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In the competitive race for New Jersey’s 7th Congressional District, Elon Musk's America PAC spent over $1 million to support Republican Tom Kean, who won against Democrat Sue Altman with 51.8% of the vote. Outside spending in the election reached unprecedented levels, with Musk's PAC contributing significantly to the campaign's advertising efforts. Amidst federal program cuts initiated by Musk, some Republicans have begun to voice concerns about the impact on essential services.
President Trump announced a plan for a U.S. Crypto Reserve, which would include Bitcoin, Ethereum, Solana, XRP, and Cardano, raising concerns about market manipulation and the potential devaluation of the dollar. Critics argue that this move primarily benefits billionaires and could inadvertently support cybercriminals, including North Korean hackers, while leaving taxpayers at risk. The lack of clarity on implementation and the speculative nature of cryptocurrencies further complicate the proposal's potential benefits to the American economy.
Melania Trump's memecoin peaked at a $13 billion valuation before collapsing, while her husband Donald Trump's token, TRUMP, currently trades at $25.77 with a $5.1 billion market cap. Meanwhile, Errol Musk aims to raise up to $200 million for the MUSKIT memecoin, which has seen fluctuating values since its launch.
Errol Musk plans to raise $200 million through a new memecoin called Musk It (MUSKIT) to support the Musk Institute. Launched on December 12, 2024, the token has struggled, losing over 52% of its value and trading at $0.02 with a $25 million market cap. Analysts suggest the project may lack potential without Elon Musk's endorsement, despite ongoing investor interest in memecoins.
Crypto.com has launched a sports event trading product across all 50 states, despite the Commodity Futures Trading Commission's request to suspend its sports markets. This move, alongside Kalshi's similar offerings, tests the regulatory boundaries of online prediction markets amid a changing political landscape. Meanwhile, Elon Musk faces backlash for criticizing a project backed by Trump, while former CNN anchor Don Lemon expands his lawsuit against Musk and X, alleging defamation and breach of contract.
A meme coin called $VINE, launched by Vine cofounder Rus Yusupov, has quickly gained traction, surpassing a $200 million market cap following Elon Musk's hints at reviving the Vine app. As of 7 a.m. ET, it was trading at over 22 cents, with speculation it could reach $500 million. The launch coincides with a broader crypto market rally, fueled by Donald Trump's administration's pro-crypto stance, despite skepticism surrounding the volatility of meme coins.
Jim Cramer highlighted the significance of President-elect Donald Trump's visit to the New York Stock Exchange, viewing it as a positive indicator for the market despite a decline in major averages. Cramer emphasized Trump's pro-business attitude, which he believes reassures investors and fosters a favorable environment for stock prices, contrasting it with President Biden's lack of engagement with the NYSE. He drew parallels to former President Reagan's visit in 1985, suggesting that Trump's presence signals a commitment to supporting higher stock values.
President-elect Donald Trump rang the opening bell at the New York Stock Exchange after being named Time's 2024 Person of the Year, marking his second time receiving the honor. In his remarks, he highlighted his administration's plans, including expedited permits for major projects and a commitment to mass deportations. Trump also expressed skepticism about trusting others, including Israeli Prime Minister Netanyahu, while emphasizing his approach to reshaping American politics.
Melania Trump
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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