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Dogecoin soars after Trump election win: What you need to know

suimt — Thu, 14 Nov 2024 01:56:25 +0000

Dogecoin, a cryptocurrency known for its Shiba Inu dog mascot, has experienced a significant price increase since Donald Trump’s presidential election win.
Dogecoin’s value more than doubled from less than 16 cents before election day to nearly 38 cents as of Wednesday afternoon, according to CoinDesk. The surge follows a broader trend of cryptocurrency growth, with Bitcoin reaching an all-time high above $93,000.
Experts attribute the rise in cryptocurrency value to Trump’s positive stance on digital currencies. Trump has expressed his desire for the United States to become the “crypto capital of the planet” and establish a bitcoin ‘strategic reserve.’
Adding to Dogecoin’s momentum, Elon Musk, a prominent supporter of the cryptocurrency and close ally of Trump, will lead the newly announced ‘department of government efficiency.” This department, abbreviated as DOGE, will operate outside the government, offering advice and guidance to the White House.
Musk’s history with Dogecoin includes playing a character nicknamed ‘The Dogefather’ on Saturday Night Live and suggesting Twitter adopt the cryptocurrency for subscription payments.
While Dogecoin initially gained popularity as a joke, it has garnered a dedicated following. Supporters believe cryptocurrencies like Dogecoin offer a decentralised alternative for online transactions, free from central bank or government influence.

What Trump's election to the White House could mean for EVs

suimt — Wed, 06 Nov 2024 21:19:02 +0000

Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced the massive $2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs.

Photo by Jeffrey Sauger for General Motors

DETROIT – President-elect Donald Trump’s victory over Vice President Kamala Harris is expected to send the U.S. electric vehicle industry into a period of uncertainty.

Republicans, led by the former president, have largely condemned EVs, claiming they are being forced upon consumers. Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency as well as incentives to promote production and adoption of the vehicles such as the Biden administration’s Inflation Reduction Act of 2022.

Auto industry insiders and other officials have said it would be difficult for Trump to completely gut the IRA, but he could defund or limit EV subsidies through executive orders or other policy actions.

Several people said they would expect Trump to target federal consumer credits that currently offer up to $7,500 for the purchase of an EV rather than target industrial production credits for companies.

“The IRA will probably have some adjustments … I don’t think the IRA will go away,” David Rubenstein, co-founder and co-chairman of The Carlyle Group investment firm, told CNBC on Wednesday. “It has some really good things in it that I think Republicans and Democrats will like.”

Many of the investments into EV production under the IRA having been taking place in Republican states such as Ohio, South Carolina and Georgia.

Automotive executives are also quick to say they don’t base investment decisions on who holds the White House, but there are natural adjustments with new administrations.

“Anytime there’s an administration change, it’s an interesting time for the industry because we have to go through new policies and regulations and have to bring new people up to speed on who we are and what we do,” David Christ, group vice president and general manager of the Toyota Division in North America, said Wednesday during an Automotive Press Association event near Detroit. “Administrations sometimes change every four years, so we don’t really do a lot of modifying the strategy.”

General Motors, Ford Motor and Chrysler parent Stellantis — would be the biggest winners of a second Trump term and Republican control of Congress.

“We see F and GM as the main beneficiaries from the Trump administration,” BofA Securities analyst John Murphy said in a Wednesday investor note. “The current environmental regime would pressure the core business of legacy [automakers, trucks,] to decarbonize by the end of the decade while shifting quickly to an EV portfolio.”

GM’s aspirations for an “all-electric future” and profitable EV business in the near term are highly reliant on federal tax credits.

Analysts had indicated EV startups such as Rivian Automotive and Lucid Group would benefit more with a Democratic win.

Toyota could also be a winner if EV regulations are reduced or eliminated, as the Japanese automaker has been slow to invest in all-electric models compared to hybrid vehicles.

Shares of GM and Ford closed Wednesday up 2.5% and 5.6%, respectively. Stock prices for Toyota and Stellantis, which is experiencing significant problems in the U.S., were essentially level. Lucid and Rivian were each down, 5.3% and 8.3%, respectively.

