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Storm Darragh: Flights cancelled and events called off as strong winds and rain hit NI(Bloomberg Opinion) -- This is Bloomberg Opinion Today, the underwater noise of Bloomberg Opinion’s opinions. Sign up here . Today’s Agenda The New Enron December 2nd is known for many things. It’s the birthday of Britney Spears, Charlie Puth and the Environmental Protection Agency. It’s the anniversary of the first-ever controlled nuclear fission chain reaction. And it’s the day that Enron filed for Chapter 11 bankruptcy in 2001. It’s also the day that Enron decided to... resurrect itself from the dead? Sure, why not: pic.twitter.com/9kt4g0Q84Z— Enron (@Enron) December 2, 2024 Exactly 23 years after the scandal-ridden energy enterprise went under, its name and logo are back in action. You can already buy a company hoodie for $118 and a polo for $98. Once a grift, always a grift, I suppose. The old Enron did all the things they tell you *not* to do in Accounting 101. After a $40 billion shareholder lawsuit, the conglomerate became the poster child for financial fraud and a bunch of top executives were charged with corruption. “In 2001, or 2011, those things were bad things,” writes Matt Levine. “Nobody wanted to invest in Enron, what with it being ‘synonymous with willful corporate fraud and corruption.’” But 2024 is different: “Standards are lower, and people are up for a bit more fun. If you launched Enron Corp. on the stock exchange today — even without a business — the stock would go up, because that is funny.” According to the new website, the revamped Enron is “dedicated to solving the global energy crisis.” And yet one of the company’s key pillars is “permissionless innovation,” which smells very crypto-scammy, not at all good for the environment and, quite frankly, overdone: RadioShack already did this, like, three years ago. Perhaps that’s why Enron 2.0 has all the hallmarks of a parody: It appears to have used Shutterstock and iStock images in its employee testimonials. It says “Enron” is now a backronym that stands for Energy, Nurture, Repentant, Opportunity and Nice. And it even has a disclaimer saying the site is “for entertainment purposes only.” But Matt says “these days you’d say that even if you actually were launching a crypto token, or a meme stock, or for that matter an energy company.” The sad thing is, this planet could use a company that wants to solve the global energy crisis. We have a lot of problems and very few people willing to solve them. Javier Blas says the oil cartel is inflating prices. David Fickling says a heat wave is straining Australia’s grids. Katja Hoyer says the entire continent of Europe is still reliant on Russian gas. And don’t even get F.D. Flam started on the whales. “President-elect Donald Trump has used saving whales, of all things, as a reason he has promised to shut down all US offshore wind energy projects when he takes office,” she writes, calling the idea absurd. “Fossil fuels are not only dirtier but their extraction and transport create far more underwater noise.” It’s a shame that Enron’s employees — and Trump, for that matter — seem more interested in helping crypto whales than actual whales. Thanksgiving Pardons Last week, not only did Peach and Blossom get spared from slaughter, so too did President Joe Biden’s son Hunter. Biden is far from the only president who has helped a loved one avoid prison: “Bill Clinton and Jimmy Carter each pardoned brothers. Donald Trump pardoned his daughter’s father-in-law (whom he now says he will appoint as ambassador to France). Even Abraham Lincoln pardoned his wife Mary Todd Lincoln’s sister, whose husband had served as a Confederate general,” Noah Feldman writes. “Seen from a human perspective,” Noah says Biden’s decision to spare his son is “about the most understandable action of his whole presidency.” But when Noah puts his Legal Scholar hat on, he says it’s a “tragedy for the republic,” and evidence of the “Trump effect.” The previous president’s pursuit of chaos — dating back to 2016 when he promised to lock up Hillary Clinton — has muted our collective sense of shock and outrage. In turn, Noah says it’s led to “the politicization of criminal investigation and prosecution,” which will likely worsen if Kash Patel — a political operative that Barbara L. McQuade says could carry out Trump’s personal revenge tour — ends up running the FBI. But Biden also is to blame. What Trump began, his Democratic successor intensified: “Biden’s administration made the belated — and in retrospect, disastrous — decision to seek criminal prosecution of Trump when it became clear he was a credible candidate to challenge Biden for the presidency,” Noah writes. “Now we live in a world where Democrats will hardly bat an eye at a presidential pardon for a wayward son, and in which Republican criticisms can easily be dismissed as hypocritical.” I pardoned this link from the paywall, so you can read the whole