Vivek Ramaswamy Takes Aim at Political Fund-raising Oligopoly

As a biotech entrepreneur, investor and conservative activist, Vivek Ramaswamy cuts a different profile from other veteran politicians who are also seeking the Republican presidential nomination.

What kind of money can donors get in the plan he announced Monday? 10 percent of what they got him — Ramaswamy told Dealbook that he is now trying to make a difference in the political world as well.

Usage: Called “Vivek’s Kitchen Cabinet,” the system provides participants with a personal link they can share with others, and the campaign pays participants as independent contractors.

Ramaswamy said he was aiming for a political norm. After announcing his candidacy in February, he said he met with professional fundraisers who promised him he could find wealthy donors in Palm Beach, Florida, Silicon Valley and Wall Street.

He said he wasn’t impressed with their work, but was intrigued by the fee structure, which pays up to 20 percent of donations from donors. That made him think about destroying the model. “Whenever an oligopoly exists, there is a need and an opportunity to break it,” he said.

A novel way to gather support Because it goes against how candidates traditionally spend money to get donors. (Most campaigns spend a lot of money on marketing to attract donors, but Republican candidate Doug Burgham is trying something else.) give away $20 gift cards) News coverage of the plan could also help raise awareness of Mr. Ramaswamy now. Polls say about 4 percent.

Ramaswamy doesn’t need to collect more donors to qualify for the first Republican presidential debate. He told Dealbook that he has already attracted about 65,000 people, exceeding the minimum of 40,000. But it may help alleviate his need to self-fund the campaign. Awarded over $10.5 million Loans and contributions as of the first quarter.

is it legal? Campaign finance experts told Dealbook that there didn’t appear to be any legal issues with the plan. Ramaswamy said scrutiny by the Federal Election Commission had taken place.

However, some experts believe there is another problem. For example, supporters pressured or coerced others in their network to contribute to the candidate, according to former FEC enforcement attorney Sauraf Ghosh, director of campaign finance reform at the advocacy group Campaign Legal Center. It is said that there is a possibility that (On social media, they jokingly called it Multi-level marketing campaign. )

China is reportedly planning to tighten regulations on artificial intelligence. Beijing authorities will force companies developing AI services to: get license Before releasing the product to the public, according to the Financial Times. Regulators are seeking a balance between regulating content while allowing domestic tech companies to innovate.

Foxconn exits $19.5 billion semiconductor venture in India. announced by a major electronics company. won’t move forward There are plans to build a factory in Gujarat in partnership with conglomerate Vedanta. the decision is blow to India’s efforts It is to become a hub for chip manufacturing and seize requests from companies such as Apple that want to diversify their supply chains from China.

Tucker Carlson’s Twitter show hasn’t grabbed an audience. The number of views of his broadcasts on social networks is dropped 85 percent Since its debut last month. That’s bad news for Mr. Carlson, who was fired from the network earlier this spring and turned to Twitter in hopes of high ratings on Fox News.

Hollywood faces the possibility of a second attack. If the actors’ union, SAG-AFTRA, does not reach an agreement with the studios by midnight Wednesday, the actors will join the writers on the picket line. Further strikes could shut down Hollywood entirely and disrupt local communities, depending on film and television production. At issue is disagreement over streaming payments and the use of artificial intelligence.

In just one month after taking over as social media platform CEO, Linda Yaccarino tackles new major competitors, unpopular restrictions on power users, and Elon Musk’s unpredictability I had to. It was by no means a smooth debut.

She set herself a difficult task. Yaccarino, former head of advertising for NBCUniversal, aims to: Repairing our relationship with Madison Avenue is no small feat in the midst of a global advertising recession. Advertising mogul Martin Sorrell told Dealbook last week that “Linda was a good person, and as long as she had the freedom to do what she wanted, she was the right person.”

But many suspect Twitter’s owners are reluctant to relinquish control. In fact, Mr. Musk has tweeted that he is not making Yaccarino’s situation easier. Youth content and apparently neglected to imitate her For threatening to sue Meta’s rival short-messaging platform Threads. (About Yaccarino, Columbia Journalism School professor Bill Gruskin tweeted:Trying to think of a worse career decision. ”)

When I reached out to Twitter’s public relations team for comment, I got an automated reply with a poop emoji.