Shares of automakers after President-elect Donald Trump’s victory.

An outlier is U.S. electric vehicle leader Tesla. CEO Elon Musk heavily campaigned in swing states for Trump, who has discussed making the billionaire a government efficiency czar.

Shares of Tesla soared Wednesday by 15% and earlier notched a new 52-week high.

“We see RIVN and LCID challenged, which is largely reflected in the stocks,” Murphy said. “We don’t expect meaningful issues for TSLA since it has already reached profitability and will introduce more entry level products that could be attractive for the larger public.”

Several automakers did not immediately return request for comment after NBC News and several other media outlets called the election for Trump.

Others such as the Detroit automakers and Hyundai Motor congratulated Trump and the newly elected officials across all levels of government.

“We look forward to working with the new Administration and Congress on policies that strengthen the U.S. automotive industry, which supports 9.7 million American jobs and drives more than $1 trillion into the economy each year,” Ford said.

“We congratulate and look forward to working with the President-elect, Congress, and all elected officials to ensure that the U.S. continues to lead the world in technology and innovation, to the benefit of American workers and consumers alike,” GM said.

“Advanced Clean Cars II” regulations of 2022 call for 35% of 2026 model year vehicles, which will begin to be introduced next year, to be zero-emission vehicles. Battery-electric, fuel cell and, to an extent, plug-in hybrid electric vehicles qualify as zero emission.

Before the election, automotive officials said regardless of who won the White House, many automakers will push for the mandates to be postponed.

The California Air Resources Board reports 12 states and Washington, D.C., have adopted the rules; however, roughly half of them did so starting with the 2027 model year. They are part of CARB’s Advanced Clean Cars regulations that require 100% of new vehicle sales in the state of California to be zero-emission models by 2035.

EVs made up 10% or more of local market shares in just 11 states and the District of Columbia to begin this year, according to the Alliance for Automotive Innovation, a trade association and lobby group that represents most major automakers operating in the U.S.

Auto executives and industry experts also expect Trump could roll back or freeze the Corporate Average Fuel Economy, or CAFE, standards for model years 2027-2031.

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Setback for Elon Musk As Parag Agrawal, Other Ex-Twitter Executives Can Pursue Severance Claims

suimt — Sun, 03 Nov 2024 11:12:55 +0000

Last Updated:November 03, 2024, 16:42 IST

The executives filed a lawsuit in March, alleging that Musk cut them off before they could formally step down, thus denying them their agreed-upon severance packages.

A judge ruled that former Twitter top executives could pursue their claims that Elon Musk fired them precisely at the time of the acquisition’s closing to sidestep severance obligations. (File Photo)

Elon Musk has encountered a legal setback in his efforts to avoid paying severance to Twitter’s former senior executives, who were dismissed during his 2022 acquisition of the company. On Friday, a judge ruled that former CEO Parag Agrawal and other top executives could pursue their claims that Musk fired them precisely at the time of the acquisition’s closing to sidestep severance obligations.

The executives filed a lawsuit in March, alleging that Musk cut them off before they could formally step down, thus denying them their agreed-upon severance packages. They referenced Musk’s statement to biographer Walter Isaacson, where he expressed urgency in closing the deal to avoid a “$200 million differential in the cookie jar between closing tonight and doing it tomorrow morning.”

Alongside Agrawal, former legal head Vijaya Gadde, ex-CFO Ned Segal, and former general counsel Sean Edgett claim they are owed one year’s salary and unvested stock awards valued at the acquisition price.

This lawsuit adds to Musk’s extensive legal challenges related to employee compensation following his Twitter takeover, now rebranded as X Corp. After Musk implemented large-scale layoffs, many affected employees filed claims for unpaid severance, asserting that Musk had breached compensation agreements.

In July, Musk and X Corp. won a class-action lawsuit in which former employees sought $500 million in severance under the Employee Retirement Income Security Act. However, in a separate arbitration case in September, a former employee was awarded unpaid severance, which could set a precedent for similar claims.

