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Donald Trump has posted a video encouraging his followers to purchase a cryptocurrency supported by his family after the new token’s sale went live.

On October 15, World Liberty Financial crypto tokens were made available to purchase, Bloomberg reported—with each of the ethereum-based $WLFI tokens costing $0.015.

In a video on his X account, the former president announced the sale, saying: “Big news. The World Liberty Financial token sale is now live. Crypto is the future. Let’s embrace this incredible technology and lead the world in digital economy.” The video has received more than 8 million views.

Trump, the Republican presidential nominee in November’s election, has recently become a crypto proponent. However, he has not always supported the technology, previously saying the cryptocurrency bitcoin “just seems like a scam.”

Donald Trump, center, with his sons Donald Trump Jr., left, and Eric Trump, right, in Fiserv Forum in Wisconsin on July 15. Trump posted a video on social media encouraging his followers to purchase crypto…
Donald Trump, center, with his sons Donald Trump Jr., left, and Eric Trump, right, in Fiserv Forum in Wisconsin on July 15. Trump posted a video on social media encouraging his followers to purchase crypto tokens from a company his family supports.
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Tom Williams/CQ Roll Call via AP

On its X account, World Liberty Financial also advertised the sale of the token, highlighting an offer that gave buyers a “limited-time 1.5x bonus,” which the post said would expire in three hours.

According to Bloomberg, as of 1:48 p.m. on Tuesday, more than 500 million of the tokens had been sold. The crypto news site CoinDesk reported that, with a $300 million goal through the sale of 20 billion tokens, by the early hours of Wednesday morning, the company had sold more than 750 million tokens.

The World Liberty Financial site reportedly crashed shortly after the tokens went on sale. Newsweek has contacted World Liberty Financial via its X account for comment.

According to the company’s website, Trump holds the title of “chief crypto advocate,” while his sons—Eric, Barron and Donald Trump Jr.—are “Web3 ambassadors.”

The website also said a benefit of owning $WLFI was that you’d “instantly gain a voice in shaping the future of DeFi.”

CoinDesk reported that the Trump family-backed company had more than 100,000 accredited U.S. investors white-listed ahead of its launch on Tuesday.

However, Etherscan data showed that there were about 8,500 holders of the tokens.

Accredited investors are those able to buy shares in new businesses that have not yet gone public.

To do so, they must have an annual income of more than $200,000 or work in the financial industry, according to the U.S. Securities and Exchange Commission.

They must also have a net worth of more than $1 million, excluding their primary residence.

To purchase the $WLFI tokens, buyers must have a Web3 wallet, which the company described as the digital tool to store the keys “essential for accessing and managing your blockchain assets.”

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Banking CIO OutlookHow Generative AI is Transforming the Banking IndustryGenerative AI is revolutionizing the banking industry by improving customer
service, fraud detection, risk management, automation, personalized
financial….2 hours ago

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WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has released a revealing report on widespread illegal practices within the auto finance sector, shedding light on the systemic issues affecting millions of consumers across the United States. The latest edition of Supervisory Highlights uncovers a range of infractions by auto lenders, from wrongful vehicle repossessions to misleading marketing and improper handling of loan payments.

According to the CFPB, some lenders have been repossessing vehicles even after borrowers have made timely payments or received loan extensions, highlighting a significant breach of consumer trust and legal standards. CFPB Director Rohit Chopra emphasized the gravity of these issues, noting that “borrowing to buy a vehicle is one of the largest sources of household debt for American families, and many deal with unnecessary costs and challenges paying for their car.”

One of the critical findings involves the mishandling of add-on products, such as extended warranties or guaranteed asset protection insurance. These products are often bundled into the loan at the outset, increasing the overall loan cost. CFPB examiners discovered instances where consumers were charged for optional add-ons they had not consented to purchase. Furthermore, in cases of early loan termination, lenders failed to provide the required prorated refunds for these unused products, effectively denying consumers their rightful compensation.

The report also notes that some lenders have forced consumers to make multiple in-person visits to dealerships to cancel unwanted add-ons, effectively restricting their ability to opt-out. In response, the CFPB has mandated auto-finance companies to cease these illegal practices, clarify the optional nature of such products, and revise contractual language with service providers.

Another alarming issue identified by the CFPB is the improper application of loan payments, which has led to wrongful repossessions. Some lenders have been found misallocating borrowers’ payments, prioritizing late fees over principal and interest, resulting in unwarranted late fees and financial strain on consumers. The Bureau has instructed these servicers to refund affected consumers and ensure payments are applied as disclosed.

Moreover, the report highlights the inaccurate disclosures by lenders regarding interest rates, with some consumers being misled about their eligibility for low rates. This bait-and-switch tactic has been flagged as a significant concern, with the CFPB directing lenders to cease using deceptive marketing practices.