thing for free. You’re welcome! High Command Elsewhere in disastrous political decisions, you have Trump’s choice for Defense Secretary, Pete Hegseth. The Bloomberg Opinion editorial board says the former Fox News host is marred by a “checkered past” which seems to get uglier by the day. Look no further than this damning account of his time as the president of Concerned Veterans for America, as reported by The New Yorker’s Jane Mayer yesterday. An unearthed whistle-blower report describes Hegseth “as being repeatedly intoxicated while acting in his official capacity— to the point of needing to be carried out of the organization’s events.” At one such event — a tour through Cuyahoga Falls, Ohio — a former staffer claimed Hegseth drunkenly chanted “Kill All Muslims!” At another, he reportedly brought his team to a strip club in Louisiana, where he was accused by one of his female colleagues of attempting sexual assault. If, somehow, one was able to overlook the deeply unsettling accusations, Bloomberg’s editors still say that Hegseth is not the man for the job. “Leading an $850 billion bureaucracy that oversees nearly 3 million troops and civilian employees would be a daunting task for even the most experienced nominee,” they write. “Hegseth lacks experience of high command, as well as any background in defense policy or strategy, industrial issues, budgeting, international diplomacy, or in navigating interagency and interservice frictions.” Instead, Hegseth seems more interested in playing the role of Woke Police: “He argues that diversity, equity and inclusion programs are sapping warfighters of their martial spirit. He wants transgender troops out of the military and women out of combat roles. He’d also like to purge ‘woke’ generals from the ranks... far from the most pressing concerns facing the US military,” the editors argue. Telltale Charts Tyler Cowen says humans are not hanging out in public as much as we used to. I wonder why... To be clear, it’s not just Starbucks. McDonald’s is also to blame: “The fast-food icon raised prices in response to the spike in post-pandemic inflation only to discover that a broad swath of Americans can no longer afford Big Macs,” Nir Kaissar writes (free read). Although they’re rolling back some price hikes, Nir says the incoming Trump administration’s tariffs and deficits could stoke inflation. Trump’s next trade war also means you can say goodbye to Cyber Monday shopping in 2025. Andrea Felsted says bargain hunters should get the good deals while they last. “No matter how adept retailers have become, there will be no sidestepping the impact of broad tariffs,” she warns. Further Reading Free read: Who’d want to run a western automaker like Stellantis? — Chris Bryant Walmart’s DEI reversal isn’t all about Robby Starbuck. — Beth Kowitt Explaining economics to Trump won’t save Mexico. — Juan Pablo Spinetto Women’s hockey is right to be confident — but don’t get reckless. — Adam Minter Australia’s under-16 social media ban is better than nothing. — Catherine Thorbecke New York City can show the US how to build more housing. — Conor Sen India can’t afford to doom the world’s carbon credit markets a second time. — Mihir Sharma Minnesota’s state legislature is just about as evenly divided as possible. — Patricia Lopez Investment banks will lose billions of dollars of revenue to private rivals. — Paul J. Davies The Fed’s big monetary policy rethink needs to be better than last time. — Bill Dudley ICYMI Intel’s CEO got booted by the board. The New York Philharmonic has a new chief. Being active on social media helps the job hunt. Kickers New York City’s tiny duck treasure hunt. The history of Wisconsin’s famous Kringle. The rise of the random destination wedding. America stopped cooking with tallow for good reason. Area man runs 700 miles to make art. (h/t Jhodie Williams) Notes: Please send raspberry Kringle and feedback to Jessica Karl at jkarl9@bloomberg.net. Sign up here and follow us on Threads, TikTok, Twitter, Instagram and Facebook. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Jessica Karl is a Bloomberg Opinion columnist and author of the Bloomberg Opinion Today newsletter. More stories like this are available on bloomberg.com/opinion ©2024 Bloomberg L.P.
