esports hoodie
Minnesota 30, Chicago 27, OT
Elon Musk and Jeff Bezos clash over election stock claimsLSU outlasts UCF 109-102 in triple-OT affair
The Time Is Right for the Invesco S&P GARP ETF's Value-Conscious ApproachIn keeping with a long-standing Thanksgiving tradition, President Joe Biden recently pardoned a pair of turkeys . During a ceremony at the White House, the birds — named Peach and Blossom — were spared from the dinner table and given a new lease on life. While it was an act of pure political pageantry, it highlights the president’s expansive pardon powers — which could be used liberally during his final two months in office. Historically, presidents have issued numerous pardons during their lame duck periods, including quite a few that have raised eyebrows. Here is what to know about presidential pardons. Presidential pardon power Article II of the Constitution enables the president to grant clemency for any federal crime, according to a Congressional Research Service (CRS) report. This authority is rooted in an old English law that permits monarchs to bestow mercy on criminals. “The president’s power to pardon is astronomical,” Taylor Stoermer, a historian at Johns Hopkins University, told McClatchy News. “The Constitution doesn’t even require an explanation. The only real limits are that it doesn’t apply to state crimes or impeachment cases.” “So the president can grant full pardons, commute sentences, or even offer amnesty, on an individual basis or for an entire class of people,” Stoermer said. How often do presidents grant clemency? Most presidents have issued numerous acts of clemency throughout their terms in office, according to historians. For example, Donald Trump, during his first term, granted 143 pardons and 94 commutations, according to the Pew Research Center. During Barack Obama’s eight years in office, he issued 212 pardons and 1,715 commutations. Among the commutations granted by both men were multiple that concerned low-level drug offenses , such as possession of marijuana. However, these acts of clemency have not typically been distributed evenly throughout a president’s tenure. Since 1945, every president — with the exception of Lyndon Johnson — granted clemency at a higher rate during the last four months of their terms, according to CRS. For example, Obama granted an average of 296 acts of clemency per month during his final four months in office, compared with an average of eight per month before that. Similarly, Trump issued an average of 50 per month during the last four months compared with an average of one per month before that. “Trump certainly kept to that pattern, and I would not be surprised if Biden does as well,” Thomas Balcerski, a presidential historian at Eastern Connecticut State University, told McClatchy News. Additionally, these 11th hour acts of mercy tend to be the most controversial ones. “Most save the big, bold pardons for the end of their terms,” Stoermer said. “And because exactly why you’d think: No voters to answer to.” Controversial acts of clemency Throughout history, presidents have issued a fair number of pardons, commutations and acts of amnesty that have received widespread scrutiny. “The most famous, of course, is Gerald Ford’s pardoning of Richard Nixon,” Vernon Burton, an emeritus history professor at Clemson University, told McClatchy News. In September 1974, following the Watergate scandal and Nixon’s resignation, Ford issued a full pardon for any crimes Nixon “committed or may have committed” against the United States. Jimmy Carter also took flak for pardoning “all of the Vietnam War draft dodgers,” Burton said. “That was huge.” This pardon, issued on Carter’s first day in office in 1977, applied to roughly 100,000 military-age men who avoided going to war , according to Politico. “Then there’s George H.W. Bush pardoning key players in Iran-Contra,” Stoermer said. With less than one month until he left office, Bush pardoned six people , including a former secretary of defense, wrapped up in the illegal arms scandal. More recently, Obama reduced the sentence of Oscar Lopez Rivera, a Puerto Rican activist whose political organization was responsible for dozens of robberies and bombings in the U.S. And Trump preemptively pardoned adviser Steven Bannon, who was charged with bilking donors out of money they gave toward the construction of a border wall. “These kinds of moves show how the pardon power can get tangled up in political strategy or personal connections — and that’s what makes it fascinating (or infuriating) to watch,” Stoermer said. Have presidents pardoned family members? Given that Biden’s son Hunter Biden has been convicted of felony offenses , some have wondered whether he will issue a pardon before he leaves office. “Would he pardon Hunter Biden? That’d be quite something,” Balcerski said. “There is some precedent.” On his last day in office, President Bill Clinton issued a pardon for his half-brother Roger Clinton, who had pleaded guilty to a cocaine distribution charge. “That was slightly less impactful because Roger Clinton had already served the time,” Stoermer said. “So that was mostly about clearing his record than dodging accountability.” Biden, though, has said he has no plans to grant clemency to his son. Could Trump break the mold? Trump could break with long-standing tradition of issuing controversial pardons at the end of his term, historians said. The president-elect has vowed to pardon some of the people convicted of participating in the Jan. 6, 2021, Capitol riot on his first day in office. “I am inclined to pardon many of them ,” he wrote on social media in March, according to ABC News. Throughout the country, about 1,500 people have been charged in connection with the riot, including about 547 who were charged with “assaulting, resisting, or impeding officers or employees.” “It wouldn’t be surprising to see an unprecedented wave of pardons right out of the gate, particularly for January 6 rioters,” Stoermer said. “That would take the use of the pardon power into completely uncharted territory.” “Of course, there is a precedent: Carter’s first-day pardon of draft evaders of the Vietnam era,” Stoermer said. “That applied to hundreds of thousands of people. But that’s not quite the same as a coup.” ©2024 The Charlotte Observer. Visit charlotteobserver.com . Distributed by Tribune Content Agency, LLC.
