Congress members stock portfolios more than doubled in value in 2024
Five members of Congress more than doubled the value of their stock portfolios in 2024, in some cases they beat the market by 4-6 times. The increase will raise further questions about members trading stocks while being privy to information the public is not.
Overall, Democrats saw their portfolios increase 31%, while Republicans increased by 26%. They both beat the S&P 500 which skyrocketed 24%.
Rep. David Rouzer, R-N.C., whose stock portfolio increased 149%.
Rep. Debbie Schultz, D-Fla., who saw an increase of 142.3%.
Sen. Ron Wyden, D-Ore., had a 123.8% increase.
Rep. Roger Williams, R-Texas, who was up 111.2% for the year.
Rep. Morgan McGarvey, D-Ky., who hit 105.8%.
How did they do so well? They overwhelmingly bought into Big Tech companies like Nvidia, which went up 154% for the year.
If you look at holdings by sector — Democrats’ portfolios are 49.4% tech stocks, while Republicans’ are 15.8%, which is still more than any other industry.
The report also points out that some of the gains were in stocks that benefited from bills they passed like the CHIPS Act.
Unusual Whale created this report by reviewing members’ Periodic Transaction Reports, or PTRs, which are available online. Members must disclose stock transactions greater than $1,000 within 45 days. The public reports contain the type of asset, the amount and the date of the transaction.
Why should you care?
Unusual Whales says lawmakers trading stocks while legislating is inherently problematic.
“Congress members shape policies that can directly impact markets. Whether or not they act on insider knowledge, the appearance of potential abuse undermines public trust,” the report stated.
There are many members who say lawmakers should not be allowed to buy individual stocks. A ban on the practice has not been approved, despite multiple attempts.
Tesla fails to grow sales in 2024 for the first time in more than a decade
Tesla has been on a tear to close out 2024, but its annual sales are telling a different story. Tesla deliveries on the year declined for the first time since 2011, according to company data released Thursday, Jan. 2.
Tesla delivered about 1.79 million cars in 2024, down from about 1.81 million in 2023. That’s about a 1% drop in sales year over year for 2024, compared to a 38% growth in sales the year before.
The car company still set a record in the fourth quarter of 2024. Tesla delivered a record 495,570 vehicles in the final three months of the year while producing a record 459,445. Still, that fell short of expectations, causing the company to miss its chance at a slight sales growth for the year.
Tesla shares slid more than 6% by midday Thursday on the news.
Tesla is worth more than $1 trillion to start 2025, and its stock price surged about 63% in 2024, most of that coming since President-elect Donald Trump’s victory. Tesla became part of the Trump trade, with CEO Elon Musk’s close ties to the incoming administration.
Musk said in October he expects the company to see 20% to 30% growth in 2025, even as the EV market as a whole struggles with a slowdown.
As Trump’s team looks to end federal electric vehicle tax credits, Musk has said, “It will only help Tesla.” Legacy automakers are still selling EVs at a loss, while Tesla has a yearslong head start in the space. Getting rid of subsidies would likely force automakers already selling at a loss to drop EV prices even more to stay competitive.
After Trump’s victory, the Alliance for Automotive Innovation urged him to keep the $7,500 credit in place. The trade group, which represents major automakers excluding Tesla, said they are up against unfair competition from heavily subsidized EVs from China.
BYD isn’t just threatening U.S. automakers or the EV space. It’s accelerating in the race for total global auto group sales. Japan’s Toyota has the runaway lead, but BYD is pulling ahead of Japan’s Honda and Nissan.
In December, Honda and Nissan announced a proposed merger by 2026 to better compete with China. Together, they would be the world’s third-largest auto group.
We had enough to worry about here with the U.S. economy, but what really grabbed your attention was an economic experiment happening in South America. Voters in Argentina had just elected a brash, unconventional choice for president in Javier Milei.
