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Stablecoin Issuer Tether Invests $775,000,000 Into YouTube Rival Rumble

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Tether, the issuer of the largest stablecoin by market cap, is announcing a $775 million investment into YouTube alternative Rumble.

Rumble says in a press release that it will be using $250 million of the proceeds to support “growth initiatives” and the remaining capital to fund a self-tender offer for up to 70 million of its Class A common stock.

Tether has agreed to acquire 103,333,333 Rumble Class A shares at $7.50. Meanwhile, Rumble chairman and CEO Chris Pavlovski will retain his controlling stake in the company.

Says Pavlovski,

“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth.”

On top of Rumble’s prioritization of free speech and decentralization, Tether CEO Paolo Ardoino says that the company also intends to look into a crypto payment solution for the YouTube rival.

“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today’s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative. This collaboration aligns with our long-standing commitment to empowering technologies that promote freedom and challenge centralized systems, as demonstrated through our recent collaborations and initiatives.

Rumble’s dedication to fostering open communication and innovation makes them an ideal ally as we continue building the infrastructure for a more decentralized, inclusive future. Lastly, beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”

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$105,000,000,000,000 To Be Handed Down As Great Wealth Transfer Enters Full Swing – And One Generation Will Benefit More in the Short Term: Report

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More than $100 trillion dollars will be handed down to heirs over the next couple of decades as the pace of the Great Wealth Transfer accelerates, according to a new report.

The research firm Cerulli Associates says $105 trillion will be passed on to heirs by 2048, while charities will receive $18 trillion over the same period.

Baby Boomers, the Silent Generation and other older generations will be the major benefactors.

“Nearly $100 trillion will be transferred from Baby Boomers and older generations, representing 81% of all transfers.

More than 50% of the overall total volume of transfers ($62 trillion) is expected to come from those who are currently high-net-worth (HNW) and ultra-high-net-worth (UHNW), which together make up only 2% of all households.”

Over the short term, generation X will benefit more than Millennials from the Great Wealth Transfer.

“Millennials will be inheriting the most of any generation over the course of the next 25 years ($46 trillion). However, Gen X stands to inherit the greatest portion of assets in the next 10 years, totaling $14 trillion to Millennials’ $8 trillion.”

Widows in the Baby Boomer and the Silent Generation as well as other older generations are set to receive about 38% of the wealth before it can get to heirs and charities, according to the report.

“Projections of horizontal, or intra-generational, transfers show that $54 trillion will be passed on to spouses before eventually transferring intergenerationally to heirs and to charities. Nearly $40 trillion of these spousal transfers will be going to widowed women in the Baby Boomer and older generations…”

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$89,670,000,000 in Increasingly Risky Loans Flagged at JPMorgan Chase, Wells Fargo and Bank of America: Report

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America’s biggest banks are reporting a rapid increase in the number of substandard, doubtful and potentially loss-making loans on their balance sheets, according to a new report.

The amount of money tied up in criticized loans, which show emerging signs of risk and weakness that could lead to defaults, just reached its highest level since 2020, reports S&P Global.

JPMorgan Chase has witnessed the largest year-over-year increase, with the number of criticized loans at the firm jumping 26.3%, reaching $26.01 billion at the end of Q3.

Meanwhile, Wells Fargo has recorded a 17.9% year-on-year increase in criticized loans, at $37.6 billion, while Bank of America recorded a 15.2% year-on-year increase, at $26.06 billion.

That brings the total amount of the criticized loans at the trio of banks to $89.67 billion since Q3 of 2023, reflecting a trend that’s playing out at banks across the board.

“Criticized loans at public US banks amounted to $279.98 billion, versus $240.37 billion at the end of 2023, and such loans at the 100 largest US public banks totaled $260.48 billion, versus $219.82 billion at 2023-end.”

Among tier-one banks with over $50 billion in total assets, four lenders recorded triple-digit increases in criticized loans.

Flagstar Financial recorded a 338.6% year-on-year increase in criticized loans while First Horizon, Valley National Bancorp and Webster Financial Corp witnessed 112.2%, 110.1% and 102.8% year-on-year increases in criticized loans.

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US Treasury Adds $104,000,000,000 To National Debt in One Day As Total Outstanding Debt Shatters Record High at $35,951,000,000,000

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The US national debt just hit a new record high after the Treasury Department added $104 billion to its outstanding balance in a single day.

The Treasury’s Debt to the Penny database shows the government’s pile of debt is close to $36 trillion, clocking in at $35.951601173936 trillion.

The US shattered the $35 trillion barrier in late July.

The grim milestone comes as a study from the nonpartisan Committee for a Responsible Federal Budget shows both presidential candidates will add trillions more to the national debt.

The CRFB says a Harris presidency could add $3.5 trillion to the debt over ten years, while a Trump presidency could add 7.75 trillion in the same time frame.

However, the agency warns its models have a wide range of possible spending outcomes.

“Our estimates come with a wide range of uncertainty, reflecting both different interpretations and estimates of the policies.

Under our low- and high-cost estimates, we estimate Vice President Harris’s plan could increase debt by between $300 billion and $8.30 trillion through 2035, while President Trump’s plan could increase debt by between $1.65 and $15.55 trillion.”

The agency says its estimates reflect the “expected fiscal impact” of the policies that the candidates have laid out on their campaign websites, official announcements, white papers and social media posts.

“The national debt currently stands at 99% of Gross Domestic Product (GDP) and is projected to grow from 102% of GDP at the start of FY 2026 to 125% by the end of 2035 based on the Congressional Budget Office’s (CBO) current law baseline.

The debt will exceed its record as a share of the economy – 106% set in 1946 – in just three years. Debt would continue to grow faster than the economy under either candidates’ plans and in most scenarios would grow faster and higher than under current law.”

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