Vivek Ramaswamy targets oligopoly to raise political funds

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As a biotech entrepreneur, investor, and conservative activist, Vivek Ramaswamy is cutting a different picture for the veteran politician who is also seeking the Republican presidential nomination.

With the plan that I announced on Monday – that the fundraisers will 10 percent of what they mobilized for – Mr. Ramaswamy told DealBook that he’s trying to bring about changes in the world of politics now too.

How it works: Called “Vivek’s Kitchen Cabinet,” the system will give participants a personal link they can share with others, and the campaign will pay them as independent contractors.

Mr. Ramaswamy said he was targeting a political standard. After announcing his candidacy in February, he said he met professional fundraisers who promised to find wealthy donors in Palm Beach, Florida, in Silicon Valley, and on Wall Street.

He said he wasn’t impressed with their work, but found their fee structure, where they are paid up to 20 percent of what donors give, interesting. This led him to consider disrupting the model: “Anytime there is an oligopoly, there is a need and opportunity to dismantle it,” he said.

It’s a new way to attract support, Because it goes against the traditional way candidates spend money to get donors. (Most campaigns will spend heavily on marketing to attract donors, though Republican candidate Doug Burgum is trying something different.) $20 gift cards distributed.) News coverage of the plan can also help raise awareness of Ramaswamy, who is currently in attendance Polls at about 4 percent.

Attracting more donors isn’t necessary for Mr. Ramaswamy to qualify for his first Republican presidential debate — he told DealBook he’s raised about 65,000 already, more than the 40,000 minimum. But it could help mitigate his need to self-finance his campaign, which he has for More than 10.5 million dollars were given in loans and contributions as of the first quarter.

Is it legal? Campaign finance experts told DealBook that the plan didn’t appear to raise any legal issues. Ramaswamy said it has been vetted by the Federal Election Commission.

But some experts see other problems. For example, supporters may pressure and force others in their networks to donate to the candidate, according to Sourav Ghosh, director of campaign finance reform at the advocacy group’s Campaign Legal Center and a former enforcement attorney for the FEC. (Some on social media have jokingly compared her to a Multilevel marketing campaign.)

China is said to be planning tougher rules for AI. Beijing officials will force companies developing AI services to Obtain a license before launching its products to the public, according to the Financial Times. Regulators seek to balance controlling content while allowing local tech companies to innovate.

Foxconn pulls out of $19.5 billion chip project in India. said the electronic components giant Will not go ahead With plans to partner with the Vedanta conglomerate to build factories in Gujarat. The resolution is blow to India’s efforts To become a center for the chip industry and take advantage of the desires of Apple and others to diversify their supply chains away from China.

Tucker Carlson’s Twitter show isn’t keeping his audience. The views he broadcasts on her social network decreased by as much as 85 percent since their debut last month. It’s bad news for Carlson, who relied on his strong viewership on Fox News to transition to his Twitter show after the network fired him this spring.

Hollywood faces the possibility of a second strike. The actors are set to join the writers in picket lines if their union, SAG-AFTRA, doesn’t reach an agreement with the studios by midnight Wednesday. Another strike could shut down Hollywood completely, and disrupt local communities dependent on film and television production. The dispute revolves around disagreements over the flow of payments and the use of artificial intelligence.

After only a month as CEO of the social media platform, Linda Iaccarino has had to deal with a major new competitor, unwanted restrictions on power users and the unpredictability of Elon Musk. It was by no means a smooth appearance.

She set herself a difficult task. Ms. Yaccarino, former head of advertising at NBCUniversal, aims to Repairing ties with Madison Avenue, no small feat in the midst of a global advertising recession. In her solid reputation’s favor: “Linda was a good employee and a proper employee as long as she had the freedom to do what was necessary,” advertising mogul Martin Sorrell told DealBook last week.

But many suspect Twitter’s owner will be reluctant to relinquish control. Indeed, Mr. Musk hasn’t made things easier for Ms. Yaccarino, he tweeted Events content And it seems neglect to imitate it about his threat to sue Threads, Meta’s rival SMS platform. (Referring to Ms. Iaccarino, Bill Groeskin, a professor at Columbia Journalism School, tweeted that, “You’re trying to think of a worse career decision. “)

A request for comment to Twitter’s PR team was answered with an automated reply to a poop emoji.