He’s the guy who promised to take a chainsaw to the economy and carried a chainsaw at rallies. He has a friendship with President-elect Donald Trump and has been called a “mini Trump” in the past.
A year following his election, SAN checked in with economists to grade Milei’s year. Despite the poverty rate under his policies spiking to include more than half the population, he’s made serious progress on inflation and the economy is starting to grow. There’s real hope he can turn things around there if the people of Argentina don’t run out of patience.
When Warren Buffett makes money moves, the world pays attention. So when financial disclosures showed he was regularly selling Apple stock and hoarding cash, you wanted to know why — or rather, what he knew.
“We will have Apple as our largest investment,” the Berkshire Hathaway CEO said in May. “But I don’t mind at all, under current conditions, building the cash position. I think when I look at the alternative of what’s available in the equity markets, and I look at the composition of what’s going on in the world, we find it quite attractive.”
There it is from the horse’s mouth. However, an analyst quoted in our story speculated the Apple sale might have more to do with the death of Buffett’s right-hand man, Charlie Munger, who may have always been more comfortable with the company.
The boycott of Bud Light was a huge business story in 2023, and by 2024, the beer still hadn’t recovered. But this year, conservatives found a new target in Dunkin’ Donuts and set out to give it the “Bud Light Treatment.”
The hashtag #BoycottDunkinDonuts splattered across social media after the CEO of Rumble said Dunkin’s parent company refused to advertise on the site because of its “right wing culture.” Rumble is a conservative counterpart to YouTube.
The boycott proved to be no Bud Light. Former Anheuser-Busch executive Anson Frericks correctly predicted in our story that the momentum would fizzle out because Dunkin is a privately-held company. Unlike with Bud Light, there’s no public data and regular industry reports to reinforce the success of the boycott.
Your No. 2 story is a topic I could talk about every day of every year and never run out of things to say. In fact, there are a lot of reasons to talk about it right now. We’re talking about the U.S. national debt, which is at $36 trillion
We started the year by breaching $34 trillion in debt and set out to tell you who holds it all.
We knew you had a serious interest in which foreign countries hold the bag. Japan has the biggest purse, followed by China, then the U.K. But foreign governments account for less than a quarter of the whole pie. Private investors hold the biggest share, followed by foreign countries, U.S. government accounts and the Federal Reserve.
When Boeing machinists walked off the job for the first time in 16 years, many thought the strike would be a quick one. But weeks in, management completely botched negotiations by releasing details of an offer to the media before the union had responded.
“I thought the arrival of new management with a lot of experience and understanding in the industry would make things different, but that doesn’t appear to be the case at all, I’m afraid,” said Richard Aboulafia, a top aviation analyst and managing director of Aerodynamic Advisory.
The story “Boeing strike strategy ‘baffles’ top aviation analyst” is at the top of our list. It would be nearly another month after this interview before machinists voted to return to work.
In the end, workers got Boeing up from a 25% raise to 38% over four years. It was new CEO Kelly Ortberg’s first test in a long line of challenges we’ll be talking about for years to come.
Government shutdown looms as House votes against latest funding bill
A government shutdown looms nearer after the House rejected a bill that would have kept it funded into March. And drones are now banned in parts of New York and New Jersey after a spate of mysterious sightings. These stories and more highlight your Unbiased Updates for Friday, Dec. 20, 2024.
House votes against latest stopgap bill aimed to avoid government shutdown
The House rejected a stopgap bill Thursday, Dec. 19, that would have kept the government running. The vote came ahead of a potential shutdown starting at midnight Saturday, Dec. 21, when lawmakers head home for the holidays.
The bill fell short of the needed two-thirds majority to speed up its passage. More than three dozen Republicans joined 197 Democrats in voting against it. Republicans split with each other on how the bill handles government spending.
“Three hundred and thirty billion dollars. Congratulations. You’ve added to the debt since you were given the majority again on Nov. 5,” Rep. Chip Roy, R-Texas, said.
Roy voted against the bill.
