RFK Jr. Backs Bitcoin

CRYPTO
RFK Jr. Backs Bitcoin

Robert F. Kennedy Jr., former presidential candidate and current Cabinet nominee, has reaffirmed his deep commitment to Bitcoin. In a Nov. 16 online post, he revealed that he had "invested most of his wealth" in the cryptocurrency, calling Bitcoin the “currency of freedom” and a hedge against inflation.

Kennedy’s advocacy for Bitcoin dates back years. In a resurfaced video, he stated, “I’m a huge supporter of Bitcoin... I went home and put most of my wealth into Bitcoin, so I’m fully committed.” He believes Bitcoin’s decentralized and supply-capped nature could stabilize the U.S. dollar, alongside hard assets like gold and silver.

In July 2023, Kennedy purchased Bitcoin for his seven children, emphasizing his belief in its potential. He has also proposed placing the entire U.S. fiscal budget on-chain for transparency and creating a Bitcoin strategic reserve. Kennedy remains a vocal proponent of integrating Bitcoin into national fiscal strategies.
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FINANCE
Boeing Cuts 400 Union Jobs

Boeing has issued layoff notices to over 400 members of the Society of Professional Engineering Employees in Aerospace (SPEEA) union as part of broader workforce reductions. The cuts come amid ongoing financial and regulatory challenges, including an eight-week Machinists union strike that strained the company’s operations. Impacted employees will remain on payroll through mid-January and receive severance, career transition services, and subsidized health care benefits for three months.

In October, Boeing announced plans to reduce its workforce by 10%, equating to approximately 17,000 jobs. CEO Kelly Ortberg attributed the layoffs to "overstaffing" rather than strike-related pressures. Of the 438 workers affected, 218 belong to SPEEA’s professional unit of engineers and scientists, while the remainder are from the technical unit, including technicians and analysts.

Boeing continues to face production challenges, with the FAA capping 737 MAX output at 38 planes per month. The company is based in Arlington, Virginia.
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FINANCE
$7 Billion Buyback Boosts Samsung

Samsung Electronics shares surged over 7% on Monday following the announcement of a surprise $7.19 billion stock buyback plan. The tech giant plans to repurchase 10 trillion South Korean won worth of shares over the next 12 months, with 3 trillion won slated for immediate buyback and cancellation within three months. The remaining amount will be determined by the board to enhance shareholder value.

This marks Samsung’s first share buyback since November 2017 and comes after a significant 7.21% stock jump on Friday, spurred by news of a tentative agreement with its workers' union, which had been on strike since July.

The stock rally follows a recent four-year low on November 15 due to disappointing Q3 profit guidance and concerns over falling behind SK Hynix in supplying high-bandwidth memory (HBM) chips, essential for AI leader Nvidia. Analysts note Samsung still lags behind SK Hynix in HBM development, particularly as Hynix leads with fifth-generation HBM3E chips.
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BOXING
Tyson vs. Paul: Massive Payouts

The highly anticipated fight between Jake Paul and Mike Tyson ended with Paul winning by unanimous decision, with both fighters likely earning tens of millions of dollars. However, a significant pay disparity appears likely.

Jake Paul had predicted a $40 million payday before the fight, though exact figures have not been confirmed by his representatives. Forbes previously listed Paul, 27, among the highest-paid athletes in 2022 with earnings of $45 million, largely from boxing.

Meanwhile, Tyson’s payout remains undisclosed, but industry estimates suggest around $20 million. In October, Tyson quipped that Paul’s initial offer of $5 million wasn’t enough, hinting at a much larger sum.

The fight, streamed on Netflix and held at AT&T Stadium in Texas, was a financial success, generating $17.8 million in ticket revenue—the richest boxing gate outside Nevada. VIP ringside seats sold for $2 million each, making the event a milestone in modern boxing promotions.
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Word of the day
Blank verse

Blank verse is a type of poetry that has a regular meter, usually iambic pentameter, but no rhyme. Most of Shakespeare’s plays are written in blank verse.

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