U.S. District Judge Maxine Chesney, overseeing the case, also denied Musk’s motion to dismiss a related claim by Nicholas Caldwell, a former “core tech” general manager who is seeking $20 million for lost severance.

News business Setback for Elon Musk As Parag Agrawal, Other Ex-Twitter Executives Can Pursue Severance Claims

Apple commits $1.5 billion to Globalstar for expanded iPhone satellite services

suimt — Fri, 01 Nov 2024 20:19:09 +0000

Apple committed about $1.5 billion to satellite communications company Globalstar to fund the expansion of iPhone services, the companies disclosed in a securities filing on Friday.

The tech giant’s deal with Globalstar includes $1.1 billion in cash, of which $232 million will go toward the satellite company’s current debt, and a 20% equity stake. The deal is expected to close on Tuesday.

Apple has already been spending hundreds of millions for Globlastar services, which enabled the 2022 rollout of iPhone emergency satellite texting.

It is one of several efforts in the direct-to-device, or D2D, satellite connectivity market — which provides service to unmodified devices such as smartphones directly from space — with other projects underway from SpaceX, AST SpaceMobile, Iridium, Lynk and EchoStar.

Globalstar stock jumped 31.4% in Friday trading to close at $1.38 a share.

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Donald Trump's Social Media Firm Now Worth More Than Elon Musk's X

suimt — Wed, 30 Oct 2024 06:52:22 +0000

Last Updated:October 30, 2024, 12:22 IST

Trump Media & Technology Group is now valued at over $10 billion after its shares more than quadrupled since late September

Trump created TMTG after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. He owns about 57% of the company but has no role in running it.
(Image: AFP file)

Donald Trump’s Truth Social is now worth more than Elon Musk’s X, thanks to a recent run-up in the shares of the parent company of the former president’s social media platform.

Trump Media & Technology Group is now valued at over $10 billion after its shares more than quadrupled since late September. Meanwhile, X Holdings is valued at around $9.4 billion, based on the most recent value the investment group Fidelity assigned to its stake in the company formerly known as Twitter.

The stock of Trump Media, or TMTG, tends to move more with Trump’s re-election odds than on its own profit prospects and investors have seen his chances of retaking the presidency improving of late. On Tuesday, the stock rose almost 9% to close at $51.51, on top of a 21.6% gain Monday. The stock was moving so sharply that trading was briefly halted several times during the morning. The stock had dropped to roughly $12 late last month.

Trump created TMTG after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. He owns about 57% of the company but has no role in running it.

Based in Sarasota, Florida, TMTG has been losing money and struggling to raise revenue. It lost more than $16 million in the quarter ending in June while generating only $837,000 in revenue, according to regulatory filings.

When Musk took over Twitter in October of 2022, the company was valued at around $44 billion. At that time, Fidelity Investments valued its stake at $19.7 million. In a recent regulatory filing, Fidelity’s Blue Chip Growth fund said its stake in X Holdings was worth about $4.2 million.

Other companies TMTG is now bigger than include: Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, the maker of the Monopoly game.

Musk has become one of Trump’s most prominent supporters in his bid to get re-elected. The world’s richest man, Musk has committed more than $70 million to boost Trump and has recently held a number of town halls in support of the former president.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Associated Press)

Location :

Washington D.C., United States of America (USA)

News business Donald Trump’s Social Media Firm Now Worth More Than Elon Musk’s X

Harris vs. Trump: Auto insiders weigh in on both candidates, top issues

suimt — Tue, 29 Oct 2024 17:00:01 +0000

New Ford F-150 trucks go through the assembly line at the Ford Dearborn Plant on April 11, 2024 in Dearborn, Michigan.

Bill Pugliano | Getty Images

DETROIT — The automotive industry has become a crucial topic during the 2024 presidential election as Michigan — home of the Motor City and 1.1 million automotive jobs — remains a critical swing state.

Vice President Kamala Harris, former President Donald Trump, and their running mates and supporters have made Michigan a second home in recent weeks as the campaigns attempt to win over undecided voters in the Great Lakes State.

Since 2008, whichever candidate has won the state has moved into the White House, including Trump in 2016 and President Joe Biden in 2020.