SAN DIEGO, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Mynaric AG (NASDAQ: MYNA) securities between June 20, 2024 and October 7, 2024. Mynaric develops and manufactures laser communication products for aerospace-based communication networks for government and commercial markets in the U.S. and internationally. For more information, submit a form , email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that Mynaric AG (MYNA) Misled Investors Regarding its Business Prospects According to the complaint, during the class period, defendants failed to disclose that: (i) lower-than-expected production yields and component supplier shortages of key components were causing production delays for Mynaric’s CONDOR Mk3 product; (ii) the foregoing issues were likely to have a material negative impact on the Company’s revenue growth and cause the Company to incur an operating loss; (iii) as a result, Mynaric was unlikely to meet its own previously issued financial guidance for FY 2024; and (iv) accordingly, the Company’s business and/or financial prospects were overstated. Plaintiff alleges that on August 20, 2024, Mynaric issued a press release providing an update to its FY 2024 guidance, advising that “the company now expects full-year 2024 IFRS-15 revenue to range between EUR 16.0 million to EUR 24.0 million compared to previous guidance of a range between EUR 50.0 million to EUR 70.0 million”, citing “production delays of CONDOR Mk3 caused by lower than expected production yields and component supplier shortages of key components”; and that “the company now expects full-year 2024 operating loss to range between a loss of EUR 55.0 million to EUR 50.0 million compared to previous guidance of a range between a loss of EUR 40.0 million to EUR 30.0 million”, citing “the lower than expected revenue and higher than expected production costs due to lower yields.” The Company also revealed the voluntary departure of its Chief Financial Officer. On this news, Mynaric’s American Depository Share (“ADS”) price fell $2.32 per ADS, or 55.9%, to close at $1.83 per ADS on August 20, 2024. What Now : You may be eligible to participate in the class action against Mynaric AG. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 30, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here . All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP : Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders. To be notified if a class action against Mynaric AG settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/17f52b82-4a1d-4bcb-b219-6b5fc62d998649ers RBs Christian McCaffrey, Jordan Mason placed on IR
Consumers in the United States scoured the internet for online deals as they looked to take advantage of the post-Thanksgiving shopping marathon with Cyber Monday. Even though e-commerce is now part and parcel of many people's regular routines and the holiday shopping season, Cyber Monday — a term coined in 2005 by the National Retail Federation — has become the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it. Adobe Analytics, which tracks online shopping, expected consumers to spend $13.2 billion Monday — a record, and 6.1% more than last year. That would make it the biggest shopping day for e-commerce for the season — and the year. Online spending was expected to peak between the hours of 8 p.m. and 10 p.m. on Monday night, per Adobe — reaching an estimated $15.7 million spent every minute. For several major retailers, a Cyber Monday sale is a dayslong event that began over the Thanksgiving weekend. An Amazon Prime delivery person lifts packages while making a stop Nov. 28, 2023, in Denver. Amazon kicked off its sales event right after midnight Pacific time on Saturday. Target's two days of discount offers on its website and app began overnight Sunday. Walmart rolled out its Cyber Monday offers for Walmart+ members Sunday afternoon and opened it up to all customers three hours later, at 8 p.m. Eastern time. Consumer spending for Cyber Week — the five major shopping days between Thanksgiving and Cyber Monday — provides a strong indication of how much shoppers are willing to spend for the holidays. Many U.S. consumers continue to experience sticker shock after the period of post-pandemic inflation, which left prices for many goods and services higher than they were three years ago. But retail sales nonetheless remain strong, and the economy kept growing at a healthy pace. At the same time, credit card debt and delinquencies are rising. More shoppers than ever are also on track to use "buy now, pay later" plans this holiday season, which allows them to delay payments on holiday decor, gifts and other items. Many economists also warned that President-elect Donald Trump's plan to impose tariffs next year on foreign goods coming into the United States would lead to higher prices on everything from food to clothing to automobiles. A FedEx delivery person carries a package from a truck Nov. 17, 2022, in Denver. The National Retail Federation expects holiday shoppers to spend more this year both in stores and online than last year. But the pace of spending growth will slow slightly, the trade group said, growing 2.5% to 3.5% — compared to 3.9% in 2023. A clear sense of consumer spending patterns during the holiday season won't emerge until the government releases sales data for the period, but some preliminary data from other sources shows some encouraging signs for retailers. Vivek Pandya, lead analyst at Adobe Digital Insights, noted that discounts from Thanksgiving onward "exceeded expectations" and online spending throughout Cyber Week is on track to cross a record $40 billion mark combined. U.S. shoppers spent $10.8 billion online on Black Friday, a 