low of $12.15 on September 23, marking a stunning 82% crash from its high. Trump Media did not announce a sudden revenue stream or a flashy new product that could explain the move. “At today’s stock price of about $25, the stock is overvalued by 1,000% or so,” Ritter said, “suggesting a 90% drop will eventually occur.”

Persons: Donald Trump’s, “, Trump, doesn’t, ”, Matthew Tuttle, Jay Ritter, ” Ritter, Harris, Michael Block, Elon Musk, Tuttle Organizations: New, New York CNN, Trump Media & Technology Group, Trump Media, Wall Street, Trump, Tuttle Capital Management, Social, University of Florida, Elon Locations: New York

☆ TD Bank hit with record $3 billion fine over drug cartel money laundering, source says
▼ + stars: | 2024-10-10 | by ( Jordan Valinsky | Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, regulators announced Thursday. TD also intends to pay $1.8 billion to the US Justice Department and plead guilty to resolve the US government’s investigation that the bank violated of the Bank Secrecy Act and allowed money laundering. The US Department of Justice said in a statement that TD Bank had “long-term, pervasive, and systemic deficiencies” in its procedures of monitoring transactions. TD Bank declined to comment on the fine, but the bank plans to hold a call with investors later on Thursday. TD Bank’s (TD) US-listed shares slumped 5% as investors brace for higher legal expenses and weaker growth.

Persons: FinCEN, TD Bank’s, ” John Aiken, “, Allen Stanford Organizations: New, New York CNN —, Bank, US Treasury Department’s, US Justice Department, US Department of Justice, Street Journal, TD Bank, Jefferies, ”, Justice, Treasury, CNN Locations: New York

☆ Deloitte feels the wrath of Trump world over leaked JD Vance messages
▼ + stars: | 2024-10-08 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

CNN —Trump allies are calling for the federal government to punish Deloitte after an employee at the consulting firm apparently shared his private messages with JD Vance. The Post did not reveal who corresponded with Vance, now Trump’s running mate, and leaked those communications. “Maybe it’s time for the GOP to end Deloitte’s taxpayer funded gravy train?” Trump Jr. wrote on X, noting that Deloitte receives billions of dollars in government contracts. Trump Jr. told CNN he was speaking his mind as a private citizen. Neither Trump nor Vance have publicly threatened Deloitte, and it’s worth noting that Trump Jr. has indicated he does not plan to serve in the federal government.

Persons: CNN —, JD Vance, Donald Trump, Trump, Vance, Donald Trump Jr, ” Trump, Jason Miller, Trump Jr, “, ”, Kamala Harris, ” “, GOP Sen, Eric Schmitt, he’s, ” Jeffrey Sonnenfeld, John Deere, Davidson, ” “ Donald Trump, ” Richard Painter, George W, Bush, ” Painter, Painter, MAGA, Jonathan Gandal, Yale’s, ” Norman Eisen, it’s, ” Eisen Organizations: CNN, CNN — Trump, Deloitte, Washington Post, GOP, Trump, Department of Defense, Internal Revenue Service, Department of Homeland Security, Trump Jr, White, Yale, Leadership, Department, Google, Apple, Harley, US Postal Service, Motors, University of Minnesota, ”, ” Trump Jr, Post, Wall Street, ” “ Deloitte, “ Deloitte, Brookings Institution, DOJ

☆ Florida gas stations are already running out of fuel. Hurricane Milton could cause even more trouble
▼ + stars: | 2024-10-08 | by ( Chris Isidore | Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Gas stations in many areas of Florida are running out of gasoline, as residents prepare for Hurricane Milton. Gas price tracking service GasBuddy reported that as of Tuesday morning, 14.5% of gas stations statewide were without fuel, a dramatic spike from just 3% on Monday. DeSantis said 27 fuel trucks were escorted by the Florida Highway Patrol to deliver fuel to stations in the anticipated impact area of the storm. “We have been dispatching fuel over the past 24 hours as gas stations have run out,” he said at a press conference early Tuesday. And the real fear is that the hurricane and storm surge could cause significant damage to the port.