And the thread keeps growing. Twitter’s competitor has surpassed 100 million users, setting a record for an app to reach that milestone. Evercore ISI analysts believe the thread Meta could add $8 billion to annual revenue by 2025. Please note that Threads does not currently have ads.

This increase in threads seems to be hurting Twitter. Traffic to his website on Twitter was down 5% week-over-week in his first two days of Thread’s existence. According to The Wall Street Journal, Quoting Similar Web.

Yaccarino tried to rally his followers on Twitter. “Twitter, you really surpassed yourself!” she posted on monday. “Last week he had his biggest day of use since February. There’s only one Twitter. You know. I know it. 🎤” Casey Newton expresses skepticism as she claims. )

American spending on cars, airline tickets, and hotel stays seems to have calmed down. Markets are anxiously waiting to see if that restraint appears in Wednesday’s CPI results.

Things to see: Economists surveyed by Bloomberg expect headline inflation to fall to 3.1%, down from 9% in July. (That said, more frugal consumers may shrink) Amazon’s annual prime day Shopping Bonanza starts today. )

But progress from here is expected to be grim. Excluding volatile food and fuel prices, core inflation is expected to fall to 5%, well above the Fed’s 2% target. In a note to investors Monday co-authored with Jan Hazys, chief economist at Goldman Sachs, the firm expects more modest progress in combating inflation in the coming months, but core inflation is expected to rise by 2025. He said he doesn’t expect it to drop below 3% by 2020.

The Fed is still concerned about inflation. On Monday, three officials said further rate hikes were needed to keep prices down. “Inflation is ours Problem #1said San Francisco Fed President Mary Daly, a non-voting central banker.she added that she believes 2 more rate hikes I needed it this year.

The futures market is also betting on it. At this month’s Fed rate decision meeting, a 1/4 percentage point hike is priced in, raising expectations for another rate hike this fall.

But the uncertainty around inflation and fears of a recession and a slowing labor market have prompted some on Wall Street to warn: S&P 500 is overvalued And then comes the stock market crash. (Investors will look to earnings reports starting this week for more clues about how the company is doing.)

Ron Price, the PGA Tour’s chief operating officer (COO) said in a preview of today’s testimony before the Senate Permanent Subcommittee of Inquiry on the proposed partnership with the Saudi-backed LIV golf circuit. Price added that there would be no changes to the CEO or executive levels of the PGA Tour if the Agreed Framework goes forward.

The Fed’s chief bank supervisor, Michael Burr, on Monday outlined key parts of a plan to revise regulations in the wake of the regional financial crisis, which was sparked by the Silicon Valley bank failure this spring.

Among them are tighter capital requirements aimed at making banks more resilient in times of turmoil, but the financial industry warns that the proposals go too far.

Barr wants banks to hold more capital reserves. In his speech, he said he plans to add $2 for every $100 in risk-weighted assets. He also wants to extend stricter rules to all institutions with more than $100 billion in assets. Currently, the most stringent requirements apply only to internationally active financial institutions, or at least those with $700 billion in assets.

He said this was in recognition of “current regulatory gaps”, as even less heavily regulated medium-sized lenders could pose a danger to the U.S. financial system.

The bank hints at a fight. Washington and Wall Street seem taken aback by Mr. Barr’s toughness, which is “definitely meaty,” Capital Alpha analyst Ian Katz told The Times.

But industry officials said tighter regulation comes at a price. “Further capital requirements for large U.S. banks will lead to higher borrowing costs and reduced lending to consumers and businesses,” said Kevin Frommer, head of the banking group’s Financial Services Forum. rice field.

The rules have yet to be agreed upon. Next is the public comment period. Even if the Fed’s board approves, the rule will still take time to come into force.

Information of sale

  • Berkshire Hathaway buys control of stock Liquefied Natural Gas Export Project at $3.3 billion in Maryland. (Bloomberg)

  • Banks including Citigroup, HSBC and JPMorgan Chase are said to be looking for potential investors in the seed giant Syngenta’s $9 billion IPO China is expected to make its biggest market debut this year. (Bloomberg)

  • Morgan Stanley is Hired Marco Cajano, Head of North American Mergers and Vice Chairman of M.&A at JP Morgan. (Reuters)


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