He added, “It’s embarrassing. It’s shameful. Yes, I think this bill is better than it was yesterday in certain respects. But to take this bill, to take this bill yesterday and congratulate yourself because it’s shorter in pages but increases the debt by $5 trillion, is asinine.”
Meanwhile, Rep. Anna Paulina Luna, R-Fla., said on the House floor, “The deal on the table will keep the government open for the American people and if you guys so choose to shut it down, it will be on you but not the Republican Party.”
She added, “We will not be going back to the table. This deal stands as it is. So let you go back home on Christmas and explain to your people why you shut down the government because we won’t be doing it.”
The latest spending bill, known as a continuing resolution, is a quickly amended bill tailored to the liking of President-elect Donald Trump and his top ally Elon Musk.
Musk postedrepeatedlyonX condemning the original bill. House Speaker Mike Johnson, R-La., worked on it with bipartisan support from Republicans and Democrats.
However, when both Musk and Trump opposed the bill, that guaranteed most House Republicans would vote against it and forced Johnson to craft a new bill.
Now, there are two conflicting interests. Musk wants major government spending cuts, and while Trump agrees, he also wants to permanently suspend the debt ceiling.
The new plan lifts the debt limit, leading Trump to support the bill in a Truth Social post.
“Now we can Make America Great Again, very quickly, which is what the People gave us a mandate to accomplish,” Trump posted.
But Democrats attacked the bill over what spending Republicans chose to cut.
“The Musk-Johnson proposal is not serious, it’s laughable,” said House Minority Leader Rep. Hakeem Jeffries, D-N.Y. “Extreme MAGA Republicans are driving us to a government shutdown.”
The bill removed funding for a bipartisan program for pediatric cancer research, studying genetic conditions like Down syndrome and treatment options for sickle cell disease as well as cancers.
It will be on Johnson to craft a bill to secure votes from the majority of the House.
However, Johnson may not have the political leeway to rely on support from Democrats. He’ll need nearly every returning member of the House Republican caucus to vote for him next month to remain speaker.
The new Congress takes office in the new year.
New details of accused UnitedHealthcare CEO shooter’s plan emerge
Newly unsealed court documents put into perspective what led up to the deadly shooting of UnitedHealthcare CEO Brian Thompson. A federal complaint shed light on 26-year-old Luigi Mangione’s “hostility toward the health insurance industry and wealthy executives in particular.”
In a notebook found on Mangione when he was arrested, he allegedly wrote of his plans to “wack” an insurance company CEO at its investor conference. Federal prosecutors said he traveled from Georgia to New York to stalk and kill Thompson.
Magione appeared in a New York courtroom Thursday, and four new federal charges were levied against him. The charges included murder with a firearm, which is an offense punishable by the death penalty.
The hearing followed Mangione’s extradition from Pennsylvania, where police arrested him on Dec. 9, to New York.
Armed guards surrounded Mangione as NYPD officers walked him off a helicopter upon his arrival in Manhattan. New York City Mayor Eric Adams joined the walk.
“Police Commissioner [Jessica] Tisch and I all want to send a very clear and loud message that this act of terrorism and the violence that stems from it is something that will not be tolerated in this city,” Adams told the press at the site of the helicopter arrival.
Mangione already faces state-level charges in New York. Manhattan District Attorney Alvin Bragg brought charges against him Tuesday, Dec. 17, including for murder as an act of terrorism.
However, Mangione also received a hero’s welcome from protesters outside the courthouse. Thompson’s killing sparked backlash against the health insurance industry and its coverage policies.
While judges have not set any dates yet, Mangione will face state-level charges first. A federal trial will follow.
New York abolished the death penalty, meaning it’s not an option for Mangione in the state-level case. However, the death penalty can still be exercised in the federal case.
FAA temporarily bans drones in parts of New York and New Jersey
Drones are now banned in parts of New York and New Jersey — at least for the time being. It comes amid an investigation into multiple mysterious sightings over the last month that set off fear and speculation.