Compounding these issues, lenders have also been caught placing erroneous information on consumers’ credit reports, including incorrect amounts past due and inaccurate payment histories. This malpractice not only harms consumers’ credit scores but also affects their financial credibility. The CFPB has required lenders to review and rectify these inaccuracies promptly.

These findings are part of the CFPB’s ongoing efforts to protect consumers in the auto finance market, following previous actions against major companies like Toyota Motor Credit and Wells Fargo for similar violations. The Bureau’s proactive stance aims to ensure fair treatment and transparency, safeguarding consumers’ rights in an industry that significantly impacts their financial well-being. As the CFPB continues to monitor and address these issues, consumers are encouraged to remain vigilant and report any discrepancies they encounter in their auto finance dealings.

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In a 2010 article for Marie Claire, Justine Musk, Elon Musk’s ex-wife and mother of his five children, opened up about their marriage and her financial choices. Justine recounts how Elon, who was in the early stages of building his empire and would later become the richest man in the world, asked her to sign a “financial agreement” just two months before their wedding. 

Elon framed the agreement as something his company’s board wanted them to sign, saying, “It’s not a prenuptial.” 

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Trusting her soon-to-be husband, Justine signed the document without fully understanding its implications. “I trusted my husband – why else had I married him? – and I told myself it didn’t matter,” she recalls, a decision that would have far-reaching consequences.

“I had effectively signed away all my rights as a married person, including any claim to community property except our house, which was to be vested in my name once we had a child,” she writes. Justine would later understand that this agreement restricted her financial rights, leaving her with only their shared home.

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By the time eBay acquired PayPal in 2002, Elon’s net worth had surged to over $100 million, further widening the economic gap between them. “Most of his newfound fortune he rolled over into his second company, an online banking institution, X.com, that later became PayPal,” she explains.

She reflects on the vast wealth they accumulated and the lifestyle that followed. Their home became a 6,000-square-foot estate in Bel Air and their travels included flying in Elon’s private jet. “When we traveled, we drove onto the airfield up to Elon’s private jet, where a private flight attendant handed us champagne,” she recalls, painting a picture of their highflying life.

See Also: I’m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?

As the marriage progressed, Justine describes feeling increasingly sidelined and pressured to conform. Reflecting on this period, she writes, “As we danced at our wedding reception, Elon told me, ‘I am the alpha in this relationship.'” The pressure of their dynamic weighed on her, but she continued to support his growing ventures and adapt to their evolving lifestyle.

Years later, as their marriage neared its end, Justine looked back on her choices and the financial implications of that one document she signed so early on. She trusted Elon then but now recognizes the long-term impact of giving up her financial rights.

Her account sheds light on how financial agreements can shape marriage and, in this case, how they left her grappling with the consequences years after she first signed on the dotted line.

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This article was written by

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I am an individual investor. My main focus on investing is to achieve capital appreciation by selecting high value and compelling growth opportunities.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Watch BNN Bloomberg live.

The Department of Finance announced a plan to re-open its second green bond this week.

The federal government made the announcement in a news release Tuesday, adding that the re-opening of the bond is subject to market conditions. According to the Department of Finance, the intent is to continue with two transactions in the 2024-2025 fiscal year to meet a target for green bond issuances the government outlined in its 2024 budget. The bond’s re-opening on Tuesday will mark one of the transactions, the release said, and another will take place “at a later date.”

“The Government of Canada’s green bonds will meet demand from investors seeking green investment opportunities backed by Canada’s AAA credit rating while contributing to the development of a stronger sustainable finance market in Canada,” the Department of Finance said in the release.

The re-opening comes after the issuance of a 10-year $4 billion green bond in February, which the government said saw “robust investor demand” noting the final order book totalled $7.4 billion.

The Department of Finance highlighted that the issuance in February was the second green bond issued by the federal government, the first being a 7.5-year $5 billion green bond in March 2022.

“Canada’s green bond program is supporting the growth of the sustainable finance market in Canada, and around the world, and advancing Canada’s investments in clean growth, renewable energy, climate action, and environmental protection,” the release said.

“Green bonds unlock private financing to speed up projects such as green infrastructure and nature conservation.”

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(Bloomberg) — Chief executive officers in Canada are getting more concerned about the domestic economy, though most are still bullish on their own companies’ prospects over the next few years, according to a survey commissioned by KPMG.

Most Read from Bloomberg

Almost 60% of Canadian CEOs say economic uncertainty is their biggest current challenge — slightly higher than the 53% of CEOs globally who said that. The proportion of top executives who expressed confidence in the three-year growth outlook for Canada’s economy was 83%, a decline of six percentage points from last year.