Persons: Fort, “, ”, Patrick De Haan, Ron DeSantis, DeSantis, Milton, Julio Cortez, Tom Kloza, Andy Lipow Organizations: New, New York CNN — Gas, Hurricane Milton, GasBuddy, Florida, Patrol, AAA, Lipow Oil Associates, Coast Guard Locations: New York, Florida, Milton’s, Fort Myers, Gulf Coast, Port of Tampa, Orlando, Tampa Bay, Port, Tampa

☆ TikTok sued by 14 states over alleged harms to children’s mental health
▼ + stars: | 2024-10-08 | by ( Clare Duffy | ) edition.cnn.com time to read: +6 min

New York CNN —A bipartisan group of 14 attorneys general from across the country filed lawsuits on Tuesday against TikTok, alleging that the platform has “addicted” young people and harmed their mental health. And last month, 42 state attorneys general called on US Surgeon General Vivek Murthy to require labels on social media apps warning of their potential harm to young users. It also alleges that TikTok “challenges,” viral trends where users try to replicate videos created by others, can encourage dangerous behavior among young users. TikTok previously cooperated with New York authorities to remove subway surfing content, the New York Times reported in January. The lawsuit seeks financial penalties against TikTok, including a requirement that the platform repay any profits it received from ads directed to New York teens or pre-teens.

Persons: TikTok, Letitia James, Rob Bonta, Vivek Murthy, ”, Alex Haurek, “ We’re, ” TikTok, “, James, “ TikTok, James ’, ” James ’, CNN’s Matt Egan Organizations: New, New York CNN, New York, US Justice Department, Harvard, New York Times, US, ”, TikTok Locations: New York, California, United States, New, Brooklyn

☆ Trump and Harris’ proposals would both increase the national debt but Trump’s plan would add $4 trillion more, study finds
▼ + stars: | 2024-10-07 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

Harris’ plan would boost the debt by $3.5 trillion over the next decade, while Trump’s platform would cause it to spike by $7.5 trillion, according to the Committee for a Responsible Federal Budget’s report, released Monday. It found that Harris’ measures could have no significant impact on the debt or could increase it by $8.1 trillion. And Trump’s proposals could balloon the debt by between $1.5 trillion and $15.2 trillion. These proposals would cost $2.3 trillion in total. But the committee estimates these tariffs would bring in between $2 trillion and $4.3 trillion over a decade — not enough to cover Trump’s agenda.

Persons: CNN —, Kamala Harris, Donald Trump, Harris ’, Harris, ’, Trump, Jerome Powell, “ We’re, ” Marc Goldwein, Brian Hughes, Trump’s, ”, That’s, Joe Biden’s, Katie Lobosco, Matt Egan Organizations: CNN, Republicans, Democrats, Trump, Social Security, Peterson Institute for International Economics, Center, of Education Locations: American

☆ Property damage from Hurricane Helene could cost owners more than $47 billion
▼ + stars: | 2024-10-07 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Even as Florida braces for another major hurricane, new estimates reveal Hurricane Helene caused up to $47.5 billion in losses for property owners. CoreLogic estimates Helene caused between $20 billion and $30 billion of uninsured flood losses. That dwarfs the firm’s estimate of between $10.5 billion and $17.5 billion worth of uninsured wind and flood losses. All told, CoreLogic calculates that Hurricane Helene caused between $30.5 billion and $47.5 billion in total wind and flood losses across 16 states. The vast majority of the damage from Hurricane Helene was from flooding, with wind causing just $4.5 billion to $6.5 billion of losses, according to CoreLogic.