In a statement, New York Gov. Kathy Hochul said the Federal Aviation Administration’s bans are “purely precautionary.” Meanwhile, the FAA’s restrictions in New Jersey are largely aimed at limiting drone flights over power stations and infrastructure.
The FAA implemented emergency flight restrictions across New Jersey, prohibiting drone operations until Jan. 17, 2025, for “special security reasons.” Unless operators obtain special government clearance, the directive bans uncrewed aircraft within a one-nautical-mile radius of designated areas and up to 400 feet in altitude.
The FAA designated areas such as Camden, Jersey City, Elizabeth and South Brunswick as “National Defense Airspace.”
Violators may face severe penalties, including interception, detention, certificate revocation and potential criminal charges. In extreme cases, authorities are authorized to use “deadly force” against drones posing an “imminent security threat.”
These restrictions follow a surge in unexplained drone sightings across New Jersey and nearby states that began in mid-November. Federal agencies, including the Federal Bureau of Investigation (FBI) and the Department of Defense (DOD), received over 5,000 reports of drone activity.
Dow Jones snaps worst losing streak in 50 years
The Dow Jones Industrial Average snapped its worst losing streak in 50 years Thursday. The losing streak lasted 10 days.
During the losing streak, the market wiped out all of its post-election gains. The Dow ended Wednesday down 2.5% from when Trump won the election.
Also on Wednesday, Wall Street’s fear gauge, the CBOE Volatility Index, had its second-biggest percentage spike in history. The VIX shot up 74% after the Federal Reserve shared its outlook for the coming year.
On Wednesday, the Fed cut its benchmark interest rate for a third time in 2024, which was widely predicted.
Feeling the holiday blues?
The holidays are often called “the most wonderful time of the year,” but the season can bring about sadness and stress for many. This -emotional shift, commonly known as the “holiday blues” or seasonal affective disorder (SAD), can affect millions of people across the country.
Licensed adult psychiatrist Dr. Patrice Mann said the holiday blues are due to several factors. They include social pressures, disruptive routines and financial strain.
“Things like having a bunch of holiday events on the calendar, not to say we don’t look forward to them oftentimes, but they take a toll on us,” says Dr. Mann. “You’re up late, interacting with a lot of people, and that’s not everyone’s nature.”
Grief and seasonal depression can also complicate these feelings. According to the National Institute of Mental Health, seasonal depression affects millions of Americans every year, but many may not even realize they have it.
Symptoms of holiday blues and seasonal depression can include a persistent low mood, loss of interest in activities and changes in eating or sleeping habits. If these symptoms last more than two weeks, Dr. Mann said it could indicate a more serious depressive episode. In such cases, seeking professional help is important.
Dr. Mann recommended several self-care strategies to help manage both the holiday blues and seasonal depression. She suggested getting tested for vitamin D deficiency and taking supplements during winter. Vitamin D plays a vital role in mood and energy levels.
She also advised getting as much sunlight as possible during the shorter winter days. Light therapy boxes can mimic outdoor sunlight if natural sunlight isn’t available. Using them for 20 to 30 minutes in the morning can help trick the brain and improve mood.
For those experiencing grief during the holidays, Dr. Mann encouraged reflecting on personal needs and communicating with trusted friends or family members. She also recommended incorporating new social activities into your routine and checking in with yourself after attending events.
For those supporting others through grief, it’s important to recognize that everyone processes emotions differently. Dr. Mann suggested engaging in activities with those less open about mental health, such as cooking or playing games, to help create a comfortable environment for them to express themselves.
While the holiday season brings unique challenges, small steps can make a big difference. Prioritizing self-care, maintaining routines and reaching out for support are important practices to help manage holiday stress.
If you or someone you know is struggling, remember that professional help is available. The National Suicide Hotline is available 24 hours a day by calling 988.
