White House will defer to SEC on retail stock surge
Video Credit: Reuters Studio - Duration: 02:02s - Published
White House will defer to SEC on retail stock surge
The White House said on Friday that it will leave the retail stock market surge involving shares in GameStop and other companies to market regulators at the Securities and Exchange Commission.
Go behind closed doors as Kim Kardashian joins Vice President Kamala Harris at the White House for a crucial roundtable discussion on criminal justice reform. Witness their collaborative efforts and passionate advocacy for second chances and meaningful change.
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Kim Kardashian went back to the White House to advocate for criminal justice reform -- only here, it was with Biden's camp ... proving she's loyal to the cause,.. TMZ.com
Biden Is Giving $6 Billion , to Micron Technology , for Semiconductor Production.
On April 25, President Biden will travel to Syracuse, NY, to announce over $6 billion in federal grants that his administration is awarding to Micron Technology, NPR reports. .
Senate Majority Leader Chuck Schumer, who was heavily involved in enacting the CHIPS and Science Act, issued a statement about the investment. .
This is the federal government taking back the reins, putting money where its mouth is when we say we want the future of tech to be stamped: 'Made in America.', Senate Majority Leader Chuck Schumer, via statement.
Micron will invest $100 billion of the funds to construct a manufacturing facility in Syracuse.
Schumer referred to the plan as "quite a
great return" on the government's investment.
A factory will also be built in
Boise, Idaho, NPR reports. .
That facility is expected to be ready for production by 2026, while two New York factories will likely be ready by 2028 and 2029.
The White House estimates that
the projects could create 20,000 jobs
in construction and manufacturing.
in addition to "tens of thousands of
indirect jobs in the regions," NPR reports. .
The CHIPS and Science Act has also provided funding for Intel, TSMC and Samsung
Credit: Wibbitz Top Stories Duration: 01:30Published
FTC to Decide , Whether Noncompete Agreements , Should Be Banned.
After receiving over 26,000 public comments about the issue, the Federal Trade Commission is set to deliver its verdict on April 30, NPR reports. .
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
Approximately one in five Americans, spanning minimum wage workers to CEOs, are subject to noncompete agreements, the FTC estimates. .
The Biden administration says that these types of agreements hurt workers by decreasing wages.
The White House also argues that these
agreements harm the U.S. economy because entrepreneurship isn't allowed to freely flourish. .
FTC Chair Lina M. Khan issued a statement when
the proposed ban was initially introduced.
The freedom to change jobs is
core to economic liberty and to
a competitive, thriving economy, FTC Chair Lina M. Khan, via statement.
Noncompetes block workers from
freely switching jobs, depriving
them of higher wages and better
working conditions, and depriving
businesses of a talent pool that
they need to build and expand, FTC Chair Lina M. Khan, via statement.
Businesses argue that noncompete agreements are essential for safeguarding investments and proprietary information.
Those businesses also question whether
the agency has the power "to regulate
such agreements," NPR reports. .
If the FTC votes to issue a final rule, enforcement wouldn't occur for 180 days,
and legal challenges would likely ensue.
Credit: Wibbitz Top Stories Duration: 01:31Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Trump’s Social Media Company , Sues Co-Founders.
Trump Media & Technology Group filed a
lawsuit against co-founders Wesley Moss and Andrew Litinsky on March 24, ABC News reports.
The suit came two days before shareholders approved a merger that allowed the
company to begin trading on the Nasdaq.
The lawsuit alleges that the two men
"failed spectacularly" to lead the company and made "reckless and wasteful decisions"
that resulted in "significant damage.".
Trump Media wants the co-founders to give up
their shares of the company, among other things. .
TMTG has been forced to file this action
to remedy the harm inflicted upon it by two
faithless fiduciaries and a company they own --
Wesley Moss, Andrew Litinsky, and
[United Atlantic Ventures] -- and to halt their
ongoing attempts to do even more damage, Via lawsuit.
Moss and Litinsky's company,
United Atlantic Ventures, owns 5.5%
of Trump Media, according to the SEC.
That amounts to 7,525,000 shares
which are worth about $388 million.
Donald Trump's stake in the company
is currently valued at over $4 billion.
Since going public last week,
the stock has been very volatile. .
At one time, shares peaked over $79.
On April 1, they plunged by 21%.
Shares recovered slightly on April 2
Credit: Wibbitz Top Stories Duration: 01:30Published
SEC Permitted to Sue Coinbase , for Offering Unregistered Securities.
U.S. District Judge Katherine Polk Failla
has ruled that the Securities and Exchange Commission's (SEC) lawsuit against Coinbase
can proceed, The Verge reports. .
The SEC has sufficiently pleaded
that Coinbase operates as an exchange,
as a broker, and as a clearing agency
under the federal securities laws, , U.S. District Judge Katherine Polk Failla, via ruling.
... and, through its Staking Program,
engages in the unregistered
offer and sale of securities, U.S. District Judge Katherine Polk Failla, via ruling.
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The ‘crypto’ nomenclature may be
of recent vintage, but the challenged
transactions fall comfortably within the
framework that courts have used to identify
securities for nearly eighty years, U.S. District Judge Katherine Polk Failla, via ruling.
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Early motions like ours
against a government agency
are almost always denied. , Paul Grewal, Coinbase chief legal officer, via X.
