Chamath Palihapitiya's Suggestion For Donald Trump: 'Make Paying Taxes Simple And Enforcement…'
SPAC king Chamath Palihapitiya suggested a major overhaul of the U.S. tax system. He proposed replacing the extensive U.S. Federal Tax Code, which spans 7,000 pages, with a straightforward flat tax.
What Happened: Palihapitiya emphasized that this could be condensed into a few pages of simple English, which would make it easier to both pay taxes as well as enforce rules.
“Replace the US Federal Tax Code’s 7000 pages and millions of words with a simple flat tax. It could fit into a few pages of simple English, make paying taxes simple and enforcement even simpler.”
The proposal comes amid discussions on fiscal policies following Donald Trump‘s recent election victory. Palihapitiya’s suggestion aligns with ongoing debates about tax reforms and government efficiency.
Palihapitiya’s post is part of a broader conversation on fiscal responsibility and simplification of tax processes, echoing sentiments expressed during Trump’s campaign.
Why It Matters: The idea of simplifying the tax code is significant in light of recent discussions about federal budget cuts and economic policies. Palihapitiya’s proposal follows his earlier suggestion to cut trillions from the federal budget to fund nationwide internet access.
Trump’s economic strategies, including tax cuts and tariffs, have been under scrutiny. Economists warn these could lead to inflation. Palihapitiya’s flat tax proposal could be seen as a counter to these complex fiscal policies.
Furthermore, Trump’s plans to eliminate taxes on overtime pay have been met with skepticism, highlighting the need for clear and effective tax reforms. This context underscores the relevance of Palihapitiya’s call for a simplified tax system.
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Bitcoin Could Reach $180K In Current Cycle Thanks To Trump Victory, Says VanEck, But Has This Warning For Investors
Global investment manager Van Eck has reiterated its ambitious $180,000 price target for Bitcoin BTC/USD, projecting this peak within the current market cycle.
What Happened: VanEck analysts Nathan Frankovitz and Matthe Sigel suggest that favorable regulatory developments in the U.S. and increased institutional interest could propel Bitcoin to this target within 18 months.
The analysts attribute the recent surge in Bitcoin’s price, which touched $99,800 in the last 24 hours, to the election victory of Donald Trump.
The analysts noted that Bitcoin entered a “new phase” on Nov. 11, with perpetual futures contracts’ funding rates surpassing 10%, indicating short- to medium-term momentum.
“This shift points toward stronger short- to medium-term momentum, as historically, elevated funding rates have been linked to higher 30 to 90-day returns, reflecting heightened bullish sentiment and demand.”
However, they cautioned that sustained high funding rates could deter investors seeking long-term returns.
“On average, purchases made on days when funding rates were above 10% began underperforming at the 180-day mark, with this trend becoming even more pronounced over 1-year and 2-year periods.”
Why It Matters: The bullish sentiment from Van Eck comes amid a broader context of market dynamics and expert predictions.
Mike Novogratz, CEO of Galaxy Digital Holdings Ltd., recently warned about the high levels of leverage in the crypto market, suggesting that while Bitcoin’s rise to $100,000 seems inevitable, a correction to $80,000 could occur due to excessive leverage.
Furthermore, Michaël van de Poppe, a leading cryptocurrency analyst, has forecasted multiple flash crashes for Bitcoin before the year ends, potentially dropping its value by 5-10% in a single day. These corrections, however, could present strategic entry points for investors, as altcoins might experience significant growth post-correction.
Additionally, Van Eck’s CEO, Jan van Eck, has previously expressed a bold prediction that Bitcoin could eventually reach $300,000, capturing a substantial share of the gold market as a digital alternative. This long-term outlook underscores the growing demand and institutional interest in Bitcoin as a hedge against inflation.
Price Action: At the time of writing, Bitcoin was trading at $98,663, down by 0.76% in the last 24 hours, according to Benzinga Pro data.
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Bankrupt Crypto Exchange FTX To Commence Payments To Customers, Creditors In Early 2025
Bankrupt cryptocurrency exchange FTX has announced plans to begin distributing payments to creditors and customers in early 2025. This follows the approval of its Chapter 11 Plan of Reorganization, which is expected to become effective by January.
