Wall Street is divided on Tesla's future under a potential second Trump presidency, with some analysts arguing that the rollback of EV tax credits could benefit Tesla by widening its technological lead, while others believe it would hurt the company's affordability and overall EV adoption. Concerns also include potential higher tariffs on Chinese imports, which could impact Tesla's supply chain.
Aven, a fintech startup founded by Sadi Khan, has reached a $1 billion valuation by offering a credit card backed by home equity, simplifying the HELOC process. Despite concerns about potential risks to borrowers' homes, Aven has attracted significant investment and aims to expand its services. The company targets high-earning, responsible borrowers, offering lower interest rates and convenience compared to traditional HELOCs.
Shares of Trump Media & Technology Group (DJT) surged by 41% after former President Donald Trump survived an assassination attempt at a Pennsylvania rally. Other Trump-related stocks, like Rumble (RUM), also saw gains. Despite the dramatic event, experts believe it will have a short-term positive impact on Trump's campaign but not a lasting effect on his presidential chances. DJT stock has experienced volatility, influenced by various events including Trump's legal issues and political activities.
Shares of Donald Trump's social media platform Truth Social surged by 30% following an assassination attempt on Trump at a rally, reflecting a pattern of volatility similar to other "meme stocks." Despite generating $4 million in revenue last year, the company reported $58 million in net losses, highlighting its financial instability. Analysts suggest the stock's performance is driven more by ideological support than financial fundamentals, making it susceptible to significant price swings.
BlackRock has pulled an ad featuring Thomas Crooks, the gunman who shot at Donald Trump and killed an attendee at a rally near Pittsburgh. The company condemned the violence and removed the video out of respect for the victims. BlackRock, a major investor in gun companies, reported record assets under management of $10.6 trillion.
Nvidia's stock experienced significant volatility this week, raising concerns about the sustainability of its record-setting rally. Despite a recent dip, analysts remain optimistic about its long-term prospects, citing strong earnings and AI-driven growth. However, increased competition and potential downstream profitability issues could pose challenges. Some experts believe Nvidia could reach a $4 trillion market cap, driven by continued AI investment and data center spending.
Robinhood has acquired Bitstamp, a long-standing cryptocurrency exchange, for $200 million in an all-cash deal set to close in the first half of 2025. This acquisition aims to expand Robinhood's international presence and develop its institutional business. Bitstamp, which has seen a decline in market share, brings 50 active licenses and a robust institutional trade to Robinhood. The deal comes amid a resurgence in Robinhood's fortunes and a significant upswing in the crypto market. However, any expansion of crypto offerings in the U.S. may face regulatory scrutiny from the SEC.
Robinhood is acquiring crypto exchange Bitstamp for $200 million, a move that will add millions of new crypto customers and numerous global licenses to its portfolio. This acquisition highlights Robinhood's commitment to expanding its financial services and its belief in the future of cryptocurrency, despite recent financial challenges.
Robinhood Markets has announced a $200 million cash acquisition of crypto exchange Bitstamp, marking its largest deal to date and accelerating its expansion into digital assets. The acquisition, expected to close in the first half of 2025, positions Robinhood to compete with major industry players like Binance and Coinbase. This move comes as Robinhood's crypto business experiences rapid growth but also faces regulatory challenges in the U.S. Robinhood's stock has surged 69% this year, driven by a focus on profitable growth and increasing crypto adoption.
Robinhood has agreed to acquire U.K.-based crypto exchange Bitstamp for $200 million in cash, aiming to expand its global crypto presence and attract institutional clients. The deal, expected to close in the first half of 2025, will enhance Robinhood's trading platform with Bitstamp's established and regulated exchange services.
Gerry Cardinale's RedBird Capital is involved in an $8 billion deal with Skydance Media to acquire a majority stake in Paramount, contributing $1.5 billion to reduce Paramount's debt. This move is part of RedBird's broader strategy to expand its influence in sports, media, and financial services.
Nvidia is on the verge of surpassing Apple as the second-most valuable company in the S&P 500, needing only a 9.5% increase in its stock price to reach a $2.9 trillion market cap. Nvidia's stock has surged 121% this year due to high demand for its AI-capable semiconductors, while Apple's stock has declined by 1%. Analysts predict continued strong growth for Nvidia, potentially pushing it past Apple soon.
Shares of Trump Media & Technology Group (DJT) dropped 5% following former President Donald Trump's conviction on 34 counts of falsifying business records. The company, which owns Truth Social, has faced significant financial challenges, reporting substantial losses and a decline in stock value since its public debut. Trump, who holds a 60% stake in the company, is expected to appeal the verdict and faces potential prison time.
The Federal Reserve Bank of Cleveland has appointed Beth M. Hammack as its next president and CEO, effective August 21, 2024. Hammack, who has over 30 years of experience in finance and capital markets, will represent the Fourth Federal Reserve District on the Federal Open Market Committee and lead the Cleveland Fed's 1,100 employees. She succeeds Loretta J. Mester and will be a voting member of the FOMC.
Faraday Future Intelligent Electric Inc. saw its shares fall in after-hours trading despite a push from Reddit users to boost the stock. The EV maker reported disappointing financial results, including a significant revenue shortfall and a narrowed but still substantial net loss. The company also faces a potential Nasdaq delisting due to a late SEC filing. Redditors are rallying to support the stock, reminiscent of previous meme stock surges, but the impact on the stock price remains uncertain.