10.2% increase over last year, according to Adobe Analytics. That's also more than double what consumers spent in 2017, when Black Friday pulled in about $5 billion in online sales. Consumers also spent a record $6.1 billion online on Thanksgiving Day, Adobe said. Meanwhile, software company Salesforce, which also tracks online shopping, estimated that Black Friday online sales totaled $17.5 billion in the U.S. and $74.4 billion globally. Mastercard SpendingPulse, which tracks in-person and online spending, reported that overall Black Friday sales excluding automotive rose 3.4% from a year ago. A United Parcel Service driver sorts deliveries July 15, 2023, on New York's Upper West Side. E-commerce platform Shopify said its merchants raked in a record $5 billion in sales worldwide on Black Friday. At its peak, sales reached $4.6 million per minute — with top categories by volume including clothing, cosmetics and fitness products, according to the Canadian company. Toys, electronics, home goods, self-care and beauty categories were among the key drivers of holiday spending on Thanksgiving and Black Friday, according to Adobe. "Hot products" included Lego sets, espresso machines, fitness trackers, makeup and skin care. Other data showed physical stores saw fewer customers on Black Friday, underscoring how the huge crowds that were once synonymous with the day after Thanksgiving are now more than happy to shop from the comfort of their homes. RetailNext, which measures real-time foot traffic in stores, said its early data showed store traffic on Friday was down 3.2% in the U.S. compared to last year, with the biggest dip happening in the Midwest. Sensormatic Solutions, which also tracks store traffic, said its preliminary analysis showed retail store traffic on Black Friday was down 8.2% compared to 2023. Grant Gustafson, head of retail consulting and analytics at Sensormatic Solutions, noted that in-store traffic was getting spread across multiple days since many retailers offered generous discounts before and after Black Friday. "Some of the extended Black Friday promotions really ended up leading to a little bit of a softer day-of traffic than expected," Gustafson said. In 2024, staying small on purpose seems to be paying off big for small businesses. They're keeping operations small and targeting niche, highly specialized customers. And some business owners find this strategy results in more time, energy, and money to intentionally capitalize on unique, small cap opportunities. The data tells the story of growth in small businesses for the year. According to NEXT , the Small Business Administration (SBA) reports awarding 38,000 SBA 7(a) loans under $150,000: double the amount they awarded in 2020. Here are the related small-business trends paying off in 2024. Commercial real estate agent Ryan Beckenhauer of Market Real Estate in Boulder, Colorado, has noticed that small businesses are growing smaller, and that their office and warehouse spaces are starting to reflect that as they shop for business space. In commercial real estate, many small business owners gravitate toward industrial condos and other flexible spaces. These are small-scale industrial spaces with a 90:10 or 80:20 split of warehouse to office. "More individuals are leveraging skills acquired at larger organizations to venture out on their own," explains Beckenhauer. And he goes on to say that they don't need a large commercial space as they make that leap to start a business. His clients include engineers, consultants, builders and other tradespeople. Beckenhauer's clients like the flexibility of being out of an office and being close to their inventory and workshop space. "The clients want to see and touch the finishes," he says. Small business owners both rent or buy these spaces. But he's seeing his clients opt to own industrial condos to stabilize costs due to rent increases in Boulder. And because these spaces are smaller, it can be easier for new buyers to qualify for financing. Mariana Alvarez, owner of Controller Works , an online bookkeeping and advisory firm, has noticed that small business owners outsource financial support services because they don't want to increase headcount. "Outsourcing gives them the possibility of having access to the knowledge and the skills of a CFO without having to pay for the salary," she says. "They don't have to manage or deal with the workload, employment taxes , and all that comes with it," says Alvarez. Additionally, many small business owners in fields like construction are family-owned, and this makes it easier for business owners to hand off delicate financial work to a trusted person with financial experience. Every small business has recurring tasks that can benefit from some level of artificial intelligence automation . And Alvarez sees a lot of value in using AI for small business bookkeeping. She explains that you can automate the data entry on Quickbooks. "When you create rules, as long as you create