Dow Jones snapping worst losing streak in 50 years
After the worst losing streak in 50 years, the stock market is looking to snap back Thursday, Dec. 19. The Dow Jones Industrial Average’s 10-day losing streak through Wednesday, Dec. 18, is the longest since 1974.
During the losing streak, the market wiped out all of its post-election gains. The Dow ended Wednesday down 2.5% from when President-elect Donald Trump won the election.
Also on Wednesday, Wall Street’s fear gauge, the CBOE Volatility Index, had its second-biggest percentage spike in history. The VIX shot up 74% after the Federal Reserve shared its outlook for the coming year.
Usually, when the Fed does what markets expect, investors take the news in stride. On Wednesday, the Fed cut its benchmark interest rate for a third time in 2024, which was widely predicted. But it was what came next that spooked investors.
“It was all but a known fact that they were going to do it,” Aaron Cirksena, CEO and founder of MDRN Capital, said. “I think when Jerome Powell says that they were starting to get on the cusp of whether it was the right decision or not, that’s really him using some leading language into next year, to just preface that, look, you’ve got to have some caution, that they might not be willing to just go into next year full steam saying, yes, we’re definitely going to be lowering every time we sit down another six to eight times next year.”
“I think at one point three months or so ago, that was kind of the assumption heading into 2025,” Cirksena continued. “I think now that’s starting to just get pulled back a little bit.”
The Fed went from projecting four cuts in 2025 to now projecting just two. They also expect inflation to be higher next year than previously forecast, which directly translates to a higher-for-longer interest rate policy.
As of Thursday, Dec. 19, the probability market isn’t favoring another Fed cut until May.
Wednesday marked the worst performance on record for the S&P 500 during a Fed interest rate announcement day, according to Bespoke Investment Group. But the biggest market losses since the election are more isolated to the Dow.
If you zoom out for the bigger picture, the entire market’s up double digits on the year. The tech-heavy Nasdaq has the highest gains, followed by the S&P 500 and then the Dow Jones.
Biden backs banning stock trades for Congress. Will Trump?
President Joe Biden has thrown his support behind banning members of Congress from trading stocks. His comments come in the waning hours of his administration as the issue has split members of Congress.
“Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said during an interview with Faiz Shakir, an adviser to Sen. Bernie Sanders, I-Vt.
Bipartisan groups of lawmakers have proposed legislation to ban congressional members from trading stocks but despite increased support, it has never received a vote.
The Stop Trading On Congressional Knowledge Act, or STOCK Act, which passed back in 2012, made it illegal for members of Congress to trade using knowledge gained from their jobs. The law also forces more transparency in their personal finances, for instance, disclosing trades in a timely manner made by themselves, their spouse or a dependent child.
“We continue to see story after story hit the headlines of members of Congress who bought or sold stock relative to or related to the Silicon Valley Bank collapse” Rep. Abigail Spanberger, D-Va., said in May 2023. “Before that, it was the invasion of Ukraine. Before that, it was COVID.”
“The easiest, most straightforward way to achieve this is to ban members of Congress from trading stocks,” she said. “And I am so proud that we continue to have an ever-growing coalition. The bill that I lead with Rep. Chip Roy has more than 55 co-sponsors – Democrats, Republicans, across the board, geography wise, across the board, political ideology wise – because this common-sense solution of banning members of Congress from trading stocks just makes sense.”
“The truth is, Congress should not be here to make a buck,” Sen. Josh Hawley, R-Mo., said in July of this year. “Congress should be here to serve the American people. There is no reason why members of Congress ought to be profiting off of the information that only they get.”
Hawley, along with three Senate Democrats, proposed a ban on stock trading in the upper chamber at the time.
Some congressional members have had considerable success in trading stocks. There are even funds that allow regular Americans to invest like congressional members. NANC, which tracks Democrats trading habits, is up over 32% this year, outpacing the S&P 500. Meanwhile, KRUZ, which tracks Republicans, is up just 17%.
