Trump Has Returned

Written by:

Matt Allen

A passion for helping the average person led Matt to start his newsletter, The Common Capitalist, which is a newsletter that focuses on helping the average investor better understand finance.

View creator

Trump Has Returned

Welcome to The Free Press Report’s Weekly Digest. This week a lot has happened – Trump made his return to the national stage, Pelosi stepped down, and the global population reached 8 billion. Read on for more of the stories you might have missed.

Subscribe now to never miss an update

Market Recap

U.S. Politics

Donald Trump announces 2024 presidential campaign. The billionaire is looking to become the second ever former President to serve two non-consecutive terms. At his Mar-a-Lago residence (which was recently raided by the FBI searching for stolen classified documents), Trump announced his intention to “make America great and glorious again.” He compared his first time of relative economic stability to Biden’s inflation and recession prone presidency. He distanced himself from the “stop the steal” theory that proved unpopular with voters during midterms, when many Trump-endorsed candidates lost to their Democrat challengers. In other news, Trump was allowed back on Twitter by new CEO Elon Musk. [CNN]

Republicans win control of the House of Representatives. After last week’s midterms, the result was still uncertain. But as expected, the Republican party consolidated its gains to win back control of the House. Kevin McCarthy has won the election to be the party’s nomination to be the new Speaker. [WSJ]

Nancy Pelosi steps down as leader of U.S House Democrats. 82-year-old Pelosi has led the Democrats in the House of Representatives for nearly two decades. She will remain as Speaker until January, when the new GOP majority comes to Washington. In her farewell speech, Pelosi made no mention of President Trump, but praised Bush, Obama and Biden. She says that she plans to remain in Congress to represent her California district. [Fox]

TikTok a threat to national security, says FBI director. Chris Wray outlined his concerns that the Chinese social media app could be used for Beijing’s “influence operations” on American soil, highlighting the extreme level of control the Chinese communist party has over China’s tech companies. “The Chinese government could use [TikTok] to control data collection on millions of users,” Wray warned lawmakers. An extreme case could see Chinese authorities using TikTok to "control software on millions of devices," giving the communist party the power to "technically compromise" the personal smartphones of millions of Americans. [Reuters]

Social & Business

Elon Musks faces $56 billion legal battle against heavy metal drummer. Richard Tornetta, who held no less than nine shares in Tesla when he filed suit in 2018, is seeking to strip Musk of the generous pay package he received for his role as chief executive of electric vehicle maker Tesla. Tornetta’s shareholder derivative lawsuit claims that shareholders were misled about how easy it would be for Musk to meet the targets of his pay package. [Reuters]

Target Q3 earnings drive markets lower after the retailer recorded a 50% drop in profits and a significant slowdown of sales in late October. The company plans to cut $3 billion of costs in the coming years, citing the need for more efficiency after two years of rapid growth. Target shares fell 13% on the news. [CNBC]

Electric bikes are unsafe for NYC, building owners claim. After a recent spate of battery fires, some residential buildings in the city are banning the low-emission transportation. Chief Fire Martial Daniel Flynn said the city had seen "an exponential increase" in deadly fires caused by defective electric bikes. [Axios]

Taylor Swift tickets cause chaos after technical problems with Ticketmaster site. The singer’s first tour in five years led to unprecedented traffic to the ticket selling website, crashing the system designed to give preferential access to long-time “Swifties”. Tickets on the secondary market are selling for up to $45,000. [WSJ]

World View

Explosion in St Petersburg as giant fireball erupts at a gas station in the north west of the Russian city. Officials said that there was no risk of the fire spreading and that nobody had been harmed. This is likely to further disrupt the supply of oil to Europe. [Youtube]

Global population hits 8 billion. As life expectancy rises, the population has topped the 8 billion milestone for the first time – double the number from fifty years ago. Half of the world’s population lives in just the seven most populous countries, led by China and India. [Axios]

Crypto

Fed launches Digital Dollar with backing from banking giants Citi and Wells Fargo. The 12-week pilot, overseen by the Federal Reserve Bank of New York, will be conducted in a “test environment” to obtain data on the viability of a blockchain-based dollar token. They believe that a crypto dollar could speed up settlement time in currency markets. [Reuters]

Conversation

No comments

0 Comments

Inline Feedbacks

View all comments

Disclaimer:The publisher does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.

Grit Capital Corporation is a publisher of financial information, not an investment advisor. We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.

THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN.

No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.

Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.

The publisher, its affiliates, and clients of the a publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.

Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.

By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.

For Full Terms of Use Click HERE. For the Privacy Policy Click HERE.

Gritcapital.substack.com (“Grit”) is a website owned and operated by Substack. Grit is paid fees by the companies that make investment offerings on this website. Be aware that payment of these fees may put Grit in a conflict of interest with the investor. By accessing this website or any page thereof, you agree to be bound by the Terms of Use and Privacy Policy, in effect at the time you access this website or any page thereof. The Terms of Use and Privacy Policy may be amended from time to time. Nothing on this website shall constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities to any person in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such offer or solicitation. Grit is not an underwriter, broker-dealer, Title III crowdfunding portal or a valuation service and does not engage in any activities requiring any such registration. Grit does not provide advice on investments or structure transactions. Offerings made under Regulation A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) are available to U.S. investors who are “accredited investors” as defined by Rule 501 of Regulation D under the Securities Act well as non-accredited investors, who are subject to certain investment limitations as set forth in Regulation A under the Securities Act. In order to invest in Regulation A offerings, investors may be asked to fill out a certification and provide necessary documentation as proof of your income and/or net worth to verify that you are qualified to invest in offerings posted on this website. All securities listed on this site are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. Grit does not verify the adequacy, accuracy or completeness of any information. Neither Grit nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy, valuations of securities or completeness of any information on this site or the use of information on this site. Neither Grit nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising from any error or incompleteness of fact, or lack of care in the preparation of, any of the materials posted on this website. Investing in securities, especially those issued by start-up companies, involves substantial risk. investors should be able to bear the loss of their entire investment and should make their own determination of whether or not to make any investment based on their own independent evaluation and analysis.