Crypto News Sorted by Dates

By Niki Christofi According to Article 21 of the Treaty on the Functioning of the European Union and Article 45 of the EU Charter of Fundamental Rights, EU citizens have the right to move and reside within the EU.[i] Moreover, EU citizens and businesses have the freedom to operate as well as invest across national borders. This implies that business expertise, development, know-how, technical knowledge and innovation are shared among the Member States which leads to enhanced economic growth. Nevertheless, since direct taxation is not harmonized across the EU, this freedom may have as a consequence that taxpayers may attempt to avoid or evade tax. Evasion and fraud in taxes imply fewer revenues in governments. Unreported and untaxed income is considerably reducing national tax revenues which has adverse consequences. Taxation is essential for each Country to build strong and prosperous societies on the basis that taxes received by the governments are used for public services and the well-being of citizens. On this basis, it is important to emphasize that tax revenue is one the most important sources of income for Countries that are used to finance the Sustainable Development Goals, which relate among others to a healthy environment, zero hunger, no property, good health of citizens and quality education.[ii] In this respect, in today’s globalized world, it is crucial that tax administrations work together in order to ensure that the right amount of tax is paid to the right jurisdiction with no tax evasion. Administrative cooperation in direct taxation between the Member States of the EU helps to ensure that all taxpayers pay their fair share of tax burden, irrespective of where they work, retire, hold a bank account, invest or do business. This is based on the Council Directive on Administrative Cooperation 2011/16/EU (DAC 1), which establishes all necessary procedures and provides the structure for a secure platform for cooperation.​[iii] Since its adoption, the original Directive 2011/16/EU (DAC 1) has been amended various times, with the aim of strengthening the administrative cooperation between the Member States as follows: Directive 2014/107/EU (DAC 2) which introduced automatic exchange of financial account information. Directive 2015/2376/EU (DAC 3) on automatic exchange of tax rulings and advance pricing agreements. Directive 2016/881/EU (DAC 4) on automatic exchange of country-by-country reports. Directive 2016/2258/EU (DAC 5) which ensures that the tax authorities have access to beneficial ownership information collected pursuant to the anti-money laundering legislation. Directive 2018/822/EU (DAC 6) on automatic exchange of reportable cross-border arrangements and how the Directive operates. Directive 2021/514/EU (DAC 7) which extends the EU tax transparency rules to digital platforms.[iv] Directive 2023/2226/EU (DAC 8) which includes reporting requirements on crypto-assets, e-money and central bank digital currencies.[v] The scope of the Directive includes all taxes except VAT, customs duties, excise duties, and compulsory social contributions because these are already covered by other European Union legislation on administrative cooperation. The Directive provides for the exchange of specified information in three forms: spontaneous, automatic and on request.[vi] It shall be noted that on the website of the Tax Department of Cyprus, can be found more information and guidance regarding the application of the Directive[vii]. It is crucial to indicate that both within the EU as well as at an international level, the EU is working in order to promote and strengthen tax good governance mechanisms, fair taxation and global tax transparency, aiming to tackle tax fraud, tax evasion and tax avoidance. The EU list of non-cooperative jurisdictions for tax purposes is part of the EU’s work to compact tax evasion and avoidance. It is composed of countries which have failed to fulfil their commitments to comply with tax good governance criteria within a specific timeframe as well as countries which have refused to do so.[viii] On 08 October 2024, the European Council adopted the EU list of non-cooperative jurisdictions for tax purposes. It is composed of 11 countries as follows: It is also important to mention that the Platform of Tax Good Governance, assists the European Commission in developing initiatives to promote good governance in tax matters in third countries, to tackle aggressive tax planning as well as to identify and address double taxation. Members of the Platform are the tax authorities of all Member States and organizations representing business, civil society and tax practitioners. It brings together expert representatives from business, tax professionals and civil society organizations. The European Platform enables a structured dialogue and exchange of expertise which is a coordinated and effective EU approach against tax evasion and avoidance.[ix] To conclude, tax fraud, tax evasion and tax avoidance represent a major challenge for the European Union as well as at a global level. The exchange of information is pivotal in the fight against such practices. Tax Good Governance is essential for fair and prosperous societies and economies. [i] https://commission.europa.eu/strategy-and-policy/policies/justice-and-fundamental-rights/eu-citizenship-and-democracy/free-movement-and-residence_en [ii] https://sdgs.un.org/goals [iii] https://taxation-customs.ec.europa.eu/taxation/tax-co-operation-and-control/administrative-co-operation-and-mutual-assistance/enhanced-administrative-cooperation-field-direct-taxation_en [iv] https://www.europeansources.info/record/proposal-for-a-council-directive-amending-directive-2011-16-eu-on-administrative-cooperation-in-the-field-of-taxation/ [v] https://www.europeansources.info/record/proposal-for-a-council-directive-amending-directive-2011-16-eu-on-administrative-cooperation-in-the-field-of-taxation-2/ [vi] https://taxation-customs.ec.europa.eu/taxation/tax-co-operation-and-control/administrative-co-operation-and-mutual-assistance/enhanced-administrative-cooperation-field-direct-taxation_en [vii] https://www.mof.gov.cy/mof/tax/taxdep.nsf/page20_en/page20_en?opendocument [viii] https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/ [ix] https://taxation-customs.ec.europa.eu/platform-tax-good-governance_en *Member of the Corporate Social Responsibility Committee of the Institute of Certified Public Accountants of Cyprus, Business Mentor

