RFK Jr.'s Bold Move: Choosing Philanthropist Nicole Shanahan as VP
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In a move that's stirred both intrigue and skepticism across the political landscape, Robert F. Kennedy Jr. has unveiled his vice-presidential choice for his independent White House bid: Nicole Shanahan. Shanahan, a 38-year-old California-based lawyer and philanthropist, though wealthy, steps into the national political arena as a relative unknown. Her selection marks a strategic bid by Kennedy to broaden his appeal among voters disillusioned by the prospect of a 2020 election rematch.
Shanahan, who has no prior elected office experience, is the founder of the Bia-Echo Foundation. Through her foundation, she channels her resources into women's reproductive science, criminal justice reform, and environmental causes. Raised by a single mother in Oakland, California, amidst financial hardships, Shanahan's story is one of resilience and determination. Kennedy, announcing his choice in Shanahan's hometown, emphasized their shared departure from the Democratic Party, highlighting a divergence not of personal values but of party direction.
Kennedy's independent run has sparked concerns among Democrats wary of third-party candidates potentially siphoning votes from President Joe Biden and inadvertently benefiting former President Donald Trump. Both Biden and Trump's camps have openly criticized the Kennedy-Shanahan ticket, reflecting the unpredictable dynamics their candidacy introduces into the electoral equation. Kennedy, facing the significant challenge of securing ballot access across diverse state regulations, has already made headway in Utah and claims to have garnered sufficient signatures for several other states, including pivotal battlegrounds like Arizona, Nevada, and Georgia.
Kennedy's campaign, rooted in a deep-seated critique of the political establishment, media, and government, presents him as an outsider committed to challenging the status quo. Shanahan, in her speech to Kennedy supporters, echoed his sentiments and voiced her disillusionment with the current political landscape until her encounter with Kennedy and his base. Despite her strong ties to Silicon Valley's elite, including a previous marriage to Google co-founder Sergey Brin, Kennedy believes Shanahan's insider perspective could be instrumental in addressing the tech industry's overreach and guiding beneficial technological advancements.
As Kennedy navigated the political landscape in search of a vice-presidential candidate, several notable names emerged, stirring considerable attention and speculation. Among the potential picks were New York Jets quarterback Aaron Rodgers, whose athletic prowess and public persona brought an unconventional flair to the mix, and Jesse Ventura, the former Minnesota governor, actor, and professional wrestler, known for his outspoken and idiosyncratic approach to politics. Kennedy's considerations didn't stop there; conversations with Mike Rowe, the beloved host of "Dirty Jobs," hinted at a ticket that could resonate deeply with the working-class American electorate.
Further adding to the intrigue were discussions around former presidential hopeful Tulsi Gabbard, known for her non-conformist stance within the Democratic Party, and Scott Brown, the former Republican Senator from Massachusetts, suggesting Kennedy's wide net aimed to encompass a diverse range of perspectives and political affiliations.
Ultimately, the choice of Nicole Shanahan to join Kennedy on the ticket underscores a campaign deeply committed to addressing key societal challenges. Shanahan brings a focused agenda to the partnership, emphasizing Reproductive Longevity & Equality, Criminal Justice Reform, and the pursuit of a Healthy and Livable Planet. Her personal commitment to these issues is further highlighted by her involvement in funding research into autism, a cause close to her heart due to her daughter's diagnosis. This endeavor aims to advance understanding of the condition, including its variations, potential biological markers for early diagnosis, and underlying causes.
Shanahan's political engagements have seen her supporting figures across the political spectrum, from Hillary Clinton in 2016 and Joe Biden in 2020, to hosting a fundraiser for Pete Buttigieg. Her financial backing of Kennedy during his earlier run as a Democrat in this election cycle reflects a broad and inclusive approach to political advocacy, mirroring the campaign's overarching mission to bridge divides and address critical issues facing Americans today.