“Michigan’s 16 electoral votes have helped thrust Autos into the debate. Between Trump’s hyperactive and contradictory statements and Harris’ quieter views lay deep differences but also convergence,” Jefferies analyst Philippe Houchois wrote in an investor note Monday.

While major automakers and suppliers have shied away from publicly endorsing either presidential candidate, executives and lobbyists from several companies spoke to CNBC on the condition of anonymity to discuss how they’re preparing for each candidate, as well as a likely divided Congress.

Electric vehicles, trade, tariffs, China, emissions regulations and labor are among the top issues automakers are monitoring, according to industry executives and policy experts.

union President Shawn Fain who has been a combative foe to automakers, is concerning to some.

US Vice President and Democratic presidential nominee Kamala Harris greets union workers as she tours an International Union of Painters and Allied Trades training facility in Macomb, Michigan, on October 28, 2024.

Drew Angerer | AFP | Getty Images

If Trump wins reelection, automotive industry officials largely expect that he’ll return to policies and actions from his first presidential term, but those stances could be potentially more aggressive than they were before.

If he’s in office, insiders expect he would roll back or eliminate tightening federal emissions and fuel economy like he did during his first term; renew a battle between California and other states that set their own standards; and potentially enact funding changes to the Biden administration’s key Inflation Reduction Act of 2022 legislation.

Officials said it would be difficult for Trump to completely gut the IRA, but he could defund or limit EV subsidies through executive orders or other policy actions.

Automakers, suppliers and other auto-related companies are preparing for both outcomes as well as a split in Congress, insiders said.

Republican presidential nominee and former U.S. President Donald Trump speaks as he visits a campaign office in Hamtramck, Michigan, U.S. October 18, 2024.

Brian Snyder | Reuters

“There’s no perfect scenario. Both candidates offer some opportunities and challenges,” said a leading lobbyist and public policy expert for a major automaker. “Everyone in our business has to look at the gamut of scenarios.”

Some Wall Street analysts speculate legacy automakers — specifically the “Detroit” companies General Motors, Ford Motor and Chrysler parent Stellantis — would benefit most with Trump and Republican control of Congress.

EV startups such as Rivian Automotive and Lucid Group would benefit more with a Democratic win, largely due to expected plans involving EVs and fuel economy requirements. That’s despite Tesla CEO Elon Musk‘s continued support for Trump.

“Advanced Clean Cars II” regulations of 2022 call for 35% of 2026 model year vehicles, which will begin to be introduced next year, to be zero-emission vehicles. Battery-electric, fuel cell and, to an extent, plug-in hybrid electric vehicles qualify as zero emission.

The California Air Resources Board reports 12 states and Washington, D.C., have adopted the rules; however, roughly half have them starting for the 2027 model year. They are part of CARB’s Advanced Clean Cars regulations that include mandating 100% of new vehicle sales be zero-emission models by 2035.

Only 11 states and the District of Columbia had an EV market share above 10% to begin this year, according to the Alliance for Automotive Innovation, a trade association and lobby group that represents most major automakers operating in the U.S.

Officials said regardless of who wins the White House, many automakers will push for the CARB mandates to be postponed. They also would expect Trump to roll back or freeze the Corporate Average Fuel Economy, or CAFE, standards for model years 2027-2031.

Several automotive insiders said they expect Harris would work on a middle ground for such standard with the automakers, much like Biden, to an extent, has done.

talking point for Democrats four years ago to a rallying call for Republicans.

Republicans, led by Trump, have largely condemned EVs, saying that they are being forced upon consumers and that they will ruin the U.S. automotive industry. Trump has vowed to roll back or eliminate many vehicle emissions standards under the Environmental Protection Agency and incentives to promote production and adoption of the vehicles.

In contrast, Democrats, including Harris, have historically supported EVs and related incentives.

Harris hasn’t been as vocal about backing EVs lately amid slower-than-expected consumer adoption of the vehicles and consumer pushback. She has said she does not support an EV mandate such as the Zero-Emission Vehicles Act of 2019, which she co-sponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040.