the rules correctly, it pretty much does itself," says Alvarez. From there, you can lean on financial experts to help you analyze the data and make more informed decisions. She uses AI as a background resource when guiding her accounting clients. "I believe that we still need the human-to-human interaction that comes with more perspective for financial analysis," she explains. According to the SBA , 77% of consumers feel that human interaction is still required for a positive customer experience. People turn to small businesses every day for a human experience. According to Arvind Rongala, CEO of Edstellar , small business workers can show up for their customers but still use AI for routine tasks like customer queries. "This balance allows companies to scale their operations without losing the personal touch that makes them unique. It's important to remember that AI isn't there to replace the human element—it's there to enhance it," he says. "By really focusing on one very small weakness that Amazon has, I've been able to carve out a successful business by offering something different," says Lou Harvey owner of Tank Retailer , a retailer of commercial water and fuel tanks. "When you read our customer reviews, many of them actually mention me by name because of how much we focus on customer service and go the extra mile." One of Harvey's most successful business strategies this year has been to lean into his small, niche market and offer the kind of customer experience that large retailers like Amazon don't. "Any small weaknesses that Amazon has (however small those weaknesses may be) needs to become a strength of a smaller business focusing on a niche market," says Harvey. Harvey has his company's customer service phone number front and center on the website to help earn customer trust. "I prominently feature our phone number, and a real person always answers the phone (usually it's me)," says Harvey. Lucie Voves, CEO and founder of Church Hill Classics , an online, woman-owned diploma framing company that uses sustainable materials, has noticed an uptick in customers seeking services from a business on a mission. "This year, we've seen a growing inclination for consumers to actively seek out and support small businesses owned by women and minorities," says Voves. When consumers shop small, they choose to make their dollars count. "Customers are fueled by a desire to promote social impact through purchasing power," says Voves. Long gone are the days of online retailers "building it and they will come." In 2024 we've seen more small businesses than ever turn to social commerce to sell directly on social media platforms like Instagram Shopping , Facebook Marketplace , and TikTok . Small business owners are turning toward influencers, social media ads, and organic content to target their customers. Mike Vannelli of Envy Creative creates online ads for businesses, and he has seen his clients succeed on TikTok of late. "I've seen businesses, especially in retail, use TikTok's short-form video format to make their products go viral. Think of it as word-of-mouth marketing on steroids," says Vannelli. He uses the platform's algorithm to push a company's content to the right audiences, and it works because TikTok loves storytelling. "I know small brands that use behind-the-scenes videos, customer testimonials, and even playful challenges that tap into trends to humanize their products and build trust," explains Vannelli. To stand out on TikTok, he says, smaller brands need to embrace authenticity and emotional connection. Show your team, share your journey, and involve your community in content creation. This story was produced by NEXT and reviewed and distributed by Stacker. Get the latest local business news delivered FREE to your inbox weekly.Donald Trump ’s campaign pledged to be a champion for the working class. He ran campaign ads vowing to lift up the “hardest working citizens.” The Republican National Convention even put the spotlight on “everyday Americans.” But his incoming administration reflects a government run by billionaires , stuffed with Wall Street fixtures, investment bankers, real estate developers and oil executives, all within reach of power to slash services that millions of poor and vulnerable Americans depend on. Trump himself is set to become the wealthiest president in history, with an estimated net worth of roughly $6 billion, according to Forbes. Elon Musk , whose net worth is more than $343 billion, joins more than a dozen billionaires and ultra-wealthy Wall Street characters joining Trump’s administration. Together, their net worth exceeds $360 billion — larger than the gross domestic product of more than 11 dozen countries. The president-elect has tapped at least 11 billionaires alone, including Musk, tech entrepreneurs Jared Isaacman and Vivek Ramaswamy , former professional wrestling magnate Linda McMahon , investment bankers Howard Lutnick and Warren Stephens, and his son-in-law’s father, Charles