Trump restores TikTok, Trump becomes president, Trump launches $TRUMP, and more.
News from January 16 - January 23, 2025
Trump Restores TikTok
TikTok briefly went offline in the United States as a ban targeting its Chinese parent company ByteDance was set to take effect, disappearing from app stores Saturday night.
President Donald Trump intervened by issuing an executive order delaying the ban and protecting service providers from liability, expressing interest in keeping TikTok available for Americans to watch his upcoming inauguration. TikTok began restoring service following Trump's assurances, though it temporarily remained absent from app stores.
Trump suggested a potential solution involving a joint venture giving the U.S. 50% ownership, while TikTok committed to working with him on a long-term resolution.
Source
Trump Becomes President
Donald Trump was inaugurated as the 47th U.S. president, returning to the role he previously held from 2017-2021.
Due to freezing weather, the ceremony took place inside the Capitol building for the first time in 40 years.
Former president Biden and other past presidents attended as Trump took the oath of office. In his inaugural address, Trump pledged to make America great again.
Source
Trump Launches $TRUMP
President Trump launched a new cryptocurrency called $TRUMP, which reached a $10 billion market value within days of its debut. While officially described as an "expression of support" rather than an investment, the token ranks third among memecoins after Dogecoin and Shiba Inu.
The launch coincides with Trump's stated plans to mainstream cryptocurrency, including creating a national crypto stockpile and appointing a crypto tsar. Though lacking traditional currency utility, $TRUMP's volatile price movements may serve as a real-time measure of public sentiment.
Former First Lady Melania Trump also launched her own token, which achieved a $2 billion valuation.
Source
Bulletin Board
- Trump Makes DOGE Official. President Trump signed an executive order to rename the U.S. Digital Service (USDS) as the U.S. DOGE Service, aligning with Elon Musk's Department of Government Efficiency (DOGE) initiative. The order requires federal agencies to form "DOGE Teams" within 30 days and establishes a temporary organization to advance Trump's efficiency agenda through July 2026. The initiative faces legal challenges over potential violations of federal transparency laws, while Musk's ambitious goal of $2 trillion in budget cuts has been scaled back. Former co-leader Vivek Ramaswamy departed amid reported conflicts with Musk and is expected to run for Ohio governor. Source
- Hedge Funds Pocket Half of Profits. Hedge funds have collected $1.8 trillion in fees - half of all profits generated since 1969, new data shows. Fee rates doubled from one-third before 2000 to half of all gains today. The top 20 hedge funds broke records in 2024, making $93.9 billion, led by Citadel, DE Shaw, and Millennium Management. The newest trend shows multi-manager firms charging investors for all business costs - from office rent to executive bonuses and client entertainment - taking 3-10% of assets yearly, plus 20-30% of profits. While these elite funds maintain lower total fees, the rest of the industry claims 55.7% of all gains in fees, highlighting the growing gap between investor profits and management costs. Source
- Trump Launches Stargate. President Trump announced a $500 billion private AI infrastructure project called Stargate, partnering OpenAI, Oracle, and SoftBank. The venture aims to create 100,000 jobs over four years, with both Oracle and SoftBank stocks rising after the announcement. OpenAI CEO Sam Altman, Oracle's Larry Ellison, and SoftBank's Masayoshi Son attended the White House event. The initiative focuses on U.S. leadership in AI development through chip access, energy production, and talent acquisition, with Trump promising easier power production for data centers and indicating a more open approach to mergers and acquisitions in the AI sector. Source
- UK Pay Divide Grows. The pay gap between London and Britain's poorest cities reached dramatic levels in 2024, with London workers earning £49,455 annually compared to £29,508 in Burnley - a 68% difference. A London employee could stop working in August and still match Burnley's yearly wage. The Centre for Cities reports this divide stems from concentration of high-tech industries like biotech and AI in wealthy areas, with London and Cambridge hosting twice as many cutting-edge companies as lower-paying cities. While London's higher wages are partly offset by housing costs, the government faces pressure to address this regional inequality through planning reforms and industrial strategy. Source
- Young People Hanging Out Less. New data shows young people's social interactions have plummeted across Western nations, with concerning parallel trends in mental health. Time-use records reveal teens and young adults spend significantly more time alone compared to a decade ago, while older age groups remain unchanged. Solitary activities like social media and gaming rate lowest for meaningfulness, even by users themselves. The shift is particularly stark in Europe, where the proportion of youth who socialize less than weekly has jumped from 10% to 25%. Young people now socialize at levels previously typical of those 10 years older, coinciding with smartphone proliferation and short-form video consumption. Source
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