 2024-10-22 11:49:17

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Silicon Valley leaders were historically viewed as a Democratic voting bloc and helped President Barack Obama win in 2008. Now, some key tech leaders, most notably Elon Musk, have flocked to supporting former President Donald Trump’s third bid for the presidency. In Harris’s push to win them back, she and her allies are trying to convince top tech executives and investors that her policies will be different than that of Biden’s, according to the Washington Post. Harris is not making hard promises many tech people are eager to see, some of which include dismissing appointees the Big Tech industry sees as hostile, people familiar with the meetings told the outlet. According to Dallas Mavericks owner and Shark Tank investor Mark Cuban, some of the courting has worked. “They have been public about wanting to take input wherever they can regardless of party affiliation,” Cuban said of Harris’s team. “That is 180 degrees from where it had been.” Many tech investors have been unhappy with the Biden administration’s policies, including its adoption of antitrust policies, which they claim stall acquisitions, their harsh stance on artificial intelligence, which they claim harms innovation, and their enforcement in the cryptocurrency industry. Harris’s allies have been busy in their quest to win back the tech industry. On Monday, Harris’s brother-in-law and Uber’s chief legal officer, Tony West, visited New York for meetings with business leaders, including Fred Wilson, a prominent cryptocurrency investor. Then, on Friday, he appeared at a Washington fundraiser co-chaired by Karen Dunn, a key Harris adviser who is representing Google in court against the Department of Justice. Gov. Gavin Newsom (D-CA) will be at a Harris fundraiser in Seattle co-hosted by David Zapolsky, the general counsel of Amazon. Amazon is also entangled in antitrust litigation with the Federal Trade Commission. Before the outreach to the tech industry, the Democratic Party was at risk of losing the support of the next generation of start-up founders, according to a cryptocurrency executive who attended a meeting with West who spoke with the Post. “They’ve grown up with a Democratic Party that, on average, considers tech entrepreneurship and the [venture capital] ecosystem nothing to celebrate,” the executive said, giving them the “sentiment that the Democratic Party just doesn’t value what they’re pursuing with their life.” The Harris campaign has sought Silicon Valley’s input on its policies. Before Harris spoke in late September in front of the Economic Club of Pittsburgh, West spoke with leaders of the crypto industry, who told him they were unsure if a Harris administration would be “just as hostile toward emerging tech” as they viewed Biden to be. The executives West spoke with proposed that Harris could forge a different path by referring to crypto as a frontier technology, like AI. Then, in her speech, Harris promised that the country under a Harris administration would “remain dominant in AI and quantum computing, blockchain and other emerging technologies,” which was her first clear nod to the tech industry as a candidate. Harris’s policies in the tech world typically focus on inclusivity, data protection, net neutrality, and expanding broadband access. Still, Harris has to hold together her coalition which includes liberal Democrats who have been outspoken about corporate concentration and called for the breakup of major tech companies like Google and Amazon. It’s unclear exactly how Harris’s technology politics will be different from those of Biden. She has not said if she plans to retain Federal Trade Commission Chair Lina Khan, who has been forceful in antitrust measures against Meta, Microsoft, and Amazon. Still, one of the largest wins for the tech and science sectors during the Biden administration has been the 2022 CHIPS and Science Act, which provided funding for research and development for environmental projects, clean energy and American manufacturing of semiconductors. Trump’s policies would most likely walk back some protections for consumers put in place by the Biden administration, for example, the electric vehicle challenge. His platform also places a lot of focus on what Trump considers “illegal censorship” by Big Tech companies, most notably X, formerly Twitter, which banned Trump for “risk of further incitement of violence,” after the Jan. 6, 2021 riot on the U.S. Capitol.

 2024-10-20 15:01:02

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The U.S. economy under Donald Trump and Joe Biden, in 3 charts The U.S. economy remains a heated topic in presidential debates and a top concern for American voters. Eight in ten registered voters say it will be crucial to their vote in the 2024 presidential elections. Trump Media stock plunges after weekslong rally After a weekslong rally that saw shares of Trump Media & Technology Group (DJT) roughly triple in value, the stock took an 8% nosedive Tuesday afternoon. The 10 best cities in America for vacationing on a budget We all deserve a vacation from time to time; the pressures of work, school, and personal relationships are enough to make anyone crave a long weekend in a new city, with high-quality meals and luxurious accommodations. Donald Trump’s new crypto project crashed on its first day Former President Donald Trump’s crypto project, World Liberty Financial, had a rough first day — its website experienced multiple prolonged outages, disrupting the sale of tokens. Lower interest rates will change the game for big banks. Here’s how In their first quarterly earnings reports since the Federal Reserve slashed interest rates last month, big banks are giving investors a glimpse into how they are preparing for a new, potentially less friendly macroeconomic landscape. The Dow and the Nasdaq slump as ASML leads a chip stock rout The Dow and other major indexes experienced losses Tuesday afternoon as chipmakers struggled amid news of potential export caps. In the afternoon, the Dow Jones Industrial Average dropped 118 points, or 0.28%, to 42,939. The tech-heavy Nasdaq and S&P 500 shed 0.8% and 0.4%, respectively. From Walmart to Costco, U.S. retail giants are all-in on Diwali. Here’s why Diwali, a major Hindu festival symbolizing the triumph of light over darkness, is less than two weeks away, and this year, U.S. retailers are embracing the occasion with festive decor, special promotions, and exclusive Diwali-themed offers. Crypto usage has gone to the moon, says new report Crypto usage hits new highs – and shows no signs of slowing down. That’s according to a recent report by venture capital firm Andreessen Horowitz, which found record crypto usage amid a maturing business and tech infrastructure. Trump Media might just be a meme stock, strategist says Doug Cohen, managing director of Fiduciary Trust International, breaks down why meme stocks and crypto are too speculative to be considered good investments The next president will face a debt problem that could lead to a crisis, strategist says Doug Cohen, managing director of Fiduciary Trust International, breaks down why a recession could be on the horizon no matter who wins the election