Indian regulator rejects Apple request to put antitrust report on hold
Nigeria, Brazil sign MoU to boost agribusiness in 774 local government areasStock market today: Dow hits another record as stocks rise
NoneMuch like the computer industry at large, Michael Dell’s wealth has grown substantially in the 40 years since he started selling computer parts from his dorm room at the University of Texas. The way Michael Dell ran his fledgling company during the second half of the 80s helped him break into — and then shape — the burgeoning computer industry. By using just-in-time inventory management, offering toll-free customer support, and avoiding the in-person retail market, Dell was able to save money, win loyal customers, and gain market share, rapidly growing his business into the household name it is today. 💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💸💰 Now, four decades later, Dell Technologies remains one of the dominant names in personal computing, and two-time CEO Michael Dell’s net worth lands him among a select group of fewer than 20 individuals whose personal wealth exceeds $100 billion. So, what is he worth today? And how much does he make annually as Dell’s CEO? Diego Donamaria/Getty Images What is Michael Dell’s net worth in 2024? Dell’s net worth fluctuates constantly along with Dell Technologies’ stock price; about half of his wealth comes from his holdings in the company, which trades publicly on the New York Stock Exchange. As of this article’s last update (mid-November 2024), Michael Dell had a net worth of about $111.4 billion, making him the 12th-richest person in the world at the time. His wealth first exceeded the $100 billion mark in early March 2024, after Dell’s earnings release for the fourth quarter of 2023 impressed investors, sending the company’s stock skyrocketing by about 32%. Dell’s wealth jumped by almost $14 billion in a single day as a result, and he joined the $100 billion club for the first time. Related: Tim Cook's net worth: How much the Apple CEO's stock is worth Michael Dell’s salary: How much does he make as CEO? In 2024, Michael Dell’s compensation as CEO totals about $3 million, although only $950,000 of this is his salary. He receives an additional $2 million or so in cash bonuses, along with about $47,000 in other compensation, according to sources like salary.com and AFL-CIO, a federation of national and international labor organizations. This level of pay puts Dell’s compensation at about 41 times the median compensation of all Dell employees (about $73,000). In 2023, Dell made about $2.8 million in total compensation, about 38 times the company median. How did Michael Dell get rich? His career explained Dell’s wealth comes largely from his career in the computer industry. What began as a money-making side project during Dell’s undergraduate studies in premedical biology at the University of Texas quickly snowballed into a successful business. The birth of Dell Dell started out by selling upgraded personal computers and computer-upgrade components, which he would assemble in his dorm room, directly to consumers and businesses. From the beginning, he realized that a company could save on costs by eliminating the retail environment and selling entire made-to-order computers directly to customers. By obtaining a vendor’s license, Dell was also able to bid on (and win, due to his low overhead costs) contracts to create computers for the State of Texas. He registered his company, PC’s Unlimited, in January of 1984, just one semester into college. He soon moved (both himself and his company’s operations) out of his dorm room and into a condominium. By May, after finishing his freshman year, Dell dropped out of school, paid $1,000 to incorporate his company as Dell Computer Corporation, and moved the company’s operations once again, this time into a small office in a business park in North Austin. Here, the company’s first generation of staff comprised just “three guys with screwdrivers sitting at six-foot tables upgrading machines,” along with several additional employees to take and fill orders, according to Michael Dell’s 1999 autobiographical account of the company’s early years. Related: Steve Wozniak’s net worth: The Apple cofounder’s wealth in 2024 Despite fear of admonition from his parents, Dell’s choice to drop out was fairly clear-cut. The University of Texas had a policy that allowed students to take a semester off “with no academic penalty,” and the company was already bringing in between $50,000 and $80,000 in monthly sales, so Dell didn’t feel he had much to lose, “other than missing a few fraternity parties,” according to his book. Rapid growth, IPO, and the 1990s Dell employed the “just-in-time” inventory and manufacturing principle, meaning the company would only acquire parts and supplies for computers once they were ordered, then assemble and ship them immediately, eliminating the need for additional inventory storage space. Dell also sold its products directly to consumers via telephone order, eliminating the need for the overhead cost of retail space. Together, these practices allowed Dell to undercut its competitors’ prices by about 