This Week By the Numbers 📈
Quick Facts:
3,000 blocks remain until Bitcoin halving
BTC going to $150k this year: Morgan Creek
BlackRock CEO Larry Fink says its Spot Bitcoin ETF is the fastest growing ETF in history and he's very bullish on $BTC long term
Spot Bitcoin ETFs accumulated over $35 billion worth of $BTC since January
Pension funds may rotate to BTC: Goldman Sachs
South American gold miner, Nilam Resources to buy 24,000 Bitcoin ($1.7 billion)
London Stock Exchange to launch Bitcoin and Ethereum exchange traded notes (ETN) market
$4.5 trillion asset manager Fidelity files S-1 form for Spot Ethereum ETF with staking included
CFTC says Ethereum and Litecoin are commodities in Kucoin lawsuit
Base breaks $1bn DEX trading record, Coinbase making $1.5m a day from Base
DEGEN hits $2bn as memecoin mania moves to L3
Dogwifhat Becomes Third-Largest Meme Coin
FTX founder Sam Bankman-Fried sentenced to 25 years in prison
Former President Trump's net worth rises to $6.5 billion, making him one of world's top 500 richest people
Stock market could still fall 50-70%: Wolfenbarger
US interest bill to hit $1.6T by year-end
Russia to conscript 150k more soldiers
Top Stories 🗞️
Crypto Exchange KuCoin Violated Anti-Money Laundering Laws, U.S. Charges
U.S. federal prosecutors charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws on Tuesday, saying the exchange operated in the U.S., lied to at least one of its investors about operating in the U.S. and failed to both register with U.S. government entities and maintain an anti-money laundering program. The U.S. Department of Justice said in an indictment that KuCoin and founders Chun Gan and Ke Tang operated KuCoin as a money-transmitting business with over 30 million customers but did not implement a know-your-customer (KYC) or AML program until 2023 – and even then, its KYC program did not apply to existing customers. Neither Gan nor Tang were arrested, the DOJ said in a press release. The DOJ indictment said that KuCoin did not register with the U.S. Financial Crimes Enforcement Network as a money services business.
MicroStrategy Slumps 14% After Short Seller Says Stock Trades at an Unjustifiable Premium to Bitcoin
MicroStrategy's (MSTR) shares fell as much as 14% on Thursday after a prominent short seller, Kerrisdale Capital, said in a report that it is short-selling the stock while betting long on bitcoin. “Shares of MicroStrategy have soared amid a recent rise in the price of bitcoin, but as is often the case with crypto, things have gotten carried away,” the short seller wrote. None of the reasons cited for the stock’s relative attractiveness “justify paying well over double for the same coin,” the report said. Software developer MicroStrategy’s business model is based on the acquisition and holding of bitcoin, and its crypto stash represents the majority of the company’s valuation. The company now holds about 214,246 bitcoins, which is more than 1% of all the 21 million tokens that will ever exist. MicroStrategy's market cap is about $28 billion. Its bitcoin holdings are worth about $15.2 billion. The report notes that the bitcoin price currently implied by MicroStrategy’s share price is $177,000, which is two and a half times the spot price of the cryptocurrency.
Trump social media company defies expectations in stock market debut
Trump Media & Technology Group stock closed at roughly $62 per share Thursday after a whipsaw week of trading. Shares of Digital World Acquisition Corp. (DWAC), the “blank check” company that Trump Media merged with last week, closed at $49.99 per share the day before the newly combined firm’s stock market debut. Despite its strong showing this week, the Truth Social parent had a less-than-stellar performance in 2023, generating just $3.4 million in revenue in the first nine months of the year and posting a net loss of $49 million in the same period, according to regulatory filings. The mismatch between Trump Media’s strong market debut and the reality of its financials places it firmly in the “meme stock” category, experts said, arguing that enthusiasm for the former president appears to be a key driver of the stock. “This is a proxy on support for Donald Trump and nothing more, period,” Thomas Hayes, chair and managing member of Great Hill Capital, told The Hill.
SEC scores big win in lawsuit against crypto exchange Coinbase
The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase’s shares fell around 2.5% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC’s complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. The agency also demanded the company be “permanently restrained and enjoined” from continuing to do so. In her ruling Wednesday, U.S. District Judge Katherine Polk Failla wrote, “The ‘crypto’ nomenclature may be of recent vintage, but the challenged transactions fall comfortably within the framework that courts have used to identify securities for nearly eighty years.”
Binance Executives File Suit Against Nigeria
The two Binance executives who have been held as guests of the Nigerian government since arriving in the country in February, have sued the National Security Adviser, Nuhu Ribadu, and the Economic Financial Crimes Commission for violating their fundamental human rights, local media reported Friday. In separate filings, Tigran Gambaryan, head of financial crime compliance at the world's largest crypto exchange, and Nadeem Anjarwalla, regional manager for Africa, urged the Federal High Court in Abuja to order the agencies to release them, return their passports and issue a public apology, Leadership reported, citing the government-owned News Agency of Nigeria. The two executives were charged alongside the company earlier this month with four counts of tax evasion by Nigerian authorities. They were detained on arrival in the country after being invited to meet officials to discuss issues related to the company. Anjarwalla reportedly escaped last week after being taken to a mosque for prayers. Central bank governor Olayemi Cardoso has said the company enabled the untraceable movement of billions of dollars worth of naira, and contributed to instability in the currency's exchange rate.
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About the Author: Tatiana Koffman
Hi there and thanks for reading! If you stumble upon my newsletter, you will notice that I write about money, economics, and technology. I hold a JD/MBA and spent my career in Capital Markets working across Mergers & Acquisitions, Derivatives, Venture Capital, and Cryptocurrencies. I write to make financial topics more accessible and create equal opportunity for the next generation of investors. I have personally invested in 20+ companies and funds (👉 my portfolio).