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☆ UniCredit and Commerzbank square off with target hikes amid takeover battle
▼ + stars: | 2024-11-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

The logo of German bank Commerzbank seen on a branch office near the Commerzbank Tower in Frankfurt. Daniel Roland | Afp | Getty ImagesTwo months since UniCredit played its opening move to woo German lender Commerzbank , the lenders flaunted their financial strength as one of Europe's largest banking mergers still hangs in balance. Both banks reported third-quarter results on Wednesday, with UniCredit posting an 8% year-on-year hike in net profit to 2.5 billion euros ($2.25 billion), compared with a Reuters-reported 2.27-billion euro forecast. It raised its full-year net profit guidance to above 9 billion euros, from a previous outlook of 8.5 billion euros. When the Italian lender showed its hand by using derivatives to build a potential 21% stake in Commerzbank, the German lender appointed a new CEO and sharpened its financial targets.

Persons: Daniel Roland, UniCredit, Commerzbank, CNBC's Annette Weisbach, Bettina Orlopp, Orlopp, Chancellor Olaf Scholz, waylay, Let's, hadn't, Andrea Orcel, CNBC's Charlotte Reed Organizations: Afp, Getty, Reuters, CNBC, Wednesday, German Ministry of Finance Locations: Frankfurt, Europe, Commerzbank, Berlin

☆ A split Congress is probably the favorite for the markets, says Wharton's Jeremy Siegel
▼ + stars: | 2024-11-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA split Congress is probably the favorite for the markets, says Wharton's Jeremy SiegelJeremy Siegel, professor emeritus of finance at University of Pennsylvania’s Wharton School of Business and Wisdom Tree chief economist, joins 'Squawk Box' to discuss the state of the 2024 election, the potential impact on markets, and more.

Persons: Wharton's Jeremy Siegel Jeremy Siegel Organizations: University of Pennsylvania’s Wharton School of Business

☆ The financial ties between China and Saudi Arabia keep getting deeper
▼ + stars: | 2024-11-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

China has chosen Saudi Arabia as the site for its next offering of US dollar bonds. Saudi Arabia is leaning on Chinese investment to bankroll large development projects. Saudi Arabia has embraced Chinese investment to help bankroll its juggernaut modernization plans. At the end of October, Saudi Arabia debuted two new exchange traded funds to track markets in Hong Kong and China. Earlier this year, the US offered Saudi Arabia tech and security deals on the condition that Riyadh rejects its new tech alliance with China.

Persons: It's, — Organizations: Service, Ministry, Finance, Saudi Public Investment Fund, Financial Times, Tech, US Locations: China, Saudi Arabia, Riyadh, Beijing, Russia, Neom, Hong Kong, Saudi

☆ Even Warren Buffett thinks his stock is too expensive
▼ + stars: | 2024-11-05 | by ( John Towfighi | ) edition.cnn.com time to read: +3 min

CNN —Warren Buffett’s Berkshire Hathaway has over $325 billion in cash on hand. Berkshire Hathaway was a net seller of stocks across its portfolio that quarter and grew its cash-on-hand to record amounts. Berkshire Hathaway’s actions signal to investors that its stock might be overvalued, Cathy Seifert, an analyst at CFRA Research, told CNN. Buffett will repurchase shares when he thinks the price is “below Berkshire’s intrinsic value, conservatively determined,” according to Berkshire Hathaway’s regulatory filings. “All this suggests that Buffett has serious concerns about the economic backdrop and the current state of the stock market,” Mould said in a note.