 2024-10-19 13:00:00

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Mila Kunis' son knows exactly what he wants to be for Halloween this year. The actress, 41, appeared on Jimmy Kimmel Live and spoke about her son Dimitri's unique Halloween costume. Kunis shares her 7-year-old son and daughter Wyatt, 10, with husband Ashton Kutcher, 46. "Okay, honest story. They change costumes monthly," Kunis says when asked if her kids stick with one costume. "So I’m a person that doesn’t procure the costume until much later in the season, you know, I wait. Because the idea of the next costume happens on November 1. They’re like, ‘Ok, next year, I’m going to be…’ and I’m like, ‘Sure, sure, no problem.’" "But I do have to tell you my son’s costume, it is actually really funny. So my daughter. Normal Amazon costume," Kunis shares. "She wants to be Dorothy from the Wizard of Oz. Amazing, right? Like you go, click, buy now, sold. Awesome." Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories. "My son comes to me and goes, ‘I know what I want to be.’ And I was like, ‘Cool. Like, ninja? Vampire? Where we at?’ He’s like, ‘I want to be the torch holder from the opening of the Paris Olympics Games.’” After getting a few "aws" from the audience, Kunis laughs and pushes back, saying that the costume was challenging because it doesn't exist. "It’s not a real costume. It’s the guy that like ran around with the torch and did parkour and things. And I was like, ‘Wait, what?’ " Kunis remembers. "And so then I Googled it and I was like, maybe Etsy makes it. Nope. Nobody. I have done it. I did it. I went and I bought…I took the photo of the guy in the Olympic Games and I put on my computer and I was like, ‘Okay, I can do this.’ I’m gonna have to get a jacket that has gold buttons in the thing and I started looking it all up and it was exhausting.” In May, Kutcher and Kunis made a rare public appearance with their two kids as they watched Indiana Fever defeat the Los Angeles Sparks during their game in Los Angeles. The famous couple were photographed with their daughter and son beaming as they sat courtside to watch the match, as well as post-game when they met Fever rookie Caitlin Clark after her team’s win of 78-73 in L.A.’s Crypto Arena. Kutcher could be seen backing Clark at the game as he wore a University of Iowa baseball cap, where both he and the athlete went to college. Dimitri also wore an Iowa Hawkeyes hoodie, representing Clark’s college team.

 2024-10-17 15:26:22

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Mila Kunis' son knows exactly what he wants to be for Halloween this year. The actress, 41, appeared on Jimmy Kimmel Live and spoke about her son Dimitri's unique Halloween costume. Kunis shares her 7-year-old son and daughter Wyatt, 10, with husband Ashton Kutcher, 46. "Okay, honest story. They change costumes monthly," Kunis says when asked if her kids stick with one costume. "So I’m a person that doesn’t procure the costume until much later in the season, you know, I wait. Because the idea of the next costume happens on November 1. They’re like, ‘Ok, next year, I’m going to be…’ and I’m like, ‘Sure, sure, no problem.’" "But I do have to tell you my son’s costume, it is actually really funny. So my daughter. Normal Amazon costume," Kunis shares. "She wants to be Dorothy from the Wizard of Oz. Amazing, right? Like you go, click, buy now, sold. Awesome." Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories. "My son comes to me and goes, ‘I know what I want to be.’ And I was like, ‘Cool. Like, ninja? Vampire? Where we at?’ He’s like, ‘I want to be the torch holder from the opening of the Paris Olympics Games.’” After getting a few "aws" from the audience, Kunis laughs and pushes back, saying that the costume was challenging because it doesn't exist. "It’s not a real costume. It’s the guy that like ran around with the torch and did parkour and things. And I was like, ‘Wait, what?’ " Kunis remembers. "And so then I Googled it and I was like, maybe Etsy makes it. Nope. Nobody. I have done it. I did it. I went and I bought…I took the photo of the guy in the Olympic Games and I put on my computer and I was like, ‘Okay, I can do this.’ I’m gonna have to get a jacket that has gold buttons in the thing and I started looking it all up and it was exhausting.” In May, Kutcher and Kunis made a rare public appearance with their two kids as they watched Indiana Fever defeat the Los Angeles Sparks during their game in Los Angeles. The famous couple were photographed with their daughter and son beaming as they sat courtside to watch the match, as well as post-game when they met Fever rookie Caitlin Clark after her team’s win of 78-73 in L.A.’s Crypto Arena. Kutcher could be seen backing Clark at the game as he wore a University of Iowa baseball cap, where both he and the athlete went to college. Dimitri also wore an Iowa Hawkeyes hoodie, representing Clark’s college team.