Lucid Group CEO Peter Rawlinson told CNBC on Monday that regardless of which presidential candidate wins the election, he believes America’s EV industry is still in its infancy and needs to continue to be “nurtured.”

Rawlinson, whose company has the most efficient EVs on sale, also argues the IRA should favor not just the size of a battery, like it currently does, but the efficiency of the vehicles.

“That’s effectively incentivizing electron-guzzling EVs,” he said. “It actually incentivized to put more batteries in and be less efficient.”

negotiated under Trump’s first term in office and took effect in 2020. However, the former president and Democrats have said it needs to be improved to better support American automotive production.

While Trump touted the deal when it was renegotiated, Harris was one of 10 U.S. senators who voted against USMCA at the time.

GM CEO Mary Barra last week said the automaker is “paying careful attention” to the election, including how potential changes in trade and tariffs could impact the company.

“We have and we’ll continue to engage constructively with the policymaking process regardless of the election outcome. When you look at the number of jobs created in the U.S., even with some vehicles that are manufactured outside, a lot of them are in our partners from an ally perspective,” she said. “It’s a very complex situation.”

Tariffs are central to Trump’s plan for the auto industry. He has said he would be willing to increase tariffs dramatically to prevent Chinese automakers from importing cars into the U.S. from factories in Mexico.

Chinese automakers are not currently doing that, but are expected to attempt to use that method of importing in the years ahead, as they expand sales and build localized production plants in the country.

Harris has reportedly called Trump’s tariff proposals “a sales tax on the American people.” The vice president hasn’t outlined any specific changes she’d make to the current tariff structure if elected, including on Biden’s announcement of raising the tariff rate on EVs imported from China from 25% to 100%.

Non-U.S.-based automakers, which together account for 48% of U.S. production and 52% of USMCA production, look more positively leveraged to Harris winning, according to Jefferies.

speech at the Democratic National Convention.

The UAW arguably has more political clout than any time in a generation, led by Fain and his top advisors who he brought in from outside the union’s ranks. But there has been a divide in the UAW and other unions regarding the historically Democratic-backed organizations and their members.

While the Teamsters declined to endorse a candidate due to a divide in the union, UAW leaders not only endorsed Harris but have been a driving force for her election campaign in Michigan and other states.

The UAW last week said internal polling showed increasingly “strong support for Kamala Harris over Donald Trump, with Harris’ lead over Trump surging in the last month.”

Meanwhile, Trump and Fain have consistently criticized one another over the past year, as the union attempts to organize as many auto plants as possible following major contract gains won during negotiations last year with the traditional Detroit automakers.

Blue-collar workers such as UAW members were viewed as crucial supporters for Trump’s first presidential election over Democratic candidate Hillary Clinton in 2016.

— CNBC’s Michael Bloom contributed to this report.

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Donald Trump's rally draws apparent sellout crowd to MSG

Aseem — Mon, 28 Oct 2024 00:10:41 +0000

Former President Donald Trump packs Madison Square Garden for campaign rally

05:18

NEW YORK — Thousands of people, including from other parts of the country, descended on Madison Square Garden in New York City on Sunday afternoon for former President Donald Trump’s campaign rally.

The NYPD said it had drones over the area, robots, and a helicopter, as well as antiterrorism units outside monitoring the situation to keep everyone safe.

With just nine days to go until Election Day, a new CBS News poll has the two presidential candidates neck and neck, with Vice President Kamala Harris at 50% and Trump at 49% among likely voters. In battleground states, both are polling at 50%.

The focus of the respective campaigns has been on issues, including immigration, the war between Israel and Hamas, and crime.

JD Vance, Elon Musk, Melania Trump spoke

Sunday’s rally marked a detour from the battleground states for Trump. Among those who took the stage before the former president spoke were former New York City Mayor Rudy Giuliani and Staten Island activist Scott LoBaido.

“President Trump grew up here. He’s a New Yorker,” Giuliani said. “That’s why people get a little bit annoyed at him. He speaks his mind.”

When Trump entered the arena there was applause, a standing ovation, and everyone started chanting. Every seat appeared to be filled from the floor to the highest sections. In addition to Trump, vice presidential nominee JD Vance, billionaire supporter Elon Musk and Trump’s wife, Melania, all spoke.