Persons: Helene, ” CoreLogic, CoreLogic, Milton, Hurricane Helene Organizations: New, New York CNN, National Flood Insurance, Federal Emergency Management Agency, FEMA, Flood Locations: New York, Florida, Florida , North Carolina, South Carolina, Georgia, Helene’s, North Carolina, Tampa, St, Petersburg, Gulf of Mexico, Hurricane, Perry

☆ $100 oil could be the October surprise no one wanted
▼ + stars: | 2024-10-03 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —The Middle East is in chaos, and the oil market is remarkably calm about it. The chill reaction in the oil market reflects a boy-who-cried-wolf mindset that has set in. Even just two years ago, oil prices skyrocketed to $130 a barrel in March 2022 after Russia invaded Ukraine. Oil prices skyrocketed in 2019 when Saudi oil facilities were damaged in an attack that US officials blamed on Iran. A disruption in the Strait of Hormuz could send oil prices above $100 a barrel, according to ClearView.

Persons: ”, Bob McNally, “, It’s, McNally, George W, Bush, Israel, ” Helima, Joe Biden, Croft, internationalize, Kevin Book, ClearView, it’s, Biden Organizations: New, New York CNN, Investors, Rapidan Energy Partners, Israel, RBC Capital Markets, CNN, CIA, ClearView Energy Partners, International Energy Agency, RBC, Strategic Petroleum Reserve, Citigroup, Citi Locations: New York, Iran, China, OPEC, Saudi Arabia, Russia, United States, ” Helima Croft, Ukraine, Israel, Saudi, Strait, Hormuz, Riyadh, Persian

☆ Elon Musk’s X is worth nearly 80% less than when he bought it, Fidelity estimates
▼ + stars: | 2024-10-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —The social media platform formerly known as Twitter is worth almost 80% less than two years ago when Elon Musk bought it, according to estimates from investment giant Fidelity. The new valuation from Fidelity implies that it believes X is now worth just $9.4 billion — a far cry from the $44 billion that Musk paid. Other investors could value X differently. Ives said that he believes Twitter was really worth around $30 billion when Musk bought it, and today it’s worth closer to $15 billion. “When Musk bought Twitter, investors didn’t realize we’d be taking off on AI as fast as we are,” Munster said.

Persons: Elon Musk, ” Dan Ives, Ives, Twitter, Musk, Kantar, White supremacists, dumbest, Similarweb, Gene Munster, doesn’t, ” Munster, Munster, Musk’s, didn’t, we’d, “ Organizations: New, New York CNN, Twitter, Fidelity, Growth, Musk, Wedbush Securities, CNN, Google, Deepwater Asset Management, xAI Locations: New York, United States, X.com

☆ Bank of America is down: Customers report widespread outage
▼ + stars: | 2024-10-02 | by ( Matt Egan | ) edition.cnn.com time to read: 1 min

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☆ The stock market is off to its best start to a year since 1997 under Bill Clinton
▼ + stars: | 2024-10-01 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Yet investors remain unrelentingly bullish, bidding the US stock market further into uncharted territory. That’s the strongest start to a year since 1997, according to FactSet, when the US economy was surging during the dotcom boom under President Bill Clinton. Kristina Hooper, chief global market strategist at Invesco, said the “very impressive” market performance has been driven by “continued resilience” in the US economy and enthusiasm over Fed rate cuts. US stocks retreated Tuesday after the White House warned that Iran is preparing to launch an imminent ballistic missile attack on Iran. “The Iran report is the thing scaring everyone right now,” said Michael Block, co-founder and chief operating officer at AgentSmyth.

Persons: Bill Clinton, Kristina Hooper, “, ”, Michael Block, hasn’t, Block Organizations: New, New York CNN, Federal, White, House, Tech, Nvidia, CNN Locations: New York, Iran, Taiwan

☆ Trump threatened John Deere. It’s just his latest attempt to bully a legendary American company
▼ + stars: | 2024-09-29 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Trump, more so than any American president in modern history, has directly targeted individual US businesses, threatening them with everything from boycotts and canceled federal contracts to unthinkably high tariffs. Deere, the farm equipment maker founded nearly 200 years ago, became just the latest storied brand to get singled out by Trump. Bigger picture, the attack on Deere fits a broader pattern of Trump bullying companies when it suits him. “John Deere is an outstanding company. “Ultimately, it would lead to fewer sales, less revenue, less growth and fewer employees for John Deere,” said McDaniel, now a senior research fellow at George Mason University’s Mercatus Center.