Persons: CNN — Warren, Berkshire Hathaway, Buffett, Cathy Seifert, they’re, ’ ” Seifert, He’s, ” Robert Korajczyk, Aswath, “, ” Damodaran, “ They’ve, Russ Mould, AJ Bell, ” Mould, ” Korajczyk Organizations: CNN, Berkshire, Securities, Exchange, CFRA Research, Buffett, Berkshire Hathaway’s, Northwestern’s Kellogg School of Management, NYU Stern School of Business Locations: Berkshire, “, ”, —

☆ Who Wall Street thinks will win the election
▼ + stars: | 2024-11-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

A survey of 119 investors found that 53% think former president Donald Trump will defeat Kamala Harris. Investors believe fossil fuel and industrial companies should do well under Trump, the survey said. AdvertisementMany of the bigwigs of finance have picked their sides, but Wall Street seems to believe one candidate has the upper hand in this year's presidential election. Betting markets have leaned toward former President Donald Trump, and the financial markets have already priced in a Trump win, according to billionaire investor Stan Druckenmiller. One of the world's most accurate economists, Christophe Barraud, for instance, is putting his credibility on the line for a Trump win.

Persons: Donald Trump, Kamala Harris, Stanley Druckenmiller, —, Stan Druckenmiller, Emmanuel Cau, Trump, SumZero, Divya Narendra, Ken Griffin, Griffin, Druckenmiller, Hillary Clinton, Elon Musk, Christophe Barraud Organizations: Investors, Trump, Republican, Service, Barclays London, Billionaire Citadel, Future Investment Initiative, Tesla Locations: Saudi Arabia, Riyadh

☆ China gears up for a big week as markets await U.S. elections and stimulus details
▼ + stars: | 2024-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Investors expect Beijing to announce details on fiscal support Friday. He expects Trump has a greater chance of winning, which he said would increase downward pressure on the Chinese yuan versus the U.S. dollar. While the People's Bank of China has cut interest rates, the Ministry of Finance has yet to release details on widely anticipated fiscal stimulus. China is considering more than 10 trillion yuan in debt issuance over a few years, Reuters reported Tuesday, citing sources. Whether it is 10 trillion yuan over three to five years, or 2 trillion yuan in one year, the average is about 2 trillion yuan in support a year, she pointed out.

Persons: Aly Song, That's, —, Donald Trump, Kamala Harris, Harris, Ting Lu, Biden, Zhu Bin, Zhu, Trump, Liqian Ren, Ren, Xi Jinping, Lan Fo'an, Zong Liang, WisdomTree's Ren Organizations: Reuters, U.S, Investors, National People's, Trump, Nomura, Nanhua, CNBC, U.S ., WisdomTree, People's Bank of, Ministry of Finance, Finance, Bank of China Locations: Yiwu, Zhejiang province, China, Reuters BEIJING, Beijing, U.S, United, People's Bank of China

☆ How to talk like a banker
▼ + stars: | 2024-11-03 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

A manager might leave a comment on a page telling the junior banker to "kill this," which just means delete it. A manager might also instruct the junior banker to "take another stab" at it, which means doing the presentation over again and sending it back by email. In stock market talk, "trading with the Street" usually means someone is trading along the lines of majority opinion. It's so much a part of the culture that the term is also used by higher-ups to describe their junior bankers professionally. Each time a banker makes changes to client materials pre-meeting — like a deck — it's standard practice for every round of edits or changes to be saved as a new file.

Persons: —, That's, Momo Takahashi, Morgan Stanley's Ted Pick, it's, drudge, Jane Organizations: Service

☆ Russia faces a crisis regardless if Putin ends or continues the war in Ukraine, economist says
▼ + stars: | 2024-11-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Russia faces a crisis whether it continues the war or not, economist Alexander Mertens says. War spending has been a major boost to Moscow's GDP growth and wealth, and ending the war will be tricky. If Russia continues the war, the economy looks on track for a "severe recession" and long-running stagnation, Mertens said. "The current state of the Russian economy is far from critical but it does present Putin with a dilemma. The Russian economy is not yet close to collapse, but it is increasingly dependent on wartime conditions and faces growing risks of overheating."