What Happened: John Jay Ray III, the CEO of FTX, announced that the company anticipates its Chapter 11 Plan of Reorganization will be effective by January 2025.
Ray expressed satisfaction with the progress, stating, “We are pleased to announce that we will begin distributing proceeds in early 2025.”
He emphasized the expertise and ongoing efforts of the professional team supporting the debtors, who have already recovered billions for FTX’s creditors and customers.
See Also: Here’s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs
The announcement follows FTX’s nearing completion of the final steps required for the reorganization plan.
Payments are expected to be made within 60 days of the plan’s activation.
“While we continue to take actions to maximize recoveries, we are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible,” Ray added.
FTX plans to finalize arrangements with specialized distribution agents by early December. These agents will facilitate the global distribution of recoveries to customers, who will receive instructions to establish approved accounts with these agents.
FTX aims to announce the exact effective date of distribution by the end of next month.
Why It Matters: The announcement marks a pivotal moment in FTX’s bankruptcy proceedings.
In October, a U.S. bankruptcy judge approved FTX’s plan to repay creditors up to $16.5 billion, concluding a two-year bankruptcy saga.
This decision came after a series of legal challenges, including a $12.7 billion restitution order in August and a settlement over Robinhood shares in September.
The approval of the reorganization plan and the upcoming payments are crucial for restoring trust in the crypto ecosystem and providing relief to affected creditors and customers.
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EW INVESTOR NOTICE: Robbins Geller Rudman & Dowd LLP Announces that Edwards Lifesciences Corporation Investors with Substantial Losses Have Opportunity to Lead Securities Class Action Lawsuit
SAN DIEGO, Nov. 22, 2024 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Edwards Lifesciences Corporation EW securities between February 6, 2024 and July 24, 2024, all dates inclusive (the “Class Period”), have until Friday, December 13, 2024 to seek appointment as lead plaintiff of the Edwards Lifesciences class action lawsuit. Captioned Patel v. Edwards Lifesciences Corporation, No. 24-cv-02221 (C.D. Cal.), the Edwards Lifesciences class action lawsuit charges Edwards Lifesciences and certain of Edwards Lifesciences’ executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Edwards Lifesciences class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-edwards-lifesciences-corporation-class-action-lawsuit-ew.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Edwards Lifesciences provides products and technologies for structural heart disease and critical care monitoring. One of Edward Lifesciences’ core products is Transcatheter Aortic Valve Replacement (“TAVR”).
The Edwards Lifesciences class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that they possessed reliable information pertaining to Edwards Lifesciences’ projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations; (ii) TAVR’s growth was at risk of decelerating; (iii) Edwards Lifesciences’ optimistic reports of TAVR’s growth and anticipated ramp in second quarter 2024 and further ramp throughout fiscal year 2024 fell short of reality as defendants’ “patient activation activities” failed to reach the perceived low-treatment-rate population TAVR’s growth relied upon obtaining; and (iv) defendants relied far too heavily or otherwise overstated hospital desire to continue to utilize Edwards Lifesciences’ TAVR procedures over newer, innovative structural heart therapies.
The Edwards Lifesciences class action lawsuit further alleges that on July 24, 2024, Edwards Lifesciences disclosed second quarter 2024 TAVR results below expectations and lowered fiscal year 2024 projections for TAVR. On this news, the price of Edwards Lifesciences stock fell more than 31%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Edwards Lifesciences securities during the Class Period to seek appointment as lead plaintiff in the Edwards Lifesciences class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Edwards Lifesciences class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Edwards Lifesciences class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Edwards Lifesciences class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
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PNK Group to Invest $80 million in Greater Richmond
Engineering and manufacturing company PNK Group will build an industrial building with more than 800,000 square feet of space
NEW YORK, Nov. 22, 2024 /PRNewswire/ — PNK Group, developer of a new generation of industrial buildings, will soon start construction of an 846,260 square-foot building on an 86.6 acres site acquired in October 2024 in Chesterfield County, Colonial Heights, Virginia. The approximately $80 million project is a modern insulated industrial building with many features and benefits that allow it to be used for either production or distribution.