Kushner, whose family fortune exceeds $7 billion. The world’s wealthiest man is working with Trump’s administration and congressional Republicans to recommend mass firings and drastic cuts to government services and spending. “We have to reduce spending to live within our means,” he said days before the election . “That necessarily involves some temporary hardship, but it will ensure long-term prosperity.” Here is a look at some of the wealthy Wall Street executives and billionaires Trump wants in his administration. Frank Bisignano, Social Security administrator: More than $900 million Frank Bisignanno, Trump’s nominee to lead the agency overseeing the administration of Americans’ retirement benefits, is the president of Wisconsin-based Fortune 500 financial technology firm Fiserv Inc, which has a market value of more than $100 billion. Stephen Feinberg, deputy defense secretary: $5 billion Trump has offered the second most-powerful position at the Department of Defense to private-equity investor Stephen Feinberg, the CEO of Cerberus Capital Management. The company, which previously owned private military contractor DynCorp, has investments in hypersonic missiles, drawing concerns from the left that the day-to-day operations of the more than $800 billion agency will have significant conflicts of interest and opportunities for self-enrichment with defense contractors. Jared Isaacman, NASA administrator: $3 billion Trump’s pick to lead NASA is Jared Isaacman, the founder of Pennsylvania-based processing firm Shift4 Payments and defense firm Draken International, which he sold to multi-billion dollar asset manager Blackstone for a reported nine-figure sum. Charles Kushner, US ambassador to France: $7.1 billion Charles Kushner is the father of Trump’s son-in-law Jared Kushner and the co-founder of real estate developer Kushner Companies. Forbes has estimated the company’s net worth at nearly $3 billion and the family’s fortune at roughly $7.1 billion. Charles Kushner and his wife Seryl own a 20 percent stake in Kushner Companies, or roughly $580 million. Kelly Loeffler, small business administrator: $1.1 billion The former senator from Georgia served as CEO of Bakkt, a subsidiary of commodity and financial service provider Intercontinental Exchange, of which her husband Jeffrey Sprecher is CEO. His net worth is estimated at more than $1.1 billion, according to Forbes. Howard Lutnick, Commerce Secretary: $2 billion The CEO of financial services firm Cantor Fitzgerald, Howard Lutnick, with an estimated net worth of more than $2 billion, was tapped to lead the Department of Commerce while he is serving as Trump’s transition team co-chair. He helped raise millions of dollars for Trump’s campaign and has been a cheerleader for Trump’s economic agenda, including the president-elect’s plans for broad tariffs. Linda McMahon, Education Secretary: $2.5 billion The co-founder of World Wrestling Entertainment was nominated to lead an agency that Trump and his allies want to dissolve entirely. McMahon donated $6 million to Trump’s first campaign and later served as the administrator of the Small Business Association during his administration. She is now a co-chair of his 2024 transition team after briefly serving on the Connecticut Board of Education, She shares a $2.5 billion net worth with her husband, professional wrestling mogul and personality Vince McMahon. Elon Musk, Department of Government Efficiency: $343 billion Elon Musk, CEO of Tesla and SpaceX, helped steer more than a quarter billion dollars into Trump’s campaign and has used his X platform — formerly Twitter, which he bought for $44 billion — as a megaphone for the president-elect and his agenda. His net worth is at least $343 billion, according to Forbes , and his net worth has increased by billions of dollars since Trump’s election victory. Musk, whose companies have also received tens of millions of dollars in government contracts, has been selected to lead an outside advisory committee to recommend drastic cuts to government spending. Vivek Ramaswamy, Department of Government Efficiency Vivek Ramaswamy, Musk’s co-chair of the incoming DOGE, is a former pharmaceutical executive who briefly ran for the Republican presidential nomination before dropping out to throw his support behind Trump. He made his fortunes with Roivant Sciences, a pharmaceutical company he founded in 2014. His net worth is estimated to be $1.1 billion, according to Forbes. Warren Stephens, ambassador to the UK: $3.4 billion Trump’s nominee for UK ambassador is the CEO of Arkansas-based investment bank Stephens Inc., which notably handled Walmart’s initial public offering in 1970. He donated at least $2 million to Trump-supporting political action committees and the Republican National Committee and gave tens of thousands of dollars to other Republican campaigns in the 2024 cycle. Steve Witkoff, special envoy to the Middle East: $1 billion Real estate tycoon Steve Witkoff has an estimated net