When it came up, former Speaker Nancy Pelosi, D-Calif., shot down the notion of banning Congressional stock trades. She said she opposed the idea “because this is a free market, and we are a free market economy, they should be able to participate in that.”
Biden took pride in where he stood on the list of wealthiest members of Congress during his career in the Senate.
“For 36 years I was listed as the poorest man in the Senate, not a joke,” Biden said during an interview. “I mean in Congress, not the Senate, House and Senate. I never thought I was poor. I had a salary that a senator made. I don’t know how you look at constituents in the eye and know because the job they gave you, gave you an inside track to make more money.”
It’s tough to gauge the impact of Biden’s support of this legislation in his final weeks. But President-elect Donald Trump rang the same bell when announcing he would seek the nation’s highest office once again.
“We want a ban on members of Congress getting rich by trading stocks on insider information,” Trump said in November 2022.
Congressional leaders unveil a stopgap bill to fund the government until March. And a mega-merger between Nissan and Honda might be revving up. These stories and more highlight your Unbiased Updates for Wednesday, Dec. 18, 2024.
Congressional leaders unveil stopgap government funding bill
With just days left to prevent a shutdown, Congress unveiled a stopgap bill to keep the government funded into March. It’ll be down to the wire with the Dec. 20 deadline, as House leaders are supposed to wait 72 hours before bringing proposed legislation to the floor for a vote. This practice allows lawmakers time to review the bill.
House Speaker Mike Johnson said Tuesday, Dec. 17, that he believes in adhering to the 72-hour rule, but with the deadline approaching so quickly that might not be feasible.
This new stopgap bill includes more than $100 billion in disaster aid, a one-year extension to the farm bill, $10 billion in economic assistance to farmers, a bill to renew expiring health care programs and a measure to restrict U.S. investments in China.
Right now, the government is funded through Friday by a different stopgap measure approved by lawmakers in September.
I am particularly proud that this bill advances some of my key priorities including strong proposals to help the United States out-compete the Chinese Communist Party. pic.twitter.com/k73axXhUl0
In a statement last night, Senate Majority Leader Chuck Schumer said he’s “pleased these negotiations led to a bipartisan government funding agreement free of cuts and poison pills, while also securing Democratic priorities like millions for child care, workforce training and job placement, assistance for the key bridge rebuild, additional disaster relief funding and more.”
If approved, this new stopgap bill would keep the government open through March 14, after the GOP has gained control of both the House and Senate.
Luigi Mangione charged with first-degree murder as an act of terrorism
In a press conference Tuesday, Manhattan District Attorney Alvin Bragg called the shooting outside a Manhattan hotel a “frightening, well-planned, targeted murder intended to cause shock and attention and intimidation.”
Mangione faces 11 counts, including two second-degree murder charges. If convicted, he faces life in prison without parole.
Mangione, who remains in a Pennsylvania prison, is set for two hearings on Thursday, Dec. 19. One for charges he faces in the Keystone State and another hearing for his extradition to New York.
Baltimore County Police Chief Robert McCullough said officers responded to reports of shots fired at around 7:15 p.m. Tuesday and found a vehicle lying on its side in flames. McCullough said it appears the car was involved in an incident that caused it to crash and catch on fire but did not say how that was related to the shooting.
“We know that there are some additional scenes that we’re investigating right now where other gunfire took place throughout the neighborhood,” McCullough said. “And that was evidenced by the multiple calls for service from the neighbors who were calling 911 about the gunshots in the community.”
McCullough said the incident was “intentional and targeted.” No arrests have been made in connection with this case.
Madison school shooting motive appears to be ‘combination of factors’: Police
Wisconsin authorities provided more information on Tuesday about the shooting inside a Christian school classroom that left three dead: a teacher, a student and the 15-year-old suspect.
In a press conference, Madison Police Chief Shon Barnes said the motive appears to be “a combination of factors.” Barnes added investigators are speaking with other students to see if bullying was one of those factors.