Trump supporters revel in former president’s appearance

The former president is from Queens. CBS News New York met supporters from his home borough, but also a couple from Chicago.

“I just love him, and he’s the best. I want the economy to get better,” a woman said.

“We have an influx of migrants, illegal migrants. Our economy is … just go to the grocery store,” a man from Dutchess County added.

Nassau County Executive Bruce Blakeman was one of several Long Island representatives who came to the Garden in the Trump motorcade.

“Just look around. This is incredible. We’re in New York City in the middle of, you know, this is liberal … one of the most liberal cities in the country, and it’s amazing,” New York City Councilwoman Inna Vernikov said.

Vulgar language during the introductions

Before Trump took the stage, there was some vulgar language in the speeches. Comedian Tony Hinchcliffe, who goes by Kill Tony, referred made a crude joke referring to Puerto Rico as a “floating island of garbage” and made other offensive jokes about Black people and Latinos.

Sid Rosenberg, a radio host that Trump often talks to, called Hillary Clinton a “sick son of a b***,” and referred to migrants as “f—ing illegals.”

David Rem, a childhood friend of Trump’s, called Harris “the antichrist.”

Grant Cardone, a business owner, said Harris “and her pimp handlers will destroy the country.”

Lisa Rozner

Lisa Rozner joined CBS News New York in 2017. She covers a wide range of stories.

Biden says Elon Musk was an 'illegal worker' when he began U.S. career

Aseem — Sun, 27 Oct 2024 02:32:29 +0000

President Joe Biden called out Tesla and SpaceX CEO Elon Musk, now a Republican megadonor and Trump campaign surrogate, for hypocrisy on immigration on Saturday, saying Musk launched his long career in the U.S. as an “illegal worker” before becoming the world’s wealthiest man.

The president made these remarks at a campaign event to support Democrats that took place in Pittsburgh, Pennsylvania, on Saturday.

Labeling Musk as former President Donald Trump’s wealthy new “ally,” Biden said, “That wealthiest man in the world turned out to be an illegal worker here when he was here,” referring to Musk.

“He was supposed to be in school when he came on a student visa. He wasn’t in school. He was violating the law. He’s talking about all these ‘illegals’ coming our way,” Biden added.

He then criticized Trump and Republicans for failing to sign legislation that would fix “the problem with the border.” He added, “We have fewer people crossing the border illegally now — or crossing the border period — than at any time since his third year as President of the United States.”

The Trump campaign did not immediately respond to CNBC’s request for comment on Biden’s remarks.

Musk recently completed a series of “town hall” events in the same swing state of Pennsylvania, where he sought to convince voters to back Trump and Trump’s policies. Musk also stirred up his fan base there by doling out $1 million lottery-style prizes to registered voters in swing states who signed a petition distributed by his pro-Trump group, America PAC.

According to an analysis by the Peterson Institute for International Economics, Trump’s new immigration policy proposals include plans for the largest deportation operation in U.S. history, ending birthright citizenship, and revoking the visas of and deporting foreign students who are pro-Palestinian protestors, among others.

Biden’s comments about Musk, his Trump alliance and hypocrisy on immigration followed a Washington Post report that cites correspondence, legal records and multiple people who helped Musk attain a work visa in 1996 after he had already been working here without one.

Musk had arrived in the U.S. with the stated intention of attending grad school at Stanford in the mid-90s. He did not enroll in the program to which he said he was accepted and instead began to build a venture-backed startup called Zip2 with his brother.

The Washington Post wrote that investors in Musk’s first company worried about their “‘founder being deported’ and gave him a deadline for obtaining a work visa.”

Zip2 sold for about $300 million in 1999, a windfall that enabled Elon Musk to later become an early investor in and chairman of Tesla, and to start his capital-intensive aerospace venture SpaceX, which is now a major U.S. defense contractor.

Those businesses have propelled Musk to become the world’s wealthiest person on paper. According to Forbes, the Tesla CEO’s net worth stands at around $274 billion today.