KPMG’s annual CEO survey underscores weakening confidence by corporate leaders — a fact that’s also illustrated by soft business investment data. Recent figures from Statistics Canada point to an economy that expanded at a 1% annualized pace in the third quarter, well below the Bank of Canada’s forecast.

The central bank will release updated projections for the economy on Oct. 23, the date of its next interest rate decision.

Executives of smaller businesses appear to be a little more optimistic than the heads of larger companies about growth for the economy and for their own firms, the survey KPMG said. But they’re more worried about “growing protectionist attitudes,” the advisory firm said.

KPMG surveyed 1,325 CEOs globally of companies with more than $500 million in revenue, including 75 in Canada. It also polled 735 leaders or owners of small- and medium-sized Canadian businesses.

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Nvidia (NASDAQ: NVDA) stock sent investors on a wild ride so far in 2024. It was trading at a stock split-adjusted price of around $48 at the start of the year. The price got as high as $140.76 at one point in mid-June, then plunged to $99 by early August before recovering enough to trade around $130 a share by mid-August. It then fell 21% over a few weeks to trade around $103 in early September before recovering somewhat this past week, and it now trades around $118.

Whew. A wild ride indeed.

It’s somewhat understandable, of course. As the focal point of the artificial intelligence (AI) boom, Nvidia carries a lot on its shoulders, and expectations are sky-high for this tech stock. Even after beating consensus estimates in its last earnings report, the stock price still slipped. Apparently, Wall Street felt it didn’t beat their estimates by enough. While the stock’s price trajectory is currently on the upswing, investors are hyper-tuned to its performance and any indication of where it may be headed.

It might interest investors, then, that Nvidia’s CEO, Jensen Huang, has been selling some of his Nvidia holdings. In the last month alone, Huang sold 720,000 shares totaling about $78 million.

What does it mean that Nvidia’s chief is offloading shares?

This latest sale isn’t his first cashing in on shares. Since just the start of July, Huang has sold over 4 million shares worth roughly $500 million. At first glance, this might be seen as a sign that the person who knows the business the most intimately thinks the stock price is going to drop (or that there’s trouble ahead). But a more thorough analysis shows it’s not. Although I can’t know Huang’s exact thinking, there’s no reason to take these sales as a cause for worry.

The simpler explanation comes down to the cost of living. The vast majority of Huang’s net worth is tied up in Nvidia stock. Unfortunately, you can’t buy a hamburger (or a super yacht) with stock — at least not easily. Cash is king, as they say. It is far more likely that Huang is simply liquifying a tiny portion of his massive net worth — valued at around $100 billion today — to have some cash on hand.

The Securities and Exchange Commission (SEC) has rules around executives buying and selling their own company’s stock. To avoid any suspicion of insider trading (as well as tamp down potential transaction-related public panic), SEC rule 10b5-1 allows executives to release public plans that outline predetermined, automated stock transactions handled by a neutral entity. While it may look like Huang just sold this stock, he actually decided to do so months ago and did it in a way that suggests he had very little influence on the price.

Story continues

Tracking insider trading can be interesting, but most of the time it means a lot less than it might first seem to.

Nvidia is steaming ahead

As far as Nvidia’s future stock performance, the path ahead has gotten far more complicated, but I still think it’s in a strong position. The company’s latest quarterly earnings report showed continued growth — it more than doubled its revenue year over year. The thing investors have to remember is that the major inflection point for Nvidia was the second quarter of last year, so it’s natural that the year-over-year growth has cooled a bit from the 200%-plus growth we saw in the last three quarters. Just look at the revenue explode in 2023 in this chart below.

NVDA Revenue (Quarterly) Chart

While there was some concern that Nvidia could keep the growth going, many of the fears people had didn’t materialize. Concern over a delay in Nvidia shipping its latest generation of superchips was overblown, and demand for its current generation remains extremely strong. Rising concerns around a lack of real-world value for AI potentially hurting Nvidia’s clients and reducing their spending has also not yet happened. Companies like Amazon, Meta Platforms, and Alphabet are still locked in an AI arms race, and most are expecting to increase their spending, not reduce it.

More customers may be around the corner, too. Though Nvidia’s data center revenue is highly concentrated in big tech, we could soon see a broader set of commercial clients and even governments begin to invest in earnest. This would be a boon for Nvidia. Government-related contracts can be an extremely lucrative source of revenue and one that is slow to change once the relationship is formalized, providing an additional level of stability.

Finally, the company’s push into the automotive industry is only just ramping up. In the short term, AI-powered infotainment and safety features will drive revenue, but further on the horizon lies the real prize: Self-driving cars.

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The CEO of Nvidia Just Sold $78 Million Worth of His Company’s Stock. Here’s What Investors Need to Know. was originally published by The Motley Fool

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