Persons: Alexander Mertens, —, Vladimir Putin, Mertens, Merten, Putin, That's Organizations: Service, Kyiv's International Institute of Business, Ukraine, Atlantic Council, Russian National Welfare Fund, Kremlin, International Monetary Fund Locations: Russia, Ukrainian, Ukraine

☆ Coterra Energy posted a mixed quarter, but delivered beats where it matters most
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: +6 min

Coterra Energy Why we own it: Formed by the merger of Cabot Oil & Gas and Cimarex, Coterra Energy is an exploration-and-production company with a high-quality, diversified asset portfolio. It's committed to returning 50% or greater of annual free cash flow to shareholders. However, shares are moving lower Friday after management cut its discretionary cash flow outlook for the remainder of the year. So far this year, Coterra has returned 100% of its free cash flow to shareholders. As a reminder, management's stated commitment is to return 50% or more of annual free cash flow via dividends and buybacks.

Persons: —, It's, Coterra, management's, We're, Daniel Guffey, Jim Cramer's, Jim Cramer, Jim, Brandon Bell Organizations: Coterra Energy, LSEG, Coterra, Cabot Oil & Gas, EQT Corp, Devon Energy, Oil, CNBC, Getty Locations: Nolan , Texas

☆ Saudi Arabia's spending trajectory is sustainable, kingdom's finance minister says
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaudi Arabia's spending trajectory is sustainable, kingdom's finance minister saysMohammed al-Jadaan, Saudi Arabia’s minister of finance, says the kingdom's non-oil revenues have grown significantly and cover about 37% of the national expenditure.

Persons: Mohammed al Organizations: Saudi

☆ Be careful. Analysts are downbeat on these earnings reports due next week
▼ + stars: | 2024-10-30 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Big Tech companies are helping propel third-quarter earnings growth, but some analysts are less optimistic about a handful of names reporting next week. To help investors prepare for what is still to come, CNBC Pro screened FactSet data to find stocks reporting next week where analysts are losing conviction. Analysts have trimmed their earnings estimates by more than 21% over the past three months and 29% over the trailing six months. What's more is analysts have lowered earnings estimates nearly 30% over the past three months and roughly 24% over the past six months. AIG YTD mountain AIG stock.

Persons: Stocks, Daniels, Michael Zaremski, YTD, Zaremski Organizations: Big Tech, CNBC Pro, AIG, CVS Health, Daniels, Midland, ADM, BMO Capital Locations: Archer, Illinois, Albemarle, Corteva

☆ Watch CNBC’s full interview with Saudi Arabia’s minister of finance
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Saudi Arabia’s minister of financeMohammed Al-Jadaan, Saudi Arabia’s minister of finance, speaks to CNBC’s Dan Murphy at the Future Investment Initiative in Riyadh about the global and domestic economic outlook.

Persons: Mohammed Al, CNBC’s Dan Murphy Organizations: Saudi, Future Investment Locations: Riyadh

☆ China lost 36% of its billionaires to years of economic troubles and crackdowns
▼ + stars: | 2024-10-30 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +7 min

According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher. AdvertisementThat led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.

Persons: —, crackdowns, China's superrich, Zhang Yiming, Bytedance, Yiming, Zhong Shanshan, Rupert Hoogewerf, Robin Zeng, Li, Kerry Brown, Xi, Jack Ma, Alibaba, Brown, Joel Gallo, China shouldn't, it's Organizations: Service, Reuters, King's College London, Ant Group, & Partners, Bloomberg, New York University Shanghai, Communist Locations: China, Taiwan, Greater China

☆ Morgan Stanley CEO says the era of zero interest rates and inflation 'is over'
▼ + stars: | 2024-10-29 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

RIYADH — The days of easy money and zero interest rates are firmly in the past, Morgan Stanley CEO Ted Pick said Tuesday, speaking at a panel of finance CEOs in Riyadh. "The end of financial repression, of zero interest rates and zero inflation, that era is over. Interest rates will be higher, will be challenged around the world. And the end of 'the end of history' — geopolitics are back and will be part of the challenge for decades to come," Pick said, referencing the famous 1992 Francis Fukuyama book, "The End of History and the Last Man," which argued that conflicts between nations and ideologies were a thing of the past with the ending of the Cold War. Repressed rates and easy monetary policy have been in the rearview mirror since 2022, when — after slashing rates to near zero to deal with the Covid-19 pandemic — the Federal Reserve cranked its benchmark rate up by around 500 basis points over the course of 18 months.