 2024-10-17 15:26:22

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Mila Kunis' son knows exactly what he wants to be for Halloween this year. The actress, 41, appeared on Jimmy Kimmel Live and spoke about her son Dimitri's unique Halloween costume. Kunis shares her 7-year-old son and daughter Wyatt, 10, with husband Ashton Kutcher, 46. "Okay, honest story. They change costumes monthly," Kunis says when asked if her kids stick with one costume. "So I’m a person that doesn’t procure the costume until much later in the season, you know, I wait. Because the idea of the next costume happens on November 1. They’re like, ‘Ok, next year, I’m going to be…’ and I’m like, ‘Sure, sure, no problem.’" "But I do have to tell you my son’s costume, it is actually really funny. So my daughter. Normal Amazon costume," Kunis shares. "She wants to be Dorothy from the Wizard of Oz. Amazing, right? Like you go, click, buy now, sold. Awesome." Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories. "My son comes to me and goes, ‘I know what I want to be.’ And I was like, ‘Cool. Like, ninja? Vampire? Where we at?’ He’s like, ‘I want to be the torch holder from the opening of the Paris Olympics Games.’” After getting a few "aws" from the audience, Kunis laughs and pushes back, saying that the costume was challenging because it doesn't exist. "It’s not a real costume. It’s the guy that like ran around with the torch and did parkour and things. And I was like, ‘Wait, what?’ " Kunis remembers. "And so then I Googled it and I was like, maybe Etsy makes it. Nope. Nobody. I have done it. I did it. I went and I bought…I took the photo of the guy in the Olympic Games and I put on my computer and I was like, ‘Okay, I can do this.’ I’m gonna have to get a jacket that has gold buttons in the thing and I started looking it all up and it was exhausting.” In May, Kutcher and Kunis made a rare public appearance with their two kids as they watched Indiana Fever defeat the Los Angeles Sparks during their game in Los Angeles. The famous couple were photographed with their daughter and son beaming as they sat courtside to watch the match, as well as post-game when they met Fever rookie Caitlin Clark after her team’s win of 78-73 in L.A.’s Crypto Arena. Kutcher could be seen backing Clark at the game as he wore a University of Iowa baseball cap, where both he and the athlete went to college. Dimitri also wore an Iowa Hawkeyes hoodie, representing Clark’s college team.