In late 2022, Musk used that considerable wealth to acquire the social network Twitter in a $44 billion buyout.

On the platform, since rebranded X, Musk has repeatedly claimed in posts seen by his massive online fan base that “open borders” and undocumented immigrants are somehow harming the United States.

He also has shared the false claim that noncitizens are systematically voting in U.S. elections, a conspiracy theory floated by conservative groups to lay the legal groundwork to contest the election results if the Democratic nominee, Vice President Kamala Harris, wins the presidency.

In the U.S., it’s already a federal crime and a crime under every state’s laws for noncitizens to register or vote in federal elections.

According to studies compiled by the Brennan Center for Justice, “extensive research reveals that fraud is very rare, voter impersonation is virtually nonexistent, and many instances of alleged fraud are, in fact, mistakes by voters or administrators. The same is true for mail ballots, which are secure and essential to holding a safe election amid the coronavirus pandemic.”

— CNBC’s Rebecca Picciotto contributed to this report.

Pro-Trump group funded by Musk struggles with outreach targets, inflation of door-knocking figures

Aseem — Sat, 19 Oct 2024 16:47:11 +0000

The political action committee funded by billionaire Elon Musk to help re-elect former U.S. President Donald Trump is struggling in some swing states to meet door-knocking goals and is investigating claims that some canvassers lied about the number of voters they have contacted, according to people involved in the group’s efforts.

The difficulties, in pivotal battleground states including Wisconsin and Nevada, come as the group, America PAC, races to enlist voters behind the Republican candidate in the final two weeks before the Nov. 5 election. Four people involved in the group’s outreach told Reuters that managers warned canvassers they are missing targets and needed to raise the number of would-be voters they contact.

Alysia McMillan, who canvassed for the PAC in Wisconsin, said field organizers recently told campaigners there they weren’t reaching daily objectives and were on track to miss an ultimate goal of contacting 450,000 voters by Election Day. In one meeting with canvassers, recorded by McMillan and reviewed by Reuters, a manager warned of the shortfall.

“We’re not going to hit 450,000, not with what we’ve got now,” the manager said in the Oct. 8 meeting. It isn’t clear how many knocks the Wisconsin teams have reached so far.

McMillan, who worked for two local contractors hired by America PAC to knock on voter doors, said she is speaking out because she is concerned a shortfall could cost the former president a victory. “If this isn’t looked into in a timely manner, this can result in a waste of time and money and risk President Trump winning the election,” she told Reuters.

McMillan said she was fired by one contractor, after a pay dispute, but was hired by another shortly afterward.

One canvassing manager in Arizona said leaders there had issued similar warnings. Three other people familiar with the outreach told Reuters that Chris Young, a Musk aide and longtime Republican operative, had recently traveled to Nevada to audit whether door-knocking tallies there had been inflated by some of the workers hired by contractors. Another person briefed on the matter said America PAC was struggling to find sufficient people to conduct audits in other states.

A person close to America PAC’s operations said McMillan’s account of a Wisconsin shortfall is inaccurate and that the group will reach its goals. Senior operatives, the person added, routinely visit field offices to check on performance.

Young didn’t respond to a request for comment.

America PAC’s ongoing outreach is built around door-to-door efforts to convince “low propensity voters” – those who may support Trump, but could stay home instead of voting – to cast their ballots. The work has focused on battleground states, where any small difference in voter turnout could clinch victory for Trump or Vice President Kamala Harris, the Democratic candidate, in an election that polls continue to say is too close to call.

Musk, ranked by Forbes as the world’s richest person, so far has supplied at least $75 million to America PAC, according to federal disclosures, making the group a crucial part of Trump’s bid to regain the White House. The entrepreneur behind carmaker Tesla and rocket and satellite venture SpaceX has increasingly supported Republican causes. This year, the mogul became an outspoken supporter of Trump, who has said if elected he would appoint Musk to head a government efficiency commission.

Musk didn’t respond to a request for comment.

A Trump campaign spokesperson declined to comment.