According to PNK Group’s statement, the company considers entering the Virginia market as a strategic move and a solution to one of its priorities. The location for the building was not chosen by chance. Ashton Industrial Park in Colonial Heights is part of the Greater Richmond metropolitan area, and the latter is among the five cities in the Southeast U.S. with the least amount of vacant Class A industrial space.
High tenant demand is attributed to the city’s prime location. Located south of Washington DC, Richmond connects the U.S. capital with the port of Norfolk. This attracts manufacturers and logistics companies, which have turned the agglomeration into one of the regional leaders.
Since 2021 Nestle Purnia, LEGO Manufacturing, Federal Express, Mondelez International, Starplast USA, Grenova and many others have invested in expanding their own facilities and warehouse space here. According to Colliers, over the past five years, the average rate of investment and job growth from new or expanding companies in Richmond is 60% and 50%, respectively.
The new building will be the first in Virginia to be constructed using PNK technology. The method is based on the use of pre-fabricated elements, which makes construction easier and faster than the market average, and increases the reliability and quality of work.
PNK intends to use a high-precision steel structural frames of its own production in the new building. This will make it possible to abandon standard welded connections in favor of bolted ones. All products will be sourced from its Pennsylvania and Georgia plants.
As an engineering and manufacturing pioneer, PNK Group spearheads technological advancements in industrial construction. The company’s construction methodology, utilizing large-unit blocks, streamlines building assembly through precise element production, minimizing the need for extensive labor and heavy machinery.
Contact Info:
Name: Mark Stiles
Email: 386753@email4pr.com mailto:info@pnk.group
Organization: PNK Group
Address: 17 State Street, Suite 3930, New York, NY 10004
Phone: +1 (646) 517 7915
Website: https://pnk.group
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SOURCE PNK Group
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Meta Faces Multibillion-Dollar Lawsuit As Supreme Court Dismisses Appeal In Cambridge Analytica Data Scandal
Meta Platforms Inc. META is set to face a multibillion-dollar lawsuit following the dismissal of its appeal by the U.S. Supreme Court over the Cambridge Analytica data scandal.
What Happened: The Supreme Court, which heard arguments on Meta’s appeal on Nov. 6, gave no explanation for the dismissal.
It only stated that the case was being “dismissed as improvidently granted,” reported Bloomberg.
This dismissal increases the likelihood of Mark Zuckerberg’s Meta facing a costly settlement, potentially as large as $2 billion, according to Bloomberg Intelligence analyst Matthew Schettenhelm.
In a statement, Meta has expressed disappointment and maintained that the plaintiff’s claims are baseless. “We will continue to defend ourselves as this case is considered by the district court.”
Meta is accused of misleading shareholders about the risks associated with the 2018 Cambridge Analytica scandal, involving the unauthorized use of personal data from over 30 million users.
The shareholders argue that revelations about the breach eventually led to two 2018 price drops that cost the company more than $200 billion in market value.
Meta did not immediately respond to Benzinga’s request for a statement.
Why It Matters: Meta faced another legal setback in October when a U.S. District Judge rejected the company’s attempt to dismiss claims made in two separate lawsuits filed by U.S. states.
The lawsuits accused Meta of contributing to mental health issues among teenagers by making its platforms addictive.
Moreover, shareholder lawsuits have been a common occurrence in the tech industry. For instance, In October Alibaba Group BABA agreed to a $433.5 million settlement in a class-action lawsuit filed by its shareholders.
Similarly, Tilray Brands Inc. TLRY also faced a shareholder lawsuit accusing the company of misleading voting practices.
Currently, the Supreme Court is also reviewing an appeal by Nvidia Corporation NVDA, which faces a lawsuit alleging it misled shareholders about its dependence on crypto-mining revenue ahead of a market crash.
Price Action: Meta’s shares dropped 0.7% on Friday, ending the day at $559.14. In after-hours trading, the stock gained 0.098%, reaching $559.69 as of this writing, according to data from Benzinga Pro.
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SEC Shatters Record With $8.2B In Penalties For 2024, Led by Terraform Labs' Massive Settlement
The Securities and Exchange Commission or SEC has set a new record in financial penalties, with a significant portion resulting from a settlement with Terraform Labs.