Persons: Morgan Stanley, Ted Pick, Pick, Francis Fukuyama Organizations: Federal Reserve Locations: RIYADH, Riyadh

☆ I landed a job with a 'magic circle' law firm but still went all out to get an internship at a US bank. It was the best use of my last summer in college — here's why.
▼ + stars: | 2024-10-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +5 min

Adrian Teh secured a job offer with a top UK law firm in August 2023, two years before graduating. But that wasn't the case for me — I was also in the running for a summer internship with a US bulge bracket bank. I secured that investment banking internship as well. Adrian TehSpending my summer interning gave me a better sense of what I wanted to do. AdvertisementIn comparison, I thought working in a law firm offered relatively fewer exit opportunities.

Persons: Adrian Teh, Teh, —, interning, I'm Organizations: Service, Singapore Management University, Bankers Locations: Singapore

☆ As the housing affordability crisis deepens, Airbnb and Vrbo face backlash
▼ + stars: | 2024-10-28 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

CNN —It’s been more than six years since Irvine, California, banned short-term rentals — and the city’s mayor hasn’t looked back. “I certainly don’t think it’s a major driver of the housing affordability crisis,” Nieuwerburgh said. “The reality is that there just simply aren’t enough short-term rentals out there to really make a difference,” Yedinsky said. In Irvine, although Mayor Khan said the ban had been well received, Irvine’s housing affordability issues aren’t yet solved. Each Airbnb or other short-term rental host must pay a fee to the city to operate as a short-term rental business.

Persons: CNN — It’s, hasn’t, “ It’s, ”, Farrah Khan, ” Irvine, Michael Seiler, College of William & Mary, “, ” Theo Yedinsky, Stijn Van Nieuwerburgh, ” Nieuwerburgh, I’m, Airbnb, ” Yedinsky, ” Vrbo, Sieler, Khan, ” Khan, “ We’re, —, Dan Enright, ” Enright, Enright Organizations: CNN, College of William &, Public, Research, Harvard Business, Columbia University, Telluride Locations: Irvine , California, Irvine, Orange County, Telluride, Colorado’s Rocky, Virginia, New York City

☆ China schedules meeting expected to reveal fiscal stimulus details
▼ + stars: | 2024-10-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China's parliament will hold a highly anticipated meeting Nov. 4 to 8, state media said Friday, according to a CNBC translation. Investors have been awaiting news of the gathering of the standing committee of the National People's Congress, which is expected to announce details on any fiscal stimulus. Last year, the committee's meeting in late October oversaw a rare increase in China's fiscal deficit to 3.8%, from 3%, which was subsequently reported by state media. He pointed out that the last month of Chinese stimulus measures have all underscored the need for more fiscal support. Analysts have tempered expectations that large-scale fiscal stimulus would directly pillar consumption, instead noting how struggling local governments would likely get support first.

Persons: Bruce Pang, Finance Lan Fo'an, Xi Jinping, Pang Organizations: BEIJING —, CNBC, National People's Congress, China's, Finance, People's Bank of Locations: Beijing, BEIJING, China, JLL, People's Bank of China

☆ What's in a title? How hedge funds and their employees use the industry's lack of consistency to their advantage
▼ + stars: | 2024-10-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +9 min

The lack of uniformity allows both firms and employees to present themselves in the best light. This lack of uniformity and the relentless war for talent has firms and employees alike taking advantage of the ambiguity. Rokos has two dozen employees with the title "investment officer" in their LinkedIn profiles. At Coatue, executives sign off on what employees put as their title on LinkedIn, people familiar with the firm's operations said. Members of Tiger Global's front-office team use "investor" as their title on LinkedIn instead of a more specific role.