Despite the influx of cash, some of America PAC’s outreach has been plagued by disarray, the people familiar with its efforts told Reuters. As with many campaign operations, the group has hired contractors to carry out grass-roots efforts, relying on hourly workers to knock on doors and speak face-to-face with potential voters.

Some of those workers have been difficult to retain. Three canvassers, who asked not to be identified, told Reuters the work isn’t worth the pay, starting at some contractors at as low as $20 per hour. In some cases, they added, canvassers drive long distances in remote areas and don’t get reimbursed for gasoline.

In Nevada, it isn’t clear whether Young’s audit has concluded, reached any findings or prompted any change in America PAC’s outreach. Text messages reviewed by Reuters show managers at one Nevada contractor, Lone Mountain Strategies, fretting because they had to fire canvassers who used smartphone apps to disguise their locations and lie about their door-knocking numbers.

“Our auditors keep catching people cheating,” one of the messages read. “We’ve fired two people today and auditors are going around checking doors for flyers.”

Lone Mountain Strategies didn’t respond to emails or phone calls seeking comment.

America PAC recently updated its website to prominently display advertisements seeking canvassers. “Pay starts at $30 per hour, with bonuses for performance,” the site reads.

Musk says ready to launch internet services in India, thanks Govt for clarifying stand on satcom spectrum

suimt — Wed, 16 Oct 2024 16:10:17 +0000

NEW DELHI: Maverick American billionaire Elon Musk thanked the govt for clarifying that satcom spectrum will be allotted only administratively – contrary to demand made by local heavyweights Reliance Jio and Airtel for auctions — and said that he looks forward to beginning internet services in the country with his company Starlink.
Musk, whose entry faces stiff opposition from the domestic telecom behemoths who are seeking auctions in line with how they buy their airwaves, appeared unfazed with the lobbying and latched on to the comments from Telecom Minister Jyotiraditya Scindia about administrative allocation.
“Much appreciated! We will do our best to serve the people of India with Starlink,” he said in a post from his handle on X while responding to a user comment on the govt’s clarification on Tuesday.
The issue of how the spectrum needs to be given to satcom players – through auction or administratively – has virtually pitted Jio and Airtel not only against Musk but even against the new telecom law that mandates administrative allocation for satellite airwaves against bidding process which is done in case of terrestrial services.
Scindia was also categorical in his views on the matter, and said that telecom law clearly states that satcom airwaves will not be auctioned. “Spectrum for satellite services will be allocated administratively but that doesn’t mean that it will come without a cost. The cost of spectrum and the formula of allocation will be decided by telecom regulator Trai… Satellite spectrum across the world is administratively allocated. So, India is not doing anything different from the rest of the world… satellite spectrum is a shared spectrum. Now if the spectrum is shared then how can you price it individually?”
The govt’s statement was also supported by the Indian Space Association (ISpA) which, surprisingly, also has Airtel as a member. “We welcome the Telecom Minister for his unequivocal and clear statement on the allocation of spectrum for satellite communication. The govt’s intent — which was defined in the telecom act of 2023 — clearly lays out assignment of satellite spectrum by administrative method which is also a globally-harmonised practice for using of shared spectrum,” ISpA Director General Lt Gen (Retd) Anil Kumar Bhatt said on the sidelines of the India Mobile Congress .
He said the satellite industry is now awaiting the final allocation of spectrum for space at the earliest after Trai’s consultation paper will give its recommendations to the Department of Telecom. “The administrative allocation of spectrum for space is a major step to connect the remote and unserved people of India to the digital economy.”
Jio had been pressing the govt and regulator Trai for a ‘level-playing field’, saying that satellite operators should also be made to buy spectrum in auctions like terrestrial operators do. Its voice was given support by Sunil Mittal at the India Mobile Congress on Tuesday as one of the country’s most-experienced telecom honcho also sought the same methodology. “Satellite operators who want to provide services to urban areas and retail customers indeed need to go through the regular licensing process of any country, and in this case, India, to obtain a license; buy the spectrum; undertake all the obligations, including rollout and security; pay their license fees and taxes and they would be welcomed by the telecom fraternity,” Mittal said in his address where PM Modi was also present.

Elon Musk – TheNewsHub

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