worth of at least $1 billion, according to Forbes. He reportedly has long-standing ties to wealth funds in the Middle East, much like his Middle East envoy predecessor Jared Kusher, Trump’s son-in-law, who secured a $2 billion investment from a fund led by the Saudi crown prince Mohammed bin Salman six months after leaving the White House. Massad Boulos, senior adviser on Arab and Middle Eastern affairs Massad Boulos, the father-in-law of Trump’s daughter Tiffany , is the CEO of Boulos Enterprises and automobile conglomerate SCOA Nigeria, and has been widely described in reports as a billionaire, though his estimated net worth is not clear. His son Michael Boulous has been described as the “billionaire heir” to his father’s business fortune. Scott Bessent, Treasury Secretary Trump’s campaign economic adviser Scott Bessent founded Key Square Capital Management and worked at a hedge fund founded by major Democratic donor George Soros. The firm had roughly $600 million in assets under its management at the end of 2023. Before becoming a Trump donor and adviser, Bessent donated to various Democratic causes in the early 2000s, notably Al Gore’s presidential run. Doug Burgum, Interior Secretary North Dakota’s two-term Republican governor Doug Burgum made more than $1.1 billion after selling his software company Great Plains to Microsoft in 2001. After ending his own presidential campaign in December 2023, Burgum endorsed Trump and became an outspoken supporter. Forbes estimates his net worth to be at least $100 million. Jim O’Neill, deputy secretary of Health and Human Services Jim O’Neill previously worked as a senior health official during George W. Bush’s administration and was considered for a top job in federal health agencies in Trump’s first term. He later became the acting CEO of the Thiel Foundation, the philanthropic arm of billionaire venture capitalist Peter Thiel, a former Trump mega donor who financially backed a Senate campaign from his former acolyte JD Vance. O’Neill helped Thiel and investor Ajay Royan launch venture capitalist firm Mithril Capital Management, where the vice president-elect worked before his Senate campaign. Mehmet Oz, Centers for Medicare and Medicaid Services administrator The TV doctor who made a name for himself through Oprah Winfrey’s daytime talk show and with his own Dr. Oz Show before losing a Pennsylvania Senate race to Democratic Senator John Fetterman has a net worth of at least $100 million. Mehmet Oz holds millions of dollars in stocks at health insurance and pharmaceutical companies , according to financial disclosures during his Senate campaign, and he rakes in millions of dollars from his TV career. A company run by his wife’s family — among the wealthiest in Pennsylvania — had an annual revenue of more than $5 billion in 2022. David Perdue, US ambassador to China The former Republican senator from Georgia is a former executive with Reebok, Sara Lee and Dollar General, where he helped outsource the company’s manufacturing to China. While in office, Perdue was among the most prolific stock traders in Congress, and was under federal investigation for possible insider trading on his sale of more than $1 million in stock to a financial firm. He was never charged, and he lost a re-election bid to Democratic Senator Jon Ossoff in 2020. John Phelan, Navy Secretary The founder of Palm Beach-based private investment firm Rugger Management is the former investments manager for billionaire Michel Dell of Dell Technologies. John Phelan, who does not have any military experience, reportedly hosted a fundraiser for Trump’s campaign this summer at his $38 million home in Aspen, Colorado, which cost $25,000 to $500,000 per couple. Phelan and his wife Amy, a former Dallas Cowboys cheerleader, are also avid art collectors, including works from Chagall, Dubuffet and Picasso, among others. David Sacks, White House AI and Crypto Czar Trump, who promised to be the “crypto president” despite calling it a “scam” at one point, has named venture capitalist David Sacks as his pointman on all things involving cryptocurrency and artificial intelligence. Sacks founded Yammer, which Microsoft purchased in 2012 for $1.2 billion, as well as venture capital firm Craft Ventures. He is also a former CEO at PayPal. He notably moderated a Twitter Spaces discussion between Ron DeSantis and Elon Musk in 2023, and he hosted a sold-out fundraiser for Trump’s 2024 campaign at his home, with tickets going for $50,000 to $300,000 per person. His net worth is estimated to be roughly $200 million. Chris Wright, Secretary of Energy Fracking industry executive Chris Wright holds a more than $50 million stake in Liberty Energy, the company he co-founded in 2011. He also drew roughly $5.6 million in compensation from the company last year.
AI Redefining the Home Services Market, Growth of USD 6.54 Trillion from 2024-2028 with Digital Media's Impact - Technavio ReportTrump names David Sacks as White House AI and crypto czar