Persons: New York CNN —, John Deere, they’ve, Donald Trump, Trump, “ Trump, Bill George, “, Nordstrom, Ken Frazier, Donald J, Trump’s, Julian Zelizer, Harry Truman, John F, Kennedy, Teddy Roosevelt, ”, Zelizer, ” Zelizer, ’ Trump, “ I’m, we’ll, ” Trump, George, “ John Deere, ” Christine McDaniel, George W, Bush, Deere, McDaniel, George Mason University’s, Billionaire Mark Cuban, Kamala Harris, Washington, Mary Lovely, ” Lovely Organizations: New, New York CNN, New York CNN — Apple, General Motors, Facebook, Trump, Deere, CNN, White, Apple, San Bernardino, FBI, US Postal Service, Boeing, Air Force, Motors, Merck, Meta, CNBC, Google, Princeton University, Harvard University, Center, Billionaire, Fox News, Street Journal, Peterson Institute for International Economics Locations: New York, Midwest, Mexico, San, Charlottesville , Virginia, United States, Pennsylvania, American, North America, Canada

☆ Trump Media co-founder and former ‘Apprentice’ contestant dumps about $100 million worth of stock
▼ + stars: | 2024-09-26 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

CNN —A major Trump Media shareholder and former contestant on “The Apprentice” has unloaded almost his entire stake in former President Donald Trump’s social media company. Although the stock price has been volatile, that stake is worth roughly $100 million at current prices. That is down from just over 7.5 million shares that the firm owned as of late March. Insiders were prohibited from selling shares in Truth Social owner Trump Media by lock-up restrictions, which appear to have lifted. Trump owns 114.75 million shares in Trump Media, according to the most recent filings.

Persons: Donald Trump’s, Andy Litinsky, Litinsky, burnish, Trump Organizations: CNN, Trump Media, United Atlantic Ventures, Trump Media & Technology Group, NBC, Insiders, Truth Social, Trump

☆ Trump’s promises would spike inflation and wipe out jobs, study finds
▼ + stars: | 2024-09-26 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

The paper represents the most comprehensive analysis to date on the combined impact of Trump’s trade, immigration and Fed proposals. In that scenario, employment would be 9% lower than baseline by 2028 and inflation would surge to 9.3% by 2026. “So-called economists and experts doubted President Trump’s economic plans in his first term. That means the same factory workers Trump says he is trying to help would be hurt the most. Fed Chair Jerome Powell, who was nominated by Trump in 2017, cautioned against any effort to interfere with Fed independence.

Persons: Donald Trump, Trump, “, Warwick McKibbin, Megan Hogan, Marcus Noland, they’ll, ” Karoline Leavitt, Trump’s, Kamala Harris, Harris, ” Trump, McKibbin, Mark Zandi, ”, Jerome Powell, ” Powell, We’re Organizations: CNN, Republican, Federal Reserve, Peterson Institute for International Economics, Peterson Institute, Trump, Security, ”, Peterson, Moody’s, Bloomberg Locations: United States, China, America, Georgia, Michigan, outflows

☆ Here we go again: Egg prices are spiking. Here’s why
▼ + stars: | 2024-09-25 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Egg prices spiked by 28.1% in August from 12 months ago, easily the biggest increase out of any food item tracked by the Bureau of Labor Statistics. The main culprit for rising egg prices is a familiar one: bird flu. Where egg prices are rising the mostStill, the current BLS average of $3.20 per dozen eggs remains high. Zooming in to focus on just the past year, Datasembly found that egg prices have increased the most in Hawaii (+49%), Minnesota (+44%) and Alabama (+38%). When egg prices spiked to record highs in early 2023, Cal-Maine’s profit skyrocketed 718%.