 2024-10-17 15:26:22

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Share to Facebook Share to Twitter Share to Linkedin Forbes found at least 100 billionaires in the corners of either former President Donald Trump or Vice President Kamala Harris—with many more backing Harris—but unlike the world’s richest man Elon Musk, who stumps extensively on Trump’s behalf, many have elected to watch from the sidelines, like Warren Buffett and Mark Zuckerberg. Trump and Harris during their September presidential debate. Illustration by Forbes; Photos by Win McNamee/Getty Images; Saul Loeb/AFP/Getty Images Our breakdown records 76 billionaires supporting Harris and 49 backing Trump so far (see the lists for both below). Many more billionaires may still financially back a candidate, but their donations won’t be learned until after the election, when final Federal Election Commission reports are issued in December. Billionaires leaning toward Harris may seem incongruous, since she often criticizes Trump for advocating for policies favorable toward billionaires—but there are practical reasons why the ultra wealthy may favor Harris. A letter signed by more than a dozen billionaires last month endorsing Harris explained their belief Harris “will continue to advance fair and predictable policies that support the rule of law, stability, and a sound business environment,” indicating the support for the status quo as the U.S. economy and stock market exhibit strength, while a recent survey of millionaire investors—which found a 57% to 43% split in Harris’s favor—identified technology, healthcare and sustainability stocks as the sectors most poised to benefit from a Harris win, a mix friendly to many of her billionaire backers from Silicon Valley, who grew familiar with Harris during her time as a California prosecutor. Forbes will update this list through Election Day. Jeff Bezos, left, Larry Page, second from left, Sheryl Sandberg, former chief operating officer of ... [+] Facebook, then-Vice President-elect Mike Pence and then-President-elect Donald Trump meet in 2016. Getty Images Big-Time Billionaires Who Haven’t Endorsed A Candidate: Jeff Bezos: The Amazon founder and world’s fourth-richest man wrote Trump “showed tremendous grace and courage under literal fire” following the assassination attempt at a July 13 rally, but Bezos has not endorsed or financially backed, even though he has publicly warred with Trump during his presidency. He celebrated Biden’s election in 2020 with an Instagram post noting the Biden win indicated “unity, empathy, and decency are not characteristics of a bygone era.” Warren Buffett: Though Berkshire Hathaway CEO Buffett said in 2020 he’s a Democrat and clapped back at Trump in 2016 for an income tax jab, Buffett, the world’s sixth-richest person, has also stayed quiet this cycle. Mark Zuckerberg: Trump told New York Magazine that Zuckerberg said to him he can’t “vote for a Democrat in this election” after the assassination attempt. But a Meta spokesperson said Zuckerberg, the third-wealthiest person on the planet, is “not endorsing anybody in this race and has not communicated to anybody how he intends to vote.” In 2020, Zuckerberg and his wife Priscilla Chan donated $419 million toward organizations supporting in-person voting during the pandemics. The Meta CEO and Facebook cofounder called Trump’s response to the assassination attempt “badass” in a July interview. Bill Gates: Though his ex-wife French Gates is among Harris’ deepest backers—her reported $13 million donation to Harris groups would place her among the top individual donors this cycle—the Microsoft cofounder Gates has not officially endorsed a candidate, but appeared to offer positive words toward Harris in a July interview, saying it is “great to have somebody who's younger, who can think about things like AI and how we shape that in the right way.” But “I don’t tell other people how to vote” due to his work with his nonprofit Bill & Melinda Gates Foundation, Gates added. Jamie Dimon: Trump shared a false social media post last week touting Dimon’s endorsement, but the CEO of JPMorgan Chase, the largest U.S. bank, did not endorse any candidate, according to his spokesperson. Still, some see hints in Dimon’s words. He’s been outspoken about the election, penning an editorial in the Washington Post calling on voters “to elect a “president who is dedicated to the ideals that define and unite us.” Ray Dalio: Dalio, founder of the world’s largest hedge fund Bridgewater Associates, told CNBC last month it’s the “most consequential” election of his, but he won’t endorse Harris or Trump as he desires a more moderate candidate. Sergey Brin: The Google cofounder and eighth-wealthiest person in the world Brin said following the 2016 election he found Trump’s election “deeply offensive” as an immigrant, according to an internal video leaked in 2018, but has not made public any feelings during this cycle. Larry Ellison and Ken Griffin: Ellison and Griffin are perhaps the most surprising billionaires who have stayed quiet in the final months of the presidential election cycle considering both have donated millions to Republican causes in the past. Griffin (Citadel) confirmed Thursday he has not financially backed Trump, adding he’s “torn” and won’t vote with a “smile on my face” as both candidates aren’t “going to receive an award for the quality of their policies” or “the quality of their leadership.” Ellison (Oracle), the second-richest person on earth, had backed Sen. Tim Scott (R-S.C.), while Griffin, the 39th-wealthiest, had been a Gov. Nikki Haley (R-S.C.) supporter. Which Billionaires Are Supporting Harris? A total of 76 billionaires (or more) are backing Harris. Forbes identified these 28 billionaires who donated $1 million toward groups supporting Harris through August: Michael Bloomberg, left, and Harris appear together in 2023. Getty Images Arthur Blank (Atlanta Falcons) Michael Bloomberg (Bloomberg, former New York mayor) Neil Bluhm (Real estate) John Doerr (Kleiner Perkins) Amy Goldman Fowler (New York real estate) Avram Glazer (Tampa Bay Buccaneers) Reid Hoffman (LinkedIn) Robert Hale, Jr. (Granite Telecommunications) Amos Hostetter, Jr. (Cable) Bruce Karsh (Oaktree Capital Management) Vinod Khosla (Khosla Ventures) Seth Klarman (Baupost) Henry Laufer (Renaissance Technologies) Stephen Mandel, Jr. (Lone Pine Capital) George Marcus (Marcus & Millichap) Michael Moritz (Sequoia Capital) Dustin Moskovitz (Facebook) John Pritzker (Hyatt hotels) Haim Saban (Fox Family Channel) Sheryl Sandberg (Facebook) Eric Schmidt (Google) Lynn Schusterman (Samson Resources) David Shaw (D.E. Shaw) The late Jim Simons (Renaissance Technologies) Gwendolyn Sontheim Meyer (Cargill) Steven Spielberg (Hollywood director) Thomas Steyer (Farallon Capital) Pat Stryker (Stryker Corp.) The following 36 billionaires made between $50,000 and $999,999 in donations to groups supporting Harris through August, according to Forbes’ analysis of FEC data: David Blitzer (Blackstone) David Bonderman (TPG) Edythe Broad (Eli and Edythe Broad Foundation) Tory Burch (Tory Burch) Rick Caruso (Los Angeles real estate) James Chambers (Cox Enterprises) Robert Clark (Clayco) Barry Diller (IAC) Dagmar Dolby (Dolby Laboratories) Charles Ergen (DISH) John Fish (Suffolk Construction) Gordon Getty (Getty Oil) James Goodnight (SAS) Jonathan Gray (Blackstone) Thomas Hagen (Erie Indemnity) Reed Hastings (Netflix) Elizabeth Johnson (Fidelity Investments) Michael Krasny (Computer Discount Warehouse) Chris Larsen (Ripple) Marc Lasry (Avenue Capital Group) Theodore Leonsis (Washington Capitals, Mystics and Wizards) Daniel Och (Och-Ziff Capital Management) Mark Pincus (Zynga) Laurene Powell Jobs (Apple) Katharine Rayner (Cox Enterprises) Stewart Resnick and Lynda Resnick (Wonderful Company) John Sall (SAS) Paul Sciarra (Pinterest) George Soros (Soros Fund Management) Jonathan Tisch and Laurie Tisch (Loews Corporation) Todd Wagner (Broadcast.com) Christy Walton (Walmart) Elaine Wynn (Wynn Resorts) Dirk Ziff (Ziff Davis). Bloomberg reported these additional four billionaires have donated to Harris’ election funds or groups supporting Harris’ election: Melinda French Gates (Microsoft) Joe Gebbia (Airbnb) Hamilton James (Blackstone) Margot Perot (Ross Perot widow). And these six billionaires signed a Sept. 6 open letter supporting Harris: Mark Cuban (“Shark Tank” investor) José E. Feliciano (Clearlake Capital) Magic Johnson (NBA star and investor) Sean Parker (Facebook) Penny Pritzker (Hyatt hotels) Hamdi Ulukaya (Chobani). And there's music stars Bruce Springsteen, who backed Harris Oct. 3, and Taylor Swift, who endorsed Harris Sept. 10. Which Billionaires Are Supporting Trump? A total of 49 billionaires have been identified as Trump backers. Forbes identified in August these 26 billionaires who had donated at least $1 million toward Trump election efforts: Musk, right, jumps on stage as he joins Trump at a Saturday rally. AFP via Getty Images Miriam Adelson (Las Vegas Sands Corp.) Don Ahern (Las Vegas construction) Andrew Beal (Beal Bank) George Bishop (GeoSouthern Energy oil driller) Timothy Dunn (Crownquest oil driller) Antonio Gracias (early Tesla investor) Diane Hendricks (ABC Supply construction) Robert “Woody” Johnson (New York Jets) Richard Kurtz (real estate) Douglas Leone (Sequoia Capital) Jimmy John Liautaud (Jimmy John's sandwich shop) Jeff Sprecher (husband to former Sen. Kelly Loeffler) Bernard Marcus (Home Depot) Linda McMahon (WWE) Timothy Mellon (heir to old-money Mellon family) Geoffrey Palmer (Los Angeles real estate) Roger Penske (Penske Automotive Group) J. Joe Ricketts (Chicago Cubs) Phil Ruffin (Treasure Island Las Vegas) Kenny Troutt (horse racing) Elizabeth Uihlein and Richard Uihlein (Uline packaging) Kelcy Warren (Energy Transfer pipeliner) Cameron Winklevoss and Tyler Winklevoss (twin Gemini crypto exchange founders) Steve Wynn (Wynn Resorts). Another 16 billionaires gave between $50,000 and $999,999 to groups supporting Trump: John Catsimatidis (Gristedes) Gary Chouest (Edison Chouest Offshore) Ray Davis (Texas Rangers) Darwin Deason (Affiliated Computer Services) Tilman Fertitta (Houston Rockets) Harold Hamm (Continental Resources) Palmer Luckey (Oculus VR) John Paulson (Paulson & Co.) Edward Roski, Jr. (Majestic Realty) Stephen Schwarzman (Blackstone) Thomas Siebel (Siebel Systems) Paul Singer (Elliott Management) Warren Stephens (Stephens Inc.) Terry Taylor (car dealerships) Stephen Winn (RealPage) William Wrigley, Jr. (Wrigley). Then there’s Musk (Tesla and SpaceX CEO), who appeared alongside Trump at a Saturday rally and whose America PAC is offering $47 for referrals of swing state voters who sign a petition to "pledge support" for the First and Second Amendments, and other known Trump supporters like hedge fund founder Bill Ackman (Pershing Square Capital Management), who endorsed Trump in July but has reportedly not donated to his campaign, Marc Andreesen (Andreessen Horowitz), Jeff Hildebrand (Hilcorp), Isaac Perlmutter (Marvel Entertainment), Thomas Peterffy (Interactive Brokers) and Gary Rollins (Rollins Inc.), according to media reports and Bloomberg’s analysis of public election records last month. Kyle Khan-Mullins and Leo Kalmin contributed reporting. Further Reading ForbesHow Donald Trump Made Billions From PoliticsBy Dan Alexander ForbesThese Billionaires Were Kamala Harris’ Biggest Backers The Last Time She Was ElectedBy Zach Everson ForbesHarris And Trump’s Biggest Celebrity Endorsements: Bruce Springsteen, Zachary Levi And MoreBy Mary Whitfill Roeloffs Follow me on Twitter or LinkedIn. Send me a secure tip. Editorial Standards Forbes Accolades