“Some have asked if people were specifically targeted,” Barnes said. “Everyone was targeted in this incident, and everyone was put in equal danger.”
Barnes said investigators are looking into the suspect’s social activity. Police identified the suspect as Natalie Rupnow and asked anyone who knew her to contact them.
Police said Rupnow opened fire Monday morning, Dec. 16, during a study hall full of students from multiple grade levels at Abundant Life Christian School. She struck several people before shooting herself. Six others were injured in the shooting and two remain in critical condition.
Nissan shares surge amid rumors of merger with Honda
Shares for Nissan surged following reports of potential merger talks with Honda. Both automotive giants released a statement to media confirming the whispers of a possible “business integration,” but not confirming any decisions set in stone yet.
The two have already collaborated on electric vehicles and battery technology, but the companies could benefit from deepening ties as both have seen challenges this year.
Nissan and Honda have seen dwindling sales in China, the world’s largest car market. Additionally, both automakers are navigating a slow shift to the electric vehicle market amid growing competition.
Talks of the potential merger saw Nissan shares notch their best day in more than 40 years with a 24% surge, though Honda saw a dip.
Some reports suggested the two will sign “a memorandum of understanding” on the potential deal soon. Mitsubishi is said to be a potential third player in the mix.
Tom Cruise receives Navy’s Distinguished Public Service Award
Nearly 40 years after he first starred as Pete “Maverick” Mitchell in the film “Top Gun,” actor Tom Cruise was awarded the U.S. Navy’s top civilian honor on Tuesday.
“I admire all of the servicemen and women,” Cruise said during the ceremony. “I know in life something that is very true to me is that is to lead is to serve, and I know that to my core. And I see that in the servicemen and women. I see that in you, and you understand that. And I appreciate everyone’s dedication. And it’s a true honor to represent them. And I’m just very proud.”
The Navy said the 62-year-old actor’s efforts in the film industry have increased public awareness and appreciation for its “highly trained personnel and the sacrifices they make while in uniform.”
As for what’s next for Cruise, his film “Mission: Impossible — The Final Reckoning” is set to be released in theaters in May.
Hasbro stock jumps as Elon Musk toys with idea of buying company
A simple question Elon Musk posted on X led to Hasbro’s stock receiving a boost on Friday, Nov. 29. In the post, Musk asked, “How much is Hasbro?” toying with the idea of buying the company.
The share price jumped 2% with speculation Musk may be interested in buying the legendary toy maker and owner of Dungeons & Dragons (D&D). His comments came after accusations the game had gone “woke.”
The Tesla and SpaceX CEO said he’s going to start his own artificial intelligence video game studio to make “games great again.”
Musk said too many game studios are owned by massive corporations. D&D is a part of Hasbro’s Wizards of The Coast segment which helps to generate millions in annual revenue for the company.
As of Nov. 29, Hasbro’s market value sits at $9.1 billion. Musk expressed criticism earlier in November 2024 over how Hasbro is treating the legacy of D&D and its author, Gary Gygax.
Following the release of the 40th anniversary book detailing how the game was made, fans pointed out changes in the original story.
“Some language in the first iteration of D&D presents a moral quandary,” Jason Tondro, a senior designer of D&D, said.
Changes were made to avoid words that Tondro said were “casually hurtful,” to different groups of people.
Musk has not officially expressed plans to acquire Hasbro. If he does take over Hasbro, Musk would also obtain the rights to My Little Pony, Nerf, Monopoly, Transformers and other gaming properties.
Former Democratic donor and Soros partner is Trump’s pick for Treasury
Elon Musk criticized him as the “business-as-usual choice” for Treasury, but markets are cheering on routine. President-elect Donald Trump announced Scott Bessent is his pick for Treasury secretary, ending an internal battle over the top economic post that some described as a knife fight.