Persons: —, David Einhorn's, James Fishback, Morgan Stanley, Goldman Sachs, Ken Griffin, Gerald Beeson, Sjoerd, Google's Paul Darrah, Jose Gamez, Rokos, Chris Rokos, Paul Enright, Townie Wells, Enright, Jain, Tiger, Marshall Wace, D.E, Shaw, allocators, Elliott, Don Steinbrugge, Steinbrugge Organizations: Service, Goldman, Bloomberg, Business, Industry, Citadel, Citadel Securities, Jain, Townie, Viking Global, Sigma, Fund, Talent, Agecroft Partners Locations: Greenlight, Miami, Palm Beach, London, Wells, Coatue

☆ Hermès isn't just surviving the luxury slump — it's thriving
▼ + stars: | 2024-10-24 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

The French fashion house is bucking the trend of the luxury industry as competitors like LVMH stutter. Hermès is succeeding while peers struggle because it follows the law of luxury to a tee, analysts say. AdvertisementIf the luxury slump is an epidemic, Hermès is managing to stay immune. The fashion house is reaping the rewards of a long-term strategy and abiding by the fundamental laws of luxury. AdvertisementIn the luxury fashion world, there's a growing belief that "getting attention is everything," Pedraza said.

Persons: Hermès, —, LVMH, Kering, Hermès Birkin, Sarah Jacobs, Carole Dupont, Eric du Halgouët, Pietri, Martin, Roll, Milton Pedraza, Pedraza, Hermés Organizations: Service, New York Loan, Business, Investor Relations, Hermès, Finance, McKinsey, Paris Thomson Reuters, Luxury Institute Locations: Asia, Japan, China, Switzerland, Paris, LVMH

☆ CNBC Pro Talks: China portfolio manager reveals what he's buying right now
▼ + stars: | 2024-10-22 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

As investors ponder how — and where — to invest in China, CNBC's Tanvir Gill will quiz China portfolio manager Jason Hsu on where he sees opportunities in the current market. Hsu previously told CNBC Pro that he was betting on tech — and artificial intelligence in particular — for the long term. Hsu set up Ranmore Fund Management in 2016, prior to which he was co-founder and vice chairman of quantitative asset manager Research Affiliates. Join CNBC Pro Talks on Wednesday, Oct. 23 at 6:30 a.m. BST / 1:30 p.m. SGT / 1:30 a.m. Learn more from our previous Pro Talks: How to play AI in a cheaper way without owning stocks like Nvidia, according to fund manager Fund manager reveals his worst trade of the year — and the lessons he learned Beyond Novo: Fund manager likes this under-the-radar pharma stock Related coverage from Pro: Is it time to invest in China?

Persons: Finance Lan Fo'an, CNBC's Tanvir Gill, Jason Hsu, Hsu, Goldman, Tanvir Gill Organizations: Finance, China's CSI, Rayliant Global Advisors, China Equity, CNBC Pro, China Equity ETF, Ping An Insurance, Midea, Ranmore Fund Management, Research, Anderson School of Management, UCLA, Nvidia, pharma, Wall, Citi Locations: China

China’s National Bureau of Statistics on Friday reported third-quarter GDP growth of 4.6% year on year, slightly exceeding the 4.5% expected by economists polled by Reuters. “The national economy showed positive signs of growth in September,” Sheng Laiyun, the bureau’s deputy commissioner, said at the news conference, according to CNBC’s translation of the Chinese. Other data also released on Friday, such as retail sales and industrial production, also beat expectations, a hopeful sign for the world’s second-largest economy. “Despite the multitude of challenges, China’s economy is not incurable as some would suggest,” Xu added. Authorities continued to dip feed more stimulus measures throughout this month amid low consumer sentiment and a flagging property sector.

Persons: ” Sheng Laiyun, ”, Tianchen Xu, ” Xu, Finance Lan Organizations: China’s National Bureau, Statistics, Reuters, Economist Intelligence Unit, China’s, Finance, Ministry Locations: China’s, Beijing

☆ China pledges more financial support for 'whitelist' real estate projects
▼ + stars: | 2024-10-17 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

China vowed more financial support for real estate projects that fall under its so-called whitelist and to speed up banks lending of 4 trillion yuan ($561.8 billion) for such projects, according to the nation's housing ministry. A total of 2.23 trillion yuan has been approved in loans to whitelisted developers, and that figure is expected to exceed 4 trillion yuan by the end of this year, according to a senior official from the financial regulator. Real estate was also the leading gainer in Mainland China's CSI 300, advancing by nearly 5%. Days later, officials in a top-level meeting, chaired by Chinese president Xi Jinping, pledged to "halt the real estate market decline and spur a stable recovery." More than 50 cities across China had introduced policies to boost the real estate market, according to Chinese state media citing the housing ministry.