 2024-10-12 12:00:00

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Tesla fans were kept waiting on Thursday for the unveiling of Elon Musk's robotaxi, years after the brash billionaire first promised a car that could drive itself.The company's CEO is a master showman, whose ability to generate hype has helped make Tesla the world's best selling EV and propelled the firm's share price sky high, making him the richest man on the planet in the process.And he's currently employing those talents in the service of Republican Donald Trump, echoing the billionaire presidential candidate's dire warnings about migrants and a crumbling America, including during an exuberant appearance at a weekend Trump rally that was widely mocked.Little is known about what to expect at Thursday's unveiling at an event dubbed "We, Robot" (a play on Isaac Asimov's sci-fi classic 'I, Robot') that will take place at the Warner Brothers studio lot near Los Angeles.But more than 40 minutes after it was supposed to start, tens of thousands of people waiting to see the livestream were left watching the product of a graphics generator.Various crypto scams were stepping into the breach on YouTube, with AI-generated Musks urging viewers to send their Bitcoins for supposed huge profits.Musk told users on X -- the platform formerly known as Twitter -- that event staff were dealing with an emergency."A person in the crowd had a medical emergency. We have taken care of them and will be starting shortly," he wrote.The launch will be closely watched -- both by the boosters who are convinced he is a visionary changing the world, and by the skeptics who increasingly see an emperor with threadbare clothes."We believe wide-scale Tesla robotaxi deployment is unlikely within the coming years," said a note from UBS last month."That is not to say Tesla isn't making technological progress, but Tesla needs to show that the tech is ready and safe, deal with a myriad of local regulations and (potentially) figure out logistics and operations of a transportation network company."On the bullish side, analysts Wedbush predicted Thursday's event will be a "seminal and historical day" for Tesla, ushering in a new chapter of growth for autonomous technology.If Tesla successfully shows off a taxi that can drive itself, it won't be the first.Other companies, such as Google's Waymo and General Motors Cruise, have operated heavily regulated pilot programs for a few years already.But, says Musk, with characteristic bravura, his will be the best.The South African-born entrepreneur pushed back the date of the event, which was originally planned for August, "to make some important changes that I think would improve the vehicle," he said in July.He shrugged off regulatory questions about a technology venture that has so far only been demonstrated on a limited terrain and remains unseen by most of the general public."Once we demonstrate that something is safe enough or significantly safer than human, we find that regulators are supportive of deployment of that capability," he said at the time.Forget that he said in 2016 a fully automated car was two years away, or that a year later he was touting a vehicle by 2019 so clever that customers would be able to sleep while it drove them around.As many car makers have found, self-driving is tricky.While lots of cars nowadays have limited automation, theoretically allowing the driver to cede some of the boring bits of driving to an onboard computer, the person behind the wheel still has to pay attention and jump in if the car does something unpredictable.That's because computers, unlike people, are not very good at reacting to unexpected events or situations they have never seen before, so self-driving vehicles have a history of doing things that a human would never do.The driver is in any case legally liable for what the car does. Tesla is facing a number of lawsuits stemming from deadly crashes in which drivers may have believed they were safe in the hands of the car's computer.It's in this context that some industry watchers are taking Thursday's expected announcements with a pinch of salt."It seems likely that we'll see a cool demo of a stylish-looking prototype, allowing Musk to claim a kind of victory for first impressions, even when the rough outlines of what he promises will barely hold up to scrutiny," wrote Andrew Hawkins of tech outlet The Verge."The exaltations from bullish investors will give him enough cover to continue to make misleading declarations about what is and isn't autonomous. "And the safety experts and competitors who try to warn about the dangers of his approach will likely be drowned out or dismissed by his most ardent fans."