But clarity is the ultimate
goal and today’s decision
continues us on that path, Paul Grewal, Coinbase chief legal officer, via X.
Looking ahead, we remain confident
in our legal arguments, we look
forward to proving we’re right, , Paul Grewal, Coinbase chief legal officer, via X.
... we are eager for the opportunity to
take discovery from the SEC for the first
time, and we appreciate the Court’s
continued consideration of our case. , Paul Grewal, Coinbase chief legal officer, via X
Credit: Wibbitz Top Stories Duration: 01:31Published
SEC's New , Climate Disclosure Rules , Facing Multiple Lawsuits.
'Newsweek' reports that both industry and
environmental groups have legally challenged the
Securities and Exchange Commission over new rules. .
The new rules require some businesses to disclose
information about climate risks, including direct
greenhouse gas emissions and risks from extreme weather.
The SEC rules, which were approved on March 6 by a 3-2 vote,
also require companies to provide investors with context
on how those companies plan on managing those risks.
Some requirements were pared back prior to the rules
being approved. Those rules include reporting on Scope 3
emissions which relate to the company's supply chain.
In response to the new rules, two fossil fuel producing
companies filed lawsuits accusing the SEC of burdening
companies and exposing them to potential litigation.
19 state attorney generals have also
filed lawsuits claiming that the new rules
exceed the SEC's legal authority.
On the other side, environmental groups the Sierra Club
Foundation and Earthjustice announced their own lawsuits
accusing the SEC of watering down rules to protect investors.
Sierra Club has millions of members
and supporters who have investments
in the market. It's really critical that
we have access to information about
climate risks that may be faced
by the kinds of entities that
we would hope to invest in, Andres Restrepo, Sierra Club Senior Attorney, via Newsweek.
'Newsweek' reports that the SEC rules were
meant to take effect in 2026, however, the
legal challenges are likely to result in delays.
The new rules come as the U.S. Supreme Court
has indicated plans to restrict the regulatory
authority of environmental enforcement agencies.
Credit: Wibbitz Top Stories Duration: 01:31Published
Bitcoin Rallies, on Hopes of Renewed Interest , Among Mainstream Investors.
On March 4, the price of Bitcoin broke $65,000,
bringing it closer to returning to an all-time
high reached in November 2021.
NBC reports that the latest rally has been driven
by hopes that the launch of bitcoin exchange-
traded funds will expand bitcoin's pool of buyers. .
In 2024, the cryptocurrency has
gained over 48%, rapidly approaching its
record intra-day all-time high of over $68,000.
In January, Bitcoin ETFs were first approved by
the Securities and Exchange Commission (SEC). .
The SEC said the approval of the ETFs were meant
to make it easier for investors to gain exposure to
Bitcoin without having to actually own the digital coins.
NBC reports that the world of crypto is also banking
on a potential rally following a technical event
known as "halving" scheduled to occur in April.
This event will see the rate of supply for new bitcoin
to decline, which could cause the value of the
cryptocurrency to increase if demand remains unchanged.
Some mainstream investment experts have
still urged caution when it comes to investing
in the controversial cryptocurrency.
With equities, you own a share
of a company that produces goods
or services, and many also pay
dividends. With bonds, you get
a stream of interest payments, Vanguard statement, via NBC.
Commodities are real assets that meet
consumption needs, have inflation-
hedging properties, and can play
a role in certain portfolios, Vanguard statement, via NBC.
While crypto has been classified
as a commodity, it’s an immature
asset class that has little history,
no inherent economic value,
no cash flow, and can create
havoc within a portfolio, Vanguard statement, via NBC
Credit: Wibbitz Top Stories Duration: 01:32Published
Reddit Prices Shares , at $34 in IPO.
Reddit will go public on March 21 and has priced
its IPO at $34 a share, Yahoo Finance reports.
That is about a $6.4 billion valuation.
A social media company hasn't gone
public since Pinterest in 2019.
Reddit gained increased recognition
amid the meme stock craze of 2021.
Reddit had 500 million site visitors in 2023.
Its revenue increased 20%
from 2022 to $804 million.
According to an S-1 filing, Reddit said that its "content is particularly important" for the world of artificial intelligence.
We are exploring business
opportunities in licensing data
for purposes including machine
learning, business analysis, display
and training generative AI models, Reddit, via S-1 filing.
1.76 million shares have been set aside for eligible Reddit users and moderators. .
Headline venture partner Kamran Ansar
said the decision lends itself to volatility. .
You may see a big run up in
the stock price and a drop, Headline venture partner Kamran Ansar, via statement.
Because this has such a rabid
community around it, the Reddit
users, you could see Reddit itself
ironically become a meme stock
the way that you saw happen
with like AMC and GameStop, Headline venture partner Kamran Ansar, via statement
Credit: Wibbitz Top Stories Duration: 01:30Published
Briahna Joy Gray and Elizabeth Bruenig discuss how progressive podcasters, writers and hosts are challenging the Democratic party and the Biden White House. Dave Weigel says “conservative media in..
Dr. Anthony Fauci discusses new variants of the coronavirus at a White House Covid-19 briefing and how it will affect vaccine efficacy, including the efficacy of the new Johnson & Johnson candidate.
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