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Elon Musk announced plans for the Department of Government Efficiency (DOGE) to investigate how certain members of Congress have amassed significant wealth despite modest salaries. He raised concerns about potential financial misconduct involving funds from the US Agency for International Development, suggesting a circuitous route of money that may benefit lawmakers. Musk's visit to Wisconsin also included support for conservative judicial candidate Brad Schimel, where he distributed $1 million checks to draw attention to his campaign against "activist judges."
CoreWeave priced its IPO at $40 per share, falling short of the expected $47 to $55 range, amid investor caution despite strong demand for AI cloud services. The offering includes 37.5 million shares, with significant backing from Nvidia and OpenAI, and is set to trade under the ticker “CRVW” on Nasdaq starting March 28. Despite a remarkable revenue growth of 737% to $1.9 billion in 2024, the company reported a net loss of $863 million, raising concerns about its reliance on Microsoft, which accounted for 62% of its revenue.
Elon Musk has warned that Tesla will face a significant impact from President Trump's 25% tariffs on foreign-made automobiles, despite manufacturing all U.S.-sold vehicles domestically. The tariffs could complicate Tesla's efforts to innovate and have already led to a nearly 6% drop in its stock price. Additionally, the company is grappling with a consumer boycott and a 40% decline in European sales, amid rising competition and economic concerns.
Goldman Sachs analyst Adam Hotchkiss maintains a Buy rating on Waystar Holding Corp, despite a 14% stock decline since Q4 earnings, attributed to modest FY25 revenue guidance. Concerns linger over the sustainability of FY24 growth drivers, while potential for low double-digit growth in FY25 hinges on strong RFP activity and cash flow improvements.
United Airlines and JPMorgan have launched the new United Family of Cards, offering enhanced benefits tailored to various travel preferences. New MileagePlus cardholders can earn welcome bonuses of 80,000 to 125,000 miles and enjoy annual value benefits of up to $2,000, with changes effective immediately for new members and starting for existing members today. Additionally, the airline is installing Starlink on regional aircraft, enhancing connectivity for travelers.
Josh Gottheimer of New Jersey has made multiple Tesla stock transactions since Trump's election, with a spokesperson stating he uses an investment manager for these trades. While Congress members can trade assets, many lawmakers are avoiding investments in companies linked to Trump and Musk due to potential conflicts of interest. A bipartisan push for stricter trading regulations continues, as some Democrats have recently shown interest in Tesla shares despite concerns over Musk's influence in government.
Evan Feinman, the former director of the Broadband Equity, Access, and Deployment Program, criticized Elon Musk's Starlink in his resignation letter, claiming it prioritizes profit over rural internet access. He expressed concern over potential changes to the program that could favor satellite technology, which may hinder progress in connecting underserved areas. Meanwhile, Trump invoked the Alien Enemies Act for mass deportations, framing it as a response to an "invasion," while his administration challenged judicial authority, dismissing court orders as unconstitutional.
In his first address to Congress since returning to office, Trump defended his economic policies, including new tariffs, and emphasized his commitment to "make America rich again." He faced hecklers and criticized Democrats for their lack of decorum, while also expressing a desire for the U.S. to welcome Greenland. The speech, lasting nearly 100 minutes, focused on domestic issues, culture wars, and his administration's efforts to eliminate diversity programs.
Dozens of lawmakers outperformed the stock market in 2024, with Democratic lawmakers gaining 31% and Republicans 26%, compared to the S&P 500's 24.9% rise. Notably, Rep. David Rouzer's portfolio surged 149%, while Speaker Emerita Nancy Pelosi's husband's stocks rose nearly 71%. Despite existing regulations, concerns about conflicts of interest and the lack of enforcement persist, as no member has faced charges under the STOCK Act. President Biden recently called for a ban on congressional stock trading, emphasizing the ethical implications of lawmakers profiting from their positions.
In 2024, crypto lobbying efforts led by Coinbase, Ripple, and Andreessen Horowitz transformed American politics, amassing nearly $300 million through a super PAC called Fairshake. This unprecedented spending aimed to counteract negative perceptions following the FTX collapse and reshape the political landscape, demonstrating the industry's newfound influence. By mid-2024, the crypto voter emerged as a significant force, altering the dynamics of support across party lines.
Nancy Pelosi
People
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