 2024-10-11 02:57:16

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Share to Facebook Share to Twitter Share to Linkedin Person Holding Silver Bitcoin Coin Crypto Crow via Pexels How long do you need to hold Bitcoin to beat the market, regardless of when you bought or sold? Michael Saylor once claimed that you should never hold Bitcoin for less than four years because you are guaranteed to not lose money. The idea is that if you are holding a highly appreciating asset like Bitcoin, what really matters is the holding period rather than the specifics of when you bought or sold. If the asset appreciates enough, that appreciation will swamp the details of what specific price you bought or sold and, therefore, erase some of the stress from the volatility. Let's evaluate this claim against Bitcoin price data. First, I'm going to generalize the conjecture to be: “If you hold Bitcoin for time x, you will be guaranteed to earn a return above y.” Saylor took x = four years, and y = zero, but we can actually find what horizon gives the worst return on Bitcoin, and compare that to other investments, like the S&P500. The Worst Case I'm going to use a trick from computer science called worst-case analysis. This is a method for evaluating algorithms when you don't necessarily have good information on uncertainty, and instead just want to ask how the algorithm would perform in a worst case. In this case, our “algorithm” is the return to holding Bitcoin, so we want to come up with a measure for the worst return from holding Bitcoin over different horizons. That is the lower bound on your return, since it will represent buying at the highest possible price and selling at the lowest possible price. This is your worst case. Here's my method. I use daily Bitcoin price data from January 2011 to January 2024. For a fixed holding period, I calculate the return over all possible buys and sells. For example, consider a two year holding period , and compute the 2 year return from buying on 1/1/2011 and selling 2 years later, buying on 1/2/2011 and selling 2 years later, buying on 1/3/2011 and selling 2 years later, etc. That will generate a different return for each possible 2 year holding period. Find the lowest of those returns —- that’s the worst possible 2 year return. (If you’re curious, the worst 2 year return was -46% per year, with a buy on 12/4/2013 and sale at 12/4/2015). Now repeat this calculation for all possible holding periods (2 years, 2.1 years, 2.2 years, etc). With this in hand, you can now plot the worst return as a function of the horizon: Value of Scarcity PrinciplesofBitcoin.com MORE FOR YOU Gmail Hackers Have Control Of 2FA, Email And Number? Here’s What To Do ‘Dancing With The Stars’ Hair Metal Night Scores—Who Went Home In The Double Elimination? Hurricane Milton Live Updates: Storm Hits Category 5 As It Heads Towards Florida Here are a few observations that are apparent. First, Bitcoin's volatility for short holding periods can lead to big losses, north of 75% of invested capital. That is the volatility that captures almost all attention in the financial press. What they don't realize is that volatility has both downside and upside. The upside appears on the right half of the graph, where Bitcoin's returns steadily increase, peaking at 150% per year if held for the full 13-year horizon, from January 1, 2011 to January 1, 2024. Second, the graph is not monotonic. It does not steadily increase but has peaks and valleys. For example, Bitcoin's worst return crosses 0% first at 3.25 years, again at four and a half years, and finally at over five years. So after 5.09 years, no one would have lost money by investing in Bitcoin, since the worst return is a lower bound on their payoff. After 5.86 years, Bitcoin would return at least the stock market’s historical return of 8%. After 6.08 years, Bitcoin would return at least Warren Buffett's historical return of around 22%. And after a little more than 10 years, Bitcoin will have returned more than 50% annually, greater than nearly all other investments. Now let’s compare Bitcoin against other assets: Bitcoin vs. Other Assets PrinciplesofBitcoin.com While the worst return from holding the S&P 500 is positive after around three years, it never really takes off. You can see the greater volatility of Bitcoin, but also the higher returns. SPY Principal Shareholder Yield Index ETF SPDR S&P 500 ETF Trust looks very safe in comparison, but that safety comes at a price. This graph shows the volatility of Bitcoin in a new light. The worst returns from other assets like gold, real estate, and bonds are (a) similar to each other, and (b) nearly flat compared to Bitcoin. It's true that other assets may not lead to large initial losses, but they also do not lead to longer-term gains. By way of comparison, the worst return from the S&P 500 exceeds 0% after 3.61 years, and 8% after 9.85 years. Similarly, it takes gold 12.38 years to escape breakeven in its worst case. This graph also gives the best indication that Bitcoin really is a new kind of investment. Notice how stocks, bonds, and real estate cluster together, while Bitcoin is markedly different. What about a basket of tech stocks? Here are the worst returns of Bitcoin against those of Tesla, Apple, and Nvidia from January 1, 2011, to January 1, 2024: Bitcoin vs. Big Tech PrinciplesofBitcoin.com Compared to the previous chart, the top tech stocks look more like Bitcoin, with larger losses for small holding periods and bigger gains for longer holding periods. It takes 4.23 years for Apple to guarantee a return of 0% and 6.83 years to exceed a return of 8%. It takes Tesla 5.71 years exceed break even, and it takes 6.21 years for Tesla to beat the historical stock market return of 8%. Finally, here is Bitcoin against 9 large companies Bitcoin vs. Top Stocks PrinciplesofBitcoin.com Even if you had bought Bitcoin at the highest possible price and sold it at the lowest possible price, you would have eclipsed the worst return from all other stocks after year 10. The Value of Scarcity The graphs illustrate the value of scarcity. A bare economic logic governs the price of Bitcoin: the supply is fixed and predictable, while demand has increased. There is no other way for price to respond but to go up. You may think, however, that all of this rests on social consensus: people want Bitcoin because they believe it to be valuable. That is true, but there is an important feedback loop here. The fixed supply is what makes it valuable, which in turn drives price up, which then attracts new buyers, which in turn increases demand, which then causes price to increase again, and so on. The fixed supply is existential for this feedback loop to occur. And that fixed supply is what is missing from all other investments, such as fiat currencies, gold, and real estate. So we may not have exactly returns of this same magnitude in the future, I cannot believe that the underlying forces at play will simply vanish altogether. The analysis here is a snippet of a longer research paper on worst-case analysis that I'm writing for an academic audience. Bitcoin motivated this problem, but a worst-case metric can apply to any investment. All the data in the analysis above comes from publicly available resources, such as SPY for the S&P 500 and ETFs like GLD SPDR Gold Shares for tracking the return from gold. This is part of a longer project for worst-case returns. Subscribe to the paid version of this newsletter to see the full analysis, including the code for the computations. Follow me on Twitter or LinkedIn. Check out my website. Korok Ray is an Associate Professor at the Mays Business School at Texas A&M and Founder of the Southwest Innovation Research Lab. He teaches the first Bitcoin class at Texas A&M called The Bitcoin Protocol in the Department of Accounting and the Department of Computer Science. He writes a Bitcoin newsletter, PrinciplesOfBTC.substack.com Editorial Standards Forbes Accolades