What Happened: The regulator has gathered $8.2 billion in monetary penalties for the fiscal year 2024, marking the highest amount in the agency’s history.
This figure represents a 67% increase from the $4.9 billion collected in fiscal year 2023.
Despite the record penalty collection, the SEC saw a 26% decline in enforcement actions during the year, with 583 actions taken.
The regulator also barred 124 individuals from serving as officers and directors of public companies, marking the second-highest number in a decade.
Moreover, the SEC returned $345 million to investors who had been impacted, bringing the total amount returned since fiscal year 2021 to over $2.7 billion.
The agency also processed 45,130 tips, complaints, and referrals during the year — a record high — including over 24,000 whistleblower submissions.
Notably, more than 14,000 of those submissions came from just two individuals. The regulator has awarded whistleblowers a total of $255 million.
Why It Matters: The SEC has been cracking down on companies for misleading public disclosures related to cybersecurity risks and breaches.
The record-breaking total was largely influenced by a significant monetary judgment against cryptocurrency company Terraform Labs and its former CEO Do Kwon, following a successful SEC jury trial.
The case was one of the largest securities frauds in U.S. history.
Another notable financial penalty was a $249 million settlement with Morgan Stanley, resolving SEC charges related to the disclosure of confidential information about large stock sales.
In October, the regulator also charged four major companies over the SolarWinds hacks, issuing millions in penalties.
Earlier this month, JPMorgan Chase & Co. also agreed to pay investors $151 million following SEC charges for various law violations.
The stringent regulatory approach, particularly towards cryptocurrencies, has been a hallmark of SEC Chair Gary Gensler’s tenure, who announced that he will step down in January.
During his tenure, the SEC pursued several enforcement actions against prominent cryptocurrency firms, including filing lawsuits against Coinbase and Binance for allegedly running unregistered securities exchanges.
In July, President-elect Donald Trump had stated, “I will fire Gary Gensler on day one.” His statement was an indication of a possible change in the SEC’s stance on digital assets with the new administration.
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Sky Real Estate Acquires Osage Beach Outlet Marketplace
OSAGE BEACH, Mo., Nov. 22, 2024 /PRNewswire/ — Sky Real Estate is excited to announce its acquisition of the Osage Beach Outlet Marketplace from a subsidiary of Simon Property Group, Inc SPG. The 391,000-square-foot shopping center, located on a 60-acre parcel along Osage Beach Parkway, has been a cornerstone of the Lake of the Ozarks region for decades.
The outlet center features key tenants such as Polo Ralph Lauren, Under Armour, Bath & Body Works, and LOFT. Sky Real Estate looks forward to continuing operations and collaborating with the local community partners to create a long-term plan that enhances the property’s role as a vital regional destination.
For more information and updates on the Osage Beach Outlet Marketplace redevelopment, please visit: www.osagebeachoutletmarketplace.com
About Sky Real Estate
Founded in 2016, Sky Real Estate invests in commercial real estate properties across various sectors, with a focus on long-term value creation. Driven by an entrepreneurial spirit, Sky brings creativity and enthusiasm to every project. The company places a high value on fostering strong relationships with team members, partners, tenants, lenders, and the communities it serves.
For more information, please visit: www.skyre.com
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SOURCE Sky Real Estate
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E.L.F. Beauty ALERT: Bragar Eagel & Squire, P.C. is Investigating e.l.f. Beauty, Inc. on Behalf of e.l.f. Beauty Stockholders and Encourages Investors to Contact the Firm
NEW YORK, Nov. 22, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against e.l.f. Beauty, Inc. (“e.l.f. Beauty” or the “Company”) ELF on behalf of e.l.f. Beauty stockholders. Our investigation concerns whether e.l.f. Beauty has violated the federal securities laws and/or engaged in other unlawful business practices.
Click here to participate in the action.
On November 20, 2024, Muddy Waters Research issued a report in which it announced that it had a short position in e.l.f. Beauty, Inc. Muddy Waters stated that it believed that e.l.f. Beauty had “materially overstated revenue over the past three quarters,” and that it believed that in “Q2 FY24, ELF management realized its growth narrative was in trouble as its inventory built. It appears that ELF then began reporting inflated revenue and profits. Its reported inventory also appears materially inflated as a result – i.e., to account for cash that has not really come in.”