Persons: Ni, HSMPI, Pan Gongsheng, Xi Jinping, Goldman Sachs, —, — CNBC's Evelyn Cheng Organizations: National Financial Regulatory Administration, Investors, China's Ministry of Finance, Mainland, China's CSI, People Bank of China, National Bureau, Statistics Locations: China, Beijing, China's, Guangzhou, Shanghai, Shenzhen

☆ China could raise nearly $1 trillion of fresh debt in the next 3 years to revive its economy
▼ + stars: | 2024-10-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Chinese media reported that China could rack up $850 billion in debt to help revive its economy. China has vowed to roll out more fiscal stimulus, but key details were missing in a recent update. AdvertisementChina's fiscal stimulus efforts could include racking up almost $1 trillion in fresh debt over the next several years, according to local media. The money could be used as fiscal stimulus and to help "off-the-books debt" in local governments, the people added. One researcher recently estimated that the direct effects of China's latest stimulus package may not be felt until 2025, mainly because more fiscal stimulus needs to be unlocked before the policies can bolster the nation's economy.

Persons: —, Lan Fo'an Organizations: Service, China's, Finance, CNBC, Bloomberg, CSI Locations: China, Beijing, Hong Kong

☆ Tokyo Metro's IPO could drive momentum in the Japanese market as Chinese listings dry up
▼ + stars: | 2024-10-15 | by ( Sonia Heng | In Sonia-Heng | ) www.cnbc.com time to read: +3 min

Tokyo Metro's initial public offering could drive momentum in the Japanese market and attract more companies into the country, analysts said, as China continues to lose steam. In Japan's biggest IPO in six years, Tokyo Metro raised 348.6 billion yen ($2.3 billion) after pricing its shares at 1,200 yen apiece, according to the company's regulatory filing on Tuesday. "I think both the Tokyo government as well as the Ministry of Finance, obviously, won't want the IPO to fail." Hyundai India also started taking orders for its $3.3 billion IPO in Mumbai this week, in a deal set to become the country's biggest listing. When asked if he thinks Tokyo Metro and Hyundai India's listings will open the floodgates for more activity, he said, "I do."

Persons: Mio Kato, CNBC's, Kato, Dealogic, Ringo Choi, Choi, — CNBC's Dylan Butts Organizations: Tokyo Metro, Japan's, Reuters, Tokyo Stock Exchange, LightStream, Ministry of Finance, NASDAQ, Hyundai, EY's Locations: Tokyo, China, Asia, Pacific, India, Japan, Hyundai India, Mumbai, EY's Asia

☆ Trump's crypto coin goes on sale with Election Day just three weeks out
▼ + stars: | 2024-10-14 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +6 min

World Liberty Financial is separate and apart from Trump Media & Technology Group , the parent company of social media platform Truth Social. Trump Media, known by ticker symbol DJT, started trading in March, after going public through a special purpose acquisition company (SPAC). On Tuesday, the former president and current Republican nominee aims to launch WLFI, the token accompanying his new crypto project called World Liberty Financial. Trump owns about 57% of DJT's outstanding shares, but his potential control over World Liberty Financial is more opaque. Folkman added that WLF would publish the "long-awaited" roadmap for the project on Tuesday, in tandem with the token sale.

Persons: It's, that's, they're, Trump, Donald Trump, Zachary Folkman, Donald J, Folkman, it's, WLF, Stani Kulechov, Kulechov, Monday's Organizations: Liberty, Trump Media & Technology Group, Trump Media, CNBC, Republican, Nasdaq, Truth Social, SEC, Trump, Finance, Liberty Financial, Permissionless Locations: New York City, U.S, DeFi, Salt Lake City , Utah

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