And the threads are constantly growing. Twitter’s competitor has now surpassed 100 million users, setting a record for an app to reach that milestone. Analysts at Evercore ISI estimated that the leads It could add $8 billion to Meta’s annual revenue by 2025. Please note that the themes currently do not contain any ads.

Its rise appears to be hurting Twitter: Twitter traffic fell 5 percent week-on-week in Thread’s first two days, According to The Wall Street Journal, Quoted from a similar site.

Ms. Yaccarino sought to rally the faithful on Twitter. “Twitter, you really outdid yourselves!” Posted on Monday. “Last week we had our biggest usage day since February. There’s only one Twitter. You know it. I know it. 🎤” (However, the tech journalist Casey Newton expressed his doubts of her claim).

Americans’ spending spree on cars, airline tickets and hotel accommodations appears to be abating. Markets are anxiously awaiting to see if this restraint is born into Wednesday’s CPI reading.

what do you want to watch: Economists polled by Bloomberg expect the headline inflation figure to drop to 3.1 percent, a significant drop from last July’s reading of 9 percent. (However, thrifty consumers can curl up Annual Amazon Prime Day The shopping boom, which starts today.)

But progress from here is expected to be difficult. Core inflation, which excludes more volatile food and fuel prices, is expected to fall to 5 percent, well above the Fed’s 2 percent target. In an investor note on Monday co-written with Jan Hatzius, chief economist at Goldman Sachs, the company said it expects more gradual progress in fighting inflation in the coming months, but did not see core inflation fall below 3 percent until 2025.

The Fed also remains concerned about inflation. Three officials said on Monday that more interest rate increases are needed to bring prices down. Our inflation No. 1 problemsaid Mary Daley, president of the Federal Reserve Bank of San Francisco and a non-voting member of the central bank. She added that she believed Two more rate increases It was needed this year.

The futures market is betting on that too, Pricing is on a quarter-percentage-point increase at the Fed’s rate-setting meeting this month, and another increase is increasingly expected this fall.

But uncertainty about inflation, as well as concerns about a recession and a slowing labor market, have prompted some on Wall Street to warn about it The S&P 500 is overrated And that the stock sale is coming. (Investors will be watching corporate earnings reports, which start this week, for more clues about how companies are doing.)

– Ron Price, Director of Operations for the PGA Tour, in a preview of his testimony today before the Senate Permanent Subcommittee on Investigations about a proposed partnership with the Saudi-backed LIV Golf Course. Price added that there would be no changes to the PGA Tour CEO or at the board level if the framework agreement moves forward.

On Monday, the Fed’s chief bank superintendent, Michael Barr, outlined key parts of his plan to modernize regulations in the wake of the regional lenders crisis triggered by the collapse of the Silicon Valley bank this spring.

Among them are tougher capital requirements aimed at making banks more resilient in turbulent times – but the financial industry warns the proposals go too far.

Mr Barr wants banks to hold more capital reserves, to an additional $2 for every $100 of risk-weighted assets, he said in a letter. It also wants to expand its stricter rules to all institutions with assets of $100 billion or more; The toughest requirements currently only apply to lenders that are internationally active or have assets of at least $700 billion.

It was an acknowledgment of “holes in existing rules,” he said, in which even medium-sized lenders — who are less regulated — could pose risks to the US financial system.

Banks threatens a fight. Washington and Wall Street seem to have been taken aback by how ruthless Mr. Barr is: “He’s definitely full of meat,” Ian Katz, an analyst at Capital Alpha, told the Times.

But industry figures said tougher restrictions would come at a price. “More capital requirements on America’s largest banks will lead to higher borrowing costs and fewer loans for consumers and businesses,” said Kevin Frommer, chairman of the banking group’s Financial Services Forum.

The rules aren’t a done deal yet. Next is the public comment period. If the Fed agrees, it will take some time for the rules to be implemented.

deals

  • Berkshire Hathaway will buy control of a LNG export project in Maryland for $3.3 billion. (bloomberg)

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

  • Reportedly, Morgan Stanley Hired Marco CaggianoJ.P. Morgan’s head of North American mergers, and vice president of M. & A. (Reuters)

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