 2024-10-09 12:53:34

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Kamala Harris has seen her betting odds shrink over Donald Trump to a razor-thin margin with less than a month to go before November’s election. The vice president’s lead over the former president has significantly narrowed to a single point as bets surge in favor of Trump, according to the Election Betting Odds tracker. Bookmakers now give Harris a 50.1 percent chance of winning the race for the White House, while Trump is close behind on 49.1 percent. Last week, Harris was leading by 3.5 points. The tracker works by consolidating betting numbers from five major markets – Betfair, Smarkets, PredictIt, Polymarket, and Kalshi. Out of the five bookies, crypto-based betting platform Polymarket has given Trump’s odds of winning a boost, predicting he is now the slight favorite at 51.1 percent to Harris’s 48.3 percent. The platform has also increased Trump’s odds of winning the key battleground state of Pennsylvania. Bookmakers give him a 55.5 percent chance of victory in the state compared to a 49 percent chance last week. Other bookmakers give Harris a slight lead over Trump. On Kalshi, bookies put Harris ahead at 51 percent compared to Trump’s 49 percent. On PredictIt, the VP has 54 cents per share, which roughly equates to a 54 percent chance of winning, compared to 50 cents per share for Trump. And, the British betting site Smarkets predicts Harris has a 50.5 percent chance of taking the White House compared to Trump, whose odds are 48 percent. The polls, meanwhile, are incredibly close. The vice president currently has a 2.7-point lead over Trump in the latest average of national polls, collated by FiveThirtyEight. On average, Harris has been marginally ahead of Trump in national polls for several weeks. In the key battleground states, the polls are almost neck-and-neck. Harris is ahead in Wisconsin, Michigan, Nevada, and Pennsylvania – but only just, according to the New York Times. Trump, meanwhile, has narrow leads in Georgia, Arizona, and North Carolina. In better news for Harris, Trump’s lead in his home state of Florida has dwindled, putting it in play for the vice president, a poll suggests. The former president now leads Harris by just two percentage points in the Sunshine State, home to his Mar-a-Lago residence, according to a Thursday survey by Napolitan News Service conducted by RMG Research, which has historically favored Republicans. There appears to be a stark age divide in the poll’s findings. While Harris has a stark lead among young Floridians, with 55 per cent of those polled supporting the Democratic presidential nominee to just 43 per cent supporting Trump, the former president leads significantly with the older crowd. More than half (53 per cent) of those aged 65 and older expressed backing Trump compared to 44 percent backing Harris.

 2024-10-07 13:10:35

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