10%, causing the company to grow rapidly as its customer base exploded. In addition to selling computers by phone, Dell also offered toll-free tech support to customers via telephone, a practice that would later become ubiquitous among computer companies but was uncommon at the time. More net worth: In 1988, Dell took the company public at an initial share price of $8.50 ($0.09 per share adjusted for subsequent stock splits), raising $30 million and bringing the company’s market cap to $85 million. By 1992, Dell has entered the exclusive ranks of the Fortune 500, with 27-year-old Michael Dell being the youngest-ever CEO of a Fortune 500 company at the time. The 90s were a decade of rapid growth for the computer company. Dell expanded its operations overseas, built improved processors, and started manufacturing and selling servers in addition to PCs and notebooks. In 1990, Dell finally entered the brick-and-mortar retail market, selling its computers at Best Buy, CompUSA, and similar tech chains. In 1996, Dell became one of the first companies to start selling computers online. By the end of the decade, daily online sales reached an impressive $18 million. World Economic Forum, CC-BY-SA-2.0 via Wikimedia Commons The 2000s, Dell’s first retirement, and going private As the 90s were wrapping up, Michael Dell founded a private investment firm through which he could help build smaller, newer companies in the tech space. He also created the Michael & Susan Dell Foundation, a nonprofit with the goal of improving children’s health and education globally, and released Direct from Dell: Strategies That Revolutionized an Industry , his autobiographical account of Dell’s first 15 or so years. In 2004, Dell stepped down as CEO of the company he built, remaining on the board of directors and handing the reigns to then-COO Kevin Rollins, although this arrangement only lasted until 2007, when Dell reassumed the CEO role at the request of the company’s board of directors. During his years off, Dell focused heavily, along with his wife Susan on their philanthropic ventures. In a controversial move, Dell enlisted the financial help of Microsoft, Silver Lake Partners, and other lenders to take Dell private for a whopping $25 billion in 2013. Once this deal was finalized, Michael Dell personally owned 75% of the company. During its private years, the company invested heavily in the cloud computing and gaming markets, before going public once again in 2018 at a split-adjusted stock price of around $23. Dell’s return to the stock market and modern era In the 6 years since its return to public trading, Dell’s stock has more than quintupled in value, and Michael Dell still owns about 16.9 million shares (after selling $1.2 billion worth of shares in 2024). Dell remains the company’s largest shareholder, and as of late November 2024, his stake in Dell alone would be worth around $2.43 billion. Much of the remainder of Michael Dell’s massive wealth comes from his private investment firm, which focuses on building stakes in hotels and corporate credit. Related: Steve Ballmer’s net worth: How his wealth compares to Gates' Frequently asked questions about Michael Dell Below are answers to some of the most common questions readers have about Michael Dell. What is Michael Dell’s education? Is he a college dropout? After graduating from Memorial High School in Houston, Dell attended the University of Texas, studying biology as a premedical student. Dell left the school after completing his freshmen year, however, as his burgeoning computer company, which he started in his dorm room, was already growing rapidly. His university allowed students to take a semester off without academic penalty, so his decision to drop out was an easy one, as he could always return the subsequent spring if things didn’t work out with his computer venture. They did work out, however, so Dell never returned to university. Where does Michael Dell’s wealth come from? Dell built his early wealth through his own company, later using much of it to start investment companies and his philanthropic nonprofit, the Michael and Suan Dell Foundation. In 2024, Dell is still his company’s largest shareholder, retaining 16.9 million shares, representing an approximate 2.38% stake worth around $2.43 billion as of late November 2024. Much of the rest of his wealth comes from his stake in his private investment firm, DFO Management, which invests in hospitality companies and corporate credit. Does Michael Dell support Israel? Michael Dell has long been a financial supporter of the controversial country of Israel, which has been engaged in a large-scale offensive that has killed at least 44,000 Gazan citizens, mostly women and children, since October 2023. Dell Technologies also supplies servers and other technology to the Israeli Ministry of Defense, the governmental entity that conducts Israel’s military pursuits, including the current offensives in Gaza and Lebanon. The Michael and Susan Dell Foundation funds humanitarian aid, medical equipment, mental health services, and STEM educational initiatives in Israel. Related: The 10 best investing books (according to stock market pros)