Persons: ”, Phil Lempert, they’ve, Price, Brian Moscogiuri, Datasembly, Moscogiuri, graf, ” Moscogiuri, Kevin Bergquist, Musharbash, Emily Metz, ” Metz, Lempert, “ Organizations: New, New York CNN, Bureau of Labor Statistics, Centers for Disease Control, Prevention, US Department of Agriculture, USDA, CNN, Shoppers, Food Institute, Farm, Maine Foods, Cal, Basel Musharbash, Monopoly, American Egg Board, SNAP Locations: New York, Minnesota, Missouri, Iowa, Oklahoma, Alabama, Hawaii, Wells, United States, Cal, Maine, Basel, Texas

☆ Over 400 economists and ex-officials endorse Kamala Harris
▼ + stars: | 2024-09-24 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —More than 400 economists and former high-ranking US policymakers are endorsing Vice President Kamala Harris and her vision for the American economy, according to a document announcing the endorsement seen by CNN. “The choice in this election is clear: between failed trickle-down economic policies that benefit the few and economic policies that provide opportunity for all,” the endorsement document reads. Harris plans to roll out new policies on what she calls the “opportunity economy” during a speech in Pennsylvania, another key battleground state, on Wednesday. Several notable economists threw their weight behind Harris, including University of Michigan economist Justin Wolfers and Claudia Goldin, who won the Nobel Prize last year for tracking women’s labor participation and the evolving wage gap. The endorsement argued that Harris has a “proven track record of economic leadership,” crediting her with efforts as vice president to lower costs, cut taxes and raise wages.

Persons: Kamala Harris, Harris, Donald Trump’s, Brian Deese, Obama, Jason Furman, Bill Daley, Penny Pritzker, Clinton, Robert Reich, Alan Blinder, Donald Trump, ”, Trump, Sean O’Keefe, George W, Justin Wolfers, Claudia Goldin, Marty Walsh, Deval Patrick, Larry Summers, Robert Rubin, Mark Cuban, James Murdoch, he’s, Bill Ackman, Peter Thiel, Tesla, Elon Musk, ” Harris, Jamie Dimon, Dimon, Jeffrey Sonnenfeld, Sonnenfeld Organizations: New, New York CNN, CNN, Federal Reserve, Management, NASA, University of Michigan, House, Labor, Massachusetts Gov, Democratic, JPMorgan Chase, JPMorgan, Wall Street, Trump, Yale, That’s Locations: New York, Georgia, Pennsylvania, United States, America, Dimon

☆ Trump faces a $2 billion decision over his social media empire
▼ + stars: | 2024-09-19 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

The restraints preventing former President Donald Trump from selling shares in his social media company are set to expire as soon as Thursday afternoon. This will free Trump – and other insiders at Trump Media & Technology Group – to sell shares in the controversial company that owns Truth Social if they wish. It’s a major moment for Trump Media, whose share price has fallen dramatically since going public in March. No, I love it.” Those comments sent Trump Media’s share price skyrocketing, for a few hours at least. Lock-up restrictions like the ones facing Trump are typical in deals like the one that brought Trump Media public last spring.

Persons: Donald Trump, It’s, Trump, ”, Michael Stegemoller, ” ‘, ’, Steve Jobs, I’m, ” Trump, – Andy Litinsky, Wes Moss –, Moss, –, Carl Icahn, Icahn, Xavier Kowalski, Schulte Roth, Zabel, “ Organizations: Washington CNN, Trump, Trump Media & Technology, Trump Media, Baylor University, “, ’ Trump Media, Apple, Securities, Exchange Commission, Trump Media’s, NBC, CNN, SEC, University of Florida

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