On this news, e.l.f. Beauty, Inc. stock fell as much as 15% in intraday trading on November 20, 2024.
If you purchased or otherwise acquired e.l.f. Beauty shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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Troubled Chains Need to Get Off the 'Watch List' ASAP
Ramping up real estate efficiency can help retailers be more competitive and avoid the high cost of bankruptcy restructurings, advises Andy Graiser of A&G Real Estate Partners
NEW YORK, Nov. 22, 2024 /PRNewswire/ — Retailers with worsening sales and traffic need to act now to stay off the growing “watch list” of troubled chains and avoid the rising costs of Chapter 11 bankruptcy filings, advised A&G Real Estate Partners Co-President Andy Graiser.
“By acting proactively and strategically to right the ship as quickly as possible, retailers can lower their restructuring costs and bolster their odds of emerging with less debt, higher cashflow and a nimbler and more productive real estate portfolio,” Graiser writes in a Chain Store Age Online “Expert Viewpoints” piece published on Nov. 5.
The real estate dimension is particularly important, the executive notes, and yet retailers often are too slow off the mark when it comes to portfolio optimization, leading them to head into out-of-court or Chapter 11 restructurings with inadequate clarity about:
- their supply chains;
- the individual stores they should close;
- how to engage landlords on lease restructurings and terminations;
- consumer trends; and
- what to do about non-store real estate such as office holdings and warehouses.
“Attacking the problem when you still have liquidity is critical,” Graiser writes. On the front lines of portfolio-optimization on behalf of both healthy and distressed clients, his New York-based firm has achieved more than $13 billion in tenant savings through lease restructuring, selling more than $12 billion in leases and real estate assets along the way.
Identifying real estate market trends should be one of the first steps in a comprehensive portfolio-performance review, Graiser advises. “In some cases, individual stores run into trouble, not because of fatal flaws in the local market, merchandise or store manager, but because important co-tenants have exited or seen operational declines,” he observes. “This can happen regionally or nationally when a major co-tenant goes out of business.”
The potential for store closures to have cascading effects on the rest of the retailer’s portfolio is another key consideration. “Where will your existing customers go if you choose to close a particular location or locations?” Graiser writes. “Can you configure your in-market presence in such a way that it maximizes the transfer of your existing shoppers to your remaining locations, and not those of your competitors?”
Third-party real estate advisors can partner with retailers to review their portfolios and answer such questions. They can also make sure retailers have up-to-date and granular data at their fingertips in areas such as:
- sales trends and box sizes
- market rents
- occupancy costs
- barriers to entry
- geospatial traffic data, and
- the quality and trajectory of stores, shopping centers and submarkets.
Understanding the position of individual landlords is essential as well. “The well-heeled owners of top-tier shopping centers generally want a freer hand to execute redevelopments and/or remerchandising strategies,” Graiser writes, noting the need to “zero-in on valuable lease exclusives and site-control clauses that could serve as powerful bargaining chips” in such situations.
While conducting store-by-store reviews, meanwhile, “seemingly small nuances also can be important,” Graiser adds. “Problems with store management, parking, signage, labor, deferred maintenance or shoplifting/shrink should not be ignored in your real estate decisions.”
Portfolio reviews also should cover fee-owned properties and non-store assets, which can be downsized, sold, relocated or subleased to support the broader strategy. That could include corporate offices, warehouse distribution centers and transportation facilities. However, the effects on operations of shuttering a warehouse must be carefully considered.
“What will happen to logistics, fulfillment and customer service without that asset?” Graiser writes. “If it ultimately falls into the ‘keep’ column, what kind of lease term and structure would be best?”
The right strategy and information can help the entire team understand the “art of the possible” and act decisively, Graiser concludes. “Yes, information is power, but timing matters, too.”
The full column is available at:
https://chainstoreage.com/troubled-chains-need-get-watch-list-asap
Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700, 386763@email4pr.com
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SOURCE A&G Real Estate Partners
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