Category: Finance

Tesla’s first in command namely Elon Musk has decided to take a break from Twitter following recent market shifting tweets. The electric car guru informed his social media followers that he was “Off TWTR for a while” on Tuesday. Musk didn’t render a explanation but isn’t exactly new to social media pauses. The SpaceX CEO previously pumped the breaks on his account in 2018 after coming under fire with the Securities and Exchange Commission after publicly speaking about a private (Tesla) deal that caused the car companies shares to surge. The commissions reprimand would later result in a $40 million settlement with the SEC.

Are you cool with Musk taking a break as long as Tesla’s stock keeps blazing?

BY: BEWITTY Staff

Robinhood’s (a free brokerage firm) recent trading restrictions enraged amateur traders, veteran economist, politicians and a few celebrities. GameStop’s shares jumped 400% last week closing out the first month of 2021 1,625% in the green. The sudden surge caused a wave of effects which included Reddit tripling it’s members to 6.5 million in one week. The GameStop chaos upended Wall Street and seemed to negatively affect Robinhood’s bottom line which resulted in the broker accessing credit lines and seemingly throttling trades.

Robinhood released a statement on Saturday attempting to clarify their restrictions on skyrocketing stocks.

“With the extraordinary market activity this week, and the temporary restrictions we put in place on certain securities, we’ve received questions about how Robinhood works, trading, clearing and settlement and clearinghouses.” They went on to say “the amount required by clearinghouses to cover the settlement period of some securities rose tremendously this week. How much? To put it in perspective, this week alone, our clearinghouse-mandated deposit requirements related to equities increased ten fold. And that’s what led us to put temporary buying restrictions in place on a small number of securities that the clearinghouses had raised their deposit requirements on. It was not because we wanted to stop people from buying these stocks. We did this because the required amount we had to deposit with the clearinghouse was so large-with individual volatile securities accounting for hundreds of millions of dollars in deposit requirements-that we had to take steps to limit buying in those volatile securities to ensure we could comfortably meet our requirements.”

Financially savvy individuals and stock newbies both cried foul against Robinhood and Slim Thug has decided to give his two cents referencing the monetary melee.

The “How to Survive in a Recession” author and King rapper surfaced on social media saying “the mother****ers just proved that they don’t want a poor mother****er to get rich if you got any kind of brain” he went on to say “GameStop was a prime example.” He continued “AFC GameStop that proves to you that these **********ers do not want you to rise up and get that check. Like they say America is the land of opportunity no its not it’s a land of m****rf****ers who old and rich who passing that s**t down and staying on top with no talent. They already had bread so they own this sh*t they daddy died grandpa died that’s what America is. It’s not the land of opportunity.”

Many were disgusted by Robinhood’s actions which demonstrated Capitalism in organic form and at the very least oppression of already struggling Americans.

Are you chucking Robinhood the deuces or just diversifying your investments (property, health, ETF’s, Bitcoin, family) until unrestricted trading resumes?

BY:BEWITTY Staff

Jay Z broke into the cannabis industry in a major way. Now the rap icon and business man is looking to help minority startups do the same. “The Story of O Jay” rapper has reportedly set aside $10 million to aid Black entrepreneurs in cannabis commerce. During an interview with “The Wall Street Journal” the charitable mogul discussed his displeasure with the racial maligning that is already evident in the sector.

He spoke on the systemic black balling that is taking place in the legal marijuana industry stating “It’s really unbelievable how that can happen. We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions.”

A study conducted by the American Civil Liberties Union in 2018 revealed that Black people were almost four times more likely to be arrested for marijuana possession than their white peers.

That systemic injustice has made way for the cannabis “blacklist.” Which is a alleged tactic being used to lock Black Americans out of the lucrative industry by using decades old systematic tricks. Some of the racist measures include prohibiting people with “drug” backgrounds from launching a weed business.

“I think that we still very much have policies that are both putting people and keeping people in poverty. And frankly, we have policies that are actually increasing the type of gaps that we see said Wes Moore finance expert and CEO of The Robinhood Foundation. He further detailed the seemingly orchestrated disparities in the weed market explaining how “We have seen how cannabis and the war on cannabis have had this not just disproportionate, but disastrous impact on communities of color.”

Shawn Carter professionally known as Jay-Z will also apply the reserves to “diversifying the cannabis workforce through job fairs and placement, industry training and education as well as Social Equity application support.”

BY: BEWITTY Staff

It’s only been 48 hours since Lebron James announced his interest in assembling an “ownership group” to purchase the Atlanta Dreams. The proposal garnered several peoples attention with Carmelo Anthony being the first. Now billionaire investor and venture capitalist Chamath Palihapitya has said he’ll take the NBA champion up on that offer.

The Atlanta Dreams is a WNBA team that is currently owned by unseated Republican Senator Kelly Loeffler. Players successfully campaigned against her during the Georgia runoff elections. The GOP member lost to Democrat Raphael Warnock by only 75,000 votes. Dreams players are being credited for helping Warnock receive the legislative victory. Warnock was polling at 9% to Loeffler’s 26% before the team seemingly bolstered him.

Who is Chamath Palihapitiya?

Palihapitiya is a 44 year old Sri -Lankin native who started working at Facebook in it’s grass roots stages. His task was to expand it’s user base. He made several investments during his tenure at the company that included but wasn’t limited to Palantir, Plain Storage, Playdom, and Slack before founding his own firm in 2011. Chamath’s currently resides in Silicon Valley, CA which is known for being liberal. His acquired wealth exceeds $1 billion. Do you think the NBA champion will accept this bid?

BY: BEWITTY Staff

Asian Doll’s resilience is on full display as the young rapper has pushed forward despite present grief to release some of her best music yet. Her latest single “Nunnadet S**t” has already garnered over 700,000 streams on Spotify and has been added to more than 15,000 playlist.

The “On My Way” rapper recently sat down with Tariji P. Henson’s Facebook show “Peace of Mind” to talk about the tragic loss of her significant other King Von. Von was a fellow rapper who was killed outside of a Atlanta nightclub in November. Asian Doll spoke about the way she’s felt since losing her “soulmate” while also revealing how she learned about the heartbreaking tragedy. “Actually when he passed away, when they said he was in critical condition, he had already passed away.” She explained that a hospital worker contacted her saying “Somebody from the hospital got in contact with me, one of the nurses daughters, and she was just crying on the phone. She was like, Asian I’m so sorry…my grandma works at the hospital, he passed away, they put an X on his bag. So once they said he was dead on social media I already knew.” Asian Doll tearfully said the news made her “whole world crash” and feel “broken.” She bravely went on to caution rappers to “wake up” in order to stop the “cycle” of “repeated” violence.

Thankfully the young artist has been able to use her music therapeutically meanwhile sharing her grief to help others who’ve felt hopeless after facing similar tragedies.

Choosing a healthy, financially savvy way to deal with the pain seems to be paying off for the young lyricist who announced she’s in the process of purchasing her second home on Friday.

Are you wishing this young lady the best?

Prince’s death left fortunes behind which caused ongoing disputes about his estates true value. In the latest cash grab the IRS is claiming that the executors managing the property did not detail it’s true merit and are requesting additional taxes be forked up. Representatives for the IRS allege that the estate is worth twice what was initially assessed. The agency is arguing that the estate is appraised at $160 million while the executors originally valued it slightly above $80 million @TMZ. This has prompted Uncle Sam to request tax arrearage that totals 32.4 million by way of the U.S. Tax Court. They are also attempting to collect a $6.4 million penalty for the imperfect math. Prince was an accomplished American music icon who was known for his singer-songwriter and record producing brilliance.

BY: BEWITTY Staff