But there’s a bullet point in Bessent’s resume that has rubbed some on the Right the wrong way. He’s the former chief investment officer for liberal billionaire George Soros, once a partner at Soros Fund Management and a major Democratic donor.
He’s since switched his donations to the Right. In 2015, Bessent founded the hedge fund Key Square Capital Management. In 2016, he donated to the Trump campaign.
Trump has described him as “one of the most brilliant men on Wall Street.”
The flattery is mutual.
“I’ve been in the investment business 35 years and Donald Trump is the most sophisticated leader on economics that I’ve met,” Bessent said on Fox Business before being tapped as Treasury secretary.
Bessent hasn’t been a mainstay of Trump’s inner circle like a lot of his other cabinet picks. Instead, the hedge fund manager reportedly won over the president-elect with his 3-3-3 plan:
Cut the budget deficit to 3% of GDP by the final year of Trump’s term. It’s about 6% today.
Boost GDP growth to 3%. Real GDP growth was 3% in the second quarter of 2024 and a third-quarter advance estimate has it at 2.8%.
Get Big Oil to boost production by another 3 million barrels of crude per day.
Bessent gets the Treasury nod as a deficit hawk just as the national debt crossed the $36 trillion mark. But he isn’t just making his mark in budgets. Earlier this year, he was behind the controversial proposal to have Trump nominate a shadow Federal Reserve chair to undermine current chair Jerome Powell.
“Trump could just nominate and confirm the next Fed chair, after Jay Powell, and just have this Fed chair go around and give all sorts of speeches and influence the markets,” the Fed Guy Joseph Wang explained to Straight Arrow News. “In that way, that’s very creative. I don’t know that it will happen.”
A Treasury secretary runner-up, former Fed governor Kevin Warsh, has also been floated as the man to replace Powell as Fed chair when his term expires.
As for Bessent, investors seemed to like the moderate pick on Monday, Nov. 25, the first trading day since the announcement.
Polymarket calls FBI raid on CEO ‘political retribution’
The FBI raided the Manhattan home of Polymarket CEO Shayne Coplan early Wednesday, Nov. 13. During the raid, agents seized electronic devices as part of a Justice Department investigation into allegations that the platform violated federal gambling laws.
Coplan, who wasn’t arrested, called the raid “discouraging” and accused the outgoing administration of targeting businesses perceived to be aligned with political opponents.
Polymarket, in a statement, labeled the raid as “political retribution.”
It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting…
Polymarket is a crypto-based prediction market that allows users to trade contracts on the outcomes of events, including elections.
The platform gained significant attention during the 2024 presidential race for giving President-elect Donald Trump much higher odds of victory than traditional polls. This prediction proved accurate when Trump defeated Vice President Kamala Harris with 312 Electoral College votes.
Critics argue that Polymarket’s prediction model blurs the line between betting and market trading, fueling concerns about transparency and regulatory oversight. Unlike traditional betting sites, Polymarket lets users buy and sell contracts as odds shift, reflecting changes in market sentiment.
The platform has also been accused of market manipulation. Third-party investigations uncovered evidence of wash trading, an illegal practice in which traders artificially inflate activity by executing fake transactions.
Before the election, a French trader, dubbed the “Trump Whale,” reportedly earned $48 million betting on Trump’s victory. The large wagers raised questions about the platform’s influence and transparency during a politically charged election season.
This isn’t Polymarket’s first encounter with regulators. In 2022, the company paid the Commodity Futures Trading Commission a $1.4 million fine for failing to register with the agency. The platform also temporarily halted trading during that time.
Additionally, users have reportedly circumvented U.S. betting restrictions by using virtual private networks (VPNs), highlighting enforcement challenges with cryptocurrency-based platforms.
Prominent tech industry figures have weighed in on the raid. Coinbase CEO Brian Armstrong warned that the move could backfire, increasing Polymarket’s visibility and influence. Elon Musk, a close ally of Donald Trump, criticized the raid